Topic: PBOC really wants to keep the price of BTC suppressed it seems (Read 2043 times)

I don't think the PBOC gives a tiny little rat's bottom about the price of BTC.
I think they want to be able to control their monetary supply, which they can do at the moment, but won't be able to do it Bitcoin really takes off.

That sounds like a good reason to hold bitcoin back, the price doesn't really matter to them, but if it starts to actually be used, then we can expect some sort of firewall!

Some altcoin have more than 1MB blocksize, for sure they will face the same problem with bitcoin but it will  take way longer than BTC.  Though I think that using altcoin to replace bitcoin usage in terms of micro transaction will greatly  affect  bitcoin economy.  So the best solution will be adjusting Bitcoin blocksize or something with the same effect.

If people start using alts to move money, and if any amount of money starts being really moved with those alts... then guess what: those alts will have the same damn problems as bitcoin has.

Alts are fast BECAUSE NO ONE USES THEM!!!!!

See how it makes no sense? bitcoin is king and will not stop being king, because people know if they go to an alt, it will start having the same problems and you will not have the security of the bitcoin network.

If you're not using BTC to spend, then the only other thing is parking value/speculating on the future. If enough people do want to spend and start using XMR or LTC then their values will be firmly on the rise too. Most people here are speculators and they'll stay in the coin that gives them the rise they're looking for.

If Bitcoin does become a lumbering beast there's enough bright sparks looking to pick up the slack with other projects. Most of them are shit of course but there are a few solid ones.

There aren't enough people with a sentimental attachment to BTC to completely guarantee its ascendance. If something else offers utility and sexy rises then the balance might tip faster than anyone would expect.

It's an unlikely outcome but it becomes ever more possible the more stagnant and fractious Bitcoinland becomes.

no danger, buy/mine both btc and alts, but i doubt that btc will be replaced by an alt and digital fiat is a laughingstock.

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

I guess you should first explain why exactly the PBoC tries to contain prices

What does it give them if they are really pursuing this end? As to me, they don't care so much about Bitcoin price as the price of the Yuan (say, in the US dollars). And even not so much about that price itself as control over their currency. What I mean is first of all control over inflation. Basically, they expect that their currency should be used, at least, inside China. But if folks start using Bitcoin (somehow I won't be surprised if ordinary people in China start using Bitcoin for real, as a means of payment), they will massively abandon the Yuan



Like it happened in Zimbabwe where the local dollar got eventually replaced with the American one

We have seen these regulating authorities using these stall tactics for several reasons. The PBOC picked up that some people might be using Bitcoin for capital flight, so they were send to the Chinese exchanges to monitor and control that. The SEC on the other hand, seem to have their own agenda < protecting the wealthy elite or creating a barrier to entry for Bitcoin investments >

We should actually blame the media for this negative attention and stall tactics that are being used, because most of that originated from bad reporting and/or shill posting that was done to push Bitcoin down. This fake news, put Trump in power and it is stalling Bitcoin's rapid progress. ^hmmmmmmm^

Legendary?
just FYI bitcoin block size did not have the current limit of 1 MB, it was set by Satoshi a long time ago to prevent spam attack to increase the size of the block to a big number and because it was cheap to do so and there were no need for bigger blocks since 1 MB was almost empty back then. but today we need some solution for the block size, and it has nothing to do with confirmation time.
it is like having a 2 seat car but having a family of five wanting to drive everyone you obviously can only put only 2 person in the car!

As long as the upward trend continues it is good.Suppose there is a bear market and when these sort of news comes what will be the state of the coin.It will nose dive to double digits ,it is quite evident that they are trying to manipulate the price of the coin.

I'm afraid it's not as simple as that, maybe none is as safe as BTC, besides if the majority opted for another alternative, could cause it to stop being popular, on the other hand there is no code or thing that does not need to be perfected or suitable for use, if it were not so maybe we would still use the abacus to count numbers making a comparison in another context.

I think the same. Bitcoin operates separately to a status quo system that is in trouble both individually (countries) and collectively (global debt). At the elitist level, at least some of these people want walled gardens, digital cash and NIRP. Rogoff, the academic head of the elites has said as much, and at some stage governments that ascribe to his elitist theories will try to ban bitcoin.

Not every leader is like this though, and Bitcoin is small. Some of that crowd sees what it can bring (eg to financial services, fees, speed, trust) and it will give some great advantages & profits in the short - medium term as companies and institutions implement bitcoin tech. Plus it is a new asset class that potentially is transformative to many industries and therefore there is profit to be made (why im hodling). This is where the ETF is positioned. No one will want to miss out on the new internet / iphone 10x.

But long term in a collapsing system (as bitcoin provides a possible escape route like gold or overseas real estate has done previously), it is going to get nasty. Gold got Executive Ordered in the 30's- remember - showing that in desperation nothing is out of the question. We'll all get *ice-nined*

My positive spanners in the works are twofold:

1) is that there is no way in a collapsing system that all governments can or will agree to implement the same policy. Bitcoin will just find its way to friendly jurisdictions, like water through a crack.

This leads to 2) That in an 'every man for themselves' situation, the prescient will already be ahead of the game and will have bought up bitcoin as an insurance policy / seat at the 'arms race' table.

I agree. Most of the payments I make are not in need of instant confirmation. The regular banking system takes upto three days for an international transfer. With Bitpay you usually get a confirmation within a few seconds anyway. I don't see a problem. Bitcoin works just fine.

