Hold your bag when you can

[Myleschetty]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price? 

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

The world we are living in is far from perfect and issues like this where the institutions and FEDs take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can. 
Always remember, not your key not your coin.

[1714837391]

1714837391

[passwordnow]

It's crazy when you realize that someone still thinks that bitcoin can go to $1 or even zero. Well, it's different these days and not the same anymore as before because bitcoin has gone far and despite being a very volatile asset, it's unlikely that it will go that low.
Think of those people that are waiting just to buy cheap bitcoin like around $10k down to $3k, there will be a massive buying order on exchanges if it's reached and even to $1k so thinking that it could be low as $1 or zero is totally crazy despite of that "possibility".

[Fivestar4everMVP]

This is like what the rumors(I call it rumors because it's not confirmed yet) am hearing that the government of my country wants to withdraw a certain amount of money from the bank account of each and every citizen of the country in order to settle the dept the country is owing other countries.
Upon the arrival of this rumor, many in the country have panicked and went ahead to withdraw all the money they had in their bank account to God knows where, I on the other hand have used all my fiat saving to by Bitcoin plus other promising coins and kept them in my private wallet, this is something I've learnt to do every day, week or month, depending on how I earn fiat money.

Governments and central banks through fiat have learnt to control their citizens and bring them under financial subjection and slavery, Bitcoin has come to show the way to Freedom, it's time we break free.

[cabron]

This is like what the rumors(I call it rumors because it's not confirmed yet) am hearing that the government of my country wants to withdraw a certain amount of money from the bank account of each and every citizen of the country in order to settle the dept the country is owing other countries.
Upon the arrival of this rumor, many in the country have panicked and went ahead to withdraw all the money they had in their bank account to God knows where, I on the other hand have used all my fiat saving to by Bitcoin plus other promising coins and kept them in my private wallet, this is something I've learnt to do every day, week or month, depending on how I earn fiat money.

Governments and central banks through fiat have learnt to control their citizens and bring them under financial subjection and slavery, Bitcoin has come to show the way to Freedom, it's time we break free.

If your government still cares about debts while people all over the world are worried about what to eat the next day and if they do still have a job the next  day, your government are still pretty much decent. But yeah they may get the money from your accounts.

You're still lucky because countries in EU today are all just thinking about sanctioning Russia without thinking if they could still run their cars after. Protests are everywhere not just in China. All Bitcoiners just need to do now is just hold what they have.

[hZti]

Are you wondering the reason behind this sudden surge in the price? 

I don't think that news like this will make the price go up short term. Possibly it is going up long term and I agree with you that the banking system could fail at some point. Still the recent surge in price is more based on technical factors like the last bullrun ATH and such things. But lets see what the future in China brings, there are always many news from there.

[Mr.right85]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price?

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

One who thinks bitcoin would go down to as low as $1 is one who isn't sure to own even a satoshi at all. We are so way past that and I think those having this thought should rather stick to fiat than hope for the impossible.

Speaking of which, sometimes I wonder what laws do they stand on to confiscate someone's holdings at there facility and declare it for a purposes. This is some of the reasons the need for decentralized systems cannot be denied its place in our world today. The grip of centralized systems is terrifying on an average citizen as by just a snap of the fingers, one can be denied access to life's savings.
This also stretches to what length people might be doing it wrong in using CEX in the crypto world as it operates on same principles. If its not decentralized, your no good having large somes on it.

[NeuroticFish]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago.

People who bought high are scared. Some love to exploit their feelings and making that kind of topics has the potential to convince them sell.
Also, while 1$ and "bitcoin is dead" are obvious FUD topics, questions whether the bottom is in or how long this bear market last are actually legit imho.

Are you wondering the reason behind this sudden surge in the price? 

The current surge is not that big. It's nice, but fr from uncommon. So asking for reasons may not give correct answers.
It may be China problems (as you said), it can be end of bear market, it can be bull trap. We'll see.

take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can. 
Always remember, not your key not your coin.

One can look into recent history and will see that some banks did take people's money in the past financial crisis. Bitcoin was created to fight that.
But people never learn. Greed (and poverty) make people risk big money to earn some more cents. Average people's financial knowledge is almost zero. And governments (and banks) exploit that at maximum. This is the world we're living in. So you're right: people should carefully hold their Bitcoin.

[CryptoHeadlineNews]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price?

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

I thought an investment is supposed to be an agreement between two parties in which the capital, interest rate and duration is discussed and unanimously agreed according to terms and conditions. Because what I see here is a clear intrude upon ones financial freedom, which is totally wrong, because what if the money in the bank was the only hope for the common citizens, how do the government intend such individuals to survive? And that's why I'm happy for Bitcoin as it gives us power to have control over our finances.
And for the other statement about Bitcoin falling back to either $1000 to $0, it will take the head of a Carmel to pass through the eye of a niddle for the price of Bitcoin to fall to such price again

[DeathAngel]

This is nothing that wasn’t to be expected. Bitcoin goes up & bitcoin gods down, the only thing you can be sure of is bitcoin will, at some point in the not too far away future, go up again. Keep buying whilst the price is down, vast riches await the brave. It takes balls to buy & hold during bear markets but you will be rewarded for doing so.

