That's not a bank run in China. This is a bank run in China!
This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
^^^
That picture is EXACTLY what I picture every time some fake China news gets posted about the PBOC banning bitcoin, and then the Chinese bitcoiners start panic selling.
Sorry to sound racist, as I'm not at all, but it sure seems like some cultures are so ridiculously skittish, paranoid, and scared that any time their government so much as sneezes they drop their shorts in an instant. It worries me because bitcoin is a little like the EUR, we're all in this together, and some countries can pull us down. I'm starting to see that some cultures of the world really have no business in investing in bitcoin. Who's gonna be the next panicky, paranoid culture to get involved in bitcoin? India? Indonesia? South Korea? How will the price ever rise if all it takes is for one of these groups to publish fake FUD about banning and they all panic sell?
What a circus.
