China To Ban Cryptocurrency Exchanges Once Again - Don't Make Me Laugh!
Bitcoin Exchanges to be banned again?
So I've been coming across rumours that say there is information being "leaked" that China is about to ban cryptocurrency exchanges.
This must be about the fifth time this rumour has circulated.
Haven't found any concrete evidence or a translation of an official announcement yet. I personally don't take these "rumours" seriously.
My Take On This Kind of "News"
My Take is that the Chinese government itself is likely one of the biggest investors in the cryptocurrency space.
Whenever they feel the need to buy more they "leak" this kind of information and start filling their buy orders.
They have banned bitcoin and bitcoin trading so many times it is not even funny any more. Looks like people are already panic selling though.
But what if it is serious this time?
I don't think it is because the Chinese government will not only kill their own personal investments (which I'm 100% convinced they have) but they will also be killing a major revenue and growth stream for their own country.
They are not stupid.
But if somehow magically it did turn out to be true, I think it would be fantastic.
Why?
Because this is exactly the boost that decentralised exchanges like Bitshares, Waves, Bitsquare etc need to get people using them.
DEXs are the future but they don't have the volume/liquidity right now to be useful.
So personally I would love this to be true - even though it likely won't.
Even if it doesn't pan out I am pleased to have the opportunity to buy in to some more tokens and cryptos I want at a discount.
Remember the old Rothschild saying - "Buy when there is blood in the Streets".
The Chinese government seems to like making blood on the crypto streets on a regular basis, why not take advantage of it?
Thank you for reading
ye i think that they will not ban and if they ban some exchanges , decentralised one like bitshares is the way to go :)
I just hope in china will not be a rule like ; chinese people only can use chinese crypto exchanger.(controlled by government )
Another red day nothing new :) in this day people sell a lot and who is calm buy a lot :)
banning sometimes isnt that easy economically. F.E. when big mining farms, pay 2million dollars to the electricity factory. A lot of people benefit from cryptos in different ways, its not black and white area
Exactly. Morons sell whilst the sensible people buy coins at a discount. The funny thing is the morons never seem to change this behaviour.
Its probably just them starting it off causing a chainreaction of morons to dump. Noticed the first big sell off had happened ok OKCoin and then within a minute the rest of exchanges followed.
What's annoying is the chainreaction in all coins, you'd think btc losing value the others would stay or even grow in btc value while its happening. It feels like an co-ordinated attack not to let anyone profit by switching to alts except tether.
problem is altcoins are exchanges with btc mostly and some to etherium, so if bitcoin drop they drop too, we need more exchange pairs like altcoin to altocoin not to btc, so then this swings not be so huge to altcoins.
You can divert ressourced into smaller no name coins, but that does not help you and exposes you to volatility.
You'll just have to endure the manipulaiton because the big player (BTC, ETH etc.) will be the target of the manipulators.
However, you should appreciate that you are not falling into the trap (that is selling out of FUD aka fear, uncertainty, doubt).
According to the Pareto distribution that already makes you better than 80% of investors so cheers to you :D
Exactly. It is very suspicious - sad that people fall for it and not just once they keep getting suckered.
Yes....Making mistakes or being fooled once is part of life.....Being subject to it again and again is unconscious stupidity.
Exactly.
that is why I thank god daily for giving me a brain capable of independent thought.
some people call me paranoid, but at least I don't panic as soon as someone screams the sky is falling because I already expected something worse than that and can keep my cool :P
Being skeptical is not paranoia it is common sense.
Yeah, it's sad.
I think people get suckered again and again because they believe the world is a bad place, though it actually is awesome.
If you believe that everything is bad it disempowers you and you end up not fighting and thus lose by default
Actually the world is neither good nor bad. Believing it is consistently one or the other is where people make the mistake as it leads to false assumptions.
I disagree with you: the world is only good.
All bad is derived from false assumptions and behavior in accordance to those false assumptions.
It is exactly as the Bible states: Satan was a liar from the beginning.
Everytime you do something bad, or somebody else does, they do it because they act on one of Satan's lies (misconceptions of the world). In a sense it's the result of ignorance, if you had perfect knowledge of the world, there would be no bad.
Hence, my people shall perish for lack of knowledge, etc.
I disagree with that.
Organised religion is fairy stories for adults. There is no Satan. It is a lie that lets people shirk responsibility for their own actions.
Makes my point.
There is no such thing as perfect knowledge of anything.
There is no "my people" - these kind of lies are responsible for countless deaths and wrong doing.
I think its a more sort of rumour to fell the crypto market.....and likely for panic sellings......crypto is life
And you can never go bust betting that morons will be morons.
Lol yes. Someone should start a moron tracking index. The returns would be insane.
You could pretty much take the mainstream advice and just bet against that like The Big Short guys and many others did. I too made a killing profit on Aug 1st dumping my BTC instead of BCH.
