Topic: This is what happened the last time a government banned Bitcoin (Read 355 times)
Their money, their headaches, their loss. I've been through three different bans from the Chinese government and the shakeouts are really serious but I still held my coin through thick and thin. Though I sold all of it @ $2900, I immediately bought back 2 weeks after when the price is @ $4400. Everyone seemed to be bearish by that time since the coin's price isn't going anywhere. Too much FUD circulating around and further shakeouts happened. Imagine a guy threatening you with a fake gun and you fall for it, only to realize that it was fake when he already got what he needed from you, this is not too far from what's happening every time a FUD starts to circulate and weak hands fall for it. Learn to read between the lines and do your research sometimes in order for you to not lose money but instead gain more.
December 09, 2017, 11:23:50 AM
I am not a supporter of the government but I find it difficult to understand your logic. What does the government do to the volatility of bitcoin? It seems to me that you are paranoid. The price can fluctuate due to the simultaneous action of whales, but no indication that this government is involved there. Those who sell their coins themselves to blame for that, not dealt with the trend in the market.
I wouldn't be surprised if governments such as China's would work closely with big mining companies etc and maybe could time things conveniently to help some with insider information. But to suggest that there is mass manipulation of the bitcoin price I think I would agree is simply paranoia.
December 09, 2017, 11:18:54 AM
I am not a supporter of the government but I find it difficult to understand your logic. What does the government do to the volatility of bitcoin? It seems to me that you are paranoid. The price can fluctuate due to the simultaneous action of whales, but no indication that this government is involved there. Those who sell their coins themselves to blame for that, not dealt with the trend in the market.
December 09, 2017, 11:08:51 AM
Seriously, stop falling for the governmental FUD and buy every dip. Don't be like the last time when a lot of people got shaken out of the bitcoin moon rocket because of this. I know a lot of people that sold right at the $3000 bottom and they never got back in because they were scared of further dips. Needless to say, these people hate themselves now and are dreaming to buy back in at $10000. Don't be left behind. Every FUD dip is the government stealing your BTC from your hands in the market.
There's a proper way to trade this. It's called "disaster trading." Sell the rumor --> Buy the news. When very reliable sources began to confirm the China exchange ban news, it was an easy hedge short. When the news officially dropped, it was an easy 10x intraday short.
The expectation is that the market will panic on thin liquidity. The big players absorb the selling at horizontal support (previous resistance, which was $3000 in that case). Ideally you want to see major volume exchanged, perhaps with a painful wick through that support level. That kind of price action says two things. 1) Stops got run. Bulls need to rebuy their positions. 2) Major volume suggests supply/demand equilibrium. Reversal should follow.
Disaster trading. I welcome any and all bad news from South Korea in the coming days. So far we have only rumors of rumors. Interestingly, Masterluc seems resolute on a restest of the $10,000 area. Maybe this will give us the fuel?
Whatever you do, don't sell the bottom. You better panic early, or don't panic at all.
There is a problem... sometimes these dips don't happen, or sometimes what was a FUDisn news ends up pumping the price or the opposite, or sometimes you think the bottom but it isn't... there are too many variables.
If you can, just hold through all the bs. Case in point, people are now speculating about what will happen on the 18th, my take is just hold it and don't gamble it. 21 million BTC limit remains no matter what.
December 08, 2017, 05:15:44 PM
Seriously, stop falling for the governmental FUD and buy every dip. Don't be like the last time when a lot of people got shaken out of the bitcoin moon rocket because of this. I know a lot of people that sold right at the $3000 bottom and they never got back in because they were scared of further dips. Needless to say, these people hate themselves now and are dreaming to buy back in at $10000. Don't be left behind. Every FUD dip is the government stealing your BTC from your hands in the market.
There's a proper way to trade this. It's called "disaster trading." Sell the rumor --> Buy the news. When very reliable sources began to confirm the China exchange ban news, it was an easy hedge short. When the news officially dropped, it was an easy 10x intraday short.
The expectation is that the market will panic on thin liquidity. The big players absorb the selling at horizontal support (previous resistance, which was $3000 in that case). Ideally you want to see major volume exchanged, perhaps with a painful wick through that support level. That kind of price action says two things. 1) Stops got run. Bulls need to rebuy their positions. 2) Major volume suggests supply/demand equilibrium. Reversal should follow.
Disaster trading. I welcome any and all bad news from South Korea in the coming days. So far we have only rumors of rumors. Interestingly, Masterluc seems resolute on a restest of the $10,000 area. Maybe this will give us the fuel?
Whatever you do, don't sell the bottom. You better panic early, or don't panic at all.
Nailed it op.
Now great information in disaster trading.
That China ban rumor really shook most of the holders that day. I enjoyed that part actually
I do agree that a panic will never end well since no one is to blame but themselves in losing such capital or profits.
Even I welcome such FUD here in the Philippines. I remember another friend told me that bitcoin was in a newspaper and TV show introduced as a scam.
I was like Okay if that suits you
Yeah people should know when to buy the news.
December 08, 2017, 04:50:40 PM
Seriously, stop falling for the governmental FUD and buy every dip. Don't be like the last time when a lot of people got shaken out of the bitcoin moon rocket because of this. I know a lot of people that sold right at the $3000 bottom and they never got back in because they were scared of further dips. Needless to say, these people hate themselves now and are dreaming to buy back in at $10000. Don't be left behind. Every FUD dip is the government stealing your BTC from your hands in the market.
