Topic: Charlie Lee: Chinese bitcoin FUD is whale manipulation (Read 1987 times)

I agree. Those investors are just really new and just started to put investment in bitcoin thinking that they can easily make profit. But the first sign that there's a FUD's, they are the one who dump the coin first and exit because they are afraid that they will lose their money. But if you are here long enough, its clear that those FUD are used to create panic in the market and entities behind do this to manipulate the price of bitcoin to their advantage, so that they can bought it at a discounted price.

What it happens is that most people investing in bitcoin do not really understand bitcoin and its future, while I’m not an expert either at least I know enough to understand that bitcoin is going to become very big in the future so it is better that I keep all my bitcoin no matter what happens, any profit that I could get now by selling my bitcoin is going to be minuscule compared to what I can get in the future.

in case someone missed it, the "rumor" or the FUD was that China has banned bitcoin and the FUDsters didn't stop there, they started creating panic in people that China is going to ban bitcoin mining too and close down miners and kill bitcoin.
although this is nothing new but it was effective for a while before people realize that what China did was close down exchanges for money laundering and ban ICOs for scamming people out of a lot of money.

they ended by the way, a while ago.

The Chinese will close all the exchanges end of this month. So there will be no more rumours.

Here is the latest Chinese fud:

http://www.zerohedge.com/news/2017-10-12/bitcoin-explodes-5600-30-end-chinas-golden-week-holiday

If you thought it was all finally ended when China closed the exchanges, think again. We're going to have endless rumours about how they are going to open the exchanges again, even though no sensible country bans and then reopens things on a six-monthly basis over and over.

Correct, but the best part is that we do not need to get as much bitcoin, as I said if you have a single bitcoin you are in better shape than 99% of the whole world, now I will not expect to become rich with only one bitcoin but if you have that amount now, how much bitcoin are you going to have in the future? I think I will be able to get something like 10 or 20 bitcoin in the next 5 years and if hold them I know that my future is going to be secured.

I can virtually guarantee you that you will never be able to buy a Bitcoin for $1800, or even $2500 again.  It's more likely that it will crash & burn in one fell swoop overnight... that someone(s) will break the system and make off with all the loot.  Kind of like when Congress was missing something like 3.2 Trillion dollars and nobody had any idea where it went.  There will be an investigation that is just for show that will go nowhere.  Nobody will seemingly have any idea what happened, and then it will just go away.

Sorry, that was kind of extreme.  I'm not saying that will happen, just that I see it as more likely than the price dipping down to that level ever again.  I think we'll see another climb similar to the one that took it to 5K in the first place, and it'll get to about 7K and hover there for a little.  When people see the growth freeze, even drop a tad, many will sell off their shares causing a slight drop.  But if history/trends should tell us anything it's that the declines are never as bad as we think they'll be... at least they haven't been as steep as I expected them to be.  So many people have confidence in Bitcoin that the vast majority will hold onto their shares, and even keep buying more whenever they have extra cash to invest regardless of what's going on at the time, because they believe it will rise again in the long term.  And this is the 2'nd smartest way to go about things next to having a crystal ball that will allow you to be right every time as to when to buy or sell, or can manage to make the right educated guesses anyhow.  Well, after seeing myself just type that now, I'd have to say I have them backwards as to which is the smartest measure.  And make no mistake confidence is what matters, more than anything.  People have the misconception that fiat money/currency is less valuable, tangible, etc... than a physical asset, like gold... something you can touch.  But that fallible logic.  If people have more confidence in thin air than they do in gold, then 1 ounce of thin air will be worth more than 1 ounce of gold.  So will some numbers on a computer screen ultimately consisting of nothing more than a string of 1's & 0's.  That's how it always has, does, and always will work, but it's amazing how many people don't realize it.  I think that even people that work on Wall St. for a living forget it sometimes.  Truly astounding.    

