Charlie Lee: Chinese bitcoin FUD is whale manipulation

[leopard2]

Lol this guy.
Just two days ago he was tweeting that he heard from "trusted sources" that this was just the beginning of the China ban and that things would get much worse from here.
I think we found one of these whales he's talking about...

It doesn't matter though, even if China wasn't planning to ban Bitcoin initially, you can bet your life that they got wind of the influence Bitcoin has with all this drama and they want nothing of it.
So bans ARE in the works, and not only in China, the only thing allowed to be in control and set strict rules are the Governments and banks in these countries, and they are big in numbers.

My prediction is that within a 2-5 year time frame Bitcoin will be illegal in 99% of the worlds countries and only be allowed in Antarctica or some other place where nobody actually lives or does anything with it.

You have to be really naive to think the 0.1% of people holding 99.99% of the worlds wealth will give that up for a silly monopoly money computer program.

is that you Jamie?

are you paid by the 0.1% to get cheap coinz for their silly monopoly fiat money?  

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[1Referee]

I think it's pretty clear we're heading for $2500 or even $1800 and then heading back up. The only thing that will put a spanner in the works is Seg2x.

Yup. I am quite sure that even when the uncertainties around the hard fork are starting to show the first signs of affecting this market, some people will still point to China as being the main cause of the price to plummet. It was very clear from the moment the miners agreed to this hard fork, that it would form a massive obstacle for the growth that we have gone through this year, so it shouldn't be anything new or surprising. Whether it's China taking the price down, the overbought market correcting itself, or the 2MB hard fork, one way or another, the market would go down anyway before November. The difference is that the experienced investors and traders have taken profits close to $5000, and are now prepared for whatever levels this market will bottom at, while the 'rookies' will start asking questions why the price is going down, and sell at a loss.

[error08]

Bitcoins Intention was to brake the banks dictatorship. As we can see, nothing changed with bitcoin. Instead of banks, now whales dominate everything, manipulate and steal.

They can easily manipulate the market by using false alarm, cash out huge amount and spread the FUD about China ban mining cryptocurrency and people will intrigue to following their steps to sell bitcoin, waiting for some time and then the whales will buy back even more than the initial amount they have sold. On the other hand, how people could hold at this point if they don't have funds in their pocket? everyone should pay their bills, that's why people can't hold when bitcoin price in bloodbath.

[john2231]

Bitcoins Intention was to brake the banks dictatorship. As we can see, nothing changed with bitcoin. Instead of banks, now whales dominate everything, manipulate and steal.

Wrong. Bitcoin was all about putting fair rules for everyone, and the rules are fair and clean, open source, there are no lies within the protocol. You can never stop whales from forming and you can never stop them from telling lines. If you are stupid enough to fall for the FUD and sell and lose your BTC then that is your problem, not anyone's else or BTC's problem itself.

Just to add on to your post.

"Bitcoin has no ethical rules" it only has "Technical Rules".

Pump&Dump, market manipulation, stealing, scamming, crashing the market and going short on it.... all allowed in Bitcoin.
So Bitcoin is ethically as fair as Anarchy...

That is why we are here i think of bitcoin it is because there is no ethical rules everyone will do what they wanted to they their bitcoin..
And it is also decentralized no can be manipulate bitcoin but there are whales that actually holding a large amount of bitcoin and sold then crashing  the market just to buy a cheap price again.. that is why right now the price of bitcoin is hardly to get recover of the price because i think mostly bitcoin users right now are new in crypto..  
We already experience of abuse by whales .. since op posted as a proof i think those whales are paying to post publicity their fake news into a well known bitcoin news until its spreading and other bloggers too are posting news in their blogs until it getting trending since people before are not easily be fool they do an effort right now just to buy a cheap price of bitcoin . now if they seen the price was increase like in the past few days when the price hit 4k they are starting dumping again to make a profit..

[gentlemand]

For a bunch of authoritarians they ain't half wishy washy. When I'm global dictator the first thing I'll exterminate is uncertainty, then I'll kill every living thing on the planet.

[xypos]

This is extremely plausible. Banning the entire network or bitcoin mining simply does not make any sense for the Chinese government in my opinion. They know that they can't control bitcoin because it is p2p and the funds involved in regulating bitcoin will be much higher than what it is worth.

