Topic: More Chinese FUD to trigger panic selling on idiots - page 2. (Read 2934 times)
Coinbase, Kracken etc are trading at around $3800 while OkCoin is $4050. Whereas when the china news first broke OK ( who always traded above US and EU exchanges) sank below then. That tells me that there's something phony about this China FUD.
Turns out that the whole sell-off was triggered by Charles Lee (of Litecoin fame) tweeting that China had indeed banned exchanges (remember his brother owns an exchange in China, so he is reasonably well informed.
He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:
https://twitter.com/SatoshiLite/status/907664619279343616
When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:
https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/
which said:
I'm guessing the Anonymous source he trusts fully is is brother.
He deleted the tweet, but if anyone has an archive tool, they should be able to find it from this url:
https://twitter.com/SatoshiLite/status/907664619279343616
When the tweet url was posted on reddit last night before the tweet was deleted, the reddit tweet bot immediately created a post with the message:
https://www.reddit.com/r/Bitcoin/comments/6zp2pj/why_are_people_panic_selling_over_jp_morgan/dmx0kx4/
which said:
Quote
@SatoshiLite
2017-09-12 17:58 UTC
Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁
2017-09-12 17:58 UTC
Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁
I'm guessing the Anonymous source he trusts fully is is brother.
Embarrassing that hoards of people are still falling for this to be honest. Some of these weak people don't deserve to be on the bitcoin train, they need to man up.
I am sorry to say but being weak is not the actual issue. You are looking at only one side of the picture, how could anyone be so sure that these are just rumours. The Chinese government has officially banned ICO and crypto exchanges. What is the stance behind all this what they say I am not sure but there could be an element of state politics involved. Since the news are coming from China officials it seems like Chinese government is serious in banning cryptocurrency in their country.Now coming to the issue when a government goes against a business whose share in the whole world is 80% which is more than huge so, a person who has invested all his eggs in the same basket have the right to be worried about his wealth. I think there is no need to criticise someone in such a case.
If this China stuff is all a drama then all the users should boycott the Chinese exchanges and miners so to teach a lesson to China.
how are people idiots for selling when they can buy back in cheaper
Obviously, OP is referring to those selling because of the recent dose of fud that has to do with China closing down all exchanges. In a way I can definitely understand OP, but we shouldn't forget that this is a free market.No matter what the reason is for selling, no one has to justify any actions to the rest of the community/market. Instead of focusing on what others are doing, you can use this opportunity to buy at these lower levels.
That's exactly what I did. I bought back some of the profits I cashed out at +$4950 and bought back slightly over the $3800 mark a few moments back ~ that's how people should respond to corrections like these.
We now have an actual bitcoin OTC service stopping business because of China:
https://www.coindesk.com/bitcoin-otc-service-suspends-trading-citing-china-pressure/
https://www.coindesk.com/bitcoin-otc-service-suspends-trading-citing-china-pressure/
Quote
BitKan, an over-the-counter (OTC) trading service for cryptocurrencies in China, announced today that it will suspend operations amid growing scrutiny from domestic regulators.
In the news post, BitKan said it would suspend its trading service beginning at 12:00 a.m. on September 14, a notable development given rumors that OTC markets may be excluded from a possible ban. The suspension will affect both its Web-based and mobile users, but withdrawals and deposits will remain active, according to the firm.
The statement noted that the suspension is a result of an announcement published by People’s Bank of China on September 4 in which seven local financial regulators announced a ban on illegal initial coin offering (ICO) fundraising and trading activities.
BitKan's statement explains:
"After the suspension of the OTC service, BitKan’s wallets will continue functioning normally. Deposition and withdrawal of funds will not be affected."
The service did not say when – or whether – it would resume its OTC trading. However, the disclosure nonetheless highlights the escalating impact the Chinese government's recent policy moves have had on the local cryptocurrency industry.
In the news post, BitKan said it would suspend its trading service beginning at 12:00 a.m. on September 14, a notable development given rumors that OTC markets may be excluded from a possible ban. The suspension will affect both its Web-based and mobile users, but withdrawals and deposits will remain active, according to the firm.
The statement noted that the suspension is a result of an announcement published by People’s Bank of China on September 4 in which seven local financial regulators announced a ban on illegal initial coin offering (ICO) fundraising and trading activities.
