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Bitcoin price crashes spectacularly after China crypto clampdown


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Was always going to happen now China is actively pushing its own digital coin. Why allow other digital assets to compete with your own offering. Far easier to just ban them all. Don’t think it will impact China to hard as there is always a way around these things as shown in the USA with the removal of XRP from exchanges. But this is certainly the reason for the recent 10% market crash. 
https://apple.news/ARkbNkl7aR8uTuaBf-I6Asg

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Please tell me what currencies are supported by real value? The next question is what is real value? Then how does one assess value itself? The reason I say this is it may be a catchy phrasing for people who find comfort in the value of their own nations currency, but in the end value seems to be created through the trust that others deem it to be valuable and no other reason than it being accepted as valuable and exchangeable for goods or serviced. We have seen this before from China, we see it in the U.S. in the end it is not up to a government to decide what is valuable. In the end the value is determined by the people and when those people literally starve what is considered valuable will be adjusted. Long rant about the fact that the current cryptocurrency market can be heavily manipulated and it will be by single actors or nation states depending on the beneficiaries. 

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I'm not claiming anything by this ... just seeking verification. Unfortunately I have very limited time to look deeply into this today myself ... 

We have heard this 'China-bans-crypto' song before. This article says the media echo chamber has been bamboozled again. But, this website could have a pretty obvious agenda for misinformation ... 

So ... 

https://www.cityam.com/bitcoin-falls-on-old-china-fud-while-xrp-continues-to-buck-trend/

 

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Posted (edited)

On November 2nd 2017, Forbes published an article that said crypto exchanges in China were officially dead. The ban, announced in September 2017, shuttered its last exchange and made it illegal for Chinese mainlanders to exchange digital money unless they operate offshore. Less than 2 months later, Bitcoin skyrocketed and reached a new ATH.

https://www.forbes.com/sites/kenrapoza/2017/11/02/cryptocurrency-exchanges-officially-dead-in-china/?sh=6067234a2a83

A few days ago, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China reiterated their stance on banning crypto services.

Do we really believe China (or China news) causes Bitcoin's price to go down?

Edited by Danny
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Posted (edited)

In my opinion, this is a good opportunity to buy it. It is now at a meager price, and the chances that it will go up again are very high soon. Bitcoin is an essential part of my work because I need to make big transactions in different countries. The cryptocurrency helps me do it faster, without any intermediate banks that take their commission. Sometimes I can even use a bitcoin tumbler because there are some ways of tracking Bitcoin transactions, but it is important to remain anonymous for me. This is not illegal, so why not using this method,

Edited by MixyGrism
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