China warns Bitcoin is heading to zero - page 6.

ChrisPop

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Now, isn't that hypocritical? A communist government talking about manipulation. What can we draw from this? --> Fear of the emerging giant.
They are just making things worse for their population. Bitcoin is already well past the global phenomenon status and they still are trying to discourage their population from buying it instead of embracing "change". That's just so characteristic for conservatorism.

Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper.

No s@it... Why aren't they creating something like Bitcoin if it is just a string of digital code? - Short answer -> Because they can't and because they lack the vision.

virasog

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Quote from: NotATether on June 23, 2022, 05:14:45 AM

Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

In other news, old man yells at cloud.

No seriously, this is old news. How many people have been lecturing us these past few days just on this board that our BTC is going to be worthless? :-/

Regardless of whether this news is old or new, it's just a fud that bitcoin is heading towards zero. Whales want that we sell our bitcoins to them for cheap and they will influence every media to give such negative news to create an environment where everyone thinks to sell bitcoin to save their capital. This is indeed a trap and we should be careful not to listen to these unrealistic predictions.

Jemzx00

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Quote from: mk4 on June 22, 2022, 11:21:56 PM

Not gonna lie — they totally sucked at FUDding on this one. They could've probably used something that could convince the normies far easier such as the "quantum computing will break Bitcoin's security" or something like that.

Will all the FUDding and bad mouth that China has made against bitcoin and cryptocurrency, they couldn't really convinced a lot of people with these kind of antics. But, I can kinda admit it that they have FUDding cryptocurrency for a long time and may have affected bitcoin's price and market but I doubt that they'll be able to lower the price of bitcoin with this one.

Anyways, It's kinda funny if they'll say that or anything that includes "Quantum" like "Bitcoin's Blockchain technology has been exposed with all of it's flaws through Quantum computation from researchers from China".

traderethereum

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If so, let it be and we will see what will happen with the crypto market.
Bitcoin has been tested many times with drastic price drops; this time, bitcoin is experiencing it again.
But I think people still believe that bitcoin will rise again after this.
It's only natural that China thinks like that to influence people's minds, especially people who have just joined bitcoin.
As long as we don't listen to stories like that, we'll be fine.

Gyfts

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Something odd about the Communist Chinese Party convincing everybody that Bitcoin is heading to zero while their economy is hemorrhaging from COVID lockdowns and supply chain issues. For a country that censors the internet and drags people away in chains for criticizing the government, I would see why the disinformation campaign would need to be ramped up in a time of economic uncertainty.

Unfortunately for the CCP, people are not stupid.

I laugh at these hysterical statements. They don't even put in any effort.

cheezcarls

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Nice try China, but your FUDding tactics won’t work on us anymore! Thinking that they could influence the entire world. Been there done that, we’ve already weathered the storm many times. Bitcoin always bounce back stronger no matter how many times China try to take Bitcoin down. In fact, China’s latest news about Bitcoin is a sign that BTC will start a bull run again!!!

ultrloa

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Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are “heading to zero.”

The South China Morning Post reported on June 22 that Chinese national news media agency Economic Daily had issued the warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto.

The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts” which it said was an “important external factor” which contributes to Bitcoin’s volatility.

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper.

As of the time of writing, BTC is trading at $20,386, 71% down from its high and 0.7% down over the past 24 hours according to CoinGecko.

(source: Cointelegraph)

So what can we expect to them? They are totally blocking bitcoin on their country so expect that they will spit some bad words against it. And can you see what happen on bitcoin even if China government ban this? Bitcoin still standing strong and their calls somehow didn't take effect because there are still chinese guys use crypto.

buwaytress

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Wonder how much secret BTC CCP's got stashed up Wink

Quote from: mk4 on June 22, 2022, 11:21:56 PM

Not gonna lie — they totally sucked at FUDding on this one. They could've probably used something that could convince the normies far easier such as the "quantum computing will break Bitcoin's security" or something like that.

Yeah, missed opportunities, really. Bitcoin will run out in a few decades and miners will desperately melt the polar ice caps and everyone die in a great big flood. I know it's crazy sounding but that would strike fear. Using "a few lines of code" actually impresses Gen A Chinese.

I've actually seen altcoin marketing using these FUD items as a buying motivation cause shitcoin's not Bitcoin, therefore it's good!

Lucius

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Just when you think we got rid of China, the OP shitposter that was supposed to be banned for plagiarism serves us one worn-out story that should have some effect on what exactly? If the Chinese Communist Party and all their political comrades around the world think that Bitcoin is worth nothing or that it will be worth zero in time, that is their opinion, and let them sell it to their people - why should we bother with that?

