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Wexnident
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November 22, 2019, 12:18:02 PM
 #1

It's kinda disturbing how every major overhaul is a result (Probably) of China's action towards the crypto space. Last time when BTC jumped from 7.3k to 10k, there were talks that it was China's announcement regarding their choice to concentrate on developing blockchain technology. We've seen the gradual stabilization of 10k to 9k then dropping down to a bull run of 8k and at the moment, 7.1k. The progress from 9k - 8.1k took a few weeks to say the least, and yet, BTC suddenly took a drop from 8k - 7.1k, ever so closing into the 6k mark.

And at this point in time did China announce that they are vowing to ban all local crypto exchange inside their country. This isn't a result of them having majority of their local market for the crypto, but a genuine ban on it and instead said that they would focus more on blockchain technology instead.

source: https://cointelegraph.com/news/bitcoin-drops-below-73k-as-china-vows-to-dispose-of-exchanges

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November 22, 2019, 02:11:26 PM
Merited by gentlemand (1)
 #2

Oh lol,

China bans something again!
Run!!! Panic!!! The purge!!!!

But, one of a few articles that finally tell something right and show the true picture of the things going there, which most of the people in this forum still don't get it.

Quote
Blockchain, not Bitcoin
I don't understand why it is so hard to ..understand!
China was never interested in bitcoin, all they care about is the blockchain, just as there are no shops,  there is no usage there is only mining and manufacture of equipment, for them and the people it's not about the principles behind bitcoin it's about profits.
And the leaders think the same, they want something which they can control and make money out of it, and bitcoin comes with way too many disadvantages for their policy.

Long story short, as I said a few days ago, a week ago, a month ago...and so on.
Nothing good for bitcoin will come from China.


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November 22, 2019, 02:22:18 PM
 #3

And at this point in time did China announce that they are vowing to ban all local crypto exchange inside their country.

I wasn't aware of there being any. I thought it was all OTC or P2P.

As above, China has been a plump, engorged, glistening tumour on Bitcoin since minute one. Nothing of worth has come from there. I'm amazed 'bans' still have an effect. The writing has been on the wall for nearly five years now.

They have at least differentiated between BTC and all the ICO shit and the average scammy alt. That still doesn't mean they're going to welcome it.

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November 22, 2019, 04:44:11 PM
 #4

I do not think that the current drop in the price of bitcoin is associated with events taking place in China. Moreover, since the summer of 2017, cryptocurrencies have constantly threatened with bans in this country and partly are constantly trying to limit something. Recently, Bitcoin has stopped responding to such news. The current drop in the price of bitcoin is most likely due to some manipulations in the cryptocurrency market. Something is apparently brewing. We need to observe what will happen next.

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November 22, 2019, 05:01:15 PM
 #5

I say this is FUD again. I was there watching it happen in 2015 and they had a strategy of releasing "breaking news" about china banning Bitcoin every 2-3 weeks and for months it was lies and lies, over and over. Ultimately, after about 8 months of FUD China denied banks from serving exchanges, but they did not ban bitcoin or mining.
I wonder why there are so many college professors creating worthless papers about Bitcoin being centralized, or Bitcoin being bad for the environment, but nobody cares to track down and expose those FUD telling social media accounts from China.
We have so many new people in the space who don't really remember Chinese FUD. I wish they would know better and not panic, but it looks like they will have to learn the hard way.

FYI, the official stance of China was negative for the last 5 years. They had no exchanges and they were not recognizing it as a currency! There's no chinese crackdown, because they have already banned it 5 years ago! There's nothing more left to ban besides miners, and they've already said that they aren't going to shut them down.


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November 22, 2019, 05:03:32 PM
 #6

China FUD in 2019. Great.
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November 22, 2019, 05:05:33 PM
 #7

We have so many new people in the space who don't really remember Chinese FUD. I wish they would know better and not panic, but it looks like they will have to learn the hard way.

Whether it's true or not, it's still enough to get that newbie blood pumping. It's boring and crap but it is what it is.

I think I might start sleeping with Xi Jinping so I can persuade him to stick a fork in Bitcoin on national TV to close this chapter for good.

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November 22, 2019, 05:21:22 PM
 #8


Disturbing as it may sound. Chinese fud never fails, it always work for everything a media can do. If they wanted the price to rise, they can initiate news just about anything and if they want price to dip, they can lie about Shanghai binance office. What else that we can't believe?  China can make an impact to the current price no matter what so all these can rely so much about what they do and I guess all you can say wold be just to thank the crypto sites that publishes all these.

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November 22, 2019, 09:55:08 PM
 #9

And at this point in time did China announce that they are vowing to ban all local crypto exchange inside their country. This isn't a result of them having majority of their local market for the crypto, but a genuine ban on it and instead said that they would focus more on blockchain technology instead.

source: https://cointelegraph.com/news/bitcoin-drops-below-73k-as-china-vows-to-dispose-of-exchanges

they would just be enforcing the ban they issued in 2017. all chinese exchanges of note already shut down or left the country, hence the emphasis on "local" (read: small) exchanges.

the chinese government always likes to send a message when they sense that bitcoin speculation is on the rise.

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November 22, 2019, 11:51:25 PM
 #10

China FUD in 2019. Great.


It was to be expected after China's blockchain announcement. People here are so stupid that you can make them believe whatever you want.

As always, the chart is the news; we broke below an important trend line, nullified the $3000 pump, saw the volume drop significantly, etc. It was a perfect bearish setup, one I took advantage of. This is going to sink much deeper. Short term speaking there might be a bounce up, possibly up to $8000 but it won't last.

I'm prepared for low $6000's and believe it's very realistic with the december month historically being a bad performance month for Bitcoin. Great time to accumulate.
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November 23, 2019, 12:18:44 AM
 #11

Well I hope they get my prediction right for the year end price contest, if somehow I proved especially too positive its going to surprise me just a tad.


