How can fake news crash a market in seconds? China getting cheap coins again
I was eating my lunch and browsing twitter and talk in a discord crypto group when i go to trading view and see a giant red candle in all markets, BTC was down from 4600$ to 4000$ in seconds, we all confusing in discord and we couldn't find any explanation to this crash. I start seeing tweets about a article in chinese saying China is banning crypto exchanges, the average investor and trader starts to panic sell leading the market to crash about 15% and lose 10b in a matter of seconds. One of the tweets and news that helped creating and spreading this FUD was this:
http://finance.caixin.com/2017-09-08/101142797.html
https://twitter.com/yhaiyang/status/906166588251844609
Its amazing how a fake rumour spreading like a virus and getting viral can crash the market and cause false FUD, this only proves how easy is to manipulate this market and we need to aware of the risks that are involved investing and trading in it.
After some minutes the market is recovering well and the ones that had fiat got some cheap coins, this was a event to test some investors and traders but the majority of the people lost money and coins panic selling.
https://twitter.com/luluyilun/status/906163511658557440
You dont want to stress with all this events? Just Hodl the coins and you will be fine
This was one more typical China ban, China buys, check my last article about the ICO China Ban -> Market crash? Why this is a good thing and how you can profit with it
South Park knows the drill
Dont freak out, this is pure manipulation, the weaks lost coins and money, the strong just watch the event and got more coins
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lol fud by china
They keep scaring the market to get cheap coins
Freedom has consequences. If the bitcoin community wants to have a truely free market, than we have to deal with the fact that the market will be manipulated. There is no institution that will punish anyone like in traditional finance sector. There is nobody who you can sue or get your money back if you got scammed. You won´t have an insurance that will protect you from frauds and stuff like that.
Very good point! Is what we have to pay for a free market, but still the whales can manipulate every coin and they are doing it because there isnt any punishment yet.
Thanks alot for your opinion, very good!
this isnt funny
Its funny for the ones manipulating, i feel bad for the people that sold in the bottom of the crash :(
I found out from a friend who had some fiat and was waiting for a dip like this as he didn't catch the one a few days ago. His phone went like crazy from the (I think) Blockfolio notifications.
A good opportunity to buy cheap.
Yeah this was a very good opportunity for people invest in the market, i wish i had fiat.
What coins he bought?
I think that EHT and BTC, as he didn't have much of that in his portfolio. I bought LTC, XVG and PIVX during the previous dip. How about you?
I essentialy hold what i had, i sold some and im waiting to crash but it seems is recovering well. PIVX is a very good coin
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