China banning bitcoin is the oldest trick in the book

[Pursuer]

does this chart look familiar to you?



no this is not the current chart, it is old. belonging to more than 6 months ago.



now lets fast forward to today:



same story, same dip, same people panicking and same other people buying their coins with a wolfish grin on their faces

I leave finding the rest of the times China "banned bitcoin" to you. there are at least 2 more...

[freedomsr40]

Then they will announce that exchange can pay x fees and submit all data to the central server to obtain a license to reopen, so price recovers - bingo, biggest win ever.

[maku]

I'm not gonna like, I would like our current situation to end exactly in the same way as every stupid Chinese FUD from the past.
But what if ICO+yuan/BTC trading is beginning of something much more problematic? What if other countries will follow and ban BTC trading altogether?
I know it is kinda overreacting on my part but if China can ban bitcoin trading, then maybe others might follow - and I feel like this is what general public may think too.

[User365]

Well best thing you can do about it is to buy in the dips.

Furthermore I think it is not to bad that China plans on regulating Exchanges, because the BTC price will recover fast and after that if there are regulated exchanges it will help BTC to become more official and well know. The fact that the chinese gov want´s access to the user data collected by the exchanges it understandable, but I think I will not use Chinese exchanges in the futute if possible.

[romani245]

Then they will announce that exchange can pay x fees and submit all data to the central server to obtain a license to reopen, so price recovers - bingo, biggest win ever.

My original assumption was that they intended to license/regulate, the main motivation being fear of capital flight. If they tightly regulate the exchanges and enforce strict KYC laws, then they can more effectively enforce their capital controls vis-a-vis BTC. Or at least they could deter some people from using BTC to violate the capital controls.

But you have to admit... this has taken things further than the "ban" referenced in the OP. All of the major exchanges are literally shutting down. And this new report that they might try to block access to the BTC network within China? Crazy if true.

[slashz9]

indeed in the beginning of China forbade the release of bitcoin bitcoin prices dropped dramatically because china does affect most of the market, but can not deny bitcoin shot up again, this morning I saw bitcoin prices reached 3900 us dollars.

[garfieldtr]

price drop is healthy for the bitcoin, it gives new people opportunity to buy

[BTCLovingDude]

indeed in the beginning of China forbade the release of bitcoin bitcoin prices dropped dramatically because china does affect most of the market, but can not deny bitcoin shot up again, this morning I saw bitcoin prices reached 3900 us dollars.

China doesn't affect shit.
it is the stupid market that reacts to stupider news and that is different.

it may have been any other news. we have had a lot of them this year alone but everyone seems to have forgotten that! the FUD about split which came at least 3 times. once because of BU, another because of hashrate changing and another for August split. there was also another huge one back in ETF time which was rejected. all these had nothing to do with China! and yet they were big.

[Denker]

Well we don't know what's going to happen after exchanges have closed.
But my guess is as well that we will see 2-3 major chinese exchanges with some form license like the US NY state Bit License, It will be highly regulated or controlled, but chinese people will have the possibility to continue trading.ICOs will be regulated as well and my excluded from trading who knows.
If licensing will be no possibility, I expect 1-2 exchanges to reopen in Hong Kong or Singapore. I can not imagine a total ban, even if their is some rumor floating around. People will always find ways to get and trade cryptos.
That was the 4th big shakeout (+30%) this year by the way. And again Bitcoin shows how strong it is. The last days that was some serious selling the market bought up.

[AtheistAKASaneBrain]

does this chart look familiar to you?



no this is not the current chart, it is old. belonging to more than 6 months ago.



now lets fast forward to today:



same story, same dip, same people panicking and same other people buying their coins with a wolfish grin on their faces

I leave finding the rest of the times China "banned bitcoin" to you. there are at least 2 more...

This time is even worse for them, and better for us. Worse for them, because after effectively banning bitcoin, they can no longer do what they were doing in the past, scaring investors away here and there with different news as these charts shown. After the ultimate ban, they have no more tricks on that book left.

And this is the best situation for us, because we survived, and we are coming back strongest than ever before:

[Torque]

It's becoming like the boy who cried wolf.

Eventually when China's bitcoin volume drops to zero, it won't work anymore and become a sad punchline to a joke.

[DeathAngel]

Then they will announce that exchange can pay x fees and submit all data to the central server to obtain a license to reopen, so price recovers - bingo, biggest win ever.