There's a proper way to trade this. It's called "disaster trading." Sell the rumor --> Buy the news. When very reliable sources began to confirm the China exchange ban news, it was an easy hedge short. When the news officially dropped, it was an easy 10x intraday short.
The expectation is that the market will panic on thin liquidity. The big players absorb the selling at horizontal support (previous resistance, which was $3000 in that case). Ideally you want to see major volume exchanged, perhaps with a painful wick through that support level. That kind of price action says two things. 1) Stops got run. Bulls need to rebuy their positions. 2) Major volume suggests supply/demand equilibrium. Reversal should follow.
Disaster trading. I welcome any and all bad news from South Korea in the coming days. So far we have only rumors of rumors. Interestingly, Masterluc seems resolute on a restest of the $10,000 area. Maybe this will give us the fuel?
Whatever you do, don't sell the bottom. You better panic early, or don't panic at all.
December 08, 2017, 04:39:19 PM
This
I still remember when there was a massive fud on this forum about China and their possible ban, everybody was crazy in here, i remember that a lot of people were saying "Bitcoin is over, time to get out of here"
and thousands of people sold their coins at less than $3000... that was a chaos, i remember that.
And that was the moment in when i bought 1.5 bitcoins, i took that opportunity, but i sold them at $6000, i made a x2, but i dont regret about that.
Dont be afraid of that people, bitcoin is unbeliable, you can still make a lot of money if you dont stop holding.
Don't be left behind. Every FUD dip is the government stealing your BTC from your hands in the market.
I still remember when there was a massive fud on this forum about China and their possible ban, everybody was crazy in here, i remember that a lot of people were saying "Bitcoin is over, time to get out of here"
and thousands of people sold their coins at less than $3000... that was a chaos, i remember that.
And that was the moment in when i bought 1.5 bitcoins, i took that opportunity, but i sold them at $6000, i made a x2, but i dont regret about that.
Dont be afraid of that people, bitcoin is unbeliable, you can still make a lot of money if you dont stop holding.
December 08, 2017, 03:12:37 PM
i do not know about the reason behind this dump was fud caused by people,
as far as i know right now we're moving very quickly and pushing the price to the top without a proper exlpanation.
which mean right now the whales trying to get their profits after pumping the price and then pushing the price to go down.
also how can you said that ?
you said every dip is goverment stealin our Bitcoin,are you talking about the people who bought back when the price is down was goverment ?
seriously bro you need to take some rest because every comments that you made did not make any sense at all.
i could not find a people that fudding about Bitcoin banned,
plus if you claimed about something at least try to provide the source behind this
as far as i know right now we're moving very quickly and pushing the price to the top without a proper exlpanation.
which mean right now the whales trying to get their profits after pumping the price and then pushing the price to go down.
also how can you said that ?
you said every dip is goverment stealin our Bitcoin,are you talking about the people who bought back when the price is down was goverment ?
seriously bro you need to take some rest because every comments that you made did not make any sense at all.
i could not find a people that fudding about Bitcoin banned,
plus if you claimed about something at least try to provide the source behind this
There were recent news of Bitcoin trading exchanges being banned in South Korea (so similar to the Chinese Bitcoin exchanges ban, which is what OP was talking about)
Here is the link:
https://cointelegraph.com/news/south-korea-preparing-full-crypto-exchange-ban-local-press
I guess governments don't learn that all of these ban do is:
1) Create a dip
2) Dip gets bought
3) OTC markets flourish
Then again it's probably governments buying these dips mostly anyway.
December 08, 2017, 11:44:24 AM
price correction since yesterday was obviously expected as the price went way too high too fast so lots of people are taking profits. It's now hovering around $14k - $17k and if it stabilizes there the next few weeks before moving up to $20k I think we would all be happy.
December 08, 2017, 11:38:55 AM
No one can say for sure what exactly is the cause of a pullback in the price, but I hardly believe that the recent dip was caused by FUD (especially from the govt), since we see people spreading FUD all the time. I think the dip today was more of a healthy correction in the price (around -9% so nothing to be worried about), especially after the spike we saw yesterday @ GDAX where the price reached 19k.
December 08, 2017, 10:40:27 AM
i do not know about the reason behind this dump was fud caused by people,
as far as i know right now we're moving very quickly and pushing the price to the top without a proper exlpanation.
which mean right now the whales trying to get their profits after pumping the price and then pushing the price to go down.
also how can you said that ?
you said every dip is goverment stealin our Bitcoin,are you talking about the people who bought back when the price is down was goverment ?
seriously bro you need to take some rest because every comments that you made did not make any sense at all.
i could not find a people that fudding about Bitcoin banned,
plus if you claimed about something at least try to provide the source behind this
as far as i know right now we're moving very quickly and pushing the price to the top without a proper exlpanation.
which mean right now the whales trying to get their profits after pumping the price and then pushing the price to go down.
also how can you said that ?
you said every dip is goverment stealin our Bitcoin,are you talking about the people who bought back when the price is down was goverment ?
seriously bro you need to take some rest because every comments that you made did not make any sense at all.
i could not find a people that fudding about Bitcoin banned,
plus if you claimed about something at least try to provide the source behind this
December 08, 2017, 10:21:54 AM
Seriously, stop falling for the governmental FUD and buy every dip. Don't be like the last time when a lot of people got shaken out of the bitcoin moon rocket because of this. I know a lot of people that sold right at the $3000 bottom and they never got back in because they were scared of further dips. Needless to say, these people hate themselves now and are dreaming to buy back in at $10000. Don't be left behind. Every FUD dip is the government stealing your BTC from your hands in the market.
Jump to: