Bitcoin slumps as China bans all cryptocurrency transactions - page 3.

Viscore

hero member

Activity: 3038

Merit: 647

Quote from: Shasha80 on October 02, 2021, 03:04:05 PM

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then bannings from China will never be relevant at all.

Shasha80

sr. member

Activity: 1876

Merit: 318

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

semobo

full member

Activity: 1498

Merit: 146

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Ban news caused a little red trend to be honest but in no time the trend reversed and now back on track hope the 50K resistance will break and the price will continuw to grow. What else China can do because they tried everything as they can to stop the decentralization but nothing really worked in long term.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: Haunebu on September 29, 2021, 02:42:14 PM

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

BTC usually falls in price at around this time of the year and rises rapidly before the year ends based on historical data. The Chinese government continue to highlight the fact that they fear the rising power of BTC and other popular cryptocurrencies.

They are probably trying to secure their own centralized digital currency by implementing these pathetic restrictions.

Regardless of the China ban, Bitcoin will move on thanks to its decentralized and censorship-resistant nature. An event like this will only affect prices temporarily. China knows it can't beat Bitcoin so it's trying to prevent people from accessing it as much as possible. This is nothing more than an agenda to force the use of the new Digital Yuan. Miners won't be able to continue operations on China, but they can flock to other countries to stay ahead in the game.

I believe El Salvador will become the next Bitcoin mining hub, due to recent laws supporting the cryptocurrency. You can bet Chinese people will gain access to Bitcoin through other means (TOR, VPN, DEXs, etc) in order to continue enjoying financial freedom. To take down Bitcoin, the whole Internet must be stopped. And we all know this is practically impossible to achieve. With or without China's support, Bitcoin will be here to stay for a long, long time. Just my thoughts Grin

bryant.coleman

legendary

Activity: 3724

Merit: 1217

Quote from: sana54210 on September 27, 2021, 04:01:49 PM

You can't use TOR in China without worrying about death. In other nations it is still not accepted, depends on which website you go to of course, if it is just google and facebook or something then I doubt you would be in trouble.

However in China, you would be in a big big trouble if you used TOR and did something against the governments wishes. It is not even just "you will go to jail" when you are in China, it is literally just a huge concentration camp there and you would either be forced to do free labor forever, or you will be executed if it is too bad. All in all I would say that it is smarter to end up doing something legal and not go against CCP at all.

LOL.. if the situation is this bad, then I would just advice the local cryptocurrency users to stop doing transactions until there is a policy change, or till the time they are able to secure a foreign passport. Even if the user travels to some other country (say South Korea or Japan) and do cryptocurrency transactions in these countries, I don't think that they will be 100% safe. I am sure that the CCP surveillance will follow them wherever they go. If you get a US or Canadian passport, at least they will think twice before targeting you.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

BTC usually falls in price at around this time of the year and rises rapidly before the year ends based on historical data. The Chinese government continue to highlight the fact that they fear the rising power of BTC and other popular cryptocurrencies.

They are probably trying to secure their own centralized digital currency by implementing these pathetic restrictions.

Sterbens

sr. member

Activity: 1848

Merit: 341

Duelbits.com

Quote from: suryogandul on September 24, 2021, 11:04:51 PM

China seems to have its own policy that does not support the global crypto market. maybe china has a different view of the global market or has a specific goal towards bitcoin. But what China is doing is very detrimental to the global market and disrupts the market. China should be able to think more about its policies so that the global crypto market can continue to run

Unfortunately, China is not a country that has quite the compassion you'd like. We couldn't have hoped for more about the things China had already done. The price drop was especially apparent after China started an attack on social media and declared a complete ban on cryptocurrency. China will continue to try to make reforms from the economic sector that makes it seem as if China can control the global market.

The level of losses caused by China has a wide impact, that's because they have a number of large companies. Even if the Chinese themselves don't agree with their country's rules and he still insists on investing in Bitcoin then what Chinese citizens can do is invest in Microstrategy shares which are one of the stocks that hold Bitcoin (Michael Saylor).

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: enhu on September 24, 2021, 11:39:35 PM

Just when you thought the price will recover faster after the dip, China wants to push it down. They have done this before and they know BTC won't die that way.
The government clearly doesn't want cryptocurrency mining, in general, that's very clear at least.

But regulations about Bitcoin and owning cryptocurrencies have different rules for this country and I think the same is happening in most countries even in the US the regulations is not very clear.

