Bitcoin defeats the Chinese government

[cellard]

China has been trying to short the bitcoin market a couple of times now by making weak hands panic sell on every of their PBOC announcements.
The PBOC is obviously using their power to destabilize the market in order to keep stealing money from weak hands and profit from margin traded short positions as well.

But something is clear: Every time they come up with a bullshit excuse to crush the price, bitcoin rises stronger and their effect on the price weakens:



By looking at this, and also by looking at the price difference between Okcoin and western exchanges, it is clear that china is no longer a dominant market maker.

They can try to shoot at him along the way, but it will keep recovering.

Bitcoin wins again and the path towards glory continues.

[Mometaskers]

I'm still not familiar with how most investments work but if they're earning less from it then that's a good thing. I'd understand that shorting is an investment strategy some individuals use but if the government does engage in it would really be unfair since they have larger influence in how things are run that it almost seem unethical.

[The End Is Neigh]

But what you don't realize is the fact that it actually worked and lots of people panic sold so, idk, Bitcoin prices are going back up but I'm sure people got burned.

[error08]

That's what we've been waiting for, bitcoin without no domination from one country that has big impact in every manipulation they made. Spread more and more widely to every country so that we have more stable market. If one country regulated bitcoin so badly, we still have other countries. China no longer lead the trading volume and a bit behind other exchanges outside.
Although, no need to worry about Chinese government, as they won't ban bitcoin instead of cooperate with those exchanges to protect their citizens and prevent any illegal activity.

[MadGamer]

That's why projects based on P2P protocols are something usually hard to kill . I guess the time has finally come where China no longer control the most of the bitcoin supply , potentials investors could feel more secure now while investing and knowing that the price cannot be manipulated that easy.

[eddie13]

seeing how much volume has so quickly jumped to other exchanges show that it really has nothing to do with the "chineese" dominating bitcoin, it's just that everyone flocks to the best exchanges to use at the time, the high frequency day traders, they are from all over the world..

[Vaccinus]

But what you don't realize is the fact that it actually worked and lots of people panic sold so, idk, Bitcoin prices are going back up but I'm sure people got burned.

but if everyone sell just to buy back later more coins it can't be called burned, they have just increased their bitcoin, the one that lose a good profit are the one that do not sell and wait again for the price to recover, cellard is saying that this is working less and less and you can't fool investors 2-3 times, you can see that each dump is smaller and the recover is faster

[HabBear]

I'm still not familiar with how most investments work but if they're earning less from it then that's a good thing. I'd understand that shorting is an investment strategy some individuals use but if the government does engage in it would really be unfair since they have larger influence in how things are run that it almost seem unethical.

It only be unethical if they're doing something to manipulate the market to make the market move in the direction that benefits their short position (i.e., making the price fall). It seems like China was doing this, according to the OP - but I see now source article or facts were presented.

It's not unethical for governments to own short positions, as long as they aren't interfering with the natural course of market activity.

[clickerz]

seeing how much volume has so quickly jumped to other exchanges show that it really has nothing to do with the "Chinese" dominating bitcoin, it's just that everyone flocks to the best exchanges to use at the time, the high frequency day traders, they are from all over the world..

You maybe correct here, but we know before that China has more miners. Bt with current news that many of them are busted and raided I thin it is starting to diminish now. Its good that it is not dominated by any country as of now. Do we have wallet distribution by which country has massive bitcoin volume? Glad to know.

[royalfestus]

I dont know how the market will continue to handle it with incessant threat of the chinese govt. Two of the biggest exchanges had been stopped from withrawal, with stance warning, just to control the price of bitcoin. Now I dont think is about the inside fraud in the chinese exchanges

[asriloni]

I dont know how the market will continue to handle it with incessant threat of the chinese govt. Two of the biggest exchanges had been stopped from withrawal, with stance warning, just to control the price of bitcoin. Now I dont think is about the inside fraud in the chinese exchanges

It's just for a month and no more. if they can't withdrawal their bitcoin but they still can trade his bitcoin, and the exchange site will keep staying on his phase. No worry about it dude.

