Why is it? China FUD once again on top of the South Korea FUD. China is looking to ban centralized cryptocurrency trading. In other words - nothing new.
Chinese governments continue their mission to destroy prosperity and innovation as governments do. Typical for communist leaning governments such as the Chinese is that they are cutting edge when it comes to destroying and inhibiting growth, tech and free markets.
Bloomberg reports that Chinese authorities are considering to block domestic access to centralized platforms.
This is however NOTHING new. First of all, I wrote about this yesterday, so it's hardly news. Second, this has been their plan for a year, so if anyone is surprised by this..there is no hope for you. Sorry.
Down 22% as we speak
ALL the major currencies are down 15% or more. Steem is in free fall, going down more than 31%.
If there is any positive news, it must be for Bitcoin hodlers, as Bitcoin is showing some good resistance and is in the top 10 coins falling the least. Only Bitconnect and Gas are in the green among the top 100 coins.
And as this happens, investors are buying up powerplants in Russia to mine cryptocurrencies. And in general NOTHING fundamentally has changed. Until further notice, this is a big correction due to fear in the market. I suspect once again that it is due to a VERY low average age of investors (some are even children) which makes it easy to manipulate due to their lack of skill and knowledge of how markets work.
I mean, reading bitcointalk forum people are complaining that coins aren't going up 100% weekly, like someone promised them that? It's just a very very immature market.
I urge you strongly to hodl, and do something else. There are no fundamental changes. And no major negative news out.
I know what I'm going to do.. I'm going to mow snow for the rest of the day, and get some exercise. Because there ARE more important things than Blockchain technology and making money. Enjoy life and don't let the stress and panic get to you. I've been investing for so many years, so I only get a minor headache by these things - even though the amount of potential money I've lost today is staggering. Just ignoring it.
Yeah, Chinese government is quite stupid by pushing all innovation and wealth creation out of the country. They really had the chance to become the frontrunner in this space, but their gov fucked it up. Many people will later thank their government that they missed out on the biggest thing of the century.
Happily game theory plays within every level of Bitcoin, so also here. Govs that ban crypto will loose out on huge innovation and other countries that allow it will flourish (and even get the devs and buyers from the other stupid country). Probably we will have ban FUD for a few more years till politicians see the long term result.
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Ok, so I read an article today published in the Sydney Morning Herald and attributed to Bloomberg and Reuters titled 'China set to escalate its cryptocurrency crackdown'.
Problem with this article are the sources. I quote from the article:
"China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter."
The source for this article? "People familiar with the matter".
What kind of source is that?
The article later states that: "The government plans to block domestic access to homegrown and offshore platforms that enable centralised trading, the people said"
"The people said." That is NOT what any professional journalist would seriously use to substantiate their story.
It was a garbage article and I am calling Fake News!
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It could very well be. Listen..even if they somehow ban centralized exchanges and trading, DECENTRALIZED exchanges such as payfair and others are growing up. Also with Substratum we are getting the decentralized internet 3.0 There is no stopping this. :)
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The gateway from fiat to crypto will always be centralized, but to control that ALL countries in the world have to prohibit centralized exchanges and even then people can use peer to peer marketplaces like localbitcoins. To stop this they would have to create a cashless society and even then people can trade goods and services for BTC. Ofcourse this will impact the price hugely, but BTC will not be stopped.
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Stories like this are just the death throes of the old order. I agree there is no stopping this.
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That's my believe, as the poster no change in anything rather fear in the markets spred by some a**holes, the usual suspect as always that is mainstream media backed by big banks.
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2018 will be a rolleecoaster in my opinion. More and more control from governments, specialy those who like to control like China. You are right, many people sells because of fear. When the market goes up again maybe next time they will hodl. But good regulations can also make things better and specially when all those crypto that have a real world utility start to deliver their projects. now it's time to buy!
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Well said, nothing much to add.
I had my snow-clearing exercise the last couple of days and pausing today.
