China Bitcoin Ban false alarm - page 2.

jostorres

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Quote from: BIN-BIN on September 24, 2021, 02:15:49 PM

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

The price has already gotten up to $44,000 after the news was made. I also suspected it to be a rumor because I know that it has been long that they talked about Bitcoin being banned in China, so I wondering if they were banning it twice or what? I just didn’t get it. So, I knew there was something about the news, and it all doesn’t make any sense at all.

Even if they should it ban, it’s not going to make Bitcoin to stop, it might just have a slight decrease and still get back again and continue. And that doesn’t stop people from using bitcoin, we have seen how people quickly switch to making use of P2P exchanges in places where Bitcoin was banned. So, that’s the same thing Chinese people will do when centralized exchanges are no longer functioning for them.

pergola

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This year's bans in May and September look strong. They want Bitcoin and crypto to be disabled in China. People cannot mine, trade on exchanges, P2P trading is prohibited, and even the Chinese cannot talk about cryptocurrencies on the country's social networking sites.
This is considered the absolute suppression of cryptocurrencies in the country with the largest population in the world.

Leviathan.007

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As the OP already said that here on the topic, China banning bitcoin is not something new for people who already know bitcoin and China. History tells us everything we should know and China is trying to ban bitcoin since 2017 in the beginning they could make some effects on the market but right now, everyone should know how they act. Since China wants to get the economic control everywhere and bitcoin nature is against it, they try to ban it or spread fake news against it.

glendall

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I'm sure everyone already knows this news and is sick of the news about the ban on bitcoin from China, sometimes I think China is deliberately making this news so they can buy bitcoin at a cheap price, and resell it by making things better than the news they make also

velosepur

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Same news again, not so big impact. Market recovering. This is not the first time China has declared a crackdown on cryptocurrency-related activities, but until now so many government agencies had not collaborated on such efforts.

kryptqnick

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Quote from: tranthidung on September 24, 2021, 07:18:58 PM

Look at the FUD. Do you believe it is real?

China will lose a huge income from tax if they ban crypto transactions and crypto exchanges in their mainland. With the greed they have, do you think they will self eliminate opportunity to earn income for their country and their regime?

Many exchanges try to move their main offices out of China main land years ago and they will continue this trend. Only if China want to reject such income, other nations have no issue with China ban as well as cryptocurrency investors or traders.

Crypto has recovered from China's FUD over a dozen times in the last 12 years

I don't know how real the current situation is, but I don't think it's completely a false alarm. I agree that cryptos recovered from similar news many times, and there's no way this will crush Bitcoin or cause significant long-term impact on its price, even, but I think that short-term impact over the next few months. Or maybe this event and the fact that Twitter now allows tips in Bitcoin will sort of cancel each other out, as seems to be the case right now. In any case, I'm sure Bitcoin will be alright in the long run, and given that it's indeed not the first 'ban' of cryptos in China, I don't think it's the end for cryptos there either.

masterrex

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I'm sick and tired of this old news, it was just recycled information but I believe it was intentionally published for a purpose to wreak havoc into the crypto market, and it was effective since the Bitcoin and other cryptocurrency prices temporarily declined and it was caused by that recycled information. I hope that China banned drama will end soon so that the market will normalize again.

oktana

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Quote from: Kemarit on September 24, 2021, 08:55:19 PM

It's not a false alarm, they have been banning crypto since 2013, LOL.

So why are investors still affected by this news?

This puzzled me! I know that there was a ban but what is the essence of putting up the news again? Could this be intentional to cause a dump? Because I do not see the necessity to bring it back up and create FUD that has obviously impacted the price. Worst of all is that there was a dip before this, and the news only took us deeper.

RiskySanchez

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This is the reason why china has a significant effect on the state of the market every 4 years it will repeat itself with china news and this is what makes the emotions of traders and investors affected. So far I think this is just a correction of the price of bitcoin because they deliberately dump bitcoin for the benefit of companies from China. Who knows

EdenHazard

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Quote from: jakdanyel on September 26, 2021, 02:53:13 AM

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

According to Reuters, this time is not a false alarm as it seems. China really has banned cryptocurrencies completely. There have been so many claims that they did this before so far but they all turned out to be wrong. But now, we see that it has really happened. But this should not be very surprising for investors because they should already be aware of China's being completely against this market.

according to this in 2013

https://www.bbc.com/news/technology-25233224

this in 2017

https://www.bloomberg.com/news/articles/2017-09-15/china-is-said-to-call-for-bitcoin-exchange-halt-by-month-end-j7lblmdg

and this in 2019

https://www.cnbc.com/2019/11/25/bitcoin-sinks-to-a-6-month-low-as-china-accelerates-crackdown.html

they were banning bitcoin multiple times and its like it was yearly routine for them at the end of each year.

sure this time they are very very serious.