Quote
take new steps to uphold its trading ban

That would explain why we lost pretty much all we gain previously from that speech.  I got zero surprise on that 'news'   Its the communist party or a military dictatorship if we are dropping any pretence, if somehow the threats of men with guns are the most important dynamic in crypto or in the world even then my soul is already injured beyond repair and the price is irrelevant.
   However I don't actually think red party bureaucracy sets the worlds tides, we have more important and natural phenomena to focus on and that will prove positive for crypto.   A reversion in the price on that previous hyped speech I guess does spell lower, a false break up helps lower the price as it discourages buyers in the price.    But also I would argue if the world is taking communism as some new negative then thats bullish.  Nothing changed and they were always idiots no matter what speech they come out with, the price is just jumping about in a volatile way as BTC is prone to do.   This lower price is not based on an actual new negative in fundamentals to be scared of nor the price action similarly.

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November 23, 2019, 03:06:47 AM
 #12

We have so many new people in the space who don't really remember Chinese FUD. I wish they would know better and not panic, but it looks like they will have to learn the hard way.

Whether it's true or not, it's still enough to get that newbie blood pumping. It's boring and crap but it is what it is.
I agree to the man above. Teaching newbies the hard way possible could possibly be a thing for something more bigger to change.
Quote
I think I might start sleeping with Xi Jinping so I can persuade him to stick a fork in Bitcoin on national TV to close this chapter for good.
This have crossed my mind for quite a long time. And I as well think that Xi Jinping does need more than a crypto enthusiast. Maybe a psychiatrist? just for this long battle may come to an end. Because I do not know what is real anymore on what are probably the causes of changes in the market, and what really is China towards to crypto currency.

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November 23, 2019, 05:54:28 PM
 #13

I think I might start sleeping with Xi Jinping so I can persuade him to stick a fork in Bitcoin on national TV to close this chapter for good.

And it won't solve anything, the chapter can't be closed, it's like the flat earth debate, every time you think it's over another one pops-up!

China cand go two extreme ways
a) capital punishment for everyone that owns, trades, types or pronounces the word bitcoin or crypto.
Result? Every week we will have a topic wondering if China will accept bitcoin again!
b) China adopts bitcoin as the only legal and mandatory currency
Result? Every week we will have a topic about all this being a trap and China plans to take over bitcoin and crush it!

No, there is no way this China madness will ever end, it's the perfect excuse to be bought with any dump or pump, the perfect ingredient for some conspiracy stuff, we will never get rid of it.



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November 23, 2019, 09:08:08 PM
 #14

As above, China has been a plump, engorged, glistening tumour on Bitcoin since minute one. Nothing of worth has come from there.
Heh heh heh.  Well, a lot of mining comes from China and that's something to go along with their counterfeit goods and god knows what else. 

Seriously tho, don't underestimate the sheer number of people in China and what kind of influence they can collectively have.  Not saying they're responsible for what happened with bitcoin lately, but I haven't heard a better explanation yet.  It could well be simple market forces behind all of this instead of a very powerful Chinese cabal, but there's no way of telling is there?

the chinese government always likes to send a message when they sense that bitcoin speculation is on the rise.
Yeah, and they should just learn to shut the hell up.  Same thing with Trump.  Especially Trump.
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November 23, 2019, 09:21:56 PM
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 #15

China FUD in 2019. Great.

there's more to come. the PBOC issued a statement suggesting they will "further regulate" offshore exchanges that serve chinese residents. https://twitter.com/DoveyWan/status/1197809485726638083

the first thing that pops into my head when i see that is tether, given their huge push into the chinese market over the past year:

Quote
In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% of Bitcoin spot trades in China this year, almost completely displacing the yuan, while Bitcoin trading in markets like Japan and Korea is still mainly conducted through fiat, the researcher found.
https://www.bloomberg.com/news/articles/2019-10-15/china-trading-ban-is-fueling-rise-of-controversial-crypto-coin

imagine bitcoin's two greatest sources of FUD---china and tether---joining forces. this could be the most explosive FUD of all time in the making! Cheesy

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November 23, 2019, 10:22:33 PM
 #16

the first thing that pops into my head when i see that is tether, given their huge push into the chinese market over the past year:

That move on their part blew my pea-sized mind. It's as if they were actively looking to get 15 bulging inches up them all the way to the hilt.

I never bothered to look into the details of it or how used it is. The whole idea seemed bonkers from the off.

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November 24, 2019, 05:40:34 AM
 #17

It's all about China now?!!
What happened to the wise people. Are they really that dumb by now to not have their own speculation anymore?
I mean, why does every price drop and pump will come from the effects of what Chinese government said?

We should really stop this nonsense.
Let us go back into why bitcoin really moves like crazy.
It is volatile. Period. Fin. End.

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November 24, 2019, 05:57:37 AM
 #18

China has two faces catalyst it can blow the market at same time it could hurt the market too. Many people are so much affected by Chinese news or probably Chinese traders has so much more power that can influence the crypto market.
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November 24, 2019, 08:11:16 AM
 #19

Thank God they are finally out.

There is still a lot of country out there. That is just one.
We should really move on to why it had always been China who could move the bitcoin price.

What is next? Maybe we should talk about Japan or Russia. Those are one of the third world countries that are also booming in technology.

akmal1984
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November 24, 2019, 10:11:34 AM
 #20

China is most adept at playing information through the media. From the beginning I knew crypto every important moment, they would definitely issue a statement that would make the market go down or up. And it seems like this will continue to happen in the future. Now we just have to anticipate the news with the position of buying or selling or holding assets or bitcoin that we have
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