BitKan's statement explains:
"After the suspension of the OTC service, BitKan’s wallets will continue functioning normally. Deposition and withdrawal of funds will not be affected."
The service did not say when – or whether – it would resume its OTC trading. However, the disclosure nonetheless highlights the escalating impact the Chinese government's recent policy moves have had on the local cryptocurrency industry.
how are people idiots for selling when they can buy back in cheaper
Not all people do panic sell are idiots since some of them do sell out wisely and go with the the flow.As long they are selling out on profits its still a win win situation.They will really buyback later on when they saw the price on its dip.FUDS are everywhere and weak hands would really suffer for sure.Wise people are just waiting to come in.
how are people idiots for selling when they can buy back in cheaper
The price is rushing down again so this is a good time to buy because of those FUDs in twitter, news articles and mostly in China. But like the normal days, maybe China is really testing their influence in the market of crypto currency is they are powerful enough to manipulate the market of bitcoin and other alts as well.
Well here is some more stuff confirming that something is up:
https://twitter.com/brucefenton/status/907683972687286272
The guy who wrote the above twitter thread is Bruce Fenton who is CEO of Chainstone Labs.
https://twitter.com/brucefenton/status/907683972687286272
Quote
1/ I'm unfortunately serious about the Chinese ban on trading of Bitcoin and Ethereum along with ICOs - this has been confirmed by at least
2/ 3+ sources who I believe to be credible- I've had conversations w leading execs who are on the ground in China- Yes this time it's real
3/ so what's that mean? Well, at least for now the government of the People's Republic of China will NOT allow new trading of Bitcoin or
4/ other digital assets-- this comes from the highest levels in China - even above the PBOC - the word is not ambiguous from an exchange POV
4/ so unfortunately the exchanges are now frozen and in a wind down mode -- this is massive in China - but ultimately not for Bitcoin
5/ mining will be exempted and there are BILLIONS of dollars of wealth of Chinese citizens in Bitcoin so govt is cautious of mass revolt
6/ they will keep this low key and not issue any new statement - they don't want to look backwards or cause market meltdown
7/ but the order to ban exchange of digital assets in China is indeed real - I'm convinced that the sources I've spoken with are accurate
8/ result will be a quick period of a rising black market in China followed by more decentralized exchanges, global growth & tech solutions
9/ Chinese investors and HOLDers will quickly find a way to continue to exchange crappy govt fiat for sound money like Bitcoin
10/ it's sort of a Napster move by the Chinese govt: it will accelerate the bit torrent of Bitcoin exchange - & strengthen black market
11/ they will cave to this failure within a couple years, perhaps within a year -- many reasons: internal pressure / external competition
12/ but the ultimate pressure will be that this tech doesn't work well with regulations & honestly is very difficult to control
13/ Chinese citizens will still continue to HODL, buy, use and accumulate Bitcoin. Ultimately the govt will realize it can't stop this
2/ 3+ sources who I believe to be credible- I've had conversations w leading execs who are on the ground in China- Yes this time it's real
3/ so what's that mean? Well, at least for now the government of the People's Republic of China will NOT allow new trading of Bitcoin or
4/ other digital assets-- this comes from the highest levels in China - even above the PBOC - the word is not ambiguous from an exchange POV
4/ so unfortunately the exchanges are now frozen and in a wind down mode -- this is massive in China - but ultimately not for Bitcoin
5/ mining will be exempted and there are BILLIONS of dollars of wealth of Chinese citizens in Bitcoin so govt is cautious of mass revolt
6/ they will keep this low key and not issue any new statement - they don't want to look backwards or cause market meltdown
7/ but the order to ban exchange of digital assets in China is indeed real - I'm convinced that the sources I've spoken with are accurate
8/ result will be a quick period of a rising black market in China followed by more decentralized exchanges, global growth & tech solutions
9/ Chinese investors and HOLDers will quickly find a way to continue to exchange crappy govt fiat for sound money like Bitcoin
10/ it's sort of a Napster move by the Chinese govt: it will accelerate the bit torrent of Bitcoin exchange - & strengthen black market
11/ they will cave to this failure within a couple years, perhaps within a year -- many reasons: internal pressure / external competition
12/ but the ultimate pressure will be that this tech doesn't work well with regulations & honestly is very difficult to control
13/ Chinese citizens will still continue to HODL, buy, use and accumulate Bitcoin. Ultimately the govt will realize it can't stop this
The guy who wrote the above twitter thread is Bruce Fenton who is CEO of Chainstone Labs.
