China declares all cryptocurrency transactions illegal, Bitcoin price plummets

[raybk]

China bans bitcoin periodically, making its price to drop for China to buy.
Then, let bitcoin price rise and sell.
Repeat above to earn a lot of money!

 

[cliffordcooley]

China bans bitcoin periodically, making its price to drop for China to buy.
Then, let bitcoin price rise and sell.
Repeat above to earn a lot of money!

That would make you a leach that profits on the losses of others. I'm sorry but I have moral integrity that prevents me from treating others that way.

 

[NightAntilli]

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!

If that's your idea of trying to start a conversation, I'm not biting. I'll just say that if physical things are the things you care about, you shouldn't be on the internet.

 

[DonquixoteIII]

It’s like trying to ban the sale of Gold. Sure it will have a short term effect on the price but it won’t devalue the commodity out existence.

Which one is not alike.... Gold, Commodity, Bitcoin

 

[Beerfloat]

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.

The 'corrupt' financial power houses (really, the closely scrutinized kyc aml-compliant financial power houses, but w/e) are totally winning this one, as they always do.

They effortlessly enter and exit positions thousands of times per hour, on margin, for next to no commission, and grab profit whether the market goes up or down. Meanwhile, individuals timidly nurse some paltry choice picks and pray Musk doesn't tweet lest they face a major loss. Gateway to financial independence? Not for many people.

 

[Strawman]

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?

WUT. People that own bitcoin don't covert it to USD. That's why there are people that own...bitcoin. Right?

If you are talking about shops that accept it and convert it to USD that's because..they can buy stuff with USD? I mean that's like an argument I would accept from a 5 year old to be hones, yet here you are making it

 

[NightAntilli]

The 'corrupt' financial power houses (really, the closely scrutinized kyc aml-compliant financial power houses, but w/e) are totally winning this one, as they always do.

Remember GameStop? They are being challenged.

They effortlessly enter and exit positions thousands of times per hour, on margin, for next to no commission, and grab profit whether the market goes up or down. Meanwhile, individuals timidly nurse some paltry choice picks and pray Musk doesn't tweet lest they face a major loss. Gateway to financial independence? Not for many people.

It is for the ones that are actually interested in doing what is necessary. The rest, well, it's pretty much their own fault for missing the opportunity.

 

[Peter Farkas]

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.

If you hold everything you own in BTC then you are pretty bummed… )))

 

[emmzo]

WUT. People that own bitcoin don't covert it to USD. That's why there are people that own...bitcoin. Right?

If you are talking about shops that accept it and convert it to USD that's because..they can buy stuff with USD? I mean that's like an argument I would accept from a 5 year old to be hones, yet here you are making it

Let me explain you my comment like you`re a kid yourself: if you had paid attention to what I was replying, you should have understood I was referring to shops. Therefore, I`ll say it again: most shops, firms accept Bitcoin payment only to instantly change it to FIAT. If Bitcoin were a real currency and not a speculative crypto asset, there will be no need for that. It`s not because they really need FIAT " to buy stuff", duh, but rather they need a real currency, which is stable and predictable than to accept, basically, gambling. Further explaining: let`s say you sell a product worth X price USD and you get the equivalent Bitcoin price, but you know the next day, Bitcoin it`s not going to be worth the same USD. You`re happy if it went up, but what if it`s down? What if it`s several days or a whole bearish month and you`ll lose a ton of money? Your business is fxxxed. Risk management doesn`t cover a possible 50% or more loss in a matter of days. Nobody can model a business plan based on ... I`ll say it again, gambling. You`ll say, but what if it`s up and you win big? And again, gambling. Volatility is simply not compatible with sustainable economic growth. What if Musk tweets something, what if China does whatever? So, my question was actually, rhetorical in nature. As a side note, I don`t know why crypto lovers get so defensive, these are just my opinions, that can be debated and we can have a civilized discussion without name calling every time you disagree.

 

[Beerfloat]

Remember GameStop? They are being challenged.

Sorry, are you talking about Robinhood here? Because that's a discount broker. A sell side operation targetting small investors. You mentioned financial power houses. That's more fund managers and proprietary traders. And they are making out like bandits on the low hanging fruit of wide crypto spreads combined with extreme volatility.

It is for the ones that are actually interested in doing what is necessary. The rest, well, it's pretty much their own fault for missing the opportunity.

It takes a lot of time, time many gainfully employed or otherwise occupied people don't have. And at the end of the day, any manual trading and/or buy and hold is simply not going to be making a lot of people rich. Some will get lucky. That's really not fundamentally different in crypto vs other products like stocks, derivatives, or pork bellies and orange juice.

 

[umbala]

Don't worry. Someone will buy the 'dip'.

Of course they will! You know the saying, a sucker is born every minute... or, a fool and his money are soon parted. In the end someone will be holding the bag.

 

[umbala]

Crypto zealots love to compare Bitcoin to stocks. They say stocks go up and down and you can make big money on stocks, therefore Bitcoin and stocks are the same. Let's take Apple or Google stock for example. Both of those companies have products and services where they make their profits. When they do well the price of their stock goes up. Bitcoin has no products or services or anything else backing it up. The only reason Bitcoin has any value is because a bunch of people are convinced it has value the same way as if I somehow convinced a bunch of people that my pubes are worth $50,000 each. Bitcoin's value doesn't come from a company, or product or anything else doing well. Bitcoin's value is based on gambling that an even bigger sucker than you will come along and pay for it an even higher price than you did. So the only way for anyone to make a profit off Bitcoin is for someone else to put even more money in it. It's basically a pyramid/Ponzi scheme. At someone point it will peak and then burst just like every other pyramid/Ponzi scheme before it. If you can't understand these simple facts then by all means sink all your savings into Bitcoin and hope you're not the last one out!

