China banned bitcoin: 2013 VS 2017. market maturity?

[pooya87]

2013 was in the middle of Gox thing. Different circumstances

it was not exactly in the middle of it. the Gox thing you have in mind came a bit after that. but irregardless of that, what i posted here is just an example of many other similar circumstances. this is not the only 2 but the 2013 thing with China ban was the easiest one i could find off the top of my mind which was also very similar to this day.

[MNDan]

It's kinda funny - China hates Japan, yet they ban Bitcoin and Japan is like - OK? We win again? Bitcoin cool!!!

[Wind_FURY]

Ive heard it all before... china ban is harmless, nothing will happen. everyone thinks so. 

It is bs and its all going down 

I would not say harmless. If the Chinese government comes after the exchanges themselves, it would be a big blow on not only Bitcoin but the whole cryptocurrency ecosystem. I know nothing has happened, but I would not be one to laugh and taking it lightly.

[Kyraishi]

Markets have definitely moved to a lot more stable level compared to a few years ago.

But 2013 was different in that IIRC China actually officially announced that they would be banning exchanges, but only later on did they reconsider their decision and essentially "unban" them again. Nonetheless, still FUD.

This time i think people have realised that the source is not accurate or confirmed at all. There was only a $400~ drop off, which was like 10% of bitcoin's value. Compared to 50%, markets have definitely matured and will continue to do so as mass adoption happens imo.

[cafucafucafu]

In my opinion, by all measurements bitcoin and its community has become so much more mature and there is a lot more long term holders that just don't give a crap about short term pricing of bitcoin in general.

This has resulted in a much more resilient bitcoin price in general, even in events of FUD.

Especially when there are rumors, now the market barely moves compared to when China threatened to ban all exchanges where BTC lost half of its value overnight. As more merchants start accepting BTC, stability will grow even more.

[BossBee]

3rd China FUD bomb dropped this week. They're trying really hard to shake BTC off its trend line. JP morgan was even called into the assault. The same old tactics aren't working like they use too. This month will be a testament to the current state of bitcoins resiliency.

[exstasie]

3rd China FUD bomb dropped this week. They're trying really hard to shake BTC off its trend line. JP morgan was even called into the assault. The same old tactics aren't working like they use too. This month will be a testament to the current state of bitcoins resiliency.

Unfortunately, I'm starting to lose faith that it's just FUD. People like Jihan Wu and Charlie Lee are now confirming that the ban is likely to be true. It's funny, though, that the western markets dumped so hard when they posted the news earlier today (along with the Jamie Dimon comments), but the Chinese markets are holding up particularly well. That's not what I expected to see.

[centralbanksequalsbombs]

this is not the first time that the news, um i mean the lie about China banning bitcoin comes out. because in fact China has never banned bitcoin!

on 5 December 2013 China prohibited their banks from investing in bitcoin, the FUD said China banned bitcoin and all the things you are seeing today.

the price took a dive about 33% in the first hour and in about 4 days bitcoin lost half its value (-50% drop) before it started recovering as the FUD cleared up.

https://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=60&i=2-hour&c=1&s=2013-12-04&e=2013-12-07&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=1&

in case above pic didn't show up: https://bitcoincharts.com/charts/bitstampUSD#rg60zig2-hourzczsg2013-12-04zeg2013-12-09ztgSzm1g10zm2g25zp

now in 2017 we have had the same thing. first the ICO thing which didn't even have anything to do with bitcoin, and then this new FUD about China banning bitcoin again!

this time however, bitcoin barely dropped 5% in the initial hours and the total drop was about 10%

https://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=5&i=2-hour&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=1&

in case above pic didn't show up: https://bitcoincharts.com/charts/bitstampUSD#rg5zig2-hourzczsg2017-09-07zeg2017-09-11ztgSzm1g10zm2g25zp

is the market getting more mature that the FUD is less effective now?

Exactly.

When it comes to bitcoin;

China's central control is becoming irrelevant.

Jamie Dimon is irrelevant.

All the world's largest banks who have been blocking disclosed/open bitcoin transactions/business are irrelevant.

Any attempts of government regulations / legalizations are irrelevant.

Bitcoin hit escape velocity back in 2013 (4 years ago) and has been strengthening ever since. It's 10 year anniversary is not too far away.

[player514]

Stability has been increasing, definitely.

Not unexpected really as there are a lot more legit users of bitcoin now. Bitcoin is much more than just a token that speculators hold to attempt to gain a profit or whatnot. People actually use it for buying stuff globally, and this brings stability.

