Bitcoin Forum

Has the china ban been confirmed yet by its government as I can't see anything?

These rumour tweets should be banned by Twitter as they can be false or incorrect.

When will this china ban FUD fade away?

If there really is a china ban then how long does it take for the chinese government to pass and implement this law?

Just to confirm its chinese exchanges only? Mostly all exchanges are online so does that mean chinese exchanges can bypass this ban law by moving their websites out of chinese servers onto western servers where the ban does not apply?

Just trying to catch up here and I see that the price of everything dropped +/- 10% overnight. To what tweet are you referring?

It's not about the China exchange ban. I believe it has caused due to the statement of the JP Morgan CEO Jamie Dimon. he has referred that bitcoin is a scam bigger than Tulip Bubble and that caused panic around the market. If you are not following, here is the link below for you.

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

I don't see any reason for worry because Jamie is a mainstream banker who is getting worried about the popularity of bitcoin. Their business is geeting damaged by bitcoin because a lot of billion dollars are in-flowing in to it instead of going to the mainstream bankers.

It will definitely take some time to pass and implement laws regarding cryptocurrencies that too in a communist country like China. The amount of uncertainty is still large and this is causing a discrepancy to the price of Bitcoin from over a few weeks now. From another angle, it looks like a group is trying to spread the FUD and take advantage of what is going to happen next. In other words, they are trying to buy in when the price hits lows due to the chaos that is being created.

Probably the tweet by litecoin creator charlie lee saying he thinks news about china exchanges being shut down is correct.  We really dont need china trolling us going forward so maybe its for the best.  The value of bitcoin doesn't come from china exchanges though that is for sure. Also, other options will be put in place no doubt.

Lol. You can't ban idiots with free speech. You can't do anything about idiotic panic sellers either but I wish people would learn to remain calm. Most of the crashes seem to be down to just the faintest whiff of bad news whether true or not then people panic en masse. Bitcoin will bounce back though with time.


Never. Its almost become a bitcoin meme but if it wasn't China it would be something else.

just enjoy the discounts that the weak hands are giving you. even if the news about China is not a big fat lie, it won't matter in the long term. in a week or so from today price will be up above what you buy today and in a longer term such as next year you will be blaming yourself about why you haven't acted on this opportunity to buy cheaper coins while you still could afford it.

Holy Cow! Coming from Jamie Dimon that really puts a smile on my face, thanks for the heads up I missed JP Mogan part.

Day traders must love the volatility that all the headlines create. Price not withstanding I think that there are some really interesting blockchain innovations happening (away from the headlines)......

People think the Jamie Dimon "fraud" comments are to blame, and maybe they partly are. But I think Jihan Wu and Charlie Lee deserve the most credit. Both came out today sounding very confident that the Chinese exchanges were about to be shut down.

Oddly enough, Charlie Lee deleted the tweet. The question is why? Was it because it was bad information? Or because he didn't want to be construed as manipulating the market with baseless rumors?

So finally the tweet from the JP Morgan CEO has managed to put Bitcoin below the $4,000 mark? Right now the exchange rate is around $3,980 per coin in Coinbase. And regarding Jamie Dimon, if I remember correctly, he is the same guy who misused close to $25 billion in Troubled Asset Relief Program (TARP) funds from the United States government. Some of the critics claimed that he received the funds in return for his support for the Democratic candidates.

Many of us are accusing China even my self for closing exchanges rumors. This can be a part of BCC team plan to kill BTC. What do you think?

Seems like another FUD to me. They even deleted the tweets. If China truly intend to shut down exchanges, could it be that they are waiting for the prices to fall down first so they can buy? I mean, assuming the mines remain untouched, that would mean the Chinese government would be holding a huge amount of bitcoin after this, since the citizens would be coming out to sell their bitcoins for yuans before the exchanges close.

Well not only a tweet can influence prices but social media and news in general can greatly affect the prices of any investment. That is how a catalyst work it starts as a trigger for assets that are mostly in consolidation mode. This news can trigger people especially the big holders of Bitcoin to sell their shares to profit from it which most likely start a panic selling made by late sellers.

It is not just the tweet of the china ban. And that already happen since days ago and the market already have experience a drop in about 20-30%. For today news, it is about the JP morgan claiming that bitcoin is a fraud and he would fire any employees if they get into bitcoin. This definitely create some level of FUD as JP morgan is considered to be one of the largest financial investments fund.

Ok to summarise:

We got some banker from JP Morgan with FUD

Charlie Lee Litecoin creator with FUD

China banning ICO's FUD

China banning exchanges FUD


Anything else I missed?

With all these different types of FUD's in a short space of time it does this seem like a coordinated attack on bitcoin. It cant be by coincidence that all these FUD's happen in a short space of time. Charlie Lee is for Cryptos unlike fiat bankers so don't understand his position  ???

With Segwit 2x in november and if the motives of the above FUDer's were price manipulation then surely they should already know about november segwit 2x and that will bring the price down anyway. So why couldn't the above FUDers wait till november segwit 2x for cheap coins if the FUD's are really about price manipulation?

Famous celebrities often tend to have a lot of followers on their social media accounts. People are there who trust them blindly.
So any statements by people like these tend to have a huge impact on the society but it actually depends on the people whether to trust them or not. Cryptocurrency's price solely depends on news and then statements like Jamie's would then obviously create an impact on crypto's price.
We should try to hold our coins than to panic and sell and get ripped off.

How will the CEO of JP Morgan do an audit on his staff/employees to see whether his staff is dealing in bitcoin before firing them  ???