Generally, that is a smart idea.
And it works. Especially in market extremes. Now we are looking at celebrities promoting Bitcoin. With the weak fundamentals it has, BTC is a pure bubble. Blockchain has great future but Buttcoin does not.
Still I think BTC will have its reign for few more months. It's not like it can get bankrupt like stocks.
Well, they would not be morons if they behaved intelligently. That is kinda the point of the word moron. So...
It's just that they do not have enough information and do not think.
I never invest money I cannot spare, some people, however, do so and then I can understand that you would worry quickly and sell immediately if you hear something bad to prevent losing everything.
But that is obviously the wrong approach to investing.
Yes.
Keep calm and hold btc until "green" again !!
I think its a more sort of rumour to fell the crypto market.....and likely for panic sellings......crypto is life
Agreed, I think this was an over reaction of the market and the folks who are bitter about not having caught the train at the right time.
https://steemit.com/bitcoin/@wanderingmind/over-blown-market-reaction-on-bitcoin-news-from-russia-and-china
Good post and i agree
Great.
they will never ban Bitcoin. It's like chopping off their arm.
Your post is very well done! Inspiring :D Follow & Upvoted :D Keep them coming!
exactly and also they cant ban bitcoin, they can criminalize trading, mining or keeping it. The black market will still use it
...
Great but don't spam your links or you will get a flag.
sorry...
NEO might be a good pick, its the most chinafriendly coin
China often uses financial threats as leverage - it owns almost a third of the U.S. debt and every now and then, China threatens to sell part of its debt holding, knowing U.S. interest rates would rise and that would slow U.S economic growth. So, it wouldn't surprise me that they'd use a similar tactic to lower the price of Bitcoin so they could buy massive amounts at a lower price
Yeah seeing that with chinese tourists who aren`t allowed to travel to Seoul anymore because South Korea added new defense systems against North Korea. China is powerful and will be powerful in the future.
I agree. It's not Russia - it's China that's America's rival.
I think that America still has the upper hand over both though.
Obviously it is possible that China leverages it's holdings, however, America can just default on foreign debt if they choose to do so. The Chinese military power does not match America's and thusly they cannot collect the outstanding debt by force.
Additionally, the US or the FED could basically devalue the debt that China holds by printing more and more money. Realistically, China's assets would soak up 1/3 of the loss in value of the dollar without hurting the American economy at all.
Obviously, either would be a drastic measure of the American government, however it shows you that America is far from done or losing the upper hand.
In the case of money printing for example, I think the Chinese economy would be hurt more drastically then the American, because the additional dollars created would be spend withing the US and not in China practically punishing China's economy if the US government implements a sensible policy that supports the American population via economic growth.
a very informed and insightful response, @granunic0rn
Yeah maybe...
Exactly - I think it is quite probable.
Yes. Exactly this ^
Makes sense. I wonder what would happen if they let their currency float.
exactly!
Would be very interesting with dramatic implications.
it certainly would!
I guess the first thing that would happen is that it would to a large extent destroy their domestic industries because they will no longer be competitive on world markets. Maybe that is why they are now focusing on high quality products instead of just being the cheapest. In anticipation of an economically independent USA in terms of consumer goods, but even as far as oil is concerned. Very much like Germany. Germany used to make low quality products, and then I guess once they built up their customer base and internal manufacturing infrastructure, they started focusing on quality and eventually became synonymous with quality.
those are some very good points - didn't know that about Germany, but it makes sense to me now
There is this book The German Genius. I saw an interview with the author
I would really like to see that coming (of course not because the price fall). I am a huge believer in decentralised exchanges. Those actions of countries will push innovations in that field tremendously. We at makerdao.com are working focused on our decentralised exchange oasisdex.com (currently only for ethereum tokens). We pushed a new version with automatic order matching a few days ago. Please check it out.
Thanks I will look out for it.
Dude, you so fucking nailed it! For anyone who hasbeen in 'the space' for a few years this whole "China Syndrome" is just a joke.
How many more times...
...will peolple fall for this shit? It's hilarious! Although i must admit, initially i was regarding this new news as some kind slight against bitcoin. But alas, no. Hell! The big three exchNges in China are running smoothly and have had no official government intervention. What does that tell you? A: it's all a great, big, scam designed to undermine the price while -- yup! -- Chinese insiders scoop up cheap coins.
Bah ha ha ha! You can't make this shit up. How many times has bitcoin been killed by just China alone? And when i say killed, i mean discounted for a short while before the headlines once again start screaming ATH all over again...
Thanks for post! Upvoted and Resteemed 🤘😎
Yes it has happened so many times that I don't worry about it anymore.
We get the same rumor every year. China is not banning Bitcoin, where are their corrupt officials going to save their money, in dollars? hahaha
Yes I think it happens more than once a year.