China doesn't want people using other alternative monetary system other than the Renminbi. The government knows it can't destroy Bitcoin, so it's targeting centralized exchanges and miners in order to prevent as much people from using it. The more restrictions there are against Bitcoin, the more people will be forced to use the Chinese Yuan (Renminbi). With the Digital Yuan soon to become a reality, we should expect more opposition against Bitcoin.

At least, Bitcoin will survive thanks to its decentralized and censorship-resistant nature. China may be able to prevent people from gaining access to Bitcoin through centralized services, but that's it. People will eventually find other ways to use Bitcoin in secret. TOR, VPNs, and even decentralized exchanges make it possible for anyone to access Bitcoin regardless of government restrictions. Regulations can be imposed, but the rule of law cannot be enforced because of the way Bitcoin was designed. We should take advantage of the recent dip in price in order to accumulate as much Bitcoin as possible. I have a feeling it'll bounce back, as the FUD fades away into oblivion. Just my thoughts Grin

sana54210

legendary

Activity: 3248

Merit: 1128

Quote from: Vishnu.Reang on September 27, 2021, 05:48:00 AM

Quote from: ?? on ??

Maybe through their heavily censored Internet, they have a different Internet than US and they ban every site if they deem it offensive or illegal to their government. VPN doesn't make you out of the country, your geo location is still in China so a conventional VPN won't work.

That's why people rely more and more on browsers like TOR. BTW, in normal cases a VPN ensures your anonymity. It assigns you a new IP address, which makes it near impossible for the government agencies to track you. But in case of China, they have technologically advanced surveillance tools, so the safety can't be guaranteed. The problem here is that the ISP provider will be knowledgeable about your VPN usage. If the police request them about the details, then they will forced to share it. The catch here is that the police needs a court order to make such a request. I guess in China getting a court order is relatively easy.

You can't use TOR in China without worrying about death. In other nations it is still not accepted, depends on which website you go to of course, if it is just google and facebook or something then I doubt you would be in trouble.

However in China, you would be in a big big trouble if you used TOR and did something against the governments wishes. It is not even just "you will go to jail" when you are in China, it is literally just a huge concentration camp there and you would either be forced to do free labor forever, or you will be executed if it is too bad. All in all I would say that it is smarter to end up doing something legal and not go against CCP at all.

Emitdama

sr. member

Activity: 1848

Merit: 328

Quote from: D-law on September 24, 2021, 12:13:30 PM

China’s renewed crackdown against crypto mining and trading activity started in May. That was the first time top officials had singled out crypto mining at the national level since dropping it in 2019 from a proposed list of dirty industries to be eliminated.

The move caused a collapse in crypto prices, with Bitcoin losing about half its value between April and July this year. While the market has since recovered some ground, it’s still far below the all-time high of $63,000.

I saw another news that claims that this is just a rumor and I think that is true, this news is just another rumor. By the way the bitcoin market is up again after falling below $40,000 and now it is headed for $45,000 and might as well get pass that. This is just the same news that came around 2017 when China talked about banning Bitcoin, so the media are just digging up something that already happened in the past to create panic in the market. Nobody should be believing all these news, before you believe something like this you should first of all think and do a research before accepting it.

dimonstration

hero member

Activity: 2674

Merit: 696

Dimon69

Quote from: AicecreaME on September 27, 2021, 10:09:39 AM

I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.

Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.

We will see what their reason of accepting it again after few weeks or months, there’s always a news of banning from China almost every year, may it be in doing transactions or for miners. We can say that it’s still affect the market due to number of users from China but we’re already aware that after the restrictions dump then recovery will follow. Those who already in the market since 2016 will know how many countries announce banning yet the crypto market still able to survive so there’s no need to worry now just take advantage of the chance to buy or study coins we are eyeing.

AicecreaME

sr. member

Activity: 2394

Merit: 454

I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.

Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.

kayiboyu

member

Activity: 588

Merit: 10

$CYBERCASH METAVERSE

Bitcoin price went down after China made a statement like they banned cryptocurrencies and the transactions related to it. But it was not a very big drop in the price. The price just went down to $41k and after a little time passed, it recovered to a level around $43k again. As far as I see, the price isn't affected highly by these FUDs anymore. And this shows that Bitcoin is getting stronger than ever.

YOSHIE

legendary

Activity: 2128

Merit: 1775

China always does things that shock the world, two years ago corona, now crypto/Bitcoin, for me it's no longer surprising China's behavior towards crypto, I actually hope that what China Bitcoin does can hit the lowest level again like it did in 2016, I will buy and save more, I know these are all Chinese tricks to be able to control Bitcoin like they control corona, this is what they do, but wait they don't work on this one, do as they please Bitcoin never shakes.

