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Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

bloomberg.com

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Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#11

Post by gruez »

chinathrow8 wrote: post #5
gruez wrote: post #2

why does it feel like every time bitcoin goes up, the chinese government has some sort of announcement to bring it back down? see: last time when they prohibited banks from buying/selling cryptocurrencies. does someone there hope to earn some quick $$$ from shorting bitcoin (profit motive), or are they doing it to cool down a bubble (protect chinese investors motive)?

Because Bitcoin and ICO are the main mechanism to get money out of China, with overseas cash withdraw very limited for Chinese citizens, with 50% of millionnaires in China wanting to leave ( http://bit.ly/2uzYLyu ) (and the other 50% already having left probably), and with Chinese government cracking down on real estate/insurance tactics to move money out. But it's really doubtful they can prevent bitcoin from transf…

but why not ban it outright? why go through the routine of acting tough on bitcoin every time a bubble comes up?

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#12

Post by spookyuser »

thisjepisje wrote: post #3

Bitcoin price goes from 1000 to 5000 in 6 months, but now it's tumbling just because it went back to 4200?

When it goes from 5k to 10k there will then be the inevitable slew of headlines: _Is it time to start paying attention to the bitcoin???_

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#13

Post by ISL »

thisjepisje wrote: post #3

Bitcoin price goes from 1000 to 5000 in 6 months, but now it's tumbling just because it went back to 4200?

Rarely, if ever, should one pay attention to a descriptor in financial headlines.

The facts are interesting, but the descriptors are largely emotive.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#15

Post by whytaka »

gruez wrote: post #2

why does it feel like every time bitcoin goes up, the chinese government has some sort of announcement to bring it back down? see: last time when they prohibited banks from buying/selling cryptocurrencies. does someone there hope to earn some quick $$$ from shorting bitcoin (profit motive), or are they doing it to cool down a bubble (protect chinese investors motive)?

Apart from this ICO ban, how has the Chinese government acted against Bitcoin? If anything, the large presence of Chinese miners in the blockchain space should suggest that they have the government's blessing.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#16

Post by gnaritas »

chinathrow8 wrote: post #10
gnaritas wrote: post #9

Earlier quoted context omitted.

That's crypto's primary use case already.

...until China bans bitcoin, which might happen soon, after the october national congress

If China could effectively ban bitcoin, they'd have done so long ago; they don't because they can't enforce it and they know it and it's better to look like you don't care that to show that you don't have the power.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#17

Post by Lerc »

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin?

To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000"

There also seems to be a tendancy to use evocative language (collapse,tumble,collapse etc.) to describe what has often been a loss of only a few weeks worth of gains. I guess when people have an agenda to push on the other side they call the same thing a correction.

I don't claim to have any special knowledge of how all this works. It just seems to me that many of the authoritative sounding voices are actually as clueless as the rest of us.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#19

Post by flunhat »

gnaritas wrote: post #16
chinathrow8 wrote: post #10

Earlier quoted context omitted.

...until China bans bitcoin, which might happen soon, after the october national congress

If China could effectively ban bitcoin, they'd have done so long ago; they don't because they can't enforce it and they know it and it's better to look like you don't care that to show that you don't have the power.

China bans a great many things, even if those bans can be circumvented (access to certain political websites being a notable example).

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#20

Post by sillysaurus3 »

Lerc wrote: post #17

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…

It doesn't. The title is clickbait. Nobody knows why Bitcoin goes up and down, but people listen to whoever talks authoritatively on the subject.

China's announcement was probably a trigger that caused people to sell, rather than being directly responsible for people selling.

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