More Chinese FUD to trigger panic selling on idiots

[alyssa85]

Well here is some more stuff confirming that something is up:

https://twitter.com/brucefenton/status/907683972687286272

1/ I'm unfortunately serious about the Chinese ban on trading of Bitcoin and Ethereum along with ICOs - this has been confirmed by at least

2/ 3+ sources who I believe to be credible- I've had conversations w leading execs who are on the ground in China- Yes this time it's real

3/ so what's that mean? Well, at least for now the government of the People's Republic of China will NOT allow new trading of Bitcoin or

4/ other digital assets-- this comes from the highest levels in China - even above the PBOC - the word is not ambiguous from an exchange POV

4/ so unfortunately the exchanges are now frozen and in a wind down mode -- this is massive in China - but ultimately not for Bitcoin

5/ mining will be exempted and there are BILLIONS of dollars of wealth of Chinese citizens in Bitcoin so govt is cautious of mass revolt

6/ they will keep this low key and not issue any new statement - they don't want to look backwards or cause market meltdown

7/ but the order to ban exchange of digital assets in China is indeed real - I'm convinced that the sources I've spoken with are accurate

8/ result will be a quick period of a rising black market in China followed by more decentralized exchanges, global growth & tech solutions

9/ Chinese investors and HOLDers will quickly find a way to continue to exchange crappy govt fiat for sound money like Bitcoin

10/ it's sort of a Napster move by the Chinese govt: it will accelerate the bit torrent of Bitcoin exchange - & strengthen black market

11/ they will cave to this failure within a couple years, perhaps within a year -- many reasons: internal pressure / external competition

12/ but the ultimate pressure will be that this tech doesn't work well with regulations & honestly is very difficult to control

13/ Chinese citizens will still continue to HODL, buy, use and accumulate Bitcoin. Ultimately the govt will realize it can't stop this

The guy who wrote the above twitter thread is Bruce Fenton who is CEO of Chainstone Labs.

[passwordnow]

The price is rushing down again so this is a good time to buy because of those FUDs in twitter, news articles and mostly in China. But like the normal days, maybe China is really testing their influence in the market of crypto currency is they are powerful enough to manipulate the market of bitcoin and other alts as well.

[edmond_dantes]

how are people idiots for selling when they can buy back in cheaper

[Oilacris]

how are people idiots for selling when they can buy back in cheaper

Not all people do panic sell are idiots since some of them do sell out wisely and go with the the flow.As long they are selling out on profits its still a win win situation.They will really buyback later on when they saw the price on its dip.FUDS are everywhere and weak hands would really suffer for sure.Wise people are just waiting to come in.

[alyssa85]

We now have an actual bitcoin OTC service stopping business because of China:

https://www.coindesk.com/bitcoin-otc-service-suspends-trading-citing-china-pressure/

BitKan, an over-the-counter (OTC) trading service for cryptocurrencies in China, announced today that it will suspend operations amid growing scrutiny from domestic regulators.

In the news post, BitKan said it would suspend its trading service beginning at 12:00 a.m. on September 14, a notable development given rumors that OTC markets may be excluded from a possible ban. The suspension will affect both its Web-based and mobile users, but withdrawals and deposits will remain active, according to the firm.

The statement noted that the suspension is a result of an announcement published by People’s Bank of China on September 4 in which seven local financial regulators announced a ban on illegal initial coin offering (ICO) fundraising and trading activities.

BitKan's statement explains:

    "After the suspension of the OTC service, BitKan’s wallets will continue functioning normally. Deposition and withdrawal of funds will not be affected."

The service did not say when – or whether – it would resume its OTC trading. However, the disclosure nonetheless highlights the escalating impact the Chinese government's recent policy moves have had on the local cryptocurrency industry.

[BitHodler]

how are people idiots for selling when they can buy back in cheaper

Obviously, OP is referring to those selling because of the recent dose of fud that has to do with China closing down all exchanges. In a way I can definitely understand OP, but we shouldn't forget that this is a free market.

No matter what the reason is for selling, no one has to justify any actions to the rest of the community/market. Instead of focusing on what others are doing, you can use this opportunity to buy at these lower levels.