 

[elementalSG]

Crypto zealots love to compare Bitcoin to stocks. They say stocks go up and down and you can make big money on stocks, therefore Bitcoin and stocks are the same. Let's take Apple or Google stock for example. Both of those companies have products and services where they make their profits. When they do well the price of their stock goes up. Bitcoin has no products or services or anything else backing it up. The only reason Bitcoin has any value is because a bunch of people are convinced it has value the same way as if I somehow convinced a bunch of people that my pubes are worth $50,000 each. Bitcoin's value doesn't come from a company, or product or anything else doing well. Bitcoin's value is based on gambling that an even bigger sucker than you will come along and pay for it an even higher price than you did. So the only way for anyone to make a profit off Bitcoin is for someone else to put even more money in it. It's basically a pyramid/Ponzi scheme. At someone point it will peak and then burst just like every other pyramid/Ponzi scheme before it. If you can't understand these simple facts then by all means sink all your savings into Bitcoin and hope you're not the last one out!

So where does the value of the United States Dollar come from?

 

[Knot Schure]

Another Chinese crypto ban... they just don't get it do they - its like trying to ban sunlight - you can't do it. BTC was designed not to be controllable by any state.

And yes, my full wallet updates nicely from inside 'the big chicken', despite their ban(s).

Funny that, isn't it?

 

[Beerfloat]

Another Chinese crypto ban... they just don't get it do they - its like trying to ban sunlight - you can't do it. BTC was designed not to be controllable by any state.

And yes, my full wallet updates nicely from inside 'the big chicken', despite their ban(s).

Funny that, isn't it?

For now. They get it, though. And while China may still be the exception in its push for a complete ban, every other major economic block is very much aligned on facilitating it, because all desire more stringent regulations.

Many banks, crypto exchanges, and wallet providers have already ceased money deposits and withdrawals to and from bank accounts and credit/debit cards based in the PRC. Chinese citizens - along with those of some other countries - are now facing difficulties just opening accounts in the first place. Existing accounts will eventually be closed.

They won't have to make it completely impossible for people to use crypto in order to succeed. Just highly impractical will do.

 

[Angga B]

It has been years since I agreed with any of the CCP policies. Today I concur.

 

[Gastec]

So where does the value of the United States Dollar come from?

Basically from the very people inhabiting that piece of land. Who, over time, have created everything that we see in their country, have built a large and powerful army and have influenced the cultures and destiny of the entire World.

 

[Gastec]

Another Chinese crypto ban... they just don't get it do they - its like trying to ban sunlight - you can't do it. BTC was designed not to be controllable by any state.

And yes, my full wallet updates nicely from inside 'the big chicken', despite their ban(s).

Funny that, isn't it?

I don't find your cryptic metaphores or shameless penny trumpet funny at all.

 

[Gastec]

WUT. People that own bitcoin don't covert it to USD. That's why there are people that own...bitcoin. Right?

If you are talking about shops that accept it and convert it to USD that's because..they can buy stuff with USD? I mean that's like an argument I would accept from a 5 year old to be hones, yet here you are making it

Exactly, "WUT" in the world are you saying(writing) about?

 

[Knot Schure]

I don't find your cryptic metaphores or shameless penny trumpet funny at all.

Wonderful - no humour was intended.

In fact, with regards to China, there is little of anything find amusing, apart from their culture & table manners.

 

[Knot Schure]

For now. They get it, though. And while China may still be the exception in its push for a complete ban, every other major economic block is very much aligned on facilitating it, because all desire more stringent regulations.

Many banks, crypto exchanges, and wallet providers have already ceased money deposits and withdrawals to and from bank accounts and credit/debit cards based in the PRC. Chinese citizens - along with those of some other countries - are now facing difficulties just opening accounts in the first place. Existing accounts will eventually be closed.

They won't have to make it completely impossible for people to use crypto in order to succeed. Just highly impractical will do.

OK - can't speak for most of the world, but PayPal offered to support my BTC recently, and Thailand is trying to attract crypto investors right now.

So the two places I frequent & live in, are becoming more accepting of it.

 

[DaveBG]

Hmmm, A major world market declares crapto transactions illegal. The writing is on the wall.

As if someone will go to China to buy and sell crypto openly and publicly and then be struck that they have banned it and have to stop because he prefers to stay there and obey the CCP law?

 

[DaveBG]

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.

Where are you coming from? TSLA stock for example is ~+3% up last market day in 8 hours. As for ctypto , for something that you mined for free to have value of 30-40k there is no significant difference if it is 38,500 or 33,244. Heck at one point people laughed at me that my bitcoin cost was $200 down from $300 a pop and I was still mining as if I am wasting my time...

 

[Beerfloat]

As if someone will go to China to buy and sell crypto openly and publicly and then be struck that they have banned it and have to stop because he prefers to stay there and obey the CCP law?

Is that the only way in which you can imagine this to have an impact?

 

[Phashar]

Well, it is quite worrying that cryptocurrency mining consumes more and more energy whereas we should seriously focus on decreasing our energy consumption. So, from that perspective, well done China.