Even though there was a panic dump it was much a much smaller drop. A lot of bitcoiners especially outside of China seem to think that they will hold BTC regardless of the outcome, as the ban does not affect them.

I think the stability has been going up too. I was almost certain that bitcoin would suffer a stronger drop with the news of China banning news. However, the price rebounded even after the rumors were "confirmed" through articles. Is there any real explanation for this?

[twobits]

Stability has been increasing, definitely.

Not unexpected really as there are a lot more legit users of bitcoin now. Bitcoin is much more than just a token that speculators hold to attempt to gain a profit or whatnot. People actually use it for buying stuff globally, and this brings stability.

Even though there was a panic dump it was much a much smaller drop. A lot of bitcoiners especially outside of China seem to think that they will hold BTC regardless of the outcome, as the ban does not affect them.

I think the stability has been going up too. I was almost certain that bitcoin would suffer a stronger drop with the news of China banning news. However, the price rebounded even after the rumors were "confirmed" through articles. Is there any real explanation for this?

The markets are more matured compared with 2013. I find another interesting thread like this https://bitcointalk.org/index.php?topic=2161216.40
A lot of the people from the US financial institution are trying to FUD to the crypto, they are worried about the capability of crypto to growth without the goverment.
Or this time they are realize us as a threat.

[ft73]

I guess some reality check is needed.

BTC is going down already, without any formal announcement coming from China.
IF Chinese exchanges are really going to shut down a further sensible correction will ignite.

Let's stop talking about FUD and let's start accepting market cycles, who hanged here long enough knows what it means.

I hardly think all of the rumors is fake / FUD and for sure more uncertainty will come from here to november.

It's time for a healthy correction, which has basically just started.
I think it will be measured in weeks, not in days.

My 2 cents, for what's worth.

[Yuuto]

Stability has been increasing, definitely.

Not unexpected really as there are a lot more legit users of bitcoin now. Bitcoin is much more than just a token that speculators hold to attempt to gain a profit or whatnot. People actually use it for buying stuff globally, and this brings stability.

Even though there was a panic dump it was much a much smaller drop. A lot of bitcoiners especially outside of China seem to think that they will hold BTC regardless of the outcome, as the ban does not affect them.

I think the stability has been going up too. I was almost certain that bitcoin would suffer a stronger drop with the news of China banning news. However, the price rebounded even after the rumors were "confirmed" through articles. Is there any real explanation for this?

There was never a formal announcement from China that the ban will take place soon or even at all.

All there was is just news articles really. The Chinese government has not said anything about the situation or commented on it. Thus, i think this current dump is caused by mostly FUD and no real reason honestly.

Price has rebounded, and went down, rebounded again, and went down again. Shows that there is a lot of support at the $4k level right now.

[Saoha]

this is not the first time that the news, um i mean the lie about China banning bitcoin comes out. because in fact China has never banned bitcoin!

on 5 December 2013 China prohibited their banks from investing in bitcoin, the FUD said China banned bitcoin and all the things you are seeing today.

the price took a dive about 33% in the first hour and in about 4 days bitcoin lost half its value (-50% drop) before it started recovering as the FUD cleared up.



in case above pic didn't show up: https://bitcoincharts.com/charts/bitstampUSD#rg60zig2-hourzczsg2013-12-04zeg2013-12-09ztgSzm1g10zm2g25zp

now in 2017 we have had the same thing. first the ICO thing which didn't even have anything to do with bitcoin, and then this new FUD about China banning bitcoin again!

this time however, bitcoin barely dropped 5% in the initial hours and the total drop was about 10%



in case above pic didn't show up: https://bitcoincharts.com/charts/bitstampUSD#rg5zig2-hourzczsg2017-09-07zeg2017-09-11ztgSzm1g10zm2g25zp

is the market getting more mature that the FUD is less effective now?

Bitcoin prices for both 2013 and 2017 come from the positive news of the market and face the wild  objectionable from China. However, these two times, Bitcoin was very different. At the present time, Bitcoin has grown, matured a lot. It received the trust of investors and was recognized by many countries. The transaction is so large that China's banned Bitcoin does not reduce Bitcoin as much as it does in 2013. It is possible that China will only offer fake news to buy Bitcoin at a lower price.

[edmond_dantes]

Obviously it's gonna drop less when there is more liquidity but I think we are over bought and there can be a big dump soon

[vasrasus]

Obviously it's gonna drop less when there is more liquidity but I think we are over bought and there can be a big dump soon

Dumpis already happening. We might expect it to decreased morewhicb hopefully will not happen, we want some goodnews now,since if it dips too much it might get hard to recover.