Bitcoin decline is not related ONLY to Elon Musk! Binance is also related to it! - page 2.

Shasha80

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Quote from: adzino on May 14, 2021, 04:58:10 PM

Yeah, its not Elon Musk only. Various factors caused the price to fall. Starting from US regulators probably going to be more strict, with some countries imposing restrictions, the price was bound to crash. But, Musk did play a greater role over here. As soon as he tweeted about how "bad" bitcoin is to the environment, the price started to tank. When he said Tesla won't accept bitcoin, people started to panic thinking that eventually the whole world will stop using bitcoin based on how "bad" it is to the environment. And remember, there were many people that entered the market just because Tesla invested in bitcoin. Those people left as soon as teslas announced that they won't accept BTC. So yeah, Musks tweet did have a high impact on the current crash. Look at how Doge went up again as soon as he said he will be working with the doge dev team.

Although many factors caused the price of Bitcoin to fall, Elon Musk and Tesla were the triggers for the decline in Bitcoin prices. As we know how
Elon Musk was able to make the meme coin price skyrocket and enter into the top 10 cryptos, then after Tesla decided to invest in Bitcoin,
the price of Bitcoin also rose dramatically. So it's no wonder if Elon Musk and Tesla were able to make crypto prices go up, they could also dump
crypto prices like now.

temple

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Quote from: Get-Paid.com on May 15, 2021, 12:38:21 PM

Quote from: pooya87 on May 14, 2021, 11:21:08 PM

Even if Binance shut down today bitcoin market will lose will lose about 5% of its total volume and keep the remaining 95% while the altcoin market loses more than 80% of its total volume and is only left with 20%, and as you can see nobody in the altcoin market seem to care about it either!

Binance is only the beginning.
If this goes on then you can expect lots of big exchanges to shut down or run an excessive KYC checks and Crypto won't be the same.

You would have to use untrusted sites to exchange your Crypto, Coinburp for example is doing it right by regulating themselves with the UK FCA.

Binance did it wrong, it's all about proper regulation and satisfying the bureaucrats.... it could survive, yes, but not like this.

I have never used Coinburp but how does that work? Do they not require any KYC procedure from their users? What does the self regulation look like and can they accept customers from all over the world and in particular from the US as well? They have to follow certain international standards as well I would guess.

veznata

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this "problems" will only make bitcoin stronger as it is nothing new. we all know the big picture - bitcoin going stronger and prices go higher so some price drops will only lead to stronger price jumps to complete the picture.
the fact is that we are in a typical mid-bull-cycle drop. I believe we will see extremely strong last months of the year for bitcoin and price to cross 6-digit mark. by the way s2f model works like a clock till now.

Get-Paid.com

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Quote from: pooya87 on May 14, 2021, 11:21:08 PM

Even if Binance shut down today bitcoin market will lose will lose about 5% of its total volume and keep the remaining 95% while the altcoin market loses more than 80% of its total volume and is only left with 20%, and as you can see nobody in the altcoin market seem to care about it either!

Binance is only the beginning.
If this goes on then you can expect lots of big exchanges to shut down or run an excessive KYC checks and Crypto won't be the same.

You would have to use untrusted sites to exchange your Crypto, Coinburp for example is doing it right by regulating themselves with the UK FCA.

Binance did it wrong, it's all about proper regulation and satisfying the bureaucrats.... it could survive, yes, but not like this.

pooya87

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This is not an important matter which is why it was mostly ignored by the community because for starters Binance is still an altcoin exchange not a bitcoin exchange and the fiat markets there are still pretty small in comparison to the global bitcoin markets (with fiat not Tether shitcoin).

Even if Binance shut down today bitcoin market will lose will lose about 5% of its total volume and keep the remaining 95% while the altcoin market loses more than 80% of its total volume and is only left with 20%, and as you can see nobody in the altcoin market seem to care about it either!

samsul1234

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Quote from: Get-Paid.com on May 14, 2021, 02:11:18 AM

It's unbelieveable how many threads get started here about Elon Musk this and Elon Musk that....

Have you actually read the news recently?! Just a few hours ago it was reported that Binance is being investigated by the IRS and the Department of Justice (aka DOJ) in the US.

2 days ago Yahoo/Coindesk published an article about many Binance users who have their accounts locked and waiting weeks/months to unlock it without any success, despite sending all the proper KYC verification documents etc.

If European governments will join the party then it would be a much bigger disaster for Binance!

We already posted this thread that exemplifies one problem that Binance has - you gain interest, report and pay 0 tax on it (we don't mind but the governments do).

If you think this is just a "DIP", just a market correction, you're in it for a surprise.

It's not for nothing that the Bank of England's governor warned investors and told them to stay away from Crypto in the near future.

