[2018-02-05] Bitcoin dips below $8,000. India is the latest buzzkill

[bbc.reporter]

Well it is now in one of the largest mainstream news agencies, so it must be real hehehe. Is the India FUD the new South Korea FUD , and South Korea the new China FUD? I can see a connection here. Which Asian country will declare their disdain for the cryptospace next?

I reckon Singapore.



Bitcoin's rollercoaster ride has taken another plunge, and India may be to blame.
The price of bitcoin dropped below $8,000 on Friday before recovering slightly. It had slumped Thursday following a new broadside against cryptocurrencies from Indian Finance Minister Arun Jaitley.

By Saturday morning, the price of the cryptocurrency had rebounded to $9,239, according to Coindesk. That's still a far cry from the near $20,000 price it reached in December.

India will "take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system," Jaitley said in his annual budget speech.

While India's cryptocurrency market is still relatively small, analysts say it has the potential to grow rapidly as bigger markets such as China and South Korea enact their own crackdowns.

Read the whole article http://money.cnn.com/2018/02/02/technology/bitcoin-8000-india-crackdown/index.html

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[Hell-raiser]

Well it is now in one of the largest mainstream news agencies, so it must be real hehehe. Is the India FUD the new South Korea FUD , and South Korea the new China FUD? I can see a connection here. Which Asian country will declare their disdain for the cryptospace next?

I reckon Singapore.

Singapore seems to be already strict on Bitcoin. About a month ago, Singapore’s prime minister, or his deputy, clarified that Singapore’s laws don't distinguish between cryptocurrencies and fiat currencies in respect to money laundering or terrorism financing. But this country is known for its effective law enforcement and strong framework in combating these illegal activities. So there is nothing much to do in this regard unless Singapore wants to ban Bitcoin altogether.

[LuanX3]

Everything is just a FUD! These FUD stories and news have been greatly flooding the internet and every news outlet. Don't you guys think there is something fish about it? When the price of bitcoins are constantly going up, no bad news comes out but when it is going down there is no good news but only bad news all the way. It's all black propaganda from the people are pushing for bitcoins to go down and so they can buy at really low prices then pump it back up again. This is like what happened last year when there were a lot of news about China banning crypto. There is nothing new here.

[Qartersa]

Everything is just a FUD! These FUD stories and news have been greatly flooding the internet and every news outlet. Don't you guys think there is something fish about it? When the price of bitcoins are constantly going up, no bad news comes out but when it is going down there is no good news but only bad news all the way. It's all black propaganda from the people are pushing for bitcoins to go down and so they can buy at really low prices then pump it back up again. This is like what happened last year when there were a lot of news about China banning crypto. There is nothing new here.

I know. The reason Bitcoin continues to plunge is because of the people who easily believes in negative write ups and in fact spreads them unknowingly. Because of this, more and more people read about false news making it easier for whales to prey on new and inexperienced investors in the cryptocurrency market. But the thing is, if we keep saying we are merely attacked because of their hidden agendas, how will we ever open our minds to possibilities? It is crazy but it seems we are already outnumbered in terms of the proliferation of baseless news and accusations; with such, we cannot blame those innocent investors who are swayed into such publication.

[Lucius]

Everything is just a FUD! These FUD stories and news have been greatly flooding the internet and every news outlet. Don't you guys think there is something fish about it? When the price of bitcoins are constantly going up, no bad news comes out but when it is going down there is no good news but only bad news all the way. It's all black propaganda from the people are pushing for bitcoins to go down and so they can buy at really low prices then pump it back up again. This is like what happened last year when there were a lot of news about China banning crypto. There is nothing new here.

There is something fishy in current events,no doubt about it.Price is going down,and in this moment the bottom is not in sight,so it's just a matter of how low someone will allow to price drop before pump start again.We all see that BTC is one big billions dollar money factory,and all the wisdom in this is to sell high/buy low/take profit.Does that happen right now?Probably but hard we can be absolutely sure about that.

Such big price drops are always easy opportunity that large fish eat small,without much effort.

[1Referee]

For some reason the general way of thinking here is that when Bitcoin is going down, it has to be because of governments cracking down on Bitcoin, but that's not the case. People need to accept the fact that we have gone up far beyond what was a justifiable price, and that without anything really ground breaking causing the market to increase. If you see how badly this entire ecosystem is struggling with the demand, it perfectly demonstrates that we shouldn't be anywhere near the previous all time high. Seriously, last year on this day were hovering over and under the $1000 level, where right now (even with how the market has gone down) we're 600-700% up from that point. In other words, we haven't lost anything.

[Smpdytz1]

I strongly belived that no one can distroy bitcoin and it will pump soon.new investors can rise the btc price this is a good time to invest in btc soo new investors come and join

[Sir Cross]

For some reason the general way of thinking here is that when Bitcoin is going down, it has to be because of governments cracking down on Bitcoin, but that's not the case. People need to accept the fact that we have gone up far beyond what was a justifiable price, and that without anything really ground breaking causing the market to increase. If you see how badly this entire ecosystem is struggling with the demand, it perfectly demonstrates that we shouldn't be anywhere near the previous all time high. Seriously, last year on this day were hovering over and under the $1000 level, where right now (even with how the market has gone down) we're 600-700% up from that point. In other words, we haven't lost anything.

I guess people have been too overwhelmed with the price bitcoin has almost hit last year, and sees the current price now as too low. The hype that bitcoin had the last few months had greatly contributed to the price increase and the demand for it was greater back then. With the number of buyers already dying down, the price has continued to decrease for quite some time already. We can still say that bitcoin's price is still high - as compared to before.