Greets from Japan
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Right? There is no negative news..yet the market is crashing. It's as irrational as it gets, so there is absolutely no reason to sell anything. Just mow snow. Have a good one in Japan. Cheers!
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The roof the roof is on fire we don't need no water let the mother fucker burn.
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An upvote for quoting lyrics from an awesome 90s song.
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I'm a little bit surpriced you think mowing snow is more important than cryptoz. Anyway, here is what I found when looking back to January previous year. Looks acctually very promising for what we can expect from now until end of February. https://steemit.com/market/@deismac/january-the-month-of-the-big-pullbacks-a-look-at-previous-years-what-to-expect
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This is really a good time to buy your favorite coins at cheap rate!
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@originalworks
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The @OriginalWorks bot has determined this post by @scandinavianlife to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
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That seems like a good amount of work and definitely a good distraction from the crypto market. Good luck!
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It's still pouring down..one should think Norway has a lot of snow, which is true for some parts. But I haven't seen anything like this since my childhood. I live in the south eastern part which is relatively mild climate thanks to the gulf stream and wind streams etc.
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Temperature and snowfall is not necessary related. Average temperature in January in Oslo is -4.3C, average temperature in January in Tromsø is -4.4C, but for sure there is usually a lot more snow in Tromsø! Record was in 1997-04-29 if I remember right, 2.40 metres of snow. I was rollerskating in t-shirt and shorts in Bergen that day, later the same day I took a plane to Langnes, I did manage to change to long trousers while I was on that plane, but I was still wearing my roller skates upon arrival. I had managed to forget my jacket in Oslo one week earlier, and I don't even remember if i had other footwear with me :-)
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you are absolutely right man
A lot of my friends warned me and told me that it is going to crash.
I dont think so, so I am going to hold my coins. Nice post :)
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I would say that it is the perfect time to take fiat and buy. Some of my colleagues want to enter the market and invest, they should know that this is the time to do it.
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You got yourself a new follower!
The FUD is crazy. It's crazy how any banning news that comes up makes the market crash. It gives us a great chance to purchase alts cheaper tho.
JUST HODL.
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Thanks for the update - I agree, his hodl your coins and it won't be a problem in one year that today the market dropped X%.
It's hugely important to have other things in your life for sure, for me it's physics, programming and exercise!
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Suddenly, the prices of each currency decreased, I do not understand what is the reason.
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The reason is mainstream media and governments spreading fake news and fear. Also, another reason is inexperienced investors in the crypto space. Kids are pissing themselves by every goddamn tweet thats out.
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I think so too.
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This is the best post in Steemit..🔥🔥🔥 upvote :)
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I agree!
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Buy Buy Buy! What a great opportunity.
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Enjoy the snow! Hahaha
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I am holding and posting
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Great post, good advice, keep it real ! ;-)
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Thanks for helpfull information @scandinavianlife
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Communists and Capitalists both want to control money because whoever controls money has the power. Crypto currencies threaten this power through decentralisation and anonymity and ease of use.
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Cryptos are pure capitalist. The big difference between communists and capitalists is that communists wants to control YOUR money, while capitalists only want to control their OWN money. Big difference.
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I don't even remember if i had other footwear with me
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That's exactly how I feel @scandinavianlife. Take it easy
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Sometimes, most times, I wonder what they stand to gain. As a government, If you don't belive in cryptocurrencies, if you think it's a fraud, then stay the fuck away from it and don't try to fuck it up for we the believers.
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But why shouldnt governments try to fuck it up? Governments dont want free trade? They want ONE thing, and one thing only - YOUR MONEY. Taxation. Cryptos is the most threathening thing for governments in history, since it is slowly (or rather fast really) taking away revenues(stolen money) to the state.
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its just another DAY of crypto BARGAIN SALE. opportunity to buy cheap bitcoin
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History repeats itself again! Remember the bear last August 2017 followed by a Bull!
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