[pooya87]

China has been trying to short the bitcoin market a couple of times now by making weak hands panic sell on every of their PBOC announcements.
The PBOC is obviously using their power to destabilize the market in order to keep stealing money from weak hands and profit from margin traded short positions as well.
~

you got it all wrong. it is not PBoC who is doing these things related to price and dumps and weak hands shaking out, it is the whales and the manipulators and those who spread FUD.

this was said more than a thousand times, what PBoC is doing is what any other country have done and is doing and will do when you are running a business using fiat. they did it for their forex market, stocks market, any small business like a small shop groceries, and now are dong it with bitcoin exchanges
it is the same, when using fiat you have to follow the fiat rules.

and all these things in your picture happen because whales dump in other exchanges such as bitfinex and bitstamp to create panic and make more profit.

[Dmitry.Vastov]

Its too early to say that. Maybe the war is just getting started. We all know what PBoC is capable of. PBoC's FUDs got impacts on every FUDs they've spread. Theres still a lot of noobs believed they're bullcraps. But this time its not that effective because we usually crashed from $1000+ to $700. Expect that PBoC intensifies their attacks to bitcoin.

[MFahad]

That's why projects based on P2P protocols are something usually hard to kill . I guess the time has finally come where China no longer control the most of the bitcoin supply , potentials investors could feel more secure now while investing and knowing that the price cannot be manipulated that easy.

One more reason why china cant control bitcoin price specially in case of dumping is that people all over the world trust bitcoins. So if the China decided to dump the coins, the people wont support it as people have trust in bitcoins. So no one country now cant have any big influence on bitcoins.

[agustina2]

Bitcoin wins again and the path towards glory continues.

That is the best reference we can have that bitcoin is no longer owned by a numbers of large entities globally. It's much distributed now so if ever there is an ongoing attempt to make a panic, the response was not on an instant result but a slow one and will passed first at testing status.

Well no doubt, China can really start a FUD attempt anytime they want, it's really up to the community's response about the thing they will create.

[Xester]

China has been trying to short the bitcoin market a couple of times now by making weak hands panic sell on every of their PBOC announcements.
The PBOC is obviously using their power to destabilize the market in order to keep stealing money from weak hands and profit from margin traded short positions as well.

But something is clear: Every time they come up with a bullshit excuse to crush the price, bitcoin rises stronger and their effect on the price weakens:



By looking at this, and also by looking at the price difference between Okcoin and western exchanges, it is clear that china is no longer a dominant market maker.

They can try to shoot at him along the way, but it will keep recovering.

Bitcoin wins again and the path towards glory continues.

There is no clear link between PBOC announcements and the meltdown of bitcoins price. What I know is that PBOC inspection has stopped the market manipulation and creation of fake volumes by Chinese Exchangers. With those issues being taken care of the bitcoin users have again regained their confidence and started investing on bitcoins again and thats why the price has soared up again back to 1000$. But whatever reasons it may be the important thing is that bitcoin has become stronger and users will no longer be wavered by any issues that struck bitcoin.

[Seansky]

I agree with OP that in every dump, bitcoin becomes stronger but I think the dumps that occur is not directly related to the anouncements made by PBOC. They just helped bitcoin get stronger by weeding out those chinese traders that are creating fake volume in bitcoin. With it being gone, more people have confidence in bitcoin. They might really helped in the current dumps that occurred but their announcements might have not been the real reason why bitcoin price have dumped on those days.

[ASHLIUSZ]

Bitcoin has been increasing in number of users along with the increasing adoption. Chinese market is much adopted to fake volume to make the transactions high. After PBOC's inspection upon exchange websites this came to an end, soon price became stable and started to have a real increase in price.

[nisya]

i am still don't understand how to translate that image to make prediction of bitcoin price. but if the price is getting lower than before, then i think its a right time for us to buy, i don't thinking too much about any regulations from any country. as long as i can trade crypto currency and using crypto currency is not prohibited then i think i will continue to use it. big whales is big whales and i only follow with what market said and if the trend is down, i will follow to down but it doesn't mean i should sell lower than i am buy before.

its not about bitcoin defeats the chinese government or not, its about us when we use bitcoin for daily, the more people using bitcoin then i am sure the more powerful bitcoin is.

[angie-m]

I have an idea that will change the world. I know it sounds really stupid, but I know how to do it. I think it could actually work.