[Smpdytz]

Bitcoin and cryptocurrency is the world trend of economy no government or any other organization ban or distroy bitcoin.but with their decision can made downtrends of bitcoin.but they are temporary.

[cynical]

We need to STOP reading sensationalised news topics about Bitcoin and crypto because,
they are SENSATIONALISED and in some cases are factually incorrect - Example: The South Korean Ban

Enter the latest sensationalised article about an India Ban which is only partially correct.

People need to read something closer to the truth - https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

"PSA: No India hasn’t banned Bitcoin — but it’s still talking tough on crypto"

"Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy."

[RoyGlueck]

This is crazy!

Anyways i started emailing with this new email application
It works really well with bitcoin
https://gethop.com/?

[BlockTechnology]

I strongly belived that no one can distroy bitcoin and it will pump soon.new investors can rise the btc price this is a good time to invest in btc soo new investors come and join

I would advise to keep the money and wait, the best time to buy is yet to come

[Hell-raiser]

For some reason the general way of thinking here is that when Bitcoin is going down, it has to be because of governments cracking down on Bitcoin, but that's not the case. People need to accept the fact that we have gone up far beyond what was a justifiable price, and that without anything really ground breaking causing the market to increase. If you see how badly this entire ecosystem is struggling with the demand, it perfectly demonstrates that we shouldn't be anywhere near the previous all time high. Seriously, last year on this day were hovering over and under the $1000 level, where right now (even with how the market has gone down) we're 600-700% up from that point. In other words, we haven't lost anything.

What do you mean by justifiable price? Bitcoin is 99% speculation, and in case you mean its price justified by its real life application, what you should be, it is pretty close to zero. If you are going to challenge this point somehow, think first how many Bitcoin whales could easily crash the price to single digits. And this is what happening right now, isn't? I mean whales taking the price where it truly belongs, to single digits.

[1Referee]

What do you mean by justifiable price? Bitcoin is 99% speculation, and in case you mean its price justified by its real life application, what you should be, it is pretty close to zero.

With justifiable price I am referring to a steady form of growth that is based on worthy developments, which Segwit is one of, and the fact that more capital is being pumped into this ecosystem, and also the fact that people buy it as store of value. It's all part of Bitcoin's utility. I agree that the actual usage is lacking, but that doesn't make the speculative aspect not be an important aspect.

If you are going to challenge this point somehow, think first how many Bitcoin whales could easily crash the price to single digits. And this is what happening right now, isn't? I mean whales taking the price where it truly belongs, to single digits.

It again comes down to the point that the market is adjusting itself to the justifiable levels I am talking about. It won't get dumped down bad, but at the same time there is not a price you can point at as being that justifiable price - the market will adjust itself to such levels, and what the final bottom will be is something we will find out after we have started to go up again. You may not agree with it, but that's not my problem. To add; orderbooks of exchanges have always been lacking liquidity, so a serious group of whales will not have any problem one-shotting a certain exchange to double digits or in an extreme case single digits, but it will cost them badly.

[jjacob]

India hasn't banned cryptocurrencies, although the government isn't too happy that they are around. Even if India did ban Bitcoin, it should have only a minuscule impact on the global price. The market is fairly insulated, as seen by the huge premium during demonetization.
So yes, it is all FUD, which the vested media is eagerly lapping up.

[bbc.reporter]

Everything is just a FUD! These FUD stories and news have been greatly flooding the internet and every news outlet. Don't you guys think there is something fish about it? When the price of bitcoins are constantly going up, no bad news comes out but when it is going down there is no good news but only bad news all the way. It's all black propaganda from the people are pushing for bitcoins to go down and so they can buy at really low prices then pump it back up again. This is like what happened last year when there were a lot of news about China banning crypto. There is nothing new here.

I know there is always FUD going around in the media but can we really pinpoint which is FUD and which is the truth? Also, what would make a person from the other side of the fence think it's FUD if he sees bitcoin crashing?

[andrewk529]

Everything is just a FUD! These FUD stories and news have been greatly flooding the internet and every news outlet. Don't you guys think there is something fish about it? When the price of bitcoins are constantly going up, no bad news comes out but when it is going down there is no good news but only bad news all the way. It's all black propaganda from the people are pushing for bitcoins to go down and so they can buy at really low prices then pump it back up again. This is like what happened last year when there were a lot of news about China banning crypto. There is nothing new here.

Frankly, the negative publicity presented by the Mainstream governments/media shouldn't be of a surprise.


The original spirit of Bitcoin empowers individuals while disintermediating traditional financial institutions.

[Hell-raiser]

What do you mean by justifiable price? Bitcoin is 99% speculation, and in case you mean its price justified by its real life application, what you should be, it is pretty close to zero.

With justifiable price I am referring to a steady form of growth that is based on worthy developments, which Segwit is one of, and the fact that more capital is being pumped into this ecosystem, and also the fact that people buy it as store of value. It's all part of Bitcoin's utility. I agree that the actual usage is lacking, but that doesn't make the speculative aspect not be an important aspect.

But then your whole idea about "justifiable price" is not very consistent. In other words, if you include in this price speculative aspect, then any price would be justifiable price. i think you can't have it both ways. Besides, how are you going to quantitatively measure "worthy developments" like SegWit? To put it differently, how do you actually find out what price SegWit activation justifies and which not? I'd rather say the notion of justifiable price comes down to what price you personally think of as justified. There should be an algo or procedure that would produce some value to compare current prices with.