Bitcoin Forum

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

So he's shorting the Bitcoin with his Petro. But I still don't believe in government crypto coins.

Any reliable source of this?

I look at it as a joke, but you never know  ;D

thats not the main causes i think,,
as i know decentralised is better than centralised, and all government cryptocurrencies will always use centralised system to control everything
and i believe people will always choose the decentralised system,,
just keep calm

As far as I know, the Korea Financial Supervisory Commission (FSC) has confirmed the ban on uncontrolled transaction accounts. The Securities and Exchange Commission (SEC) said it had received a court order to freeze the assets of an ICO deal with $ 600 million raised. These are the reasons why the entire cryptocurrency market has fallen sharply over time. In addition, the Asian investors to sell copper coins to prepare for the Lunar New Year is also a cause for market decline.

Thats not the main cause in my opinion the main cause is we are already mooning very high and it is time to going down. The news is made for only reason to dump bitcoin. We may will see $8000 soon or sub $8000 then back to $9000 ish then continue declined untill $6000 many investor maybe will move their money to good altcoin out there. I am not sure which altcoin but it will happen.

There so many FUD out there and I think that is not the main reason but ONE of the reason why bitcoin is dump ATM. Reason for BTC dump is the hottest topic on this forum and many users are creating different thread while the title and thoughts of the thread are the same. There is no exact for this question so please stop posting for a news as the main reason for this current dump event in BTC because there is so many FUD spreading around the world. I wonder if this all FUD is legit because it looks like a setup in able to destroy BTC momentum and back to cheap price.

Are all these price reductions the only reason to come from a few countries? it does not make much sense to me.
The volume of these markets is huge, and these decisions should not be a problem unless they come from countries like the united states of america :)

I don't believe your theory, the discentralised space is different from these centralised version that is coming on board, that is why I don't like and won't participate in Kodak ICO, their own mind set is different from what drives this space, and people should know this is just a token and nothing else

Haha! Guilty found! :)
I do not think that Venezuela will lose if it launches their national crypto. I personally observe the experiment with pleasure.

Ha right. So bitcoin, which increased in popularity because it is a decentralized cryptocurrency, is now losing popularity because it isn't a centralized special petro coin from a corrupt government system in Venezuela? ;)

You shouldn't do anything about that, it's not the main reason to make a bit bearish trend for bitcoin. tether audit looks become a vital part at this moment. I don't wanna argue about petro that has been made by you know that.  ::)

Its because of India's stance on crypto. More countries will follow.

Is not that the reason behind, also we cannot trust the president from a country were recidents can't even buy tooth paste in the supermarket.

FUD are spreading everywhere from forums to social media and even in the news. In my own opinion on this kind of scenario that is currently happening there are people behind this FUD spreading propaganda to drop the price of bitcoin so that they can pack up more at the time it will start rising again. It's better not to feed those FUD spreaders and don't mind them, their main agenda is make the price of btc drop.

Everyone just relax bitcoin will not fall to no value at all, This kind of scenarios already happened years before. If you get affected by this scenarios happening, you're the one falling and not bitcoin. Keep calm hodl, Buy low and sell high. 8)

It corrected because we were due for a correction... Not any specific scenario.

The global sentiment and temperature of the crypto community was "We will probably correct soon" and thats what happened.
Most people feel we will jump off the 8k low and see new all time highs within the next few months.

I expect this to happen.

Keep your finger on the pulse and study a vast range of sources to understand the global sentiment.

lmao time to stock up on petro

Oh shit now I have to buy petro! Or am I to late???

lol that guy is great!  "My country so powerful we crash bitcoin!" 

All your base are belong to us!

This is not just the reason of decreasing the value of bitcoin. There are other factors also that affects bitcoin rate that we did not know. But for sure the less of demand of bitcoin is one of the reason why it is falling down.

This isn't the reason, none of the news which has appeared in the last few days is the reason, the bleed out started before any of the news people are now claiming is the result, Let me just show you why this country will have no negative impact on BTC


Just look at how poor they are in USD value, don't need to say too much more.
Now a country, no matter how poor, if they can demonstrate blockchain working as a real currency, centralised or not.. this can only be good for crypto.

What you have on the forum right now is people providing reasons which don't align with the correction time frame, or they've just not done some simple maths.
The other types on here are calling it a correction, why? because it is! This happens every time we get a big bull run, Nov/Dec 17 = one of the biggest we've had.
History can show many scenarios where this has happened before, and the bigger runs = longer corrections, but history also shows that the market continues to grow each time.

