China declares all cryptocurrency transactions illegal, Bitcoin price plummets

Gastec

Posts: 164   +85
Bad news for Chinese, the whole point of Bitcoin is to offer a solution to bypass the stupid limitations imposed by government and central banks.
Unfortunately, illiterate people don't understand this.
You must be bloody joking! Bitcoin bypassing limitations imposed by the totalitarian communist regime in China? Next on your propaganda list is for North Korea to adopt Bitcoin as its currency.
 

Gastec

Posts: 164   +85
If you lost 3.5% of everything you owned overnight you'd be pretty bummed. For most financial instruments that would be seen as a pretty catestrophic fall. Crypto's volatility seems to be accepted though.
That's like saying we should lament the fate of the poor thieves who get caught after robbing a bank or your home. To Hell with the financial "instruments"!
 

Gastec

Posts: 164   +85
Gee wiz, who called this one... Now for India, Europe and the USA to follow suit and bitcoin goes bye-bye.
I don't see a reason for the so-called democracies of the World (EU, USA) to ban Bitcoin or other crypto-speculations, because they are hugely profitable for the big players in the financial markets and mildly profitable to the rest of the peasantry. As any pyramidal game is :)
 

ScottSoapbox

Posts: 149   +254
If you lost 3.5% of everything you owned overnight you'd be pretty bummed. For most financial instruments that would be seen as a pretty catestrophic fall. Crypto's volatility seems to be accepted though.
You obviously don't invest in the market.

The entire market (e.g., S&P 500) fell 3% in a few hours the other day on a rumor of a Chinese company defaulting on their debt.

It then bounced back of course over the next two days. Sorry but shifts happen. If you are terrified of such things you wouldn't be a successful investor. Good luck retiring without the advantage of compounding interest.
 

summermick

Posts: 124   +142
Obviously, China got their best talents in their government. But we have the worst people elected/appointed into our government. LOL! They select by exams;we elect by donations.
 

emmzo

Posts: 360   +342
At this point, Bitcoin is only used for speculation and not transactions, for fears you may get a pizza today, instead of a house in ten years. It looks more like gambling and less like real world value. Crypto proponents keep yapping about the initial concept of free transactions and bypassing banks and regulations for the little guy, but the reality today is the same banks and very wealthy investors own 90% of all coins in existence, so there is a premise they could potentially (I think it`s already happening) control the value in an elaborate pyramid cycle. The daily ups and downs generally referred as "volatility" could hide a constant cash grab for people who know exactly when to buy and sell. There`s no regulation, so nobody can check insider trading. You`re so afraid of banks controlling your money, but these guys could control what your money is worth and nobody can do anything about it. When an asset`s only use is speculation (I call it asset and not currency) and the only credibility is rumor, you have a perfect recipe for disaster. But given endless greed is an important human trait, this could go on for a very long time, as the next ***** is ready to throw his savings away, in the hopes of hitting it big. And times of uncertainty will only amplify that behavior. But, to the point, you can accuse China of a lot of things, but they`re extremely smart and calculated. They know, that when the **** will hit the fan, their country`s financial stability will be preserved and its citizens protected.
 

ZedRM

Posts: 656   +417
I don't see a reason for the so-called democracies of the World (EU, USA) to ban Bitcoin or other crypto-speculations, because they are hugely profitable for the big players in the financial markets and mildly profitable to the rest of the peasantry. As any pyramidal game is :)
Bitcoin is used for a lot of criminal activity and is a massive drain on the worlds resources. It is VERY ungreen. It needs to go.
 

ZedRM

Posts: 656   +417
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Now take your stupid rhetoric elsewhere.
Wow, one transaction earlier this year. Don't hold your breath that use of bitcoin will continue..
 

p51d007

Posts: 2,887   +2,266
So? THEIR country, THEIR rules.
If their people (as opposed to citizens) don't like it, elect someone new.
Oh wait...THEY CAN'T, it's a dictatorship of communist & the people don't
have access to weapons to rise up against their government.
 

emmzo

Posts: 360   +342
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Now take your stupid rhetoric elsewhere.
Sorry, I used the word "only" instead of "mostly". Let me rephrase that: Bitcoin is used mostly for speculation. Let me ask you this: how is it that everybody accepting Bitcoin instantly converts it to USD, if this is a not only a better currency, but a futureproof currency?
 

terzaerian

Posts: 993   +1,437
Sorry, I used the word "only" instead of "mostly". Let me rephrase that: Bitcoin is used mostly for speculation. Let me ask you this: how is it that everybody accepting Bitcoin instantly converts it to USD, if this is a not only a better currency, but a futureproof currency?
The bottom line lists amount paid as BTC. Dollars are displayed because they're the unit of familiarity. It's no different than how Canada will display speed limits in metric and imperial near the border.
 

Kosmoz

Posts: 456   +808
I'll just quote this from somewhere else:
The fact that all these anti-crypto measures took 3 months to gradually block all of it in China, was actually a blessing in disguise for crypto. Why?

Because it got hit by moderate repeated punches over 3 months period, now if this would have been 1 big hit KO - everything thrown at once - then we would have had another big crypto crash, like we had in the past and it would have stayed down for a long time, again like we seen in the past.

The fact that it did not happen like the worst scenario 1 hit KO, means that crypto again can shrug it of, take it on the chin and bounce back again.

At this point the resilience of crypto is much stronger than in 2017-18, so it would need a much bigger anti-crypto force to hit it for crypto to crash and burn.
So yes, unless entire continents start going anti-crypto, crypto will not die.

Some of you are too happy too soon...
 

terzaerian

Posts: 993   +1,437
I'll just quote this from somewhere else:

So yes, unless entire continents start going anti-crypto, crypto will not die.

Some of you are too happy too soon...
XTZ didn't even budge for me - it dropped a little during the overnight hours but it's edging back up to $7 again today.
 

NightAntilli

Posts: 787   +993
I'll just quote this from somewhere else:

So yes, unless entire continents start going anti-crypto, crypto will not die.

Some of you are too happy too soon...
I like using the analogy of torrents. Torrents still exist. They were unable to kill it. And that is without true decentralization and blockchain.

They naysayer simply don't know what they are arguing against. Ironically, they are trying to kill their own gateway to financial independence and freedom from the existing corrupt financial power houses.
 

Gastec

Posts: 164   +85
I like using the analogy of torrents. Torrents still exist. They were unable to kill it. And that is without true decentralization and blockchain.

They naysayer simply don't know what they are arguing against. Ironically, they are trying to kill their own gateway to financial independence and freedom from the existing corrupt financial power houses.
Can you please explain to us, peasants, as in the ones who are making the food you are putting in your not-yet-independent mouth, how are we supposed to get our hands on Bitcoin and use it instead of the dirty, soul and mind controlling money we're using now? And while we're at it, destroying corruption and gaining Freedom, how about we skip the bullshit software and digital numbers altogether and you give me real objects, like a pretty saphire golden ring or a tractor, in exchange for the beans and sausages that I give you? Don't tell me you also grow your own food on sunny days when you are not busy getting independence!
 
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cliffordcooley

Posts: 13,057   +6,368
IN what universe does a $1000 drop from $43k to $42k = plummet?
When people plummet to their death. I'm certain they don't always fall to the same elevation. They don't have to fall all the way to the ground. Plummet refers to a rapid decline outside of the normal position.