How all this will roll out? no one knows. Yes, Crypto is a game changer, but the governments around the world seem to step up against it, we're in it for a rollercoaster ride now.

hello sir, I am trying to understand what you are saying, so please, sir, maybe the news about how in the future bitcoin / crypto will affect the market is very significant, everyone will sell bitcoin / crypto a little bit because they don't have bitcoin / crypto going down drastically because of news like this or just a little bit of the government interfering in this crypto world, surely bitcoin will slide down and the impact most people will leave bitcoin periodically

uneng

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Quote from: adzino on May 14, 2021, 04:58:10 PM

Yeah, its not Elon Musk only. Various factors caused the price to fall. Starting from US regulators probably going to be more strict, with some countries imposing restrictions, the price was bound to crash. But, Musk did play a greater role over here. As soon as he tweeted about how "bad" bitcoin is to the environment, the price started to tank. When he said Tesla won't accept bitcoin, people started to panic thinking that eventually the whole world will stop using bitcoin based on how "bad" it is to the environment. And remember, there were many people that entered the market just because Tesla invested in bitcoin. Those people left as soon as teslas announced that they won't accept BTC. So yeah, Musks tweet did have a high impact on the current crash. Look at how Doge went up again as soon as he said he will be working with the doge dev team.

I agree with you. This time I think bitcoin fall was mainly due to Elon Musk. The effect was instantaneous right after his tweet and news about it were popping everywhere on google. Regulations are a constant threat to bitcoin, but a drop in btc price like the one we saw yesterday isn't constant, so the cause must be sudden and it was indeed Elon Musk and Tesla.
If Binance were considerably related to the fall I think BNB would be worse than it is now, already +7,67% during the last 24 hours. Doing really well if compared to bitcoin which has grown only 2,46% on the last 24 hours.

adzino

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Yeah, its not Elon Musk only. Various factors caused the price to fall. Starting from US regulators probably going to be more strict, with some countries imposing restrictions, the price was bound to crash. But, Musk did play a greater role over here. As soon as he tweeted about how "bad" bitcoin is to the environment, the price started to tank. When he said Tesla won't accept bitcoin, people started to panic thinking that eventually the whole world will stop using bitcoin based on how "bad" it is to the environment. And remember, there were many people that entered the market just because Tesla invested in bitcoin. Those people left as soon as teslas announced that they won't accept BTC. So yeah, Musks tweet did have a high impact on the current crash. Look at how Doge went up again as soon as he said he will be working with the doge dev team.

imstillthebest

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They are forgetting that there are billions of people on this planet that invest in btc other than musk .
what makes their eyes glued in musk is the fact that Musk invest huge than the average btc investor and this guy post regular updates that are trending in social media because of his popularity .
After his last update in btc the price of btc immediately decrease and people suspected him again but there could be other reasons for the decrease and we missed it because we are busy in musk .

Ryker1

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Eloncoin.org - Mars, here we come!

Well, this hype that we have this year is different from before. It seems like people are now being carried away from the rise of cryptocurrencies. It does not work this way before. Let us say that the governments are warning people to avoid cryptocurrency in the near future but this has been told many times already in the past. I think the only problem with it is that the people are too scared and have no skill to secure their funds enough. Regarding the Binance, IRS and DOJ are more than free to investigate. But it does not mean that Binance is at fault and cryptocurrencies will soon go one. I think it would be better to wait for the results yet.

temple

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Quote from: stompix on May 14, 2021, 09:09:09 AM

Quote from: DigitalFox on May 14, 2021, 07:04:23 AM

Not really. Even US IP adresses are blocked. There was a hiccup with my DNS provider one day and I couldn't log on from my PC all day, had to use cell instead. And good luck passing KYC with US passport.

The DOJ isn't acting on things that happen now, it has started investigating well before but CZ has always denied it until now when he can't do it anymore.
And in the past all you had to do as a US citizen was to use a VPN and stay under the 2 BTC limit, tens of people on this forum alone have done it and everyone knows it.

Quote from: DigitalFox on May 14, 2021, 07:04:23 AM

Not triggered, just curious why are so pissed off at him.

Let's see
- he's the one that started the fake volume manipulation at OKCoin
- he continuously lied to his users about where the exchange is and how it is licensed
- he has continuously lied about the securing and insurance of the funds on Binance
- he is promoting a centralized cryptocurrency instead of BTC
- his exchange intentionally charges a huge fee for BTC withdrawal compared to other coins that is well above any fees ever paid on the network
- while everyone is waiting for Taproot activation Binance pool is still not signaling

Should be enough?

