Bitcoin Forum

Undoubtedly, the BTCChina news affected the markets and it was hit hard by investors who sold in pure panic.
But this is going very serious as after this, Litecoin creator Charlie Lee said in a reply to cnLedger's tweet that: "OKCoin and Huobi are meeting with regulators tomorrow. They might soon change their tune." - https://twitter.com/SatoshiLite/status/908375715279597570 (https://twitter.com/SatoshiLite/status/908375715279597570)

It looks like China has taken its decision and is prepared to shut down these exchanges there. This may prove to be the toughest times in the history of Bitcoins and all this has endangered as well as challenged the existence of Bitcoins that whether a country's decision may ruin everything or not.

There's still a light of hope for everyone because the same guy, Lee said in his own tweet that: "This is a good thing. China can no longer play with the markets by banning Bitcoin. Crypto-currency cannot be killed by any country." - https://twitter.com/SatoshiLite/status/908379371571863553 (https://twitter.com/SatoshiLite/status/908379371571863553)

Bitcoin still looks in a dilemma-tic situation here and the road upwards is looking hard if we consider charts which show that selling pressure has gone extremely high atm and control over buy side has been lost.

So what is the possibility US bans it?

Anything can change Bitcoin.  A single person who has a large enough influence can actually change the price of Bitcoin.  That really isn't the point though because if people keep using it and keep relying on it and people keep adapting and using it, it will remain.  I don't think China doing anything will effect the long term price of BTC.

It was really quite horrible to see bitcoin tumbling down today by such a huge margin. Its undoubtedly the biggest fall I've ever seen in the crypto market and undoubtedly all credit goes to China. But I think its just a beginning of a series of problems for bitcoin. China itself is a huge economy and if it has planned to ban btc exchanges many other countries too might be following the same path. If this happens it will be a serious setback to crypto market. It really does not matters  how much we boast about the thing that bitcoin cannot be regulated by any country at the end we have to obey the laws of our nation unless you are a ruthless hacker who can hide himself on this web. This is a serious time but I think things will become cool soon.

Thanks for sharing the information, but now it is a "sell the news" event, and it will probably not influence the price much more.
A lot of speculators was already aware of this... Although not official, Charlie Lee tweeted about it days ago.

So it means that China have started to close the local exchanges and going to ban Bitcoin and its uses, if it is really matters about china then i think the price will be going back to low range.

People like you are how people like me make money

The sad thing is that Chinese people themselves have more to lose with it. It is a very profitable market, generates jobs, and will only grow in the future.

It's a good thing and a natural thing.

This stuff happens all the time with Bitcoin and seeing as how Bitcoin and most altcoins were overpriced they were due for a correction.

if in my opinion this might just be a surprise for a moment, because as we know china is one of the biggest bitcoin markets. I remain optimistic, sooner or later the market will return to normal  :)

There's absolutely nothing on the radar on that front, unless you have a very inflated opinion of Jamie Dimon's influence.

Exactly. Am not at all worried by the bans. The price means nothing as long as Bitcoin does what it suppose to do.
The ban may force stakeholders to stick with decentralized exchange & find solutions to its problem rather than choosing government controlled ones.
You cannot continue to beg government to adopt Crypto. Government should be the ones begging.

Yes, it is clear that China is the main cause of big dips and lowered prices.  Powerhouse, great number of traders and investors, that is how they are known in the field of bitcoin.
But I think it could lead to either success or failure of bitcoin in the future. I can see how China eliminated threats for bitcoins use. I definitely think that bitcoin will be taken seriously after this.

The regulatory bodies of China are starting to ban local exchanges that offer trading services of crypto-currencies. This does not mean that they are banning bitcoin. Users in china can still use bitcoins as usual.  They can still buy bitcoins through other sources.

Yes they only banning local exchanger that can cause panic to some people because they think that bitcoin become to hard to exchange in Fiat if there are no open local exchanger in their country.

So be it as it will happened no matter what.

