"Bitcoin didn't crash, people panicked because they didn't understand the news"
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[quote]Bitcoin didn’t crash. People panicked because they didn’t understand the news. [b]Other people got out at they top because they knew people would panic[/b]. It will rise again just like it always does.[/quote]
Source: [url=http://www.reddit.com/r/Bitcoin/comments/1sakoi/answer_by_joseph_wang_to_what_is_the_situation/cdw0tnb]http://www.reddit.com/r/Bitcoin/comments/1sakoi/answer_by_joseph_wang_to_what_is_the_situation/cdw0tnb[/url]
Emphasis mine.Also this is good:
[url=http://www.reddit.com/r/Bitcoin/comments/1sbefw/chinese_investment_banker_says_what_nobody_in_the/]Chinese investment banker says what nobody in the USA could seem to understand yesterday[/url][quote]It’s times like these that you are glad that you can read Chinese, and not have to deal with clueless English newspapers. I summarized the PBC announcement
Is the news out of China about banks & bitcoins good or bad news?
It’s excellent news for bitcoin. Essentially bitcoin exchanges in China and bitcoin itself is going to be treated as a “commodity” rather than a “currency” and therefore not going to be subject to banking and currency control regulations. The only restrictions on bitcoin exchanges is that they will be subject to the standard internet censorship rules and they will need to get the identity of all users to prevent money laundering. Existing financial institutions will not be able to trade bitcoin, but this is a great thing for entrepreneurs.[/quote] -
Yep, pretty much what Kevlar said the other day. Bad translations and FUD spreaders suck … unless you’re reloading.
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[quote name=“Tuck Fheman” post=“41404” timestamp=“1386466703”]
Yep, pretty much what Kevlar said the other day. Bad translations and FUD spreaders suck … unless you’re reloading.
[/quote]Dawwww… someone actually reads what I say? I’m touched…
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Yep it’s a total overreaction
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[quote name=“Kevlar” post=“41414” timestamp=“1386468416”]
[quote author=Tuck Fheman link=topic=5635.msg41404#msg41404 date=1386466703]
Yep, pretty much what Kevlar said the other day. Bad translations and FUD spreaders suck … unless you’re reloading.
[/quote]Dawwww… someone actually reads what I say? I’m touched…
[/quote][url=http://tuckfheman.com/post/69188439839/bitcoin-and-china]http://tuckfheman.com/post/69188439839/bitcoin-and-china[/url]
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OK crisis over, all cryptos on the up again, random people shouting ‘to the moon’ and so on, that didn’t last long did it. Nothing to see here move along now back to trading everyone :)
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You know all is good when “to da moon” returns with confidence.
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I wouldn’t say any groups or people are responsible for the miscommunication, but rather people believing that Bitcoins are gold and this is just a gold rush and don’t actually follow cryptos at all. For example, I had three friends that all heard of Bitcoins and thought that mining them is easy bucks. When they saw the price normalizing they immediately panicked and got out of Bitcoins and now have forgotten about cryptos. If the public was more educated, then stuff like this would never happen.
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I enjoyed it! (and netted 70 LTC in the process). Sell high, buy low, yay!