It is not bad at all. The PBOC will try and prevent bubbles from occurring.
But they cannot really keep the price of BTC suppressed for long. This is a minor hiccup and we will resume our upward trend.

very surprise, bitcoin price is waves is very high
iam not understand yesteday bitcoin price incraese high over 1000 dollar, and can reach highest bitcoin price in 1100 dollar
but only several hour bitcoin price crash again and down until reach under 1000 dollar
what news bitcoin price incraese and bitcoin price is down

or about PBOC statement

Try reading his whitepaper. He made it very clear this was a temporary soft limit that had to be increased in the future with a smart method. It needs to scale only if you want a lot of people to accept and value your currency.

With over 1k replies i expected at least an entry level understanding of economics and Satoshis work and vision.

100% agreed that PBOC is trying to keep BTC below $1000

possibly cooperating with other governments? US?

Or maybe they are manipulating markets to make huge gains at the expense of "stupid westerners": sell, shock market, buy back cheap

They have done it before several times....  

Exactly, if Satoshi wanted to destroy humanity he would've implemented something in the code, who gives a damn about Satoshi anymore? if he wanted any part in the bitcoin's future he would have stayed active. bitcoin isn't about what one person wants or likes and if the idea wasn't the peer2peer decentralized currency with fair distribution no one would've even looked at it, ever since source code was uploaded in github all the claims and rights were forfeited.

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Nice thing about btc is that we all can do whatever others can do, do you think they are manipulating the market for profit? then stop being an idiot and buy when price drops to sell after the rise to earn your profit.

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone! If Satoshi wanted 2 MB blocks he would have made it 2 MB. If he wanted 1 min confirmation times, he would have made it 1 minute. Double your fees or wait hours, it's that simple. Stealing money from the miners because you are impatient/greedy is not the solution.

It does seem that the price is rebounding back. Slowly but it is rising back to the $1000 price again.
So China is asleep right now. Atleast their markets are and the PBOC are off to bed so we will see no more decreases for today in the west and will have to wait until their morning begins to see what more they want to do about these closures of the exchanges in the east.

NASDAQ were the ones who were denying them as far as I can tell. They were the ones who couldn't be arsed to implement the rule change that BATS is.

And this is how real world finance works. If I remember rightly the first gold ETF took considerably longer than four years. This is probably the world's first financial application rabidly watched over by a bunch of brats who live on the internet.

Oh man.. this gives me a head ache... the levels of delusion are through the roof.

Seriously none of you see critical problems with Bitcoins inability to scale and the community refusing to adopt protocol changes that would resolve this to some extent? None of you care for you privacy?
Oh yea i forgot, you're not here to change how we do finance, you're here to try to trick others into it and make a lot of fiat quickly.

Very obvious, we were inches away from new ATH and PBOC starts investigations.

Price rebounds and is climbing daily then boom, PBOC stops withdrawals.

It is a big IF rather than when. So far we have no luck with any ETF. Winklevoss, known for theirs by the book approach wanted to establish ETF since mid-2013 - with no effects.
Every time they were denied by SEC. Feds know that if they accept 1st fund of this kind there is no going back so they will try to hinder and slow this process as much as they can.

It seems that way.  They really wanted to profit from Bitcoin and since they are in a position to cause fear or panic sell to people, they are comfortable shorting their trades whenever Bitcoin breaks $1000 wall.  And then after they position their orders, they will then start releasing Bad Press .  And today seems the perfect timing due to the fact those two Big Exchange announced shutdown Bitcoin Withdrawal for their site security and AML compliant upgrade.  But it seems people are getting resistant to it.  Though I think PBOC had profited on this dip.

I like this theory better LOL.  I just find it hard to believe gov agencies doing something for the good of the people.

I believe the U.S. SEC and PBoC have financial connections.

I believe the SEC wants to shore up any "bad actors" ahead of the COIN ETF approval and launch, including those in China.  That launch is exactly 4 weeks from now.

I believe the SEC/PBoC knows that there will be a buying frenzy when the COIN ETF launches, and wants to make sure that any Chinese bitcoin buyers are in compliance with KYC/AML policies.

I believe that if/when the COIN ETF gets approved, we will not only see more U.S.-based Bitcoin ETFs also get approval, but also Chinese-based Bitcoin ETFs as well as those in other countries will also start popping up.

All of this is BULLISH AF.

Well, a more subtle and long-term manipulation theory could be like this:

- PBOC orders (or pays) miners to block Segwit and other "bigger blocks" proposals
- At the same time, they pay irregular spam attacks to scare out newbies out of BTC and limit its growth
- Bitcoin cannot grow because there is no blockchain capacity for mass adoption.

But no, I don't believe these manipulation theories. They may simply be afraid of losing control and try to press down the market when they think there is "danger" of a new ATH (and so a new bubble).

Just the same good ol one trick pone. The chinese government is obviously involved on this. They set the short positions, and then they release the news. This causes the noobs to panic sell, the gov then takes profit and it gets quickly bought back. It happened exactly the same the other day. They can't stop bitcoin, so they will try to buy as much as possible for a cheaper price.

A bullish outlook for the future?

Just like any sort of pressure.. it continues to build.. and takes more and more force to keep it contained.  Two things can happen.

A) The pressure continues to build to the point no amount of physical force can stop the pressure from escaping and the Item under pressure escapes and expands insanely fast.

B) The pressure dies down and the item can easily be contained.



Very curious to how this will play out.  With enough buyers (pressure) no matter what PBOC does they are doomed to fail at keeping the price at $1000.. and eventually it overpowers them and skyrockets.  Wondering if there will be enough.. it is seeming more and more like PBOC is doomed to watch BTC blow up in their face but hey perhaps not.