Price decrease will happened but it doesn't mean a crash. China exchanges plays big role on the price increase factor but we can move forward without them. I think investors there will surely continue to do trades on English exchanges because not all of them are favored to that regulations. Price increase will still happened. It just needs time.

Agreed.  The response of United States various governing bodies have been very positive.  Every new ruling towards regulation will strengthen BTC position as an alternative to fiat currency. It started in 2015 with New York Supreme Court and its Bitlicense ruling.  This summer the SEC  started regulating Cryptocurrency.   If your American your BTC are safe for the foreseeable future.

"This is a good thing. China can no longer play with the markets by banning Bitcoin. Crypto-currency cannot be killed by any country."
 
I agree with this  but the only thing make me worried if the countries of the ( euro,Dollar,Yen,yuan) together start making a serious regulation for  bitcoin exchange . otherwise china banning it is like harvey & Irma whatever the crashing causes by the banning ,it  will go
 & the market will be up again,,,,,,,, people trust bitcoin more than any other currency

Everyone is overreacting, but I can't complain because I'm excited to get coins cheaper than they've been in... let me check... a few weeks!! It's been a few weeks since we've seen prices this low. That was such an incredibly long time ago...

That is exactly the BIG POINT that I am emphasizing here in this forum. Bitcoin is designed in a way that any country can not destroy it...but the problem is that the market is making so many overreaction to any news involving China. So in case China would finally ban Bitcoin exchanges then let it be so we can all move on without China. One country should not be allowed to direct the course of this currency. There are also other markets we have to take care of.

Exactly this is a good opportunity for long term investor to buy btc at the lowest price as possible.  Btc deep price is not only cause by china annonuning of banning cryptocurrency but several factors that combined together such as profit taking after a huge break out,  btc price correction and over hype of china's announcement and uncertainty of investor. Uncertainty for btc is always there it will stabilize the price in the long run but we don't know when.  Only time can tell. For me this is an opportunity for the investor to shell out some cash and invest in a long term. Good luck every one

It's just another bubble burst. It happens every time and we don't need bad news for china to happen. People always overreact, we are still at 3400$, remember that not long ago we were below 1000$ and a few years ago bitcoin was at 300$

It's going to bounce up as usual. Yes, this is a big hit but you can always benefit from it.

Yeah, learn from the past experience. In my experience I panic sell when the bitcoin or trusted altcoin dump but it only takes weeks worst is months to recover and that creates for a big loss, But now I learned from it but as long as \I didn't need the money I didn't sell my bitcoins.

Think what will happen when China regulates btc...

Totally and theres no such thing or reliable news that China is permanently banning Bitcoin Exchanges. Also people should take note that this had happened before with China but it was just temporarily so just HODL and dont be such a worrier

Regret does really comes after because we cant regret before on making such decision.Panic selling is commonly happening specially on this price decrease either on bitcoin or on altcoin.This China news does really give impact on Bitcoins price which we are crawling back again on 3k price again and comes worst we go back on 2k price again but i do see that this regulation would be just temporary remembering on the previous ban they just already re-enable it again.

I think this is good for bitcoin and bitcoin community. If the price goes up again this will mean that BTC doesn't need chinese traders that much. So next time if anything like this happens the fall won't be so dramatic.
I would say it is "immunisation" for bitcoin.

People worry iber not. Bitcoin will recover and of already is. This is an opportunity to make money stop seeing it as a bad thing. It really isn't. This is just the nature of Bitcoin and trading. People who can't handle it really shoybe here. People who sold a little while ago now have regret and have lost money.

It's going up now, I don't know how much that will last because It will probably go back down very quickly, I personally sold and I'm waiting to buy again, probably at around 3000$ because I think that's where is heading again but we will see.

Are we seeing price reversal now?  Support at $3k was not able to break down and resistance  at  $3.8k was trying to hit and almost touching $3.9k can this rally be sustsined and bring the btc price at $4k level? does this show that uncertainty and fear in china's announvement of banning cryptocurrency is over? Congrats to those who bought at lessthan $3.2k  and for those who sold at a loss well that's life in trading market.  Sometimes market react opposite on what you where expected :(

as in my opinion, US will not that head-turner that they will ban bitcoin and other exchange, money are circulating the economy and market so does money circulating bitcoin. Plus US is one big country in able to do it the country will spend billions of dollar to ban bitcoin and other crypto and they will face Wall street investors. In my estimate the possibility that US ban bitcoin are 1% as it is one of fastest and big investment.

