[2018-1-11] Korea bans Bitcoin FUD is the new China bans Bitcoin FUD

Taki

hero member

Activity: 1078

Merit: 514

This word FUD sounds just like "food" and a lot of people rated this information about banning and that provoked the fall Cheesy

I am the one who didn't follow the mass panic and stayed calm with my bitcoin savings. I truly believe that it was just a new game of speculators and those people who organized it could buy bitcoin at current minimum. It looks like a sign that from now bitcoin will take a new bull run and the price will break new records. It is still not late to buy bitcoin per 13000$! I am going to invest a little Wink

hatshepsut93

legendary

Activity: 3024

Merit: 2148

The reason why this FUD is effective, even if it is baseless, is because the market is highly speculative, traders are selling because they expect that others will panic, so it turns into a self-fulfilling prophesy.
But we also have a lot of noob traders who don't verify the news and believe everything that they are spoon fed by news sites, analysts and social media, so together with speculative selling even when news can shake the market. With the time volatility will be decreasing as more professional traders will join the market, and they won't be so easily manipulated, making fake news less impactful, but until then we'll see a lot of FUD like this.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

Actually the China ban FUD was one of the best manipulations ever to happen on the bitcoin scene. It started in 2014 when they were auditing the exchanges and all news reports were talking about a ban in china. This was one of the main reasons we were in a bear market for so long, even though there was no Chinese ban in 2014 or 2015, the fake news took their toll and brought Bitcoin down to something like $200 per coin. What's happening now can end just like it did in China in 2017, we don't know that, but it certainly looks like the 2014 FUD now.

veleten

legendary

Activity: 2016

Merit: 1106

FUD or not but the market reacted instantly: a 10% drop
I wonder why hasn't the price dropped more,maybe because it is just rumours
but the china rumours hit the market in a same way- a fall
and the gran recovery,hope this is just a temporary setback and the price will go back to 15-16k level
before storming the 20.000 point around March-April

cybersofts

copper member

Activity: 658

Merit: 284

Quote from: casparthefriendly on January 11, 2018, 10:38:29 AM

Charlie Lee of Litecoin tweets about FUD concerning South Korea's action on their bitcoin exchanges.

https://twitter.com/SatoshiLite/status/951336985477566466

Indeed, it appears Charlie Lee was right because in every rumor there's an element of truth.
The China's ICO ban and cryptocurrency exchanges started as FUD and end up becoming a reality.

richardsNY

legendary

Activity: 1232

Merit: 1091

That's pretty much understandable. If we look at two major Bitcoin hotspots, then it's Japan and South Korea, which basically means that if you can make people think something is about to happen in one of these countries, you'll likely get the market to start panic selling. I have introduced a few people to crypto, and they constantly keep asking me what the consequences are when whatever negatively tinted article pops up, so that means this FUD is actually working, and will likely always do. We have so many new people tuning in, that this FUD will always have some sort of an effect at minimum.

Harlot

hero member

Activity: 1806

Merit: 672

There was a big error on that news report. But you are right FUD will be FUD and it has shaken the weak hands, seeing Bitcoin go down under 13,000$ is an eyesore for some but an opportunity for others as it had recovered well after the clarification that South Korea is only banning illegal and unregulated cryptocurrency exchanges. Right now Bitcoin is above 14,000$ and it maybe going onto another price rally soon after all the buzz is over about this news. We must always think about this price drops as some kind of price discounts.

casparthefriendly

member

Activity: 84

Merit: 10

Charlie Lee of Litecoin tweets about FUD concerning South Korea's action on their bitcoin exchanges.

https://twitter.com/SatoshiLite/status/951336985477566466

Topic: [2018-1-11] Korea bans Bitcoin FUD is the new China bans Bitcoin FUD (Read 138 times)