How much the wealth of Venezuelan President Nicolas Maduro? ...
Please compare his wealth with the wealth of a group of greedy whales (owner of 40% btc) or you can compare it with wealth, the twins winklevoss (owner bitcoin) most In the world.

Price from last year of bitcoin was so high and this month takes to go down for a big correction. Yes there are other factors to be considered why bitcoin has fell down big. It takes to fell down because of the huge price last year is I think of it needed for correction. But, as we know since bitcoin is like up and down we can see the price will regained.

youre not helping guys,and even if venezuelan government make this possible,whats on us?is this a big loss for crypto community?we have more other issues that had faced like the one from china and the other is korea,though were experiencing the damage,but bitcoin still on its process to grow.so bother nothing as for this kind of news is nothing but purely bad propaganda

it might take another month to get established.alt coins did go drastically down.
it fell down 57%.

Bitcoin price has down at large amount maybe for the reason of it needs for correction. Bitcoin price is always in go up and down trend so I think it will recover maybe this month ends or upcoming months.

I don't know much about that country crypto, but the comment sounds incredibly naive. Like the comment that someone who's completely new to crypto would say due to their limited knowledge to put many different parts of it together.

the main cause, in my opinion, it is because many countries started making issues regarding bitcoin. This greatly affects all at the price of bitcoin and one of them could make a bitcoin plunge into current prices. chill out, and hold the coin you have.

I don't totally agree with that reason because the big whales are the one who can manipulate the price behavior of btc imo. Maybe at some point it contribute the effect that what we are experiencing right now.

Haha. Yes, in crypto space everything is possible.

I think this "crash" was a long overdue correction of the parabolic rise of the last year.

This is one of the funniest things I've read in crypto for a long time :D What makes this great is that he was actually serious about it. So it appears Venezuela has such a huge impact on the bitcoin world - bigger than South Korea, America, China, Russia etc.. they are the ones who crashed this market. Oh well, I guess we should sell all our worthless bitcoins and invest in petro instead. Is it on binance or bittrex yet  :D

There are many reasons for the fall in Bitcoin prices. There are many bad news coming at the same time bitcoin and cryptocurrency market. Many big investors took profits when there was a big win in 2017 when bitcoin price increases. Many investors from China and Asia sold to prepare for the Lunar New Year. Smaller investors are not good sellers have all the market down worse. These are some of the reasons why bitcoin and the cryptocurrency market have fallen sharply over time.

The problem is not about petro currency which already backed by oil. That's just another joke from Venezuela president. We are talking about the result of tether audit right now because a lot of people are using it to trade with crypto right now.
as long as china and korea still allow the cryptocurrency trade and it will be fine for us. They are both trying to implementing the new system to make taxation to the crypto exchange site.

It's just one out of reasons. There are a lot of reasons for Bitcoin price crased and I think the most important reason related to China new year and US government. China new year is coming really closely and look like almost the whales in this country stop working so the trading volume of the crypto market decrease really quickly. Beside few recents days cryptocurrency have had some trouble with the US government but It solved already :)

If this does not tell you how delusional this person is I do not know what will, from the beginning Chavez successor has been nothing but a joke but this is getting to levels I could never imagine, no one cares about Venezuela and what they are doing, everyone recognizes the government is going to eventually fail since it needed oil prices to be very high to maintain their level of spending, now he is desperate to keep things running but his currency is going to fail like everything he has created.

I do not think that's the main problem about down bitcoin at the moment
as i know decentralised is better than centralised, and all government cryptocurrencies will always use centralised system to control everything
and i believe people will always choose the decentralised system,,
just keep calm

So if Venezuela has continued their petro cryptocurrency then btc will go bullish again? OP must be losing his mind in this major crash that he had to connect several reasons just to make him feel some kind of relief. Remember that Venezuela is a very poor country.

I disagree with your observation, just because the President of Venezuela announce they will create they own version of cryptocurrency the whole market of crypto suddenly collapse. The downtrend of crypto are simply the results of market correction and also my other external factors like bad news coming from facebook, Korea, India, etc. But I'm very optimistic that it will normalized this coming March.

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

Some people take everything too seriously...unless you think I'm Maduro

OMG, sell all you have, sell, sell, sell fast! And buy this .. how is it called?
I foresee a strong competition between this Petro Thing and Putin's Crypto Ruble or whatever name it is. [/sarcasm]
These politicians really live in their own universe, far away from Earth realities...

There are also some speculations that the  U.S. Commodity Futures Trading Commission (CFTC) issued a subpoena towards Tether. The number of USDT tokens released to the market was 850 million thus taking a large protion of the crypto market. Crashing of USDT means no fiat backed tokens and a large portion of the market will be lost. My 2 cents.