Yep I agree, those who follows this celebrity usually trust them blindly without making the effort to make sure whether the information is true or not.

Cryptocurrency's price will be affected by news either it's FUD or just good news in chain which will result in price jumps.
Cryptocurrency really has a bright future, I would say a country that is controlled tightly will ban cryptocurrency in the future because they won't be able to get hold of the customers money by using their "banks". Never panic, if there's a down in price then there will be an up aswell.

this is really intriguing topic if the tweet can cause something like this it is fundamental to take note of this action, but if the price drop I think it will not stay forever.

Nothing has happened yet but the price has been plunging over the last few days and has not been able to hold the support at $4,000. All we hear and read are rumours with no clear proof of what's the real score. Better to just ignore some of these news we read as they are not that credible. For what it's worth, many are happy to catch bitcoin at a discount while others are trying to minimize their losses.

No, I think you got it all there  ;)

Its a total FUD-tsunami right now, so hodl tight and enjoy the discounts. I've snapped up a ton of bargains while all these coins are going to shit.
Never fear, everyone! It will recover, it always does, it cannot be stopped!!

This FUD storm will probably hang around until November Segwit but after that things will be back on track.

Of course a JP Morgan banker is going to make a comment like that - he needs to protect his own interests and people are starting to take their money out of his investment banks and putting it into crypto, so he's jumping on the FUD bandwagon too.. With the millions of dollars being poured into crypto and ICOs this year, traditional investment bankers are no doubt feeling the pinch.

Re: the original post. That's the nature of the crypto game. These markets are so new and volatile that one small Tweet, one post, one rumor, can send the whole market into a tizzy..

Enjoy the bargains and hodl hight!  ;D 8)

That is to be expected, when bitcoin price continue to rise and many are switching to btc, attacks against bitcoin cannot be avoided from those who fear that bitcoin may crush their buisness.

China want to ban Bitcoin and crypto allready 8 times. It is a mem.

Also it is not only tweet,but obviously a group of Whales now dumping too hard and too fast, to cause a panic. Twitter messages is only ignition to fire.


Remember what Bitcoin allow to people all over the world. Everyone tired to be dependant from such peoples like Jamie Dimon and his firm.
Bitcoin can not be stopped.

the price is temporary in my opinion just weak hand panic selling after the china fud and the tweet of JP Morgan CEO Jamie Dimon about bitcoins sayinbg it is a scam .

This FUD will soon come to an end. Price was already expected to go down after touching $5k as a natural correction. But after ICO ban by China, it intensified and to add this fake news of exchange ban making investors to panic sell. However, this all is for short term. Market will recover soon.

I don't think it has anything to do with BCC, exchanges closing would be bad for all cryptos not just for BTC. And bad news for BTC is bad news for all cryptos, even when it's BTC specific news (like a contentious fork).

Rumors are number one player in any market. You have to be able to detect a rumors from real news.

Ok when you guys think all this FUD will go away so bitcoin price will stabilise/recover?

this is a rumor that really makes many people panic. I think we should respond with cold coconut. because of the slope of bitcoin due to deliberate factors of the people and the country of China.

Very well said and it does seem to be logically correct. A government would obviously want their citizens to put their money in their country's banks rather than investing it in some crypto currency. It varies from country to country as there are many countries which have legalized cryptocurrencies and others who have not. Some are not yet legalized towards crypto but they are moving towards the legalization process. I must say that countries who have banned cryptos are the ones who want to hold their citizens to their own banks.

correct the more you really understand the issue the more you can take advantage of the situations, if there's some rumors might be possible to be half true and half is just a fud that will only create some panics and they are doing their job well so better to keep and stay updated from the true things that is happening around.

As at today, its no longer a form of FUD rather its being confirmed and the line of action we should be talking about is the shock absorber which I doubt bitcoin has at this time.

What we are tend to see in the coming days is the crash that I don't think has been felt before but also the time lag for the exchange site to close down which is enough time for a change in policy to occur and that's what I will have to hope for now.

It's not a just a tweet rumor.
Right now BTCChina has confirmed is going to stop doing trades. Some bitkan or so service followed up.
Rather than a tweet I saw Reuters  publishing that so , it's beyond speculation right now.

It's not that China is banning bitcoin, is trying to restrict trading.
And as I mentioned about a gazzilion times , this is all Chinese do with coins. They trade, they don't buy stuff with it they don;t use it for money transfer.
They trade. And now the sell like morons.
The bad thing is that they seem to unload quite some coins and unfortunately no matter how bullish people try to act on this forum, there is no demand that can match the offer.

That said, JP Morgan has an internal division specializing on blockchain and they have also invested in their own system. It seems that those banksters are playing tough to steal some free money. Too many so called "experts" are claiming bubble (and most of them, have unfair interests)

Crypto seems to operate on the premise of "Sell the Rumor, buy the news".

Don't worry about it. We had a really good ride, and like all good things, they come to an end. Use this opportunity to collect more cheap coins, lay back and rest and let the rejuvenated Bull return. Why would you want to censor Twitter anyway? This is all that comes with decentralisation, like it or hate it, it's good for us in ways we cannot see yet.

"Buy the FUD, sell the Hype"

China is not going to ban exchanges or bitcoin, it's just some random people who are trying to get some profit by spreading rumors and another case that has a possible reason for the price of bitcoin going down is that this  CEO of JP Morgan Chase, one of the largest banks in US said that bitcoin is a fraud and will blow up and a lot more bull shit for him to add, all this caused panic amongst people and boom the price is going down now.