Grin

Wildwest

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We hope that the news spread at this time is just an engineering designed to drop the price of bitcoin, as you said in the previous year the same thing has happened and now the price of bitcoin drops dramatically but can eventually increase again when many crypto users know the news is just a way to drop the value of bitcoin, Therefore we should not be easily influenced by the news spread because they must have a certain purpose to make negative news.

pinggoki

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The news will still have effects (probably) because we have to admit, China has a standing in the economic sector compared to other countries. But it wouldn't be that impacting as people are starting to get weary of the shenanigans China has been committing against cryptocurrency ever since 2018 came. There will come a time when people will just shrug news coming from China knowing that there's nothing good that's gonna come out of their country.

Quote from: jakdanyel on September 26, 2021, 02:53:13 AM

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

According to Reuters, this time is not a false alarm as it seems. China really has banned cryptocurrencies completely. There have been so many claims that they did this before so far but they all turned out to be wrong. But now, we see that it has really happened. But this should not be very surprising for investors because they should already be aware of China's being completely against this market.

Exactly, just like how the story of the boy who cried wolf went, people will start to get used to this negative news coming from China, if they haven't got used to it already. Most investors that have been in the cryptocurrency scene ever since 2018 have already known about this and had diverted their energy to something that will help the cryptocurrency community instead of focusing on the negative that is the Chinese Government.

buwaytress

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Quote from: ?? on ??

They're only all talk for now and hopefully they don't walk those talks because a ban on the apps and websites that we use to do trading is going to spell doom especially for those in countries that have a really strict countries and invasive towards the privacy of their people. We just hope that this cycle of FUD stays the same because a change for the worse isn't any fun for everyone except those that will benefit from what's to come next.

But as I was just saying, people have been getting their Bitcoin hits using direct p2p trading, at least according to the few individuals I know, and this going on for years. It's believable too as I've been doing P2P in my native country (where there's just one reputable exchange that no one likes). And this is even outside an app or platform, using YM, Wechat, Whatsapp, forums, you name it -- there're people there vouching for each other and taking their Bitcoin trades direct.

Every time a government does this, people learn to go underground and learn to deal P2P. Indirectly, it leads to better rates and more education, and more direct onchain activity (as opposed to selling/buying offchain on another platform/app).

I'd say it's an unintended win for Bitcoin, with some initial inconvenience.

karur

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China's Huobi Exchange has already made the worst announcement, clearing all users in China, will it usher in the most terrifying decline next?

tuertezii

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This time the Chinese news only dropped Bitcoin by $2,000. Is it still going to fall? Did it fall by 2,000 dollars? The Chinese government will not give up.

jakdanyel

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kycfree

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

According to Reuters, this time is not a false alarm as it seems. China really has banned cryptocurrencies completely. There have been so many claims that they did this before so far but they all turned out to be wrong. But now, we see that it has really happened. But this should not be very surprising for investors because they should already be aware of China's being completely against this market.

Shasha80

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Quote from: Mr.sprin on September 26, 2021, 12:27:48 AM

I read a lot about China banning bitcoin whether it's true or just FUD but for sure the market is very influenced by news from China and bitcoin price drops drastically, does china intentionally make fake news and when bitcoin price goes down they buy bitcoin after that they make good news and bitcoin will go up then they release bitcoin is that the aim of china?

I am not surprised if there is FUD coming from the Chinese government, because the Chinese government has often spread the news that it will
ban Bitcoin. And it often affects the market, although usually it doesn't last long and the price of Bitcoin goes up again. I don't know if
the Chinese government is doing it on purpose to manipulate the price of Bitcoin or not. What is certain is my advice we don't need to panic
and be affected by the FUD that happened, as long as we can be patient with holding the Bitcoin we have. In the end we can get through this
bad market and can make profit from Bitcoin.

Kaylana

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Quote from: davis196 on September 26, 2021, 12:37:55 AM

Quote from: Kemarit on September 24, 2021, 08:55:19 PM

I expect a bull run to happen in 2022.I was more optimistic about this year,but the FUD will discourage many investors into buying Bitcoin.

Isn't it in the bull market now? You mean 2022 is a crazy bull market? I hope you are right. I look forward to the bull market in 2022.

davis196

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Quote from: Kemarit on September 24, 2021, 08:55:19 PM

It's not a false alarm, they have been banning crypto since 2013, LOL.

So why are investors still affected by this news? I haven't check the price, but today it is $42,000-$43,000. We are still above or at least in the average for this month. So I guess the drop will be temporary. On the contrary, if history repeats itself, this kind of statement from China will fuel another bull run.

This type of news will definitely scare the smaller and inexperienced traders so I expect the Bitcoin price to drop below 40K USD for a while.The price had recovered many times from this FUD.It will recover again.
I can't wait for China to ban crypto once and for all,so we could stop with all this FUD,that has been continuing for years.Bitcoin/crypto will be fine without China.Sure,the cryptocurrency prices would be way bigger,if China(or at least the Chinese government) was more open towards crypto adoption.
I expect a bull run to happen in 2022.I was more optimistic about this year,but the FUD will discourage many investors into buying Bitcoin.

Mr.sprin

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I read a lot about China banning bitcoin whether it's true or just FUD but for sure the market is very influenced by news from China and bitcoin price drops drastically, does china intentionally make fake news and when bitcoin price goes down they buy bitcoin after that they make good news and bitcoin will go up then they release bitcoin is that the aim of china?

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