Not sure if you understand how much money these exchanges make, a Japanese exchange just refunded 400 million dollars to those who lost out from the NEM hack, $400 million out of their own pocket.


Now Bitfinex, the ones responsible for this backing, are FAR FAR bigger than the Japanese exchange mentioned.
They will be just fine if audited.. they have the money to back the coins.

More FUD, no reason other than a well due correction.

Your cause is part of the bitcoin price collapse. The reason is that the number of bitcoin investors in the Korean market dropped sharply. Korean market has the highest number of people investing in bitcoin in the world. dominate the bitcoin market. So far, the Korean government has issued a ban on foreigners trading bitcoin in their own country, and tight controls on bitcoin transactions in the country. This has reduced the number of people investing in bitcoins. thus affecting bitcoin prices. I think we should move on to other jobs.

You are very brave, According to recent information, the bitcoin market will drop sharply. I think bitcoin will not be able to recover as high as at the end of 2017. Korea is a strong influence on bitcoin prices. The number of investors in bitcoin in Korea is high. When the Korean government made difficult decisions in the bitcoin deal. Investors have postponed the sale of bitcoin. I hope that your guesses are correct. Wish you success in bitcoin.

completely support you. In 2013, after hacking MTGOx bitcoin could survive. Now I think that fast drop is connected with the global financial crisis. For 3 days on the stock markets are negative indices, and cryptocurrency, as the instrument of trade suffers well too.  It is possible, we will leave the downtrend when large institutions will enter the market maybe in the spring or summer.

Sounds more like a joke, i personally think that a big correction was due technically, just look at the longer timeframe charts if you are a trader and you will know what is happening, soon btc will bounce back after finding a solid support.

The reason for the total crash in past 24 hours is not Maduro/Petorcoin. It's Chinese government and their ban over trading in foreign exchanges for Chinese citizens.

I guess we will need to hold and wait to pass.

Your comment reminded me of the time when China struck Bitcoin and people started thinking that now they would be seeing the end of this digital currency.  Bitcoin is expected to touch $30,000 this year and I have a firm belief inits strength.

In addition to this, those who were dealing in Bitcoin would be still continuing their business keeping orders of government aside. It's amazing to see people thoughts during dip.

China is actually introducing measures to prevent bitcoin activity in their own country. It also affects the bitcoin and other atlcoins. China is a great power and there are lots of whales involved investing in the cryptocurrency market. So the price of bitcoin has dropped dramatically.
The bitcoin information going up to $ 30,000 by the end of 2018 is unreasonable and I totally do not believe it. We need to analyze more carefully before making the comments.

This will be Chinas undoing, happy to see it come too, a country which treats their people like slaves and manipulates their currency to remain low doesn't deserve to be a big part of the future currency.

Blockchain will one day be the backing of a one world currency, may not be bitcoin but none the less, it'll be blockchain

Sure thing, i've already pull off all my savings and ready to spend it for pedro... or petro, how is it called again? Next what? Bitcoin will be crashed coz McDonalds/KFC will launch theirs? I think centralized ( if they actually will ever launch it)  and decentralized coins will lie in entirely opposite polarities.

He might try to take credit, but honestly he has no power. Some random third world county cannot impact the price of all crypto.

OMG the FUD in these days, so cheap btc and again Christmas for everyone lol

Really Venezuela is the culprit behind this recent decline?  You have got to be kidding me on that one!  There are so many factors that come into play and quite honestly I don't think that Venezuela could hold so much influence to manipulate the market on this scale.  I guess there could be some decline, if that is actually true, attributing to the dip, but it would not be to this degree.

hai guys, is there any bounty for petro??? can you contact maduro to join bitcointalk,,hehe ;D its any member for venezuela, please contact maduro to join with us.

are you sure that the main reason? i think chinesee government is main reason also he banned bitcoin if not fake news

Well it sure seems like it was the SEC hearing that brought the price down. I guess Mericans thought that the SEC would ban BTC but instead they embraced it..

So no after the SEC hearing we see BTC going back up. Clearly the reason was fear that the SEC hearing would be anti bitcoin.

It seems like a joke, i don't think he can cause damage to BTC with his Petro, just meaningless. BTC will bounce back with better momentum by end of Feb or march first week.

Stop panicking. Every year I see a significant drop in prices before the new year and a little after the new year, but then the price stabilizes and growth begins again

Agree! Many people are not considering this because they are bothering about the prices and everytime they want to see Bitcoin at a high value but they need to understand it is not possible in the market to give profits in trading.

