Bitcoin Forum

is it true that China has made crypto illegal or something is that why everything has crashed so bad??? This is getting worse..

If you call that a crash you're in for a treat. It's true that China shut down exchanges, but that was already 4-5 months ago and only affected Bitcoin in the short term. What you are seeing right now is a market consolidation after BTC went crazy due to breaking USD 10,000,-. Things might get worse from here, but it's not the end of the world.

Welcome to crypto.

Omg, should we release our assets to shift another coin? It will be a huge impact on our coins & it seems they will offer a new coin of themselves. Any idea?

I think so. this could the major reason why the market is nose diving. Even though this will normalize, nobody knows when it will be. Meanwhile, here is the link to that ugly story of China clamp down on cryptocurrency.

https://www.forbes.com/sites/sarahsu/2018/01/15/chinas-shutdown-of-bitcoin-miners-isnt-just-about-electricity/#191b2525369b

There is no real message that encrypting the currency is illegal, but it has closed all exchanges, and that is true.

I don't agree with the above answer, today South Korea shut down all BTC and ETH exchange.
You should check the news, South Korea is the third biggest crypto market on earth.
So it will affect the crypto world certainly.

You Guyes should not be here in crypto world.
Because Its just a News,  people got panic and sell it. Lol
i mean don't you see btc pump???
So whatever is happened, don't be scared.  
Be cool and hold it.

;D

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Not China. Korea is new news now.
Just buy Bitcoin and wait. You need some kind of a bad news to start the FUD.
Same thing every year.

Yeah its true and its nothing new to this forum and the cryptoworld. It happened last year, what is new right now is the fear of bans in South Korea and Indonesia.

I wonder whether other countries will also follow the trend?

aarrggh something happened, sell!

Next week something else will happen and it will go up.  Or down, who knows.  

Worse case with the Chinese situation is that miners will have to move out of China - which they are already doing. So the price goes down a bit, the difficulty may increase until adjusted, some other coins may be better.  Don't bet what you're not prepared to lose, expect wild swings in price.

I don't think it has been made illegal completely. Maybe the exchanges and the miners are affected. But that causes a big issue too.

They are probably going to ban the exchanges where you can trade crypto and fiat. This has already caused a crash.

They have always tried to attack the bitcoin miners before this too. So who knows what will happen now?

But yes they might make crypto completely illegal in the future.

if any country moves against crypto i think it's just good for crypto, because it just proves the need for a currency without borders, and if anyone wants to make people stop using computers they are welcome into stone age they are taking their people into. rest of the world will move on ritcher and happier

I think it's just a thought to corner bitcoin, illegal bitcoin if used for gambling activities, and make market payments directly using bitcoin and for bitcoin holders there is no legal protection in the country in case of loss to bitcoin users

this news is a story that will make panic as bitcoin or other altcoin holders because this will make all the crypto currency decrease in value, and this will profit you you guessed it

I dont believe that china has made all crypto exchanges and trading illegal. If it will be the right news then the people from china holding crypto may have to face different problems now. But this news will not make any difference in cypro trading. It will be as it was in past.

Chinese government is encouraging investments in gold and silver  :)

I don't know the truth of this news, but China is an important market for bitcoin. If the Chinese government prohibits bitcoin, the impact on bitcoin is very large.

it is illegal to invest and buy or sell using dollar and other paper money but mining and making miners is allowed.
No you can start mining in china that make bitcoin legal in china.
you need some places or other exchange to sell bitcoin or any other crypto
it is only correction after very long rising

I seen a post earlier, this fud is been going since the beginning of crypto, china banning bitcoin russia banning bitcoin, but at the end is banned nowhere lets be serious. it's just bullshit.
oh damnit how i hate yall pieces of shit fudsters with newbie accounts.

China already did that months ago. The reason behind closing the exchanges is because the people there are taking advantage of the cheap electricity and so they are mining very efficiently. Also, I don't think that "crash" you are saying are not related to this issue though.

I heard the news today, resulting in the past few hours, all the COINS fall, we don't know this news is really false, I hope this is a false news, so the price of the currency will soon be back to normal

this happened before 2017, when china banned all ICO's on their country and now they repeated again? , if this news is true its ganna have another worst effect on our bitcoin price and of course at all altcoins too, but i think it is another strategy of pump and dump (FUD NEWS) for they can get more profits on what will happen if they totally do that.

Stop listening to news for fucks sake, china hasnt banned bitcoin and price going down is something normal, buy low sell high.