These are all valid points and I also had them in mind reading this thread. However, I am neither surprised nor impressed that an exchange of that calibre gets under scrutiny anyway. Coinbase isn't even close to their volume. What is more concerning is the fact that accounts are locked and don't get unlocked even after full documentation has been provided. That's where things get shaky. I hope all the issues can be resolved quickly in the best interest of those who are concerned now. They can't be insolvent, but then again I thought that before of other exchanges as well.

virasog

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Quote from: serjent05 on May 14, 2021, 12:59:22 PM

Quote from: hannahB4 on May 14, 2021, 10:40:55 AM

With Binance roped into all of this I fear for the price dropped for bitcoin. I just read a thread about Elon Musk who has stopped collecting bitcoin as a means of transaction for tesla cars. I just hope that all this won't have too many negative effects on bitcoin especially with price.

I do not think that the account locked issue of Binance has something to do with the current dip of Bitcoin price. The issue had been around for months/week but the dip just happens recently. If that is the cause we couldn't have seen Bitcoin soar above $55k for so many weeks before this dip. I think aside from Musk's tweet, it is due for Bitcoin to have a healthy retracement before soaring to another All-Time High.

After months and months of bull season, we need a small correction and how often we have seen such bad news come together in a bull market, which makes the price correction. I am sure, this dump will be over in few days and market will pump again. Also we will see good news together with the market pump.

serjent05

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Quote from: hannahB4 on May 14, 2021, 10:40:55 AM

With Binance roped into all of this I fear for the price dropped for bitcoin. I just read a thread about Elon Musk who has stopped collecting bitcoin as a means of transaction for tesla cars. I just hope that all this won't have too many negative effects on bitcoin especially with price.

I do not think that the account locked issue of Binance has something to do with the current dip of Bitcoin price. The issue had been around for months/week but the dip just happens recently. If that is the cause we couldn't have seen Bitcoin soar above $55k for so many weeks before this dip. I think aside from Musk's tweet, it is due for Bitcoin to have a healthy retracement before soaring to another All-Time High.

hannahB4

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With Binance roped into all of this I fear for the price dropped for bitcoin. I just read a thread about Elon Musk who has stopped collecting bitcoin as a means of transaction for tesla cars. I just hope that all this won't have too many negative effects on bitcoin especially with price.

stompix

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Quote from: DigitalFox on May 14, 2021, 09:47:41 AM

Not true. I withdrawn BTC few days ago and it cost me around $2.

Bullshit!

So from a list of 6 we erase 4 as you can't counter anything, one is a personal opinion and the other is a lie!
If you had something meaningful to add probably you would have done by now, but since that's all you had to add, this is the time I say goodbye.

Anonylz

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Quote from: Get-Paid.com on May 14, 2021, 02:44:09 AM

Quote from: DigitalFox on May 14, 2021, 02:32:26 AM

Except for binance.us the rest is not in US jurisdiction and doesn't serve US citizens, so DOJ/IRS can shove it. Once again the "land of opportunity" tries to stick its greasy fingers where they don't belong.

Agreed, but, what if the US govt would prove Binance.com mixed US citizens etc.?
They have more money and power than Binance itself, what would happen then?

Remember e-gold.com?

And so what! binance does not control the whole btc in the market, between binance made sure to make it clear what countries are not allowed to be in binance.com, people still find a way to bypass all this restrictions and register (vpn) how can binance be able to restrict those using vpn, perhaps cz should have been a lot stricter to avoid issues like this, i hope binance can find a way around this because the last thing the crypto community need is for an exchange like binance to go down.
However, even the end of e-gold did not bring an end to crypto.

DigitalFox

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Quote from: stompix on May 14, 2021, 09:09:09 AM

Quote from: DigitalFox on May 14, 2021, 07:04:23 AM

Not really. Even US IP adresses are blocked. There was a hiccup with my DNS provider one day and I couldn't log on from my PC all day, had to use cell instead. And good luck passing KYC with US passport.

The DOJ isn't acting on things that happen now, it has started investigating well before but CZ has always denied it until now when he can't do it anymore.
And in the past all you had to do as a US citizen was to use a VPN and stay under the 2 BTC limit, tens of people on this forum alone have done it and everyone knows it.

Well before hardly any exchange required KYC. As far as I remember it all started changing in 2018.

Quote from: DigitalFox on May 14, 2021, 07:04:23 AM

Not triggered, just curious why are you so pissed off at him.

Let's see

- he is promoting a centralized cryptocurrency instead of BTC

So what? He has full right to do so and BNB is a very promising platform. Others have similar tokens, too.

Quote

- his exchange intentionally charges a huge fee for BTC withdrawal compared to other coins that is well above any fees ever paid on the network

Not true. I withdrawn BTC few days ago and it cost me around $2.

Topic: Bitcoin decline is not related ONLY to Elon Musk! Binance is also related to it! - page 2. (Read 382 times)