A group of traders spreading the FUD to gain monetary benefits on their short position. Not surprising if it was true.

Though, even though Charlie lee said that he didn't make any trades he is likely holding bitcoin still. But i tend to side with him right now.

[Kyraishi]

Almost everything is FUD before anything has acutally been done. Market manipulation through media is not big task for these whales looking for quick and easy bucks and this seems like just that. Shorting bitcoin and commissioning the media to release negative news is easy money.

There is no evidence apart from the fact that china has shut down exchanges.

That's why it's a good time to buy right now. $3500-3600 is pretty cheap compared to a few days ago.

[jorneyflair]

they keep spreading the FUD and keep insisting on foolish things such as China banning bitcoin, China banning mining, ... and manipulate the price while shorting.

you have been told.

https://twitter.com/SatoshiLite/status/911067464796053506

There seems to be no other justification for why price is going down so much.

This should be accurate of what is happening right now. When there is enough fear and doubt in the market the price will naturally go down. Releasing articles without any proof behind it is a great way to spread this doubt and fear, and shorting bitcoin at the same time would make them big $$$.

When people realise this they will buy into btc, and create a short squeeze.

[SimonJones]

It's so easy to manipulate price with news from China. This means that BTC market is still at a nascent stage. There is a lot of room for growth.

[pooya87]

Wrong. Bitcoin was all about putting fair rules for everyone, and the rules are fair and clean, open source, there are no lies within the protocol. You can never stop whales from forming and you can never stop them from telling lines. If you are stupid enough to fall for the FUD and sell and lose your BTC then that is your problem, not anyone's else or BTC's problem itself.

That is the problem of everyone, because weak hands are the majority, like 99% of users.

And those weak hands are pushing the price down, believing in whales lies.

If a whale sells part of its stash, and the weaklings dont follow him, so the price would not go down, and instead the whale will lose its dominance, since other people will buy it, believing it will go up.

It's the herd mentality which is pushing the price down.

Also, weaklings are always going all-in with bitcoin. They put all their investments into it, put all they have into a single basket. So they despair when it go down.

This is lack of financial education, which most of the herd dont have.

haha, you need to look at the market next time price is dropping and you will hopefully understand what a whale looks like. those big dumps all of a sudden with a large sum of bitcoin being sold on the market does not come from "herd". it is one order with a big amount coming from a whale. then the "herd" follows by multiple smaller sells after the price was already lower and then the other part of the "herd" follows when price is really at the bottom. and then if you look again you will see a big buy wall at some point be placed by the same whale with the same money to buy back what he sold.

[Duzter]

It's so easy to manipulate price with news from China. This means that BTC market is still at a nascent stage. There is a lot of room for growth.

Price manipulation is not that a hard task. In reality the FUD spreading is quite easy with the entire digital currency market. Growth with bitcoin is a true fact and at present the Chinese were the major market generators. This might change, but till that price manipulation and other factors will be in the hands of china as a whole.

[Indrawan77]

If that the case then the whale succeed,so many people suffering lost and a lot of them doing panic sell, but I only believe half of it,I think the government also playing part in this, I think the government is serious to regulate bitcoin

[Herbert2020]

It's so easy to manipulate price with news from China. This means that BTC market is still at a nascent stage. There is a lot of room for growth.

Price manipulation is not that a hard task. In reality the FUD spreading is quite easy with the entire digital currency market. Growth with bitcoin is a true fact and at present the Chinese were the major market generators. This might change, but till that price manipulation and other factors will be in the hands of china as a whole.

quite the opposite.
price manipulation and spreading FUD is pretty hard. well to be correct creating and spreading FUD is easy but making it effective is hard. you cal look at @kwukduck for example. he has been bullshitting here for nearly as long as bitcointalk existed and it has never been effective as fast as i can remember. everybody mocks him for his stupidity. and market always does the exact opposite of what @kwukduck says
the effective FUD is when market is dropping and then it has to have some reality to it. you can't just use any lie to create FUD. it always helps when a dumb news site publishes some click bait with your FUD.