The time when China had an impact on the price of Bitcoin is over, in vain the attempts of various internet trolls who spread this kind of news around👎

Leviathan.007

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That's not really surprising to see this news from China in this situation when the market is bearish and the price is falling to lower levels, since they want to spread the fud news about bitcoin they say bitcoin is going to die the price to going to down to 0 while to the people who know bitcoin and those who are not new in this market this situation is not new at all, in the end, I was not expecting more from a country where they are always trying to attack bitcoin.

DerekFlips

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Can it really go down to 0? It doesnt seem quite likely to happen.

Even if it went down below couple of Gs people would be buying the hell out of it and would make it go up again.

NotATether

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Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

In other news, old man yells at cloud.

No seriously, this is old news. How many people have been lecturing us these past few days just on this board that our BTC is going to be worthless? :-/

darkangel11

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Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper.

So is the official website of the Chinese government, the database of Chinese Central bank, the domains that they use for their sites and many more.
Even your phone number is a string of code, but you pay to get that number assigned to your name. You pay to use many different types of code every day. If you have cable tv, it comes in the form of a digital code. Your VOD subscription is a digital code. Codecs that allow you to listen to compressed music and watch videos are just code.

The Chinese government makes no sense here.

Baofeng

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Quote from: avikz on June 23, 2022, 01:43:57 AM

It's hilarious! Everyone knows that the official media of China is a puppet of the government and their only job is to spread government propaganda. By now, it's clear to everyone that China doesn't like cryptocurrencies. Because any authoritarian government believes that crypto can give their citizens a power to disregard traditional finances. They have seen it during Hong Kong riots where a lot of people transitioned from fiat to crypto because the government was freezing their bank accounts. China has also drive the miners out of their country sometimes back. So it's pretty evident that China government doesn't like cryptos.

Yeah, and add to that, with the looming financial crisis around the globe, they don't want to experience "capital flight". Because they know that their citizens can used bitcoin to hide their wealth and move it somewhere else without them having knowledge.

They ban bitcoin mining causing a massive exodus of Chinese miners outside and then make mining not a monopoly of Chinese anymore, so this is the good effect of them driving them out of business or pushing them outside.

avikz

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It's hilarious! Everyone knows that the official media of China is a puppet of the government and their only job is to spread government propaganda. By now, it's clear to everyone that China doesn't like cryptocurrencies. Because any authoritarian government believes that crypto can give their citizens a power to disregard traditional finances. They have seen it during Hong Kong riots where a lot of people transitioned from fiat to crypto because the government was freezing their bank accounts. China has also drive the miners out of their country sometimes back. So it's pretty evident that China government doesn't like cryptos.

So the news is not a surprise or should not be a surprise to anyone. Let the official media spread the government's agenda while we score more bitcoins for a better future! That's the game!

btc_angela

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Ever since early 2018, when they halted a lot of Chinese crypto exchanges that made CZ move to somewhere else, they didn't stop their attacks on bitcoin, they've ban it, calling it illegal, and hiding from the reasoning that it is being used by criminals and it could create economic stability. So are we surprise by this statement? No, and I'm sure majority of us are not going to be affected. On the contrary, this might push bitcoin a little, for all we know.

tjtonmoy

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They kinda sound like 5 years old telling story to make themselves look cool!
Spreading this kinda shit won't make BTC fall. it has made a reputation for it's worth.

Yaunfitda

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No surprises here, China has a lot and hate relationship towards bitcoin and they are hostile on BTC specially when we are in a bull run and I think they do it intentionally not just for the Chinese but for the world to hear their announcement or their official stand on it. But then again, we have seen that it has no effect whatsoever on the market, even if we are in a bearish cycle, we will remain resilience to this kind of attacks, not even China can bring bitcoin to 0, it's too big to fall now.

btc78

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Quote from: FMCPAY_GLOBAL on June 22, 2022, 11:15:44 PM

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are “heading to zero.”

Thanks for Chinese government then? because with this news and FUD they might bring the price more lower? and with that i will be having my chance to buy more and more? I will gladly thanks them for this kind of gesture Grin

What good thing are we waiting from Chinese since the beginning? is there any good news they deliver year after year?

Reid

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It's China, what can you expect. Even that news might have been illegally sent out by someone just to leak it out. Whoever that is should be hanged. Cheesy

Or, they intentionally leaked it just to create chaos. They banned it and now they want to bring it down as deep as they can by creating this kind of FUD.
How far will they go? Luckily, not many countries/people like them, so this kind of attack will go directly to the garbage bin or much better they will go against it, buy more Bitcoin and take the demand to its highest level.

Topic: China warns Bitcoin is heading to zero - page 6. (Read 1078 times)