The crazy part to all this madness is that very few people will noticed that china has been saying this since 2012.
And its now 2017.. and they are still with bitcoin.. so that says everything..
I wish I can find the old thread about china banks and business not accepting etc, then other madness.
And its now 2017.. and they are still with bitcoin.. so that says everything..
I wish I can find the old thread about china banks and business not accepting etc, then other madness.
I am still not quite sure that speculation about PBoC argueable ICO regulation was the only trigger of cryptomarket rolling down. Prices dropped at openning American trading session time, not Asian.
I am quite sure that the drop we have experienced recently, is only the result of the long waited for correction. It's a pretty mild correction considering that we are still hovering over the $4000 level. If we look at the crypto market in general, and then directly at what coin should really get affected by this ICO ban, then it's Ethereum. This coin thrives on this ICO boom as insane number of coins get pumped into ICO's, making sure that these coins aren't coming back into the circulating market for quite a while - result in Ethereum's case is clear if we look at how it has exploded in value this year. Bitcoin shouldn't at all get affected by this, so I don't believe this ICO ban has had any effect on Bitcoin's market recently.
That's why I like being here. Ethereum would be the most and overt dumped if it comes to ICO prohibition. What we have now it's 20% correction after August 50% run and that Chinese FUD is only excuse.
Market cap is still at 142 Billion. There was some dumping again today, which resulted in another panic run. But I guess its all good because bitcoin will be really tested on this trying times. Its really the news that really pull back the price and whether intentionally by the Chinese it doesn't matter. They can go out now. For me they have benefited from the news they have announce, fake or not. I don't know what they are dumping bitcoin, if they are chasing ICO's the most likely to be affected is Ethereum. That's why it doesn't make sense to me seeing bitcoin being dump by them. So I'm speculating that they are really spreading FUD so that the big whales can benefit from all this panic.
Maybe there's effect rather on bitcoins since some low scale Ethereum holder will be panic and started to sell there coins into bitcoins and change it with fiat, And that would actually hit the price and some other guys out there think that banning of all ICOS on china can affect the bitcoins to and maybe some of them also dump off there hodl bitcoins since they think that this one will be strongly implemented ban to there country.
I dont see any big volume with this fall. Market cap is still 144 Billion quit with the FUD. This time, most likely. Hold on tight!
Volumes are lacking because the entire market is extremely thin - it requires a relatively low number of coins to get the market to sink badly. If you also take into consideration that there are huge loads of bots pulling back their 'buy support' at the time the price is about to fall within a certain range, the buy side of the orderbooks gets even thinner. Other than that, the market has indeed kept holding strong despite everything we had to swallow, but I still believe that we'll see every USD exchange dive below the $4000 level before the end of this week. The sentiment has changed, and the momentum that's needed to get the market to rush up further is gone - let's see how much value these words still have at the end of this week.
I am still not quite sure that speculation about PBoC argueable ICO regulation was the only trigger of cryptomarket rolling down. Prices dropped at openning American trading session time, not Asian.
I am quite sure that the drop we have experienced recently, is only the result of the long waited for correction. It's a pretty mild correction considering that we are still hovering over the $4000 level. If we look at the crypto market in general, and then directly at what coin should really get affected by this ICO ban, then it's Ethereum. This coin thrives on this ICO boom as insane number of coins get pumped into ICO's, making sure that these coins aren't coming back into the circulating market for quite a while - result in Ethereum's case is clear if we look at how it has exploded in value this year. Bitcoin shouldn't at all get affected by this, so I don't believe this ICO ban has had any effect on Bitcoin's market recently.
That's why I like being here. Ethereum would be the most and overt dumped if it comes to ICO prohibition. What we have now it's 20% correction after August 50% run and that Chinese FUD is only excuse.
Market cap is still at 142 Billion. There was some dumping again today, which resulted in another panic run. But I guess its all good because bitcoin will be really tested on this trying times. Its really the news that really pull back the price and whether intentionally by the Chinese it doesn't matter. They can go out now. For me they have benefited from the news they have announce, fake or not. I don't know what they are dumping bitcoin, if they are chasing ICO's the most likely to be affected is Ethereum. That's why it doesn't make sense to me seeing bitcoin being dump by them. So I'm speculating that they are really spreading FUD so that the big whales can benefit from all this panic.