Ops No news as of now that government shutting down exchange as owners and businessman and investors are still negotiating about the regulation announced by the government. 

This is painful reading. And the tumbling fluctuating prices are a painful sight to behold.

Imagine having 1000 bitcoins on your wallet. From $4800 to $3200 = $1600 x 1000 = a $1.6 million loss. For those who can't intelligently foresee a recovery, this would be a real reason for panic and even a nervous breakdown. Just imagine losing that much within a day.

It's hard to hold on to bitcoins and hoard them, while hoping for the price to one day jump to an astronomical figure. Then you get these steep dives which have an extreme effect on one's confidence and trust in the core things you believe in life. Like being resolute and stubbornly bearish in times of turmoil. Like being a strong believer in gaining by taking risks. Like trying to fight those inner fears caused by all the what-ifs flooding in one's mind when you see the rate falling right before your disbelieving eyes.

Investing in bitcoins is truly serious stuff. Like stock markets, you could lose everything you saved and worked hard for within a day.

Happy to see the market recover. A very welcome development.

We should not be worried about what is happening like anything prices will change if anything this is an opportunity for people with big investment capital to swoop in and buy while low. Alot of big players missed out on the big bitcoin wave and as such other altcoin have profited from this. We as a community just have to sit back and watch to see what happens from here.

Always take statements like this with a big grain of salt. This is how China does things. And even if there comes a ban on exchanges it will only be temporary because China clearly recognizes the value bitcoin ( and crypto in general) brings to the table. They probably already have a hidden agenda on this matter. It's only a matter of time, relax.

But I have noticed one thing after all these ban dramas from China that the effect China used to have over markets has been reduced to such an extent that now nobody gives a damn about seeing what's China doing. It was their time but now, whenever China sells, US buys. ;)
Investors in China are reported to be "shifting" their funds out of those exchanges to off-shore exchanges in order to keep using BTC and trading it. Chinese Government got terrified and was scared whether this technology would snatch away the power and emphasis that they have over their economy and are now trying to manipulate everything, but they have become unsuccessful this time.

Panic sell is nothing new in the world of trading. Hawkish news can put down the price but market will come back toequilibrium point after certain time.

Ok so guys what's the latest news? Anyone from China? How true that Chinese government will require every local exchange a license? Are you affected? Did you dumped your BTC?

That is true but this time I think the news hit us deep and this tumble was so great and I agree with the OP that it's serious this time and we need to Unite and fight panic selling to the bearest minimum.

Even if it hit us deep,this will heal over time,with the china news,current price drop is because a shock of weak hand and selling their btc
For now let us use this opportunity to buy as resistance of the bad news

The good thing that bitcoin price is recovering and everything seems at the moment stable.
On the other hand if some other speculation news will come i think we will see some dumps again.

Nope, it used to be serious because I wanted to look at "oil and watch it pour".
Unlike others who tried their best to troll hard to make others sell their coins in panic (and became successful at some extent), I didn't make this thread under the influence of pessimism or to make anyone worry about the markets' happenings, but wanted to make everyone aware of tricks China was playing since it decided to short BTC. Thus, my decision remained firm and fair and proved to be right, I didn't panic and sell, I just hold tight and it proved to be very advantageous for me as well as my portfolio. Just watch, how they managed to get it down >25% straight away, and then how nobody gave a F*CK to their bans and took it back to 3960 currently. We are in a bigger and better ride atm, so hold tight and enjoy your cheap coins (if you managed to buy at 3k). ;)

I think that being a trader, the worst thing which can very happen is the decisions which you made at the time when prices are going down. In fact, I think controlling the emotions especially in the world of business is the most important thing. You need to learn this thing before getting into this.

