Bitcoin Forum

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

these days traders are so fragile and FUDsters are using this to their advantage. someone in China sneezes and they start spreading FUD that bitcoin is dead :D

i just want this period passes because i am really sick and tired of opening bitcointalk, reddit,... and see another topic about price and China.

to explain the FUD

I read this news lately this morning, we see a correlation with the bitcoin price today. The essence of the message is the FUD will investigate 3 bitcoin exchange in China. It's unbelievable that the market react so strongly and the price decrease for a story of this kind.

We can use this story and do some fundamental analysis ;)

Well, we didn't complain when the price went up due to speculation and rumours. Now we are just seeing the other side of the coin. Atleast, this time it is based on a kernel of truth.

This low is merely the other side of your multiplying chance.

Who cares? the same way of thinking got us here with rises and hard drops to think that bitcoin is all about china but bitcoin is not really about one country or two and good thing about it is every one can contribute and have a profit in the process.

being racist about a country is like:
blaming texas for the NY bitlicence
blaming california for the parking ticket prices in NYC

try walking up to someone in a non new york state and tell them they are to blame for issues in new york
then repeat it 1.3billion times until it sinks in that its not about america

then realise that 1.3billion chinese are not to blame for just a few chinese individuals living hundreds-thousands of miles apart from eachother

If people start dumping coins like that, when governments gets involved.. it raise some awkward questions. How much of this money is legal

or are they cautious because they think the government might seize these coins? In any way, EVERY time they shit their pants, and start

selling, the price drops and we pick up CHEAP coins. Seize the opportunity in every situation..... or you will miss out.  ;D

I think I've seen this exact comment before.



Anyway, if they keep doing this that the price drops then more people would be able to buy it, at least those that believe that it's not still dead. Which could then drop prices back up again. If you exchanged fiat for bitcoin there's really no need to worry unless the price dropped way below the price you bought it. If that's the case then might as well just leave it in.

Oh yes, the "buy low, sell high" mantra everyone knows.   ;D A single bitcoin costs double the monthly salary in my country. If it would drop even further, I might be able to manage to buy a few bits that I can hold on to.

so buy a few bits now.. bits= 0.00000100 btc

if 1btc is 2 months wage. then 0.003125btc= 1 hours wage.
you can buy 3125bits for an hours wage

I think there should be  a way to limit the influence of Chinese market on Bitcoin, they control the mining business and also the exchanges. This is bound to happen especially if the exchanges actually has something to hide.

All of the oficial chinese statements from the government are always used by fudsters to make rumors out of it. So no matter what they say there will always be people that make tons of rumors out of it and turn good news into terrible fud news like we have been seeing lately. Some people have interests in making bitcoin a mess so they can short, its as simple as that.

Sometimes, I think BTC is run by fudsters.
I bet their next trick will be to tell that using BTC will make you deaf.

I feel kinda sorry for the first-time buyer who may have made their first BTC purchase when BTC was $1,000-$1,140 after New Year and they thought it would just keep going up and up.
I hope many of those who purchased at that price don't panic-sell as the price continues to drop. Alas, that has probably contributed to the steady continued price decline.

I don't purchase coins anymore. I just mine. So it's not like I'm going to pick up any cheap coins.  :P

i'm not doubt with that,china alwyas the first to control or make bitcoin seem like their toy. 15% and now going more down,its make some people mad.

Chinese pump the bitcoin from $700+ region to $1100+ within few weeks before new year
Chinese traders/Exchange owner sold bitcoin at $1100+
They made contact with PBOC to start investigation, to create panic so that they can buy back cheap bitcoin again at same $700+ level.

Now they will start buying back, all panic traders have given their hard earned money to those chinese whales.
BULL TRAP

The newbies are the one who gets affected with this kind of news. They scare easily and panic sell. Seasoned bitcoiners know that this dip happens (kind of normal with bitcoin) and they take this as an opportunity to buy more.

I don't get it why people will believe that Bitcoin is dead through rumors they can check the price it is still high compared when this coin is first release. Also If Bitcoin is dead then all alt is dead well just compare those currency to Bitcoin. Bitcoin is still the prime currency. But i agree to some of you we should seize these opportunity to buy Bitcoin while price is low then resell it once Bitcoin users understand that the rumors are   false.

As usual. They make btc owners panic. China is the largest volume of bitcoin being own. No doubt they are controlling the market also the price. We cant do anything about it. Traders just carried them away by FUDsters causing panic and effect is huge drop on the price.
Right now we are at $700+. I think this is the good time to buy btc.

the PBOC can only work so many times yawn been there done that.

In fact it would be interesting to know exactly what is going on at these high "volume" exchanges.

