Reason for BTC price crash found!

[preshpr1nce]

This isn't the reason, none of the news which has appeared in the last few days is the reason, the bleed out started before any of the news people are now claiming is the result, Let me just show you why this country will have no negative impact on BTC

Jan 4, 2018
Venezuelan President Nicolás Maduro announced a new increase in the minimum wage this year, but it’s only worth enough to purchase one a cup of coffee per day.

The new wage amounts to a daily income of 26,583 bolivars (US $0.26), which barely covers a coffee or a pie (20,000 bolivars US $0.2) at prices listed on December 31, 2017. Merely increasing the minimum wage won’t solve the economic problems facing Venezuela, which currently suffers from inflation of around 3,000 percent, as well as food and medicine shortages

An average salary in Venezuela is 248,510 bolivars (US $2.20). With additional food stamps of 549,000 bolivars (US $5.49), the salary is barely equivalent to eight dollars. The income situation in Venezuela is so poor that a person earning a minimum wage can only buy six percent of most basic goods, which exceeded 13 million bolivars (US $130) in November 2017.

Just look at how poor they are in USD value, don't need to say too much more.
Now a country, no matter how poor, if they can demonstrate blockchain working as a real currency, centralised or not.. this can only be good for crypto.

What you have on the forum right now is people providing reasons which don't align with the correction time frame, or they've just not done some simple maths.
The other types on here are calling it a correction, why? because it is! This happens every time we get a big bull run, Nov/Dec 17 = one of the biggest we've had.
History can show many scenarios where this has happened before, and the bigger runs = longer corrections, but history also shows that the market continues to grow each time.

[Bonsaiav]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

How much the wealth of Venezuelan President Nicolas Maduro? ...
Please compare his wealth with the wealth of a group of greedy whales (owner of 40% btc) or you can compare it with wealth, the twins winklevoss (owner bitcoin) most In the world.

[hisuka]

This is not just the reason of decreasing the value of bitcoin. There are other factors also that affects bitcoin rate that we did not know. But for sure the less of demand of bitcoin is one of the reason why it is falling down.

Price from last year of bitcoin was so high and this month takes to go down for a big correction. Yes there are other factors to be considered why bitcoin has fell down big. It takes to fell down because of the huge price last year is I think of it needed for correction. But, as we know since bitcoin is like up and down we can see the price will regained.

[Siren]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

So he's shorting the Bitcoin with his Petro. But I still don't believe in government crypto coins.

Any reliable source of this?

youre not helping guys,and even if venezuelan government make this possible,whats on us?is this a big loss for crypto community?we have more other issues that had faced like the one from china and the other is korea,though were experiencing the damage,but bitcoin still on its process to grow.so bother nothing as for this kind of news is nothing but purely bad propaganda

[saicoolguy]

it might take another month to get established.alt coins did go drastically down.
it fell down 57%.

[blitz18]

it might take another month to get established.alt coins did go drastically down.
it fell down 57%.

Bitcoin price has down at large amount maybe for the reason of it needs for correction. Bitcoin price is always in go up and down trend so I think it will recover maybe this month ends or upcoming months.

[ClayDouglas]

I don't know much about that country crypto, but the comment sounds incredibly naive. Like the comment that someone who's completely new to crypto would say due to their limited knowledge to put many different parts of it together.

[Farahtenan]

the main cause, in my opinion, it is because many countries started making issues regarding bitcoin. This greatly affects all at the price of bitcoin and one of them could make a bitcoin plunge into current prices. chill out, and hold the coin you have.

[Dodoymabs]

I don't totally agree with that reason because the big whales are the one who can manipulate the price behavior of btc imo. Maybe at some point it contribute the effect that what we are experiencing right now.

[Koontas]

I look at it as a joke, but you never know 

Haha. Yes, in crypto space everything is possible.

I think this "crash" was a long overdue correction of the parabolic rise of the last year.

[5ensei]

This is one of the funniest things I've read in crypto for a long time What makes this great is that he was actually serious about it. So it appears Venezuela has such a huge impact on the bitcoin world - bigger than South Korea, America, China, Russia etc.. they are the ones who crashed this market. Oh well, I guess we should sell all our worthless bitcoins and invest in petro instead. Is it on binance or bittrex yet 

[RockBar0]

There are many reasons for the fall in Bitcoin prices. There are many bad news coming at the same time bitcoin and cryptocurrency market. Many big investors took profits when there was a big win in 2017 when bitcoin price increases. Many investors from China and Asia sold to prepare for the Lunar New Year. Smaller investors are not good sellers have all the market down worse. These are some of the reasons why bitcoin and the cryptocurrency market have fallen sharply over time.

[JeffBrad12]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

So he's shorting the Bitcoin with his Petro. But I still don't believe in government crypto coins.

Any reliable source of this?

youre not helping guys,and even if venezuelan government make this possible,whats on us?is this a big loss for crypto community?we have more other issues that had faced like the one from china and the other is korea,though were experiencing the damage,but bitcoin still on its process to grow.so bother nothing as for this kind of news is nothing but purely bad propaganda

The problem is not about petro currency which already backed by oil. That's just another joke from Venezuela president. We are talking about the result of tether audit right now because a lot of people are using it to trade with crypto right now.
as long as china and korea still allow the cryptocurrency trade and it will be fine for us. They are both trying to implementing the new system to make taxation to the crypto exchange site.

[anhlandibo12]

It's just one out of reasons. There are a lot of reasons for Bitcoin price crased and I think the most important reason related to China new year and US government. China new year is coming really closely and look like almost the whales in this country stop working so the trading volume of the crypto market decrease really quickly. Beside few recents days cryptocurrency have had some trouble with the US government but It solved already

[andrei56]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

If this does not tell you how delusional this person is I do not know what will, from the beginning Chavez successor has been nothing but a joke but this is getting to levels I could never imagine, no one cares about Venezuela and what they are doing, everyone recognizes the government is going to eventually fail since it needed oil prices to be very high to maintain their level of spending, now he is desperate to keep things running but his currency is going to fail like everything he has created.

[Bambangs]

I do not think that's the main problem about down bitcoin at the moment
as i know decentralised is better than centralised, and all government cryptocurrencies will always use centralised system to control everything
and i believe people will always choose the decentralised system,,
just keep calm

[MidKnight]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

So if Venezuela has continued their petro cryptocurrency then btc will go bullish again? OP must be losing his mind in this major crash that he had to connect several reasons just to make him feel some kind of relief. Remember that Venezuela is a very poor country.

[Dujeff3300]

I disagree with your observation, just because the President of Venezuela announce they will create they own version of cryptocurrency the whole market of crypto suddenly collapse. The downtrend of crypto are simply the results of market correction and also my other external factors like bad news coming from facebook, Korea, India, etc. But I'm very optimistic that it will normalized this coming March.

[rhamzter]

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

[Branko]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

So if Venezuela has continued their petro cryptocurrency then btc will go bullish again? OP must be losing his mind in this major crash that he had to connect several reasons just to make him feel some kind of relief. Remember that Venezuela is a very poor country.

Some people take everything too seriously...unless you think I'm Maduro