Bitcoin Forum

Is there a pattern here.

#1 China claims they plan to crack down on exchanges.
#2 Economic frauds come out at the same time claiming bitcoin is an overpriced bubble, ponzo scheme.
#3 At the same time, it appears bankers and other whales begin to dump bitcoin to drive the price down.

All of these events happen close enough together that we might ask the question: was this coordinated. Did someone plan for these events to happen within the same timeframe with the intent of reducing bitcoin's price?

Also with bitcoin cash not doing well. Might we theorize bitcoin cash was bankers plan A to control bitcoin.

Plan B was this coordinated attack to drive the price down?

Also there is news that china is doing nothing to crack down on exchanges from zerohedge:

http://www.zerohedge.com/news/2017-09-11/chinese-bitcoin-trading-soars-local-exchanges-deny-crackdown-reports

Why should bitcoin go up in price? There are people with 10s, 100s of millions and billions of dollars in bitcoin they got for essentially free years ago. They can sell some, half or all their bitcoins and buy stock, bonds, cars, homes, businesses with that money. Many already have, I know a few. They never have to work again and their kids never have to work again. They have so much money, it is hard to manage it all.

All they need to make even more is for someone to buy at these prices. The people buying now, what do they get? A number in a database. What can they use that number for? They hope to sell it to someone in the future for a higher price.

Why would someone want to buy it for a higher price in the future? Because they think it will be even higher.

Is there a reason it should be? Because the number of bitcoins is limited? Each time bitcoin forks, the number of bitcoins doubles. The list of other "coins" someone could buy is endless. There is no scarcity here. Is bitcoin actually being used to buy things? Look at the message on this board. Nobody is talking about what they are buying with bitcoins. The stores that do take bitcoins do it by having an exchange convert them to dollars first. The transaction fees make micro-transactions impossible.

Explain why someone should buy a bitcoin for thousands of dollars right now.

i think that it was the intention of the chinese government to stymie price speculation in the short term. that's not to say they wanted to crash the price, but they knew what they were doing and expected the price to drop. that's also why they've been releasing news piece meal (first the ICO news, then the english version days later, then NIFA issues a statement, now okcoin/huobi meeting with state regulators tomorrow).

as for the others -- jamie dimon and all the economic "experts" throwing shade on BTC..... i think they were all already detractors and chose an optimal time to pile on. nobody wants to look like an idiot calling it a bubble while it keeps making new highs. it looks better after the price has already "crashed."

As for JP Morgan CEO Jamie Dimon, its a clear conflict of interest. Investor right now are considering bitcoin in their portfolio. This is a huge setbacks on his business. Jamie Dimons statement is timely with the Chinese announcement temporarily banning those ICO's. He just ride the situation.

I won't be surprised if it is a well organized and pre-planned attack on bitcoin. It is also very possible that the coordination is done by the organized financial institutions to bring down the price of bitcoin and to make many people turn their head out of bitcoin. Bitcoin is a big threat to the banks because if bitcoin doesn't exist, the market cap of 65 billion USD would have landed in to bank's hand. There's business maths behind the attack and all happened in a series.

However, I still believe that a lot of people like still believes in bitcoin still holding on to their bitcoin savings for good. We have to stay positive and strong to take bitcoin out of this situation.

I like to listen to bankers because I know they have my best interests at heart.

There is a great possibility that this is planned but we can't know for sure. Bitcoin has been a huge stuff over the years and financial institutions like banks, money remittances, etc. views bitcoin as their rival. They probably think that by doing this, we will stop investing in bitcoin. Well, they're wrong.

You win. This is the best post related to Jamie Dimon's comments. Well done. I wish I could follow you.

I would agree with #1 and #2, but definitely not with #3. Why should the institutional investors dump their crypto holdings at a loss? If they do that, then they will have to explain the logic behind that action to their customers and shareholders. My guess is that they are dumping the coins just because they are afraid that the prices can go even further down. That said, I am not much worried about the current dip. Three months back, we were at around $1,800 per coin. The current prices are almost twice of that.

it is not coordinated it is just people taking advantage.

imagine the grocery store where you do your purchases is giving big discounts, of course you run to buy as many things you need and have money. others also run to do the same. did you all coordinate things to buy!

it is the same. when the FUD started, others took advantage in their own power. the news sites started publishing crap. the media started repeating crap, these banksters who have invested in bitcoin started FUDing. random users started creating throwaway accounts and increase the panic by FUDing. everyone is taking advantage in the end to enjoy the discounts

Most of the sale volumes seem to originate from the Chinese exchanges, so I figured that the announcement that Bitcoin exchanges would be closed down, is causing a bit of panic in that region. People might be pulling their coins from these exchanges to push it to cold storage and without trades on these exchanges, we will see a decline in the price.

The price will pick up again, once clarity is given from the Chinese government on what direction they will be going with their regulation of these exchanges. ^hmmmmm^

in my opinion, many markets are afraid that people slowly shifting towards BTC and the value of their currency decreasing against BTC as it gains huge in last two years and many other currencies loose their shine. Suddenly two bad news comes in a short period of time and BTC goes down but when market absorb it, BTC again start rising and make a new high this year.