That's not enough good reason for the crash in price, the market is due for correction...simple!

That is a joke I think, I have not seen anyone in the space that said he or she is going to invest in the Venezuela ICO, so many reasons makes the price of BTC to rise and I believe alot of people would have learnt from this never to be a sheep used for the sacrifice again.

i find it hard to believe but its a good reason but unfortunately petro is also a cryptocurrency...had it been fiat it would have made alot of sense in the sense that the fiat would have backed bitcoin as a way to preserve its value, but demand for a centralized currency rising over decentralized cryptocurrencies...I dont believe this. ::)

there are too many reasons for the BTC falling down now, Google and Facebook ban crypto advitising, South Korea ban BTC,.... but you should consider carefully. Most of them are fake news.

President Maduro does not seem to have the level of knowledge sufficient to issue a qualified opinion regarding the complex field of technology and finance. Of course, at this moment his only concern is to try to attract unsuspecting investors to help him finance his populist measures of government, and I am skeptical about the credibility that this shitcoin called "Petro" deserves.

The possibility is so because I know now we have to know the cause, and for the Venezuelan president who has reduced the cryptocurrency demand I think it is not, because with the occurrence of accidents the price of BTC is due to the government that now enters the world of cryptocurrency,

I think that's not only the main cause, we have heard aa lot of news about BTC being ban and decline to other countries plus other government are introducing thier own coin i think all of that has made an impact as to why,  BTC is going down. 

It seems BTC is finally somewhat recovered from Venezuelan attack  ;D

This is certainly not the cause of the collapse of the cryptocurrency price. There is no reason for the bitcoin price collapse. The only thing is that the market is underfunded. The whales are not currently in the cryptocurrency market, which leads to insufficient market funds.

So many attempts were made to dump Bitcoin but it has great resistance power.
Nothing can stop Bitcoin and the crypto!

I don't ever think that this oil-backed cryptocurrency by Venezuela called Petro crypto can ever replace bitcoin in the long run. For some reasons, it may be the cause of bitcoin's market price fluctuation but i don't really think that petro is a threat to bitcoin because even though they're the same crypto but they do have different usage.

that's not a very strong reason because bitcoin is down, I think bitcoin is a regular correction. soon maybe bitcoin will recover its price

Cryptocurrencies created by the government will never be a success and therefore never sell your Bitcoins to buy Petro. Cryptocurrency cannot belong to the state.

It is not a regular correction every year some price fluctuation is comes in the but we know the reason for price variation. This year lot of opposing was occur in the market so totally unpredictable in crypto market. So crashes are happen in anytime on this year and this will going to moon also happen in anytime.

You're saying it right. Your version has a lot of truth. I'm sure. China and America have been very hard hit by the crypto market, regulators have started to control the ICO and the influx of new investors has declined significantly. This is the main reason for the fall of the market and bearish trend

Of course, if there is a total control of all ico companies, then this undoubtedly should reduce the overall amount of fraud in this business. This is certainly a positive moment of the current situation, but how long will such an execution affect the entire crypto currency market?

I personally think its impossible to absolutely decide what the reason for any market moves are, as generally, fundamentals don't matter too much in such speculative markets. In times like this when everything is bleeding, its smart to consider a future plan. IMO investing in promising icos is one of the smartest things you can do and i have a few that you might enjoy knowing about.

TIP Blockchain aims to create the most user-friendly and easy to use platform in the cryptocurrency economy, that connects businesses to end users, and removes the technical barriers that users face today when using cryptocurrency.

Daostack IO powers decentralized companies, funds and markets to make fast and innovative decisions at scale. Basically an operating system for collective intelligence.

Deedcoin is a cryptocurrency that will simplify real estate. Deedcoin customers use DEED to decide what to pay in commission costs when purchasing or selling a home, lowering the traditional 6% fee to 1%.

this is a very good joke, I am not sure what has been preached.

maduro's desperation results to this

I think the president has leave no option but to follow this as all he wanted is to save venezuela.

But he cant be completely successful on this as bitcoin will still stands against petro.lets hope maduro will do the right action after this time

Yes, it was meant to be a joke, but many people took it seriously.
Well, you never know, maybe they know better  ;D

This just seem like people looking for reason for anything, the price of BTC is set for correction it just need something to trigger it, remember when people were speculating that it was MGox trustee that was dumping the BTC on the market and later that it was Whales, people need explanation for this and now they get one

Personally, I think whales use BTC manipulation to fill bags with various altcoins...its hard for sure to tell which one will
be next Google, so they probably fill bags with everything, just in case...and they want it cheap, and BTC
is their perfect tool for that