[zasad@]

Most banks have long been bankrupt, and their credit policy is to blame. Most of the loan collateral they have on the balance sheet is an illiquid asset or debt that cannot be repaid. Bitcoin is a good solution, but its price is regulated by manipulators and this blockchain is monitored by many companies. This will create problems for selling your bitcoins on centralized services if you do not declare your address.

[The Cryptovator]

The reason for the last dump was the Luna crash, we know all how drained all the Bitcoin was. So this problem won't exist forever. And it's not new for Bitcoin anymore. When Bitcoin crashed much FUD news also spread at the same time. And now, due to the up trend, we will see a lot of positive news which will pump more. So yea, holding bags though it's not Bitcoin lol. Had invested some other potential coins.

[lionheart78]

. Are you wondering the reason behind this sudden surge in the price? 

Aside from your given news, another reason why prices suddenly surge is possibly the hope of a less aggressive hike from the federal reserve at its next rate-setting meeting[1].  It was also believed that a relief rally had been long overdue but don't get mistaken that this rally is the sign of a bullish market, the market sentiment is still bearish though.

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn." (https://www.reddit.com/r/Bitcoin/comments/w3evna/china_ccp_tanks_protecting_banks_because_the_bank/?utm_medium=android_app&utm_source=share)

It is really unbelievable how a centralized bank in China has the audacity to change its policy from savings to investment.  It feels like those people had been scammed by that bank.


[1] https://www.cnbc.com/2022/07/20/crypto-prices-bitcoin-btc-climbs-above-23000.html

[Lanatsa]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price? 

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

The world we are living in is far from perfect and issues like this where the institutions and FEDs take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can. 
Always remember, not your key not your coin.

Dont know if this is the actual reason with this small percentage price increase or climbs but still a possibility but talking precise about this then it cant really be known on what it is.
We know that these institutions does have the power and the capability on making decisions and ending up holding their users funds as long you had been able to put it up.
It does really sucks yet freedom is really been shacked out.

You could really expect lots of threads in related about bitcoin is going to $1 or even going dead on the times this bear market is prolonging but on the time that we are seeing
green candles then such recent sentiments or news are commonly been tagged on.

[dothebeats]

I still have a bank though I'm actually wary of what's happening with China. It is entirely possible that this also happens on our country but there would certainly be a public outcry against this move. I keep most of my holdings in crypto, and that's probably the safest strategy right now to protect my assets. But if there'd be another way to be safe, I'd certainly transfer some of my assets to that and just hope for the best.

[darkangel11]

I bet these people who had money in that Chinese bank are now regretting it and wishing they had bitcoins instead. Bitcoin is the only money that cannot be taken from you. It can be manipulated when it comes to the price but you don't have to sell into the manipulation. You can wait it out like so many bitcoin OGs did in the past.
When all the dust comes down and all the FUD disappears you'll have more value in your portfolio than you had a cycle ago.

Funny thing. In that reddit post someone commented with "Not your tank, not your money"
So true.

[Welsh]

questions whether the bottom is in or how long this bear market last are actually legit imho.

Absolutely. Especially how long, I think is an important question, that isn't so easily answered. Naturally users will point to previous cycles, but I'm convinced that this isn't going to follow those previous cycles. There's also an argument in that they never really have, but people have identified certain correlations, and ignore other things.

Even asking if its the bottom is an important question. People are invested in Bitcoin for different reasons, and someone can believe in Bitcoin, but need immediate access to their funds to not be able to ride out a bigger drop in price. I don't have any problems with anyone questioning what they've invested in, and I actually think we've probably all done it at some point.

[rhomelmabini]

Those who are in disbelief are just the paperhand people and that they buy at the top, we've seen this much to create FUD when Bitcoin going nosedive. I wonder if this turning point into investment by a bank would even increase in interest now that they changed it so suddenly?

[Wiwo]

The fact that the global financial traditional system is full with many forms of infringement on the right of the citizen's, if not how can banks swap citizen's savings into an investment without they consent. This situations point to one fact that the government is in support of this infringement on citizen's rights.

[coolcoinz]

This is where the strength of bitcoin is. It's just good, it works and it allows you to avoid many hurdles along the way.

Most of us just want to go to work and get paid. We don't want to bother with all the problems a bank or the government that stands above it might have. We have our work, family life and the things we do for pleasure, our hobbies, and that's all we have the time and the energy to take care of. When we earn money we want that money to be available 24/7 for whatever we want to spend it on. We deserve it. Someone telling us that we worked as slaves for the last year and don't get to see the money is out of the question.

Over time more and more screwups like Cyprus, Greece, Russia, now China will happen and people will learn that they have to take care of their money themselves.

[dataispower]

Cryptocurrency is investment but you cannot hope on it a prize because, it is an investment that nobody will determine and also know for the price were it's coming. so seeing cryptocurrency price rising is not something that you can be surprised and also seeing cryptocurrency falling, it is not something that you will be surprised of. Because i knew long time ago that when the price of Bitcoin will grow again it will surprise some panicked investors who use fear to sell off their investment