Bitcoin Forum

What Chinese government did just show how weak our crytocurrency system is.

LOL

yes, our cryptocurrency system is very very weak. last month this day bitcoin price was $3400 and today it is $4200. yes very weak this is. and the month before it price was $2200 and now $4200. yes very ultra weak.
it is not as if the recent dip was ~8%. no it was weak.

We dont know what happen in cyrpto currency next week if the price increase or decrease . Becausechina not use crypto or ban to their country. But ecen china do this for sure many people love bitcoin so the price will increase again I hope it will not down at 4000 dollars . But if the price decreaseat that amount I will buy more bitcoin and wait theprice to increase to make profit in the future.

How can you be sure that it will be a big accident next week, that's not necessarily maybe i guess. Don't be too focused on one incident only, maybe it is indeed the incident is like making crypto currency become to weak, but that only in that country alone does not occur in all countries of course. Whatever happens, i think crypto currency will not die and will stay alive and continues to exist for everyone.

I believe that the proper word for the crypto system is "immature" and that is something to be expected talking into account that a great percentage of users has almost no economic background to comprehend basic financial principles.

Its not weak actually newbie traders like you who get panic with just a small piece of fud/hype are causing massive dump.
If government will ban Chinese trading platform than it will be not like just close your platform despite you guys are paying massive taxes to us. Almost all trading platform in china are registered entity and closing down anything that is operating legally is quite difficult than just shutting down ponzi businesses.

This news will settle down and we might see some good news from Chinese officials soon.

Yes totally weak /s.
Despite all the drama, several attack form the inside and outside, all the spreaded FUD, even now by you, Bitcoin keeps rising and rising.
At the beginning of this year ~$1000. Now the current peak 9 months later was ~$5000. Bitcoin is SO WEAK!!!
Do you actually know what you are talking about. Since a few days there are guys pushing a FUD agenda, mostly in china, from china, and are desperate to pushing Bitcoin below 4000. Chinese exchanges at this time ~3450, while the west gives a damn and still ranges above 4000.
Therefore I have absolutely no idea what the hell you are talking about.

Don't be silly, everyone knows by now that Paris Hilton was responsible for the correction, not China:

https://www.cryptocoinsnews.com/tweet-ended-ico-bubble-debate/

In all seriousness though, the market overreached so of course there was a correction bound to happen. That's why we are currently seeing the lowest Bitcoin valuations since... mid August. Oh the humanity. China sending mixed signals regarding crypto-currencies is nothing new, they've been doing this for 4 years now.

The SYSTEM is not weak, it is in fact extremely robust, look at how many hacks of the bitcoin protocol happened since it ever exists, exactly 0.

What is certainly weak is the hands of the people holding the coins. So many weak hands holding Bitcoin, that is why these FUD news have so much impact on the price. Im sure there is manipulation going on and they start the dump themselves, which creates a chain reaction of weak hands dumping.

Now all these coins will go back on the hands of the Chinese government, until the next FUD-news. We are already recovering, it was a double bottom, that was it, no sub $4k for you.

I agree with the OP. This wasn't just a normal correction, a State (and worse, a communist State) just said "no" and the edifice is crumbling down.

If your wage were paid in bitcoins by the start of this month, you would be at a loss now, paid less than you were worth. How to call that a currency?

So yes, it's still weak. If any State can say "no" and the price falls below correction levels, then it's weak. State manipulation is a characteristic of fiat currencies.

I hope LN comes next to strenghten it, since we are just in the beginning yet.

Mainstream news helped fuel the rally and now they are talking about "massive Global panic" in the BTC market.
Is anyone really surprised at this?

china country not provide certainty for their actions against bitcoin. so there is no final decision on bitcoin at the moment. if there is an adverse regulation then the price of bitcoin can certainly decrease, not to scare but china is the country with the largest population in the world. so anything that happens in this country will make a change in the world significantly.

People have to realize that bitcoin can crash at anytime!

When its value can rise for 500% within a few months, then it can also decrease for 500% within a few months!

That's logic, isn't it? If you look for a stable value storage go for gold.

You made my day with this kind of joke, They are trying to crackdown the crypto because the crypto will against or to be threat for the finalcial system, Because the future will be a tokenization of the stocks.
This will disturb their system and the chinese are worried about that.

You have a wrong perspective about the cryprocurrency system. The event happened in China shows how cryptocurrency depends on the demand and does not show any weaknesses. This happening you are saying shows how strong Bitcoin is regarding having an immunity from the power of a government. It indicates that the government truly cannot touch Bitcoin so their last resort is to control their citizens. If you see price drop as a weakness then you must learn more about cryptocurrencies.

No, I would not say that the government of China has revealed how weak our "crytocurrency system" is, but it has shown how weak and breakable is the backing of some alleged bitcoiners when expressing their trust in bitcoin.

To be honest, it does not bother me that such easily manipulated wills leave this space and sell their coins. This is no more than an excellent opportunity for those who truly believe in the bitcoin's intrinsic value to capture their few coins at a better price before the bitcoin shoots up to the stars to never come back again.