That's exactly what I did. I bought back some of the profits I cashed out at +$4950 and bought back slightly over the $3800 mark a few moments back ~ that's how people should respond to corrections like these.

[nidacoinlove]

Embarrassing that hoards of people are still falling for this to be honest. Some of these weak people don't deserve to be on the bitcoin train, they need to man up.

I am sorry to say but being weak is not the actual issue. You are looking at only one side of the picture, how could anyone be so sure that these are just rumours. The Chinese government has officially banned ICO and crypto exchanges. What is the stance behind all this what they say I am not sure but there could be an element of state politics involved. Since the news are coming from China officials it seems like Chinese government is serious in banning cryptocurrency in their country.
Now coming to the issue when a government goes against a business whose share in the whole world is 80% which is more than huge so, a person who has invested all his eggs in the same basket have the right to be worried about his wealth. I think there is no need to criticise someone in such a case.
If this China stuff is all a drama then all the users should boycott the Chinese exchanges and miners so to teach a lesson to China.

[alyssa85]

Turns out that the whole sell-off was triggered by Charles Lee (of Litecoin fame) tweeting that China had indeed banned exchanges (remember his brother owns an exchange in China, so he is reasonably well informed.

He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:

https://twitter.com/SatoshiLite/status/907664619279343616

When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:

https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/

which said:

@SatoshiLite

    2017-09-12 17:58 UTC

    Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁

I'm guessing the Anonymous source he trusts fully is is brother.

[sailman]

Coinbase, Kracken etc are trading at around $3800 while OkCoin is $4050. Whereas when the china news first broke OK ( who always traded above US and EU exchanges) sank below then. That tells me that there's something phony about this China FUD.

[BitMaxz]

Turns out that the whole sell-off was triggered by Charles Lee (of Litecoin fame) tweeting that China had indeed banned exchanges (remember his brother owns an exchange in China, so he is reasonably well informed.

He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:

https://twitter.com/SatoshiLite/status/907664619279343616

When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:

https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/

which said:

@SatoshiLite

    2017-09-12 17:58 UTC

    Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁

I'm guessing the Anonymous source he trusts fully is is brother.

If it is true this price today is cheap and i think the price will stay mark around 3800 to 3900 and we will see burst increase again back in few weeks or months . for now if you wanted to hold bitcoin and buy for cheap price this time is the right time and hold bitcoin..
Looks like we are below in 4k value and i think the price of bitcoin will not go down anymore..
Honestly i am still holding my bitcoins and i will just holding it until the price hit 8k value maybe next year..

[co0ler]

-snip-

Even if the ban was real, it's irrelevant, the protocol works and it will recover, and then China will have nothing else to FUD with, which is why they will not actually ban it.

And that's the point many people don't understand. There is something called p2p trading... It has been working for nearly a decade.

[Armstand]

-snip-

Even if the ban was real, it's irrelevant, the protocol works and it will recover, and then China will have nothing else to FUD with, which is why they will not actually ban it.

And that's the point many people don't understand. There is something called p2p trading... It has been working for nearly a decade.

Its just for the FUD to panic everyone and they qill get the opportunity to buy more. Qell lets just join them in buying more especially if we have extra bucks.

[Open4lies]

Turns out that the whole sell-off was triggered by Charles Lee (of Litecoin fame) tweeting that China had indeed banned exchanges (remember his brother owns an exchange in China, so he is reasonably well informed.

He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:

https://twitter.com/SatoshiLite/status/907664619279343616

When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:

https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/

which said:

@SatoshiLite

    2017-09-12 17:58 UTC

    Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁

I'm guessing the Anonymous source he trusts fully is is brother.

If it is true this price today is cheap and i think the price will stay mark around 3800 to 3900 and we will see burst increase again back in few weeks or months . for now if you wanted to hold bitcoin and buy for cheap price this time is the right time and hold bitcoin..
Looks like we are below in 4k value and i think the price of bitcoin will not go down anymore..
Honestly i am still holding my bitcoins and i will just holding it until the price hit 8k value maybe next year..

I predict next time, the price of Bitcoin will fall down and keep around the $3,xxx price range, it cannot drop bellow $3,000 because drop bellow this support = a huge panic selling. The scenario of the market now look like as Bitcoin price when it increases to $3,000 failure and drop down to $1,600.