The news out of China is true, but it's also largely irrelevant.  The govt. doesn't want their people being able to make money that they can't control or tax.  But that govt. and the .001 percenters/elite are pulling their money and investing instead.  I wouldn't even doubt if China is selling off some of it's gold reserves to convert it to Bitcoins.  They won't report any of it so how could we know.  But they're short sighted.  It's only hurting their economy in the long run.  People that are unemployed and can't find work, or just don't want to, what most of them can do is use a computer.  They can make a living off of Bitcoins.  This grows the size of the middle class, lessens the size of the poor, renders unemployment rates more moot than they otherwise would be, and most of that money will find it's way right back into their local economy and businesses.  The leaders of America are crafty enough to realize all of this thankfully and see the big picture.  Of course it's also a natural benefit of a free market society over, well, what they have over there.

Everything that happens is the result of manipulation from higher hand, which shouldn't be anything new, or is it for you? These entities are in fact whales (i.e. wealthy traders/investors). This market is infested with short term gamblers that are very easily tricked into believing whatever fud, and thus sell as result. It's something that works time on time again, and for that reason, will continue to happen as long as people don't change their mentality and understanding of this market.

Well said, but this is very taft job. So getting that much rich is not possible for regular traders and people. Only, people with special skills can do this.

Whales are part of any capitalist system, what bitcoin is doing is giving a set of rules to everyone that way those that become rich do so because of their own merits and not out of corruption or something like that, you can become a whale too, but you need to be incredible smart and hard working to do it, just look around there are only going to be 21 million coins which means that most people are never going to have a bitcoin, if you have one you are in a better position that most people in the world.

You are just new to the game if you think it's just whales who manipulate. You can't trust anyone in this cryptocurrency world because majority of news that are spreading out are intended to manipulate bitcoin users. You can only trust yourself and believe in bitcoin.

That's total bullshit that only those who think Kim is a god could believe in.
North Korea has maybe 10 warheads in their whole arsenal so if they started to nuke people for using Bitcoin or anything else they'd quickly run out. Also if they ever launch at a neighboring country the USA will launch at them. Kim is done it's just a matter of time before he destroys his country.

North Korea announced just now that if they find people using Bitcoin they will nuke the shit out of them where ever they are, China ban Bitcoin or not, nothing is changed for the rest of the world. if mining gets banned in China then it should be the same in any country. they all are thinking about regulating crypto currencies but banning them wont work because it's not possible to know exactly how many people are using them and where they are.

The FUD did work and that fact cannot be denied. I only pitied the gullible new investors who panicked and allowed themselves to be played by the Chinese whales. It is not a new thing since we always have market manipulators and Jamie (JP Morgan CEO) also contributed a little bit to it so as to buy at a lower price. Hopefully, some people must have learned their lessons with this.

people read too much into these things in my opinion. they build some kind of big evil out of the government, specially the foreign government for themselves and then explain every actions they make based on that assumption.

imagine an online shop selling goods (like clothes, computer hardware,...) and this shop handles 50 million dollar sales every day. now do you think this shop can continue working with dollar without license and with no regulation? the answer becomes so clear when you look at it like that, isn't it?

I have been  saying this several times that the news of China banning bitcoin mining and exchangers activities is a whales manipulation to create panic for the amateurs to sell their coins at lose and for them to buy at cheap prices.

He's right as many sources are now saying that Chinese ban is temporary and they will resume trading at some point. The price has also recovered, which proves that investors aren't afraid of the Chinese stance. They have initially tested this tactic in 2014, when they started closing down exchanges and saw the price go down with each announcement they made. There were 3 or 4 within maybe 2 months, which just added into the downtrend. People made money back then and they made money now. We can expect more FUD from china in future.

It doesn't really surprise me if this is the case. We know that whales have influenced Bitcoin prices on some exchanges in the past so it is possible.  

I also wondered that even if China was trying to ban Bitcoin that it was for nefarious reasons like the Chinese government wanted make their own cryptocurrency and force their citizens to use it. Or the Chinese government wants the price to drop in order for them to stock up on Bitcoin before making it legal again. Essentially this would make the Chinese government a whale manipulating the price.

On top of the Twitter post that was posted by OP weeks ago, I find this article very interesting:

https://www.cryptocoinsnews.com/china-will-likely-resume-cryptocurrency-trading-by-licensing-bitcoin-exchanges/amp/

It's very possible that China was testing how powerful their influence was and they are attempting to regulate the trades that will happen in the future only on exchanges they license. We may even see taxes on BTC introduced in China.