[magneto]

they keep spreading the FUD and keep insisting on foolish things such as China banning bitcoin, China banning mining, ... and manipulate the price while shorting.

you have been told.

https://twitter.com/SatoshiLite/status/911067464796053506

This should be pretty obvious to anyone.

There is a small possibility that the rumors are true but i think it is completely unfeasible for the Chinese government to even try to restrict access to bitcoin and bitcoin mining. It is just impossible to regulate and enforce.

I mean it could happen. But there is no indication that it will. Why would they tell chinese exchanges to give back customer funds before they shut down if they were planning on banning the bitcoin network anyways? It seems like a bunch of people holding short positions are using media to make their profit.

[tokeweed]

Lol this guy.
Just two days ago he was tweeting that he heard from "trusted sources" that this was just the beginning of the China ban and that things would get much worse from here.
I think we found one of these whales he's talking about...

It doesn't matter though, even if China wasn't planning to ban Bitcoin initially, you can bet your life that they got wind of the influence Bitcoin has with all this drama and they want nothing of it.
So bans ARE in the works, and not only in China, the only thing allowed to be in control and set strict rules are the Governments and banks in these countries, and they are big in numbers.

My prediction is that within a 2-5 year time frame Bitcoin will be illegal in 99% of the worlds countries and only be allowed in Antarctica or some other place where nobody actually lives or does anything with it.

You have to be really naive to think the 0.1% of people holding 99.99% of the worlds wealth will give that up for a silly monopoly money computer program.

Exactly!  Wtf is with China?  Wouldn't it be more profitable if they kept pumping Bitcoin?

And I disagree that a ban is in the works.  I think it's not gonna be a ban, but some strict regulations set by the PBOC imho.

[Red-Apple]

Exactly!  Wtf is with China?  Wouldn't it be more profitable if they kept pumping Bitcoin?

And I disagree that a ban is in the works.  I think it's not gonna be a ban, but some strict regulations set by the PBOC imho.

that has always been the plan.
Chinese are known for doing weird stuff like this and they are notorious when it comes to bitcoin. there has been lots of scams through ICOs which are fund raising in China and being liquidated through exchanges. there has been lots of fraud and money laundering through the same exchanges and lots of other issues.
we should have been surprised if China didn't ban exchanges sooner.

[alyssa85]

Exactly!  Wtf is with China?  Wouldn't it be more profitable if they kept pumping Bitcoin?

And I disagree that a ban is in the works.  I think it's not gonna be a ban, but some strict regulations set by the PBOC imho.

that has always been the plan.
Chinese are known for doing weird stuff like this and they are notorious when it comes to bitcoin. there has been lots of scams through ICOs which are fund raising in China and being liquidated through exchanges. there has been lots of fraud and money laundering through the same exchanges and lots of other issues.
we should have been surprised if China didn't ban exchanges sooner.

The Chinese govt is building up to their 19th National Congress which is on 18th October.

They always do crackdowns in the lead up, especially of anything linked to capital flight. It's their way of impressing the comrades and proving they're still in control of their country.

[edmond_dantes]

obviously people will play up news to try to make fast money but there is real problems now not all FUD

[Pursuer]

obviously people will play up news to try to make fast money but there is real problems now not all FUD

yeah but what you call "problems" are nothing new! they have existed for a long time over in China. the Chinese government has always been like this towards bitcoin and any bitcoin services and from time to time when things get bad with these services the government takes swift actions like closing the exchanges. but again it is NOT the first time!

[figmentofmyass]

the annoying thing about charlie's comments is that the exchange ban wasn't FUD, and that's what drove the price down below $3000. the market didn't react all that much to the FUD about the potential bans on mining and the network itself. i'm tempted to say that the market was already headed there anyway, and that the china news just helped it along.

i will note that btcdrak is the one who dropped the rumor about the government plan to block the network....

obviously people will play up news to try to make fast money but there is real problems now not all FUD

yeah but what you call "problems" are nothing new! they have existed for a long time over in China. the Chinese government has always been like this towards bitcoin and any bitcoin services and from time to time when things get bad with these services the government takes swift actions like closing the exchanges. but again it is NOT the first time!

previous times, it was only rumors. this time, they acted harshly and swiftly. i'm still not sure whether i believe that we are in the clear now regarding more action from the chinese government. but the tweets from charlie do make me feel a bit better.