The price has already recovered to above $4000 now, I wonder what price will get to if the quoted post is right? I reckon we woud definitely see above $5000.

[error08]

indeed in the beginning of China forbade the release of bitcoin bitcoin prices dropped dramatically because china does affect most of the market, but can not deny bitcoin shot up again, this morning I saw bitcoin prices reached 3900 us dollars.

China doesn't affect shit.
it is the stupid market that reacts to stupider news and that is different.

it may have been any other news. we have had a lot of them this year alone but everyone seems to have forgotten that! the FUD about split which came at least 3 times. once because of BU, another because of hashrate changing and another for August split. there was also another huge one back in ETF time which was rejected. all these had nothing to do with China! and yet they were big.

I think so, the most important thing in the latest crash come from people who wants to get profits by sell at the higher rate at buy back when bitcoin fall down, by riding the bad news. The proof of bitcoin market still immature and can be easily manipulated by fud news and old tricks.

[edmond_dantes]

Sometimes bringing out the oldest trick is the strongest trick

[gilangIDR]

Many people who say like that China seem to have made decisions that harm many people, but they again make decisions that only benefit China. This is a conspiracy in my opinion. This trick is always valid and has been used several times with tremendous panic effects for all bitcoin users.

[empowering]

I'm not gonna like, I would like our current situation to end exactly in the same way as every stupid Chinese FUD from the past.
But what if ICO+yuan/BTC trading is beginning of something much more problematic? What if other countries will follow and ban BTC trading altogether?
I know it is kinda overreacting on my part but if China can ban bitcoin trading, then maybe others might follow - and I feel like this is what general public may think too.

What else is banned in China?

Make a list.



Then relax

(ps China is pulling a double bluff here somehow... things are not as they seem..)

[bamboylee]

There is always a newbie that will get trapped on the FUD news about China banning bitcoin. Bitcoin price hits ATH, newbies come in. Then FUD news spreads, newbies get scared so they dump. Seasoned bitcoiners buy the coins from newbies. Rinse. Repeat.

[whaawh]

There is always a newbie that will get trapped on the FUD news about China banning bitcoin. Bitcoin price hits ATH, newbies come in. Then FUD news spreads, newbies get scared so they dump. Seasoned bitcoiners buy the coins from newbies. Rinse. Repeat.

did at home that such a way of trading has always existed and by the way it is the big traders who have always bought Bitcoin from beginners. something very much played along with the situation when there was an excitement or even panic in the market due to some bad news. As for example today with China.

[JeffBrad12]

indeed in the beginning of China forbade the release of bitcoin bitcoin prices dropped dramatically because china does affect most of the market, but can not deny bitcoin shot up again, this morning I saw bitcoin prices reached 3900 us dollars.

China doesn't affect shit.
it is the stupid market that reacts to stupider news and that is different.

it may have been any other news. we have had a lot of them this year alone but everyone seems to have forgotten that! the FUD about split which came at least 3 times. once because of BU, another because of hashrate changing and another for August split. there was also another huge one back in ETF time which was rejected. all these had nothing to do with China! and yet they were big.

I think so, the most important thing in the latest crash come from people who wants to get profits by sell at the higher rate at buy back when bitcoin fall down, by riding the bad news. The proof of bitcoin market still immature and can be easily manipulated by fud news and old tricks.

at this time, I can exactly say that the panic sellers at that time are all of them dumb enough to believe such stupid rumour without waiting the news to be released and now I wonder how much time they've been crying and probably could flood the entire city with their tears by losing the profit they should've owned.
on the other hand, the FUDster is what make our bitcoin ecosystem got shaken for few moments but fortunately could recover fastly.

[romani245]

There is always a newbie that will get trapped on the FUD news about China banning bitcoin. Bitcoin price hits ATH, newbies come in. Then FUD news spreads, newbies get scared so they dump. Seasoned bitcoiners buy the coins from newbies. Rinse. Repeat.

Previously, it was always just unconfirmed rumors. This time, the rumors are being confirmed. First, with the ICO ban (Caixin reported it a couple days before it happened). Then with the exchange ban (same). I wasn't particularly concerned about either, thinking that they were paving the way for regulations.

Even with the talk of blocking access to the Bitcoin P2P network within China, I was not concerned. But now everyone seems to be talking about a possible ban on mining? Given China's contributing hashpower..... this could be more significant than the exchanges being shut down. Just rumors, but people seem pretty shook. https://twitter.com/redtheminer/status/909961602018926592