Bitcoin Forum

I think its very possible that all this news out of china is just so the Chinese government can scoop up all the coins for cheap and then just by changing there minds drive the price back up to the moon.

Think about it, all they have to do is turn around and say, "we made a mistake, bitcoin is great, you can all do business in it"

Man, what a scam!

They don't have to say anything for BTC price to go up again after the manipulators are done buying up cheap coins. The panic will subside and everyone will realize that China did not ban Bitcoin (https://bitcointalk.org/index.php?topic=360763.msg4023565#msg4023565).

Anything is possible, but this would be little too much I think. What I see from this that if there was a group with a 1B USD which will wait for first sign of bad news for bitcoin begining dumping and then buying for cheap most of the coins, shrinking supply even more and than selling for 50K USD in a few years - I would not be surprised at all.

BTC China was a startup with amazing promise.  It was probably valued at 2-3 Billion USD, or more, and growing exponentially, before this mess with government control.  That means that the exchange itself was comparable in value to the entire payment system.  To even suggest that such a valuable company would jeopardize its existence simply to grab coins at a cheap price is lunacy.

The incentives don't add up.  This would be like suggesting Facebook crashes its own stock to buy them back at a cheaper price. 

They did not outright ban it but its got issues there, I dont know what you're reading but from what I see, the banks cant deal with it and the exchanges have been cut off so money cant flow into it, making it a real dicey  situation right now.

Man you are delusional.. This thread gives a true example of the epitome of a bitcoin fanatic.. Any time there is any kind of "negative" publicity or critism involving bitcoin- it's like you choose to keep your eyes and ears closed and choose not to accept (or even consider) any potential grim reality that is occurring. They are constantly in denial.. Always thinking up irrational excuses and conspiracy theories to try and justify anything negative that happens.
Just face the music.. bad shit is going on right now in China and their stance on bitcoin.  Love is blind I know.. Take off your blindfold mate

Listen here lucky, I've made more money since oct 2012 till now then I have in my entire 30 years on this earth.

I am 100% bitcoin bull, I'm not throwing out conspiracy theories rather just wondering if this is possible. 

Never under-estimate China. EVER.

I have said, and still stand by my gut, that this is purpose driven manipulation.

It's my opinion that right now China is throwing out the bait and the get-rich-quick-wannabes are eating it up left and right.

China is KNOWN for manipulation and propaganda.

I believe that rumours and the talk coming out of China are nothing more than a coordinated effort by the Chinese Government, Banks and Big Businesses. Maybe I am wrong, but guessing we will see in the next few weeks or months.

Drive the price down by spreading rumours...the "Big Boys" come in and scoop up a bunch of coins...wait a few weeks, then come out with an OFFICIAL press release that completely contradicts the "rumours". 

While I agree with your point as a whole, penny stocks do a form of this all the time. They issue new shares to sell stock till the price falls to some ridiculously low point, then sell their shell company for $50-100k to some new schmuck that does a reverse split & ticker name change, then pumps and dumps his own stock in the same fashion, always issuing more outstanding shares. They get away with it because of the name and ticker changes, despite their shell company having lost billions of shares over time.

This is why I quit trading Pink Sheets, despite having mixed success in the early 00s. Commodities were easier to read and came with less "inflation".

I suspect that there are competing elements within China over Bitcoin regulation, much like here in the US. My guess though is that it has less to do with money laundering (like in the US) and more to do with who gets to regulate it.

Dude that explains a lot. being 30 years old, unless you were trading when you were 16, you have not experienced first hand what a bubble pop feels like and the dips and bounces that occur immediately afterwards. youse in for an experience har har.

The news gives you the news someone wants you want to hear

The 50 Cent party.

And no, that's not a bunch of rapper groupies.

I dont need this conspiracy to understand Im buying cheap Bitcoins now

http://fiatleak.com/

Looks like they are buying coins cheap while they can.

i think this is very possible if not down right likely. though i don't think its the government acting as any sort of collective whole for the good of the institution as a whole. As in the profits are probably not going to wind up on the states balance sheet. This is individual actors with political leverage leaning on the levers of the state for personal gain.

Yes! the worlds second largest economy, made this announcement so then can steal the bread crumbs from your pocket. Because a country with 8.2 trillion in GDP and 1.3 trillion in held US debt needs to lower the prices of bitcoins in order to be able to buy some.

