China's bitcoin crash

Discussion in 'Cryptocurrencies' started by freedinner, Jan 15, 2017.

  1. just incredible. guy recklessly gambling his life savings away and now asking others to refund his losses. typical speculative bubble, "greater fool" ponzi scheme in bitcoin:


    "By the age of 34, Ding Wen had built up a personal fortune of more than two million yuan after years of hard work at an internet company in Nanjing, in east China’s Jiangsu province.

    But he saw most of that wealth go up in smoke on January 5, when China’s bitcoin market crashed, sending the price of the virtual currency plunging 40 per cent in just a few hours after lunch.

    With the market in free fall, Ding was unable to log into his account with China’s biggest bitcoin trading platform, Huobi, meaning he could not sell off his holdings or top up his principal to meet the margin call.

    ----

    “I have taken on big risks when making leveraged betting, but the collapse of the trading system made me unable to run stop-loss orders, so I think the platform should compensate for investors’ losses,” Ding said.

    ---

    Data provider Bitcoinity shows trading volume in China accounted for more than 98 per cent of the global total during the past 30 days amid more pronounced price fluctuations."


    http://www.scmp.com/business/bankin...inas-bitcoin-market-another-ticking-time-bomb
     
  2. I have warned on ET (even before it recently appreciated to $1000 ) that investing in this toy coin is just gambling. Chinese govt use it to manipulate Yuan's value in forex. This is the primary reason that this toy coin was created so that Chinese govt can legally manipulate Yuan's value.
     
    Tim Smith, dealmaker and vanzandt like this.
  3. bbpp

    bbpp


    You don't even understand what happened.
     
  4. jj90

    jj90

    Blah blah blah. Another moral post. Do you have any personal connection to funds lost by this guy? Do you have personal connections to kids starving in Africa? Where's the link to the latest famine in _____(name African country)?

    Stick to the objective stuff.
     
  5. Jones75

    Jones75

    A lot like the "Tulip mania" from 1634 - 1637. At one time the flowers cost more than a house…:D…big losses.
     
    comagnum and dealmaker like this.
  6. just21

    just21

    bitcoin does have a use for chinese people in avoiding capital controls when moving abroad.
     
  7. That's why bitcoin is a very stupid place to put your money into.
     
    comagnum likes this.
  8. It is true, bitcoin per se has lots of uses, problems start when you start considering it as an investment/trading opportunity.
     
  9. just21

    just21

    Look at the chart after the sell off. Looks like a higher low in an uptrend. Banning margin trading in china looks like it will only slow the advance.

    www.bitcoinwisdom.com
     
  10. Slow the advance ...... before the further slaughter.
     
    #10     Jan 16, 2017