China not loving bitcoin and not being onboard isn't news. A communist government not agreeing with a decentralized currency shouldn't come as a surprise. Speculators who invest should understand that clearly, and not go into panic when China makes decisions that are very China-like. The good news is that it's a perfect time to buy more bitcoin and ether at a discounted price.
Bitcoin dropping after BTC China said it is closing
71–80 of 182 posts
Re: Bitcoin dropping after BTC China said it is closing
#72Wow, check out all the related stories, etc. CNBC really don't like bitcoin do they?
I never understood this. How does one conclude that media doesn't like something? If you put yourself in media's shoes, their whole agenda is - news and advertisements. It's no secret that BTC fans tend to take offense at even small insignificant stories criticizing BTC. They will flock to CNBC, register accounts to show who is the boss. So what do networks do? Fan the flame and write even more stories de-riding BTC.…
If you check the CNBC mobile app for the last 2 days the bitcoin story/s have been prioritized to the top position or second to the top. Given the frequency of news and the relevance to the cnbc audience it seems to me there is certainly some additional boosting for these to be constantly at the top.
As I write this reply. The bitcoin article is at the top. There are at least 15 more articles more recent than the bitcoin one from 3 hours ago.
Just interesting
Re: Bitcoin dropping after BTC China said it is closing
#73Earlier quoted context omitted.
1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit
What kind of apps can be built in the crypto ecosystem?
The illegal kinds that have high demand, like darknet markets.
Re: Bitcoin dropping after BTC China said it is closing
#74If other governments in the world follow suit, what would happen to bitcoin? I think it could be rather easily marginalised.
The price would drop for sure. But the network would still survice.
The network would survive with a vastly reduced number of miners. But at that point it would become feasible for a state actor to wage a 50% attack against it and kill it for good? It didn't happen before because bitcoin was just a geeky curiosity; now that it's been proved to move real money, it has become a possibility.
Re: Bitcoin dropping after BTC China said it is closing
#75China not loving bitcoin and not being onboard isn't news. A communist government not agreeing with a decentralized currency shouldn't come as a surprise. Speculators who invest should understand that clearly, and not go into panic when China makes decisions that are very China-like. The good news is that it's a perfect time to buy more bitcoin and ether at a discounted price.
"This is good for bitcoin"
Re: Bitcoin dropping after BTC China said it is closing
#76> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?
This was a drop over 12 days. It also dropped 20% in 4 days after hitting the $4500 all-time-high a month ago. It dropped 30% in 4 days after hitting the $3000 all-time-high three months ago. It dropped 30% in 2 days after hitting the $2700 all-time-high four months ago. Everything is fine.
I honestly can't tell whether you're being sarcastic or not.
Re: Bitcoin dropping after BTC China said it is closing
#77Wow, check out all the related stories, etc. CNBC really don't like bitcoin do they?
I never understood this. How does one conclude that media doesn't like something? If you put yourself in media's shoes, their whole agenda is - news and advertisements. It's no secret that BTC fans tend to take offense at even small insignificant stories criticizing BTC. They will flock to CNBC, register accounts to show who is the boss. So what do networks do? Fan the flame and write even more stories de-riding BTC.…
>How does one conclude that media doesn't like something?
If an outlet shows a consistent pattern disparaging something.
>If you put yourself in media's shoes, their whole agenda is - news and advertisements.
Most big media outlets are part of larger corporate conglomerates. So it is in their interest to push a narrative that is helpful to the larger investment portfolio.
Re: Bitcoin dropping after BTC China said it is closing
#78Earlier quoted context omitted.
The main reason for the volatility is that there is no actual use for them, and no entrenched demand via a tax system. The price of bitcoin can literally fall to zero. With fiat currency, achieving that would require the government losing its power to enforce tax collection. People losing interest in a fad seems to be a bigger risk than a governmental collapse.
> there is no actual use for them There's a use for BTC, it's just illegal.
It definitely propped up by illegal activity, but to say it's only for that is silly:
http://www.townandcountrymag.com/society/money-and-power/a10...
That's one of rich private pre-schools in NYC. Last I checked, educating 6 year olds isn't illegal.
"It’s just really another payment option, Ciocca says. "If you don’t want to use it then by all means pay with a check—no harm, no foul."
Re: Bitcoin dropping after BTC China said it is closing
#79> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?
Comparing BTC to a stock is partly the issue. I'd probably look more to other high volatility areas like commodities or options trading for comparison rather than stock markets.
Re: Bitcoin dropping after BTC China said it is closing
#80Well... it was said earlier in the month that the ICO ban could be taken to be referring to any and all exchange between crypto-currency and 'real' currency, or between two crypto-currencies.
Perhaps the party in China has decided enough is enough, and that they must regain control over capital flows which can potentially leave the country - just like they have with foreign property investments.