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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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NUFCrichard
Legendary
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Activity: 1218
Merit: 1003
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September 04, 2017, 09:27:47 AM |
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I think that if China banning scams causes them to fall by 50%, then the prices were far too high!
Bitcoin needs to try to become legitimate, scams, pyramids, thefts etc all need to be cracked down on.
Then someone might look at the very heavy market manipulation that happens every day. That would be nice!
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Glory90
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September 04, 2017, 10:14:21 AM |
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This news is enough to affect the market,excellent opportunity to buy low, sell high
let's shake out China, they have to buy back in anyway at a later stage.
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babsjoe
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September 04, 2017, 10:17:57 AM |
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Market always over-react whenever negative news us coming from China. Why?
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cellard
Legendary
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Activity: 1372
Merit: 1250
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September 04, 2017, 10:42:01 AM |
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Market always over-react whenever negative news us coming from China. Why?
Probably insider trading fueling weak hands into panic selling to profit from shorting. The price will quickly go back up once these rounds of money are over. The BTC market is obviously over reacting to the ICO news, since it's irrelevant to Bitcoin, but some people forget the fact that the most important thing to keep in mind is that Bitcoin has a market cap of around $78 billion. Nearly half of Visa. That is incredible. Bitcoin is the symbol paving the way for the crypto community, and for new tech. With that in mind, it would be foolish not to realize bull markets and to assume best markets won't follow suit thereafter. Corrections are healthy, and corrections are needed so it does not become hyperinflated. |
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babsjoe
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September 04, 2017, 10:59:57 AM |
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Clear and straight to the point explanation! All the important points raised by your response are noted
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Yuuto
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September 04, 2017, 11:05:11 AM |
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ICOs have become such an integral part of the crypto ecosystem, and so is China. I think these are the primary reasons why bitcoin got dumped because Chinese investors no longer had a need for ethereum or bitcoin as they can't speculate on ICOs anymore, or at least legally. Bitcoin price seem to be recovering, though. We bottomed out at around $4300 and currently is at $4400. What we go after this will be extremely interesting and could potentially determine the market mood for the rest of the month. I expect it to just hang around the current level for now, until further news is heard. Bubble economies are unpredictable as hell though. |
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jofox
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September 04, 2017, 11:07:45 AM |
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I realized that ICO was prone to scammer. so they were able to easily handle the situation of their community. And because of that, the value of bitcoin and ethereum is immediately affected.
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magneto
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September 04, 2017, 11:12:50 AM |
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I personally think that altcoin markets are going to be most affected and not really bitcoin. We have seen this already but the trend is just going to keep going. Altcoins have fallen both in fiat values and bitcoin values. We should be able to see bitcoin dominance shoot through 60% comfortably through this, in my opinion. I don't think that even if bitcoin does recover it will recover that much right now. We could go to $4500+ again but that would be met with strong resistance that could potentially collapse the whole bubble. |
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davis196
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September 04, 2017, 11:44:53 AM |
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There are already 10 threads about this info around the forum.People should stop posting about this. This is not a reason for panic.It`s an opportunity to start buying and get some cheap bitcoins and altcoins. Anyway,it might be a disaster,if other big countries follow China and decide to ban ICOs. |
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YuginKadoya
Legendary
Offline
Activity: 3038
Merit: 1169
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September 04, 2017, 01:43:07 PM |
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There are already 10 threads about this info around the forum.People should stop posting about this. This is not a reason for panic.It`s an opportunity to start buying and get some cheap bitcoins and altcoins. Anyway,it might be a disaster,if other big countries follow China and decide to ban ICOs. A lot in the thread really are not searching and reading first before posting anything, they just post whatever they want to post, well this issue is really something to be bad for the value of all Cryptos and they have realize and really like to know what happened to the value of all cryptos, pretty scare of the news because we can see that bitcoin drop to $200 dollar. |
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Siren
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September 04, 2017, 01:50:42 PM |
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I personally think that altcoin markets are going to be most affected and not really bitcoin. We have seen this already but the trend is just going to keep going. Altcoins have fallen both in fiat values and bitcoin values. We should be able to see bitcoin dominance shoot through 60% comfortably through this, in my opinion. I don't think that even if bitcoin does recover it will recover that much right now. We could go to $4500+ again but that would be met with strong resistance that could potentially collapse the whole bubble. I agree. Altcoin market should take a significant dent. I'm surmising that Chinese has also a lot of investment in ETH and this news will likely bring down the price to $200 again. Billions already wept out because of this news. Chinese who are into most altcoin will probably shift to bitcoin again. I'm speculating that if this is the case, we may see bitcoin rise in coming days as most would sell ETH->BTC. We might see $4500+ and slowly gaining momentum to go $5000 again. It looks like Chinese government has putting a lot of hard line stance again crypto. You can't blame them as Chinese have been proved doing some fake trading numbers before, triggering them to really keep a close eye on the crypto market. |
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BlackPanda
Legendary
Offline
Activity: 1414
Merit: 1001
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September 04, 2017, 01:56:04 PM |
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I think that if China banning scams causes them to fall by 50%, then the prices were far too high!