I am still not quite sure that speculation about PBoC argueable ICO regulation was the only trigger of cryptomarket rolling down. Prices dropped at openning American trading session time, not Asian.
I am quite sure that the drop we have experienced recently, is only the result of the long waited for correction. It's a pretty mild correction considering that we are still hovering over the $4000 level. If we look at the crypto market in general, and then directly at what coin should really get affected by this ICO ban, then it's Ethereum. This coin thrives on this ICO boom as insane number of coins get pumped into ICO's, making sure that these coins aren't coming back into the circulating market for quite a while - result in Ethereum's case is clear if we look at how it has exploded in value this year. Bitcoin shouldn't at all get affected by this, so I don't believe this ICO ban has had any effect on Bitcoin's market recently.
That's why I like being here. Ethereum would be the most and overt dumped if it comes to ICO prohibition. What we have now it's 20% correction after August 50% run and that Chinese FUD is only excuse.
I am still not quite sure that speculation about PBoC argueable ICO regulation was the only trigger of cryptomarket rolling down. Prices dropped at openning American trading session time, not Asian.
I am quite sure that the drop we have experienced recently, is only the result of the long waited for correction. It's a pretty mild correction considering that we are still hovering over the $4000 level. If we look at the crypto market in general, and then directly at what coin should really get affected by this ICO ban, then it's Ethereum. This coin thrives on this ICO boom as insane number of coins get pumped into ICO's, making sure that these coins aren't coming back into the circulating market for quite a while - result in Ethereum's case is clear if we look at how it has exploded in value this year. Bitcoin shouldn't at all get affected by this, so I don't believe this ICO ban has had any effect on Bitcoin's market recently.
That's why I like being here. Ethereum would be the most and overt dumped if it comes to ICO prohibition. What we have now it's 20% correction after August 50% run and that Chinese FUD is only excuse.
The price is beginning to recover as we enter Tuesday, hopefully after another China FUD stunt over the weekend the price picks up & heads towards the range we were at pre dump. Be nice to see somewhere between $4600-$4900 by the end of this week.
Not over yet. My guess: we will see sub 4k before we can pass 5k again
...
maybe my IQ is too low to understand certain things, but look at this:
" The token or “virtual currency” used in coin offerings are not issued by the monetary authority. Such currency does not have characteristics of money such as legal tender status and mandatory use, has no legal status equivalent to money, and cannot be circulated or used as currency in the market.
"
I understand with these words that bitcoin and all altcoins fit into these words.
they need to use another argument to ban ICO's, unless the intention is to ban all “virtual currency”
BTCBTCBTC and altcoins in general are the grey area in there for a long time already. This time they just wanted to block all ICOs. Transacting with BTCBTCBTC and altcoins are still allowed I believe.
...
maybe my IQ is too low to understand certain things, but look at this:
" The token or “virtual currency” used in coin offerings are not issued by the monetary authority. Such currency does not have characteristics of money such as legal tender status and mandatory use, has no legal status equivalent to money, and cannot be circulated or used as currency in the market.
"
I understand with these words that bitcoin and all altcoins fit into these words.
they need to use another argument to ban ICO's, unless the intention is to ban all “virtual currency”
The price is beginning to recover as we enter Tuesday, hopefully after another China FUD stunt over the weekend the price picks up & heads towards the range we were at pre dump. Be nice to see somewhere between $4600-$4900 by the end of this week.
I am still not quite sure that speculation about PBoC argueable ICO regulation was the only trigger of cryptomarket rolling down. Prices dropped at openning American trading session time, not Asian.
I am quite sure that the drop we have experienced recently, is only the result of the long waited for correction. It's a pretty mild correction considering that we are still hovering over the $4000 level. If we look at the crypto market in general, and then directly at what coin should really get affected by this ICO ban, then it's Ethereum. This coin thrives on this ICO boom as insane number of coins get pumped into ICO's, making sure that these coins aren't coming back into the circulating market for quite a while - result in Ethereum's case is clear if we look at how it has exploded in value this year. Bitcoin shouldn't at all get affected by this, so I don't believe this ICO ban has had any effect on Bitcoin's market recently.
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