Lol fud is been going on since always, china has banned bitcoin 20 times last year.

Also... I don't know why i bother since its all same user farming accounts fuding misguiding poor newbies.

Previous posters have repeatedly said China does this.  Ban. No ban.  It is just how the governments works.

Is this a bad thing, in terms of price?  Short term yes of course. Bitcoins price will fluctuate wildly on rumors and or news.  Negative news or FUD as its commonly referred to, has and most likely will drop the price further unless positive news soon follows.

Long term this is a good thing.  Healthy financial markets go up and down.  This bull market peaked in December and since, has steadily declined.

As of now, it's not true. Don't believe every single article your read, especially now during the dip.

Just so you know, people enter panic mode when they read "bad" and "china" in the media, and before you know it, 'panic sell' kicks in, meaning that the price will go down. Add to that all the FUD articles on the media right now, speculation and rumours on social media, and whale groups that are minipulating the market, well, at the end of the day you'll get this: a sea of red numbers across the charts.

And this is not a crash, not even close, you'll know when a crash is happening, you won't even have to ask people if it's actually a crash.

Get used to these swings in the price, we might see more of them in the future, that's how the market works.

I'm sure it's just a fake issue that is reissued to exacerbate the atmosphere in the market cryptocurrency. actually an issue like this already existed in the past year, around august (if I'm not mistaken) and what happens is everything is false news, after the news the price of BTC rose soaring

China banned transactions and exchange sites for crypto. This is a temporary phenomenon, crypto currencies will return to their positions and will continue to grow in value.

It is completely fake news that China banned btc these are fake news manipulated just like the announcement of fake news spread by korea that they are banning btc.

Billionaire investor "Warren Buffet" said "Bitcoin will end up badly"

 :)I think its better to be patient before we come to a conclusion, we all know BTC is trying to recover these days,so let's hold over positions and keep updated news and stuff, everything will be just fine after another 3-4 weeks.good luck!! :)

Why are people in such a big nostalgia today as if they have never seen such a type of crash previously. Most of the things floating around Internet come with a tag line of "could" this means there are no reliable sources to such news just a big rumor on which the article is based. Each rumor affects the market so heavily and people today are like "korea banning crypto" "china banning crypto" and "the whole world against crypto" just chill out news will be everywhere on the internet if such a thing happens not only on a few selected portals.

If China bans Bitcoin, then the market will go through a lot of crazy stuff to go back to normal. Let's just hope they're joking this time.

https://cointelegraph.com/news/chinas-alibaba-launches-crypto-mining-platform-despite-restrictions-say-local-sources

Maybe china will ban exchanges, that will be a huge influence to the market

According to an internal memo from a government meeting seen by Reuters, Beijing will continue to apply pressure to the virtual currency trade and prevent the growth of risks in that market.

National and local authorities should ban venues that provide centralized trading of digital currencies, including bitcoin as the biggest one, Vice Governor of the People’s Bank of China (PBOC) Pan Gongsheng said.

Regulators need to ban individuals or institutions that provide market-making activities, guarantees, or settlement services for centralized trading of the currencies, such as online “wallet” service providers, he said.

“The financial work conference clearly called for limiting ‘innovations’ that deviate from the need of the real economy and escape regulation,” Pan said, referring to last week’s meeting.

He added that the authorities should block domestic and foreign websites, close mobile apps that provide centralized virtual currency trading services to Chinese users, and sanction platforms that provide cryptocurrency payment services. He also called for local authorities to investigate services that help people move funds overseas.

Once a global hub for bitcoin trading and mining, China accounted for more than two-thirds of the world’s bitcoin-mining operations. Recently, however, Chinese regulators started cracking down on virtual currencies, explaining it as a fight with capital outflow. They claimed the trade in cryptocurrencies was being used by Chinese citizens to move cash abroad.

If it were true it would have appeared in the news.

those news are not a new trend into crypto world, china banned it 35 times and btc saw a correction than continued it rise above 10.000$

As I know exchanges are already banned, as they cause loses for economics.

Well, it was last year, they closed all the ways of exchanging the crypt, so for the Chinese, of course this is a strong blow and the general market has affected, but not so much that all the coins went into recession.

China has been doing this a lot of times already probably to see if they can affect the market and yeah, they probably can as we can see most coins are in decline. But just like what happened last year after their bans, btc eventually will recover. A lot of record breaking prices last year were made with china's exchange bans