Another Bubble Bursts – Bitcoin China Crashes Over 30%

Quietman

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Quote from: GMPoison on January 06, 2017, 01:48:16 PM

Quote from: bitbunnny on January 06, 2017, 11:03:35 AM

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

Compared to 2013, I wouldn't call it a crash either, lol.

The rising is also not as fast.

GMPoison

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Quote from: bitbunnny on January 06, 2017, 11:03:35 AM

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

Compared to 2013, I wouldn't call it a crash either, lol.

bitbunnny

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It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

alyssa85

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Don't worry, bubbles are normal for bitcoin. My fave table illustrating this is the following:

It comes from the following article:

https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.lc6fzjqyu

I guess we can pencil in $1195 as the peak of the current bubble with date 4th Jan 2017

RealBitcoin

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Quote from: BillyBobZorton on January 06, 2017, 10:40:51 AM

Quote from: RealBitcoin on January 06, 2017, 01:18:15 AM

Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

But we have seen what happens when the chinese government makes an anti bitcoin statement, as soon as they spoke about further regulating bitcoin, the price dipped hard... this leads me to think that the chinese are either really scared of the government finding out that they are moving bitcoins, or that they dont fully trust it yet as a safe haven. It's yet to be seen what will happen when/if china fully bans it... we may see a big crash or we may see an huge moon.

It's really a shame isn't it.

China is a great culture with one of the most ancient cultures out there in the planet.

They built the great wall, they invented gunpowder, they invented paper and paper currency (thousands of years ago), they had a magnificent culture.

Not to mention chinese people have high IQ, are very productive, very close to nature (buddhism,etc), and very good inventors.

And now they basically have submitted to communism? How did that happen?

BillyBobZorton

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Quote from: RealBitcoin on January 06, 2017, 01:18:15 AM

Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

But we have seen what happens when the chinese government makes an anti bitcoin statement, as soon as they spoke about further regulating bitcoin, the price dipped hard... this leads me to think that the chinese are either really scared of the government finding out that they are moving bitcoins, or that they dont fully trust it yet as a safe haven. It's yet to be seen what will happen when/if china fully bans it... we may see a big crash or we may see an huge moon.

pinoycash

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Quote from: strasboug on January 06, 2017, 01:20:53 AM

The bitcoin price will recover... it went up too fast and in too short time. it still up a lot compared to 2 months ago. So it is not that bad. Once the price stabilizes, it will resume the up trend.

it goes down by $100 in just few minutes and sunk to $817 and bounce back to $1000 in just 3 hours.. somebody loose alot of money and someone make a a big pacheck on yesterday price

Quietman

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Quote from: farhaan on January 06, 2017, 01:38:16 AM

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

that is right. the price crash means I can buy more bitcoin.

Blitzboy

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This is the result in sharp increasing in the past few day. I know that it would come but It appeared sooner than I expect. I decide to sell my Bitcoin when it reached $1100 but due to some issues, I can not make any selling on that day. The bitcoin prices will definitely rise again but it will take about 2 to 3 more months for it to recover from this big bubble burst

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Quote from: farhaan on January 06, 2017, 01:38:16 AM

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

I really dont know whats the true reason behind this pullback on bitcoins price and we saw almost 20% crash on yesterdays price and now it tends to move up again and stabilizing again on $980- 1k price. We wont see again those epic crashes happen on previous years because we saw theres a good support on bitcoins price as of now.

rissicay

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I think this is the next big crash for bitcoin... I see prices of $500 USD by end of 2017

Amph

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you are really naive or delusional if you think this will end up like the last time with a dump to $200 usd, it will not go in that way that is guaranteed

the increase from 200 to this current price has nothing to do with the last one, this is just a correction for me

there was an increase of almost $500 from $700 to $1160 and now a retreat to $1000, there is a consolidation going on on the 950-1000 range

one thing interesting to note is the step of "$200" at which bitcoin is increase, first from $300 to $500 then to $700 now to $900...

davis196

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Quote from: anghelllaw on January 05, 2017, 06:15:55 PM

First it was Chinese stocks, then Chinese real estate (twice), then Chinese commodities (twice), and now Chinese Bitcoin’s bubble has burst as a massive short squeeze on the offshore Yuan combined with comments on ‘virtual’ capital controls has sparked a bloodbath in the cryptocurrency from 8,896 yuan to 6,101 yuan in the last few hours…a 31% collapse.

Despute the collapse – BTC China is only back at 2 week lows…

For those chasers, don’t say we did not warn you, as we noted previously, for those buying into bitcoin here on the momentum, most of which originates in China, we urge readers to be cautious as by now the PBOC has certainly noticed that the digital currency remains one of the final, and most successful, means of bypassing capital controls in China. Should Beijing mandate that bitcoin no longer be a means to illegally transfer capital offshore, there is risk of a dramatic, and sharp, drop in its price.

Source : http://www.zerohedge.com/news/2017-01-05/another-bubble-bursts-bitcoin-china-crashes-over-30

China has a problem with speculation bubbles and China controls bitcoin even more than before.

I quess that bitcoin needs to be liberated from China`s control in order to grow worldwide.

farhaan

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Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

strasboug

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The bitcoin price will recover... it went up too fast and in too short time. it still up a lot compared to 2 months ago. So it is not that bad. Once the price stabilizes, it will resume the up trend.

RealBitcoin

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Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

Kakmakr

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Yet again, the governments of the world have to jump in to save their own ass. They implement control measures to protect their own collapse and to hide their failures. In the process they put their own interest in front of the interest of the civilians. < protecting their own salary >

Capital control is just another method to control people, if you control their money, you control their movement. This small crash is not a Bitcoin failure, but a government failure.

neochiny

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Quote from: OROBTC on January 05, 2017, 09:39:47 PM

...

It's really hard to say whether the bubble has burst (for the time being) or not. I contend that it is hard to predict the future with any precision. "Fundamentals" (limited number of BTC being mined -- some lost, growing numbers of users, etc.) may tilt the odds of successful prediction somewhat.

I have only been in the game since late 2013, so I have not had the opportunity to live through many of BTC's many majestic price cycles. I have seen many BTC-ers get disillusioned when there are scandals or other bad news (developers not working together, etc.).

I do not see the price drop from $1145 or so (when I went to bed last night) to $950 (when I woke up) to $1000 (now) as any big deal.

I agree. it's not a big deal yet. Just a small bubble burst and who knows, it might reach and pass over that $1145 in a few days or weeks. I, for one, certainly hope so.

But, I gotta admit I didn't really expect this decrease so early.
Yesterday, I woke up and it's $1,120/Php55,389, went out for several hours and when I came home, it's $910/Php45,004.
That's 10,000 less in my currency. sigh.
Still, it's great that it is climbing again. $956/Php47,278 (now)

marseille

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What's the reason for this crash? I heard coinbase maybe hacked? Or just Chinese play the games?

I think bitcoin will still go up in 2017, with more and more people joining the party, it will go up for sure.

pooya87

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i was waiting for someone to come out and start calling this a crash, now this idiot on zerohedge did. if you look at the price this was just a simple and normal correction and there is a big difference between a correction and a crash! when price went from 5600 CNY to 8500 CNY it needed a correction and we ended up in the middle price (6800 CNY)

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