You need to know that chinese people are spread all over the world, they have access to crypto/bitcoin in other countries, china is cunning and smart, remember 1000 people who trade crypto/bitcoin in their country, 5000 other people trade crypto/Bitcoin in other countries, some think that way, no, what many know China is closing access to crypto in their country, outsiders/other countries, Chinese people trade/invest in crypto, who knows, so take it easy, there are more chinese people in other countries than their own country, try you go to singapore, majority chinese 80% they are involved with bitcoin, then who forbid them, nothing.

MyRihanna

newbie

Activity: 5

Merit: 0

It is not surprising that any opposition from a major country will cause the price of Bitcoin to fall. For Chinese citizens, selling Bitcoin to avoid breaking the law is their only option. In fact, short-term ups and downs do not have reference value. Bitcoin represents a more advanced idea and will not be affected by national policies.

24Kt

member

Activity: 1092

Merit: 67

Quote from: Vishnu.Reang on September 27, 2021, 05:48:00 AM

Quote from: ?? on ??

Maybe through their heavily censored Internet, they have a different Internet than US and they ban every site if they deem it offensive or illegal to their government. VPN doesn't make you out of the country, your geo location is still in China so a conventional VPN won't work.

That's why people rely more and more on browsers like TOR. BTW, in normal cases a VPN ensures your anonymity. It assigns you a new IP address, which makes it near impossible for the government agencies to track you. But in case of China, they have technologically advanced surveillance tools, so the safety can't be guaranteed. The problem here is that the ISP provider will be knowledgeable about your VPN usage. If the police request them about the details, then they will forced to share it. The catch here is that the police needs a court order to make such a request. I guess in China getting a court order is relatively easy.

And if they are suspecting some illegal activities, they can easily get the nod from their government agencies to collect necessary information. I don't think crypto users from their country will be comfortable using VPN or other techniques how to go around this new protocol. I think, it is more on, they will request relatives or colleagues who are residing overseas to do some of their crypto transactions. But will this be permanent approach on crypto? Or just for the moment, I think, in the future, they will change their mind.

Vishnu.Reang

sr. member

Activity: 1974

Merit: 453

Quote from: ?? on ??

Maybe through their heavily censored Internet, they have a different Internet than US and they ban every site if they deem it offensive or illegal to their government. VPN doesn't make you out of the country, your geo location is still in China so a conventional VPN won't work.

That's why people rely more and more on browsers like TOR. BTW, in normal cases a VPN ensures your anonymity. It assigns you a new IP address, which makes it near impossible for the government agencies to track you. But in case of China, they have technologically advanced surveillance tools, so the safety can't be guaranteed. The problem here is that the ISP provider will be knowledgeable about your VPN usage. If the police request them about the details, then they will forced to share it. The catch here is that the police needs a court order to make such a request. I guess in China getting a court order is relatively easy.

sana54210

legendary

Activity: 3248

Merit: 1128

Quote from: amishmanish on September 25, 2021, 01:30:39 AM

China throwing out miners is the best thing that can happen for decentralization of mining. The rest of the world is anyways tired of the Chinese copying everything and then claiming technological superiority over the world. The earlier the crypto world is rid of the deceitful and opportunistic Chinese community and government, the better it'd be for the free people of the world who see crypto as an innovation, an opportunity and a revolution in how we transact and manage finances.

Most Chinese community I am aware of are anyways just meme-scammers pumping their bags with bots and shilling. Even if they try to build something, it always has some sort of underlying deceit that is controlled by the Chinese. The upbringing and conditioning within a regime that you cannot question and where you cannot follow the natural human urge of freedom has ensured that most Chinese products are a result of the sole pursuit of money. Lets be done with their hypocrisy, atleast in the crypto world.

China has always been trying to rule with iron fist and then claim they are doing great. If any nation in the world ever managed to rule with iron fist and use their own citizens as slaves and then steal IP from all other nations, then they would become great as well. Whatever helped China so far has always been unethical and immoral, they have not done a single thing that helped their nation but also helped their citizens.

So, who cares if they banned miners or banned transactions, I wish all of them just cut out from rest of the world and live all by themselves because I have not seen one good thing come out of that nation ever. I hope that we would see China losing all its power.

Topic: Bitcoin slumps as China bans all cryptocurrency transactions - page 3. (Read 490 times)