I'm not saying the price of bitcoins wont go back up, I'm saying that statements like this smell of panic.

see this is exactly what im talking about. any individual politician doesn't have direct access to the balance sheet of the state. they dont own the states balance sheet to the same extent that you and i own the funds on our banks balance sheet. even in the states an extremely competent politician may accumulate 100million dollars by the end of his career. this is pennies compared to the total tax revenues.

China may have a balance sheet of how ever many trillions of dollars but the individual politicians cant just go out and spend that on a yaht for themselves. What politicians do is throw around the weight of the states balance sheet in exchange for kickbacks. They may grant some corporation a billion dollars worth of benefits for a 1 million dollar kickback. Or they may use the leverage of the central bank to pump and dump the bitcoin market while getting their own PERSONAL finances in and out at the tops and bottoms.

This is a much more plausible argument than the OP.

Consider china for a moment: Strong capital controls, strong censorship of speech, vast resources dedicated to tracking personal activity, brooding civil unrest (in part do to corruption scandals). China's main objective in the next few decades is to manage it's social transformation, and they believe they can do it with government control; now do you think china would see bitcoins as a help or a hindrance to achieve this goals? lets face it there isn't a whole lot about bitcoins for the Chinese government to like.

Now its entirely possible for individuals within the government to act in self interest (and enrich themselves while bucking the party line) however surly there are more efficient and less public ways to do that (remember being a corruption sacrificial lamb in china is no joke).

I think the most probable explanation is that this is something China doesn't understand and cant control, thus they don't like it (don't blame them i wouldn't either in their position).

When people act rationally a conspiracy is unnecessary in order to explain their behavior.     

I'm not even going to read the responses.  This is just naive thinking.  Lol.  China does not CARE about making a bit of chump change for this and all the hassle of liquidating it.  Yeah the government is going to use bitstamp to liqudate?  how about local bitcoins?

They bought hold nearly 3/4 of trillion (?) USD.  How about their trillion dollar markets that govt has control over?  and there going to waste time over bitcoins?  lol @ this naive thinking.

Do not underestimate Chinese, every bit helps their economy

I had already thought about this.  Maybe the manipulation was not done entirely on purpose though.  It seemed that China was worried about banks getting involved with BTC which is risky.  We cannot deny that!  So China put some rules into place.  But now they see an opportunity perhaps and realize that they should not be so restrictive, maybe just put more regulation in place like the US so that they can see who is buying coins and then tax them or whatever they need to do.  So they "release" news in a few weeks giving more freedom back to the people.  In the mean time does the goverment buy coins?  That I do not know.

Regardless,  I am pleasantly surprised that in spite of all this crappy news BTC has managed to stay in the $500-$600 range.  I could have been worse. ;) 

Also, China is only one country in all of this.  Granted, it has been the biggest player, but there are more players in the game.

It did get worse.  And it will get even more bad as more countries want to protect their citizens and/or despise bitcoin and put some lids on the cryptocurrency.  Denmark is one of them.

If a truly free market can be manipulated by rumors then so be it.  It seems like modern life has created folks that can't take the heat anymore.  Grow a backbone.  Relax and enjoy the ride; or panic if you prefer.  It's a free market, unlike fiat which can be price-fixed.

Can China or anyone for that matter manipulate the exchange rates of Bitcoin?  Heck, I know for a fact that I can personally.  All I have to do is enter a buy or a sell (or both) and the exchange rates will tend to be attracted.  This should come as no surprise.

If you are a believer then be clear what you believe in.  If China denies/resists what you believe in then they just miss out *if* you turn out to be right.

Bitcoin is "An idea whose time has come!" http://en.wikiquote.org/wiki/Victor_Hugo

Something is fishy about China IMO: the volume of today's drop seems too low for the third sub-wave of wave C.
I'm not buying until I'm sure that the market has hit the very bottom, and at least for China, I don't think it has yet.

I see two possible scenarios.

The first is that the OP is correct and the market is being manipulated down via rumours so the chinese can buy up big. They're very smart when it comes to this sort of thing, and play the long game, so I wouldn't put this in the realm of impossiblity.

The second is that the OP is incorrect and they genuinely believe they want to remain in control and protect their national currency. In this scenario, prices return to pre-china (ish) levels, and the rest of the world continues to approve of bitcoins (eg germany), and continue buying and using them, until a point where china has no choice but to realize they made a mistake.

I didn't suggest BTC China was complicit. I suggested Baidu and some other elite are.


Astute. The masses must always be wrong.

When you said "the chinese" you meant the government and not its ppl did you?

Because.....it wouldnt make any sense other wise.

The CCP only cares about its State and not its ppl ....