Ofcourse one "big" news creates chain reactions. The same way when price goes up. Its unavoidable and it is not a coordinated attack per se. Its natural that it happens, and after all, a correction in price was needed after the big pumps. Just chill in the boat.

All of the signs point to yes, this is a combined effort to bring the price of Bitcoin down. They want a piece of the pie but want in when everyone else was buying at a good price, what's scary is they think they can do this over and over again and make a profit.

I've see this pattern weeks ago i agree with no. 1 and no. 2 : 1. China are in time of banning ICO and shutting down Exchange which i see in the bright are good for us as i am hoping that they do it to regulate ICO and eliminate those scam same with local exchange, 2. JP morgan CEO Jaime Dimon make his speech about bitcoin and other crypto currency that it was a fraud and later on will collapse, but the reall deal is Dimon are threatened by bitcoin and other crypto as it price go higher and their business are affected which they will loss investor when it will come along. with 3. I dont agree as investor are not dumping out their coin because they invest million on it, maybe they just manipulating the price to have it downfall so later soon the price will increase much more we have last month.

It's a profit taking selloff correction. If you are long relax; if you are a gambler (day trader) your screwed. We enter a bear market now.

It's possible that it is a coordinated attack to make the prices go down and its part of the market cycle. Bitcoin has been going up for long so now is the time to go down so as not to make it like a bubble. Many did panic because they have entered the market when price is above $4k so just to stop their losses, they sold and maybe for those that cannot take the risk and volatility of bitcoin, they would never go back again investing on it.

For those who have strong risk appetite would not be affected by the news and continuously buy the dips and I believe many of us believe that bitcoin will rise again. The attacks made to bitcoin may be an opportunity for them to buy lower so for us small investors should take this opportunity as well. Every time bitcoin drops, it rise up again and reaching new all time high and this time it would be no different but the question remains for how long it will take.

You are right it may be some arranged, managed and properly managed way of attack but we just assume it, not much sure. You are right all the banks, economical sectors and countries are against bitcoins so it may be a chain of that rivalry. But don’t worry it will not happen to their plans.

It's long been suspected that China's change on policies isn't really happening as opposed to some news sources coming out of the mainland. Also, the dump was made not only by whales but also some of the unsure traders not wanting to risk it in case there really is a ban on exchanges in CN. As I see it, it's far from being an attack but rather a profit booking and market manipulation on a large scale. See how after a week we've come to shrug it off as if nothing happened? That's because nothing really happened that severe on China!

If human beings can actually unite at such a front, the world or rather the society might advance faster than we thought. I seriously doubt so but it would be more of people taking advantages of the scenario like what someone else has mentioned.

This is just like throwing a stone on a silent water. Since all are hype in the Chinese news, other journalist take the ride and make headline about a certain quote that really affect the bitcoin. It is natural if a country to regulate their ICO. With the FUD that spread thru the community and the ride of the news, people would really panick. Psychologically, people in the crypto are being blinded specially the new traders which sell their bitcoins this past month.

For me, it is not intentional, hope to rocket the bitcoin before the year ends. 8)

Oh these are all part of the side show of China and many here didn't know that China manipulated the market.
They create a fud and everyone goes panic and the big whales are catching up the small fishes in the sea.
And those fishes are the one who panic and give their money to big whales. Indeed China is very good in manipulating things and they can make all thing possible if they want.

On the first time bitcoin was booming, i agree with your analysis that the government of China can be manipulation of bitcoin's price with their rules, because on its time the people who invested in bitcoin are from the China. But i don't think it for now because many other people who invested large of money in bitcoin, they are from America, Europe and any other countries. Today even the Chinese markets of bitcoin be closed the bitcoin's price will not goes down too deep.

instead of looking at it like an "attack" you should always look at these things as "opportunities". and they are pretty common in bitcoin that you get used to the fact that they happen all the time. each time there is a different reason but they all end up having the same result which is some manipulation at first then more panic sells and finally a big drop which means a huge profit on the recovery.

Is it a coordinated attack? No. But central bankers have always been quite anti-bitcoin and have always voiced their opinions accordingly no matter how wrong they evidently are about both bitcoin as a currency and as an investment.

But the general trend here is that governments seems to be keen to regulate bitcoin more strictly now, and some influentials figures are anti-bitcoin.

At the same time though, we've got people like John McAfee who are extremely pro-bitcoin that have recently emerged too.

Possibly but I  guess the one who coordinated is the people who talk about Bitcoin being fraud.  They knew China will act hostile on Bitcoin exchanges so they need to stage something that will coordinate with these Chinsese  Government.  Then probably shorting their trade selling a huge chunk of Bitcoin to buy them again when price dip.  Well, i think that is one brilliant strategy to shake weak hands and FUD Bitcoin and buy them when price goes down.

What are you talking about? China was the biggest on the scene to foster and support Bitcoin exchanges - how do you think the bitcoin exchanges got so big there in the first place? What suddenly made them change their tone in the last one year?