Bitcoin needs to try to become legitimate, scams, pyramids, thefts etc all need to be cracked down on.
Then someone might look at the very heavy market manipulation that happens every day. That would be nice!
but this can affect the price of bitcoin globally. regulations and actions by the Chinese state can make the bitcoin price decrease, although for a moment this result can cause extraordinary panic among bitcoin users in the world. china should be able to sort and choose anywhere ICO that is problematic. and if an ICO is found to be innocent then the government should officially state it. |
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Technos
Jr. Member
Offline
Activity: 53
Merit: 10
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September 04, 2017, 01:59:33 PM |
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I suppose most ICOs are issued in America and Europe, even so the market panicked for real with the ban in China. I wonder what would happen if ICOs in other countries were banned too.
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Carlsen
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September 04, 2017, 03:25:36 PM |
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I think that if China banning scams causes them to fall by 50%, then the prices were far too high!
Bitcoin needs to try to become legitimate, scams, pyramids, thefts etc all need to be cracked down on.
Then someone might look at the very heavy market manipulation that happens every day. That would be nice!
but this can affect the price of bitcoin globally. regulations and actions by the Chinese state can make the bitcoin price decrease, although for a moment this result can cause extraordinary panic among bitcoin users in the world. china should be able to sort and choose anywhere ICO that is problematic. and if an ICO is found to be innocent then the government should officially state it. I think that there is a chance that China may be only the first to ban the ICO. When more countries follow, what I think will happen, the number of newly crated coins will go to zero. So they will not bring fresh money into crypto currencies anymore. |
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monbux
Legendary
Offline
Activity: 1736
Merit: 1024
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September 04, 2017, 03:44:53 PM |
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Never had an opportunity where money was literally sitting in front of me.
Buy ETH.
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amacar2
Legendary
Offline
Activity: 1120
Merit: 1007
CryptoTalk.Org - Get Paid for every Post!
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September 04, 2017, 04:42:06 PM |
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Never had an opportunity where money was literally sitting in front of me.
Buy ETH.
Same Here I also don't have any fiat in my hand and all my crypto holdings are in red. Already lost more than $2k in last 24 hour in terms of fiat. Just regretting for not holding some part of my assets in fiat.  This dump might get over within next few weeks so will try to grab some fiat to buy some ETH in this golden buy point. |
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sekapai
Member
Offline
Activity: 121
Merit: 20
seeking love, friendship and money
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September 04, 2017, 05:31:12 PM |
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As of September 2015, around 3,000 websites were blocked by Chinese authorities under the country's policy of
Internet censorship which prevents users in mainland China from accessing proscribed websites.
China banned everything ..facebook,google,google map, youtube,gmail, github and so on.
I think all people over the world should banned everything from china because they dont have respect to
other people than chinese and they dont want to live with other people in the world.
just leave them in the great wall.
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