I daresay some coins and RMB were exchanged by some of the PBOC officials both sides of this one.

i sometimes do not understand what is up with people who have bought bitcoin. they all keep saying we believe in bitcoin, hodl,... and then with the stupidest news which is a lie and an FUD they start dumping and running away!

https://i.ytimg.com/vi/0IqUPkkNiXE/hqdefault.jpg


 8)

I partially agree that only newbies affected with these news and under pressure started to sell their coins. Of course, if they had buy high I mean around $1000 and all time people around them spread rumors about "sky rocket" to "the moon" was very difficult to realize that in trading there are up and downs. Beyond this, other users nor early adopters neither newbies had bought about last year followed them under panic climate. Recently I read that Chinese and Indians after the buy of bitcoins send their funds out of their borders and then their relatives withdrew abroad in order to invest somewhere else. A very interesting view of a guy had commented  OPs article is these movements from Chinese government is part of a plan to legitimize and stabilize bitcoin so as in the future use it to avoid US banks tax and have cheaper international transactions http://my-dog-jetta.blogspot.gr/2016/12/world-currency-coup.html

China is always on the spotlight when we talk about bitcoin. When it comes to mining it is CHina who is in the lead, when it comes to volume China is in the lead, when it comes to legality bitcoin is legal in their country. So to say the China is the number one country when it comes to bitcoin and that is why any event pertaining to bitcoin that involves China is a big issue to bitcoin users. Even if they say that the issue on China is just an exaggeration but it becomes really effective its because it involves China.

China having large volumes of bitcoin is not really an advantage, I hope  bitcoin will be distributed around the globe so that China will have a less impact on bitcoin economy.

Everyone have different mental and opinion. There are some people who want to spread the news to make bitcoin price decreasing while the opposite things happened and expecting the price to increase.
Also, not every people in this world is smart and there must be some dumb people who believing this kind of rumours and then joining the club to spread and becoming another FUDer, no wonder why the price keep decreasing until now.

we are the ones who are giving the news power, it really doesn't have that kind of power. if we stop clicking on the news sites which have crappy click bait articles they won't get as much traffic and the rank goes to places that have better honest articles.
and in time news like this that are fully FUD can no longer affect price at this magnitude.

I'm not bothered at all,it's an old scenario way back 2013,we all know that Bitcoin die a hundred times,only those newbies who are attracted to bitcoin as investment who just came are the one who are in panic,just like the old time,now is the best time to buy..

its a sheep mentality.

there are several exchanges in 'eastern world' and several in the 'western world'

logically if a genuine price drop happens in the east, you would expect the people in the east to move coins to the west to sell at the still higher price. meaning due to the delays of arbitrage caused by confirm times you would see a change in the wests prices 10minutes+ later.

this would be a true indication of real market trading.

but when you analyse the charts of exchange results combined. the sheep follow the east far sooner than natural arbitrage times.
this is either the exchanges sharing reserves and instantly arbitraging with their back door method (elements), for the western exchange owner to be the first mover profiteer. leaving the sheep on the losing end.
or
its not the exchanges secretly taking first mover profits using private reserves, and instead its users "emotionally reacting" like sheep instantly (not a result of arbitrage, only panic,worry), rather than "financially affecting" smartly(arbitraging) delayed following.

as for everyone continuing to think all 1.3billion chinese are bitcoin holders or they are all colluding..

what if i told you out of 1.3billion chinese. it was only a few hundred people all with under 1btc each, using bots to trade multiple times a day.
eg imagine 100 people with 0.3btc each.

and they traded once every 6 minutes each (100 times a day each).. the daily volume is 3000btc
imagine they had 3btc and a bot that trades every 36 seconds(1000 times a day).. the daily volume is 300,000btc

it does not mean there needs to be.. nor mean there are millions or billions of asian bitcoiners.. just a few hundred
it does not mean there are bitcoiners each holding 2000btc each trading daily.

i would only cry wolf if we seen 2000(random large whale number so dont knitpick) being traded every few seconds/minutes.
but the trade history is not showing this.

i know the western exchanges want someone to blame. but the western exchanges shouldn't EMOTIONALLY sheep follow the east.

instead of trying to make the east look bad by saying its the whole countries fault. because then you are only crying into your own hands to try making yourself feel better, but not actually understanding the issue to make sure you can guard yourself from it in the future.

best advice dont point fingers in different directions while crying. instead man up be responsible for your own funds and realise a price drop is not a death sentance but a discount day to buy in cheaper and average down

This was on the front page of the BBC news: http://www.bbc.com/news/business-38591929  

I'll eventually get to do that hopefully. Is it possible to buy bitcoin using Payoneer? I got into a transcription site which pays is USD. I haven't done anything yet so I haven't requested payment yet. Would Payoneer send the money directly to the bank (meaning I'd just have to buy Bitcoin from the bank) or it can hold it like a wallet?

Sorry if my question sound silly. I'm quite noobish at this, just starting to find out about online work.

No matter how much their brain knows that they shouldn't panic, people can't help being gripped by emotions. And this is magnified if they've put most of their money into bitcoin.

People should only put money in that they can afford to lose. And diversify all their other investments. Otherwise the roller-coaster ride that is bitcoin will turn them into nervous wrecks.

What I dont understand is why is everyone so obsessed with China. I guess that comes from old USA hate toward China in last century. I just watched a nice movie. http://thecomingwarmovie.com/  Tells a lot.


Anyway I have a news to you all. In 2030 India will be biggest country on the world and sooner or latter also the biggest economy.

Is this post a joke?