[investeerder]

Turns out that the whole sell-off was triggered by Charles Lee (of Litecoin fame) tweeting that China had indeed banned exchanges (remember his brother owns an exchange in China, so he is reasonably well informed.

He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:

https://twitter.com/SatoshiLite/status/907664619279343616

When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:

https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/

which said:

@SatoshiLite

    2017-09-12 17:58 UTC

    Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁

I'm guessing the Anonymous source he trusts fully is is brother.

If it is true this price today is cheap and i think the price will stay mark around 3800 to 3900 and we will see burst increase again back in few weeks or months . for now if you wanted to hold bitcoin and buy for cheap price this time is the right time and hold bitcoin..
Looks like we are below in 4k value and i think the price of bitcoin will not go down anymore..
Honestly i am still holding my bitcoins and i will just holding it until the price hit 8k value maybe next year..

I predict next time, the price of Bitcoin will fall down and keep around the $3,xxx price range, it cannot drop bellow $3,000 because drop bellow this support = a huge panic selling. The scenario of the market now look like as Bitcoin price when it increases to $3,000 failure and drop down to $1,600.

Hopes that it will not happen since if your prediction will came true I think many businessman that are following the bitcoins for now will go away and maybe they will think that bitcoins is just a waste of there money and the adoption will reduce. So lets stand our grounds since this is a big challenge on bitcoins right now.

[otundebis]

I bought at the very top because of my colleague passion about how we could all make fortune in this new currency. Unfortunately it's backfire for me now. Maybe i will just hold like everybody is doing

[BitcoinExpart]

I bought at the very top because of my colleague passion about how we could all make fortune in this new currency. Unfortunately it's backfire for me now. Maybe i will just hold like everybody is doing

That's cool. We should keep patience and hold very tightly. Right now, all the FUD going on right now because of people going to panic sell , don't believe the hype.

[CryptoBry]

http://finance.jrj.com.cn/tech/2017/09/08211823086220.shtml

Weekend is near, and China tested their power again with their ICO news. Well now they spread some rumors about a ban on actual Bitcoin (not just ICOs) to crash the market. They put shorts, they launch the news, they make a killing.

Next week we will recover and China will have even more BTC. This is how China is stealing BTC from the hands of weak-handed panicsellers, they have been doing it for years and will continue to do so for as long as panicsellers panicsell with ban news.

Even if the ban was real, it's irrelevant, the protocol works and it will recover, and then China will have nothing else to FUD with, which is why they will not actually ban it.

Yes, China will lose a great deal in its leadership of the cryptocurrency market if they will totally ban Bitcoin and the exchanges operating within the country. Whether they admit or not, these exchanges are also bringing in money into the country contributing something to the local economy. Right now, there are those floating the idea that eventually China will rather get strict with the implementing rules and guidelines rather than ban Bitcoin exchanges.

[alyssa85]

According to the following, the new Chinese regulations come into effect on October 1st:

http://english.gov.cn/policies/latest_releases/2017/08/23/content_281475809852706.htm

The State Council has adopted regulations on investigating and punishing unlicensed business operations, according to a circular issued on Aug 23.

The rules, which will take effect on Oct 1, are aimed at safeguarding the market order and economic stability, promoting fair competition and protecting the legal rights of business owners and customers.

According to the regulations, no entity or individual should engage in illegal business operations in violation of laws, administrative regulations or the State Council’s decisions.

Because they're referring to August 23rd, I think this press release deals with ICOs.

[Adbitco]

I bought at the very top because of my colleague passion about how we could all make fortune in this new currency. Unfortunately it's backfire for me now. Maybe i will just hold like everybody is doing

That's cool. We should keep patience and hold very tightly. Right now, all the FUD going on right now because of people going to panic sell , don't believe the hype.

From what I understand having read an article on the internet the ICO ban by China is only temporary as they plan to introduce licencesing, bitcoin prices are going to go up soon and the drop is only temporary. Keeping patience and holding is the best thing we should do right now.

[matico]

It is amazing how orchestrsted FUD could change market behaviour. From very premium price to panic the cloud is crashing price. Coutesy ; The noobs.