I think China just playing with us, make a panic sell to buy more at low prices. I don't care about them and still trade, if BTC get dropped i will buy, that's it.

If with the prohibitions of crypto currency in China everything will be very serious, then the world community in the crypto currency market will be able to do without China. In addition, I do not think that the Chinese will be so blocked that they can not find a way out of this situation. In my opinion, if the restrictions are introduced, then nothing will come out of this vseravno.

Most likely so, they make trouble with the price of coins in the down market, then they start buying coins, and start making a positive issue to keep prices up again, then they sell it back for a profit. We must follow the flow and certainly not too quickly panicked in the face of all issues.

Love Charlie Lee's take on this whole Bitcoin exchanges being banned in China thing. In the long run it will be good for Bitcoin and eventually they will lose their influence completely and have no say or anything in the direction or value of Bitcoin.

So that is the reason why there's a constantly decreasing price of BTC in the last couple of days, I just converted my BTC to my local currency and I thought the price would be higher but it generally drops, nevertheless it is still up to masses whether  they accept BTC or not I deem the world needs BTC it is the currency of the future.

Then Let China do this stupid thing, but i do really think that they are now pushing the full regulations to regulate these exchanges, it may really affect Bitcoin's price but that's because of Bitcoin holders with Weak hand that easily falls into trap like this, this is certainly a FUD. as long as there is community that supports bitcoin, bitcoin shall stay strong amid of this issues.

You may be right but I think this is something which is not that much easy as we all think to happen. I think even if China put in his best, even then things won’t work out in favor of China. This is next to impossible sort of thing to happen. Yes, indeed this is a serious time for the one who are holding Bitcoin.

I think that the current problem is very serious about the china government stop all bitcoin trade in its country.
I hope all bitcoin holders do not panic even though china has a big effect and can change the price of bitcoin down.
I'm sure all the serious problems that are happening now will end, the more users and the more people who still rely on it.
bitcoin prices will stabilize again without the impact of bitcoin closure in china and have no effect for long term.

This could be an option if the Chinese government plans to regulate exchanges but I think they could regulate the exchanges without making this entire stinking environment. I think the Chinese are going for something bigger than that. There is also a possibility if the Chinese government like the others is thinking of to introduce its own Cryptocurrency.
I am happy for one reason that at least we will get rid of the Chinese monopoly. I think bitcoin growth will be enhanced in future with the Chinese taking a side.

Actually, you can see that bitcoin is gearing up another raise on it's value even with chinese government issues on cryptocurrency. I do have a feeling that Chinese Government want to take a large part of Bitcoin as is, as you know they are control freaks and they surely want to get a profit out this. Maybe they will ban bitcoin and all cryptocurrency and replacing it with their own cryptocurrency. but .. thats BS for me, Chinese People will the only one who will support this, as they say, Alicia is Alicia and no one knows alicia but only herself ALONE. Overall, This step could be a win win situation for both Bitcoin Community and Chinese Government.

The problem is not just with China. What will happen if the other countries take notice of the China ban, and implement similar measures in their jurisdictions? And don't think that China is a small player. For heaven's sake it is the second largest economy in the world (and it is expected to overtake the American economy quite soon).

China is not a big problem here. Look despite of their recent issues Bitcoin is still going up. The main problem here is the bitcoin community support that falls into trap easily by the articles and news that is producing out FUD to all bitcoiners out there. China isn't a small player here, that's why it is better to make their decision final to ban these things, When China banned facebook "The Chinese government controls Internet content and restricts, deletes, or bans content it deems is not in the interest of the state." did the other countries did the same? Probably NO!?. Bitcoin is really a threat to chinese government that's why they creating these steps in order to maintain the regulation on their country, or maybe they will release their own coin.
But overall, I do want china to get out of Bitcoin/CryptoCurrency System. I don't like bullies.

Still I am sure enough that this is only FUD. China is not that much fool who ban bitcoin and then in upcoming future they would be just seeing the world transacting in bitcoins and they would be just regretting the moment of banning.

This will not happen, these news were dead last three days and now again they made it roamed throughout the internet. Don’t believe these news.