Fake News Rules Bitcoin Price Fluctuations…
The traditional standard in reporting is to check three independent sources before printing a story. Unless, of course you are CNBC and are complying with government wishes to use fake news to drive down confidence in Bitcoin, or have otherwise been got at.
I have to say that if Men in Black visited me in my office (a patio overlooking a swimming pool where very scantily clad Russian women are frolicking), and threatened my whole family with ‘coincidental car crashes and unexplained sudden deaths’, I’d report anything they wanted me to report. And I’d do it enthusiastically. But they have not yet visited me.
Bitcoinity.org writes, “Three Chinese exchanges — Bitfinex, OkCoin, and BTCC — made up over 45 percent of the global market share over the last 30 days. However, a scaremongering rumour designed to drive Bitcoin prices down, claims that the Chinese authorities plan to close all domestic cryptocurrency exchanges.”
The thing is though that Bitfinex is based in Hong Kong NOT China, and China is highly unlikely to intervene in Hong Kong financial affairs. They don’t even have the same currency. China – the Yuen; Hong Kong – their own Dollar.
So that is proven misleading right there, from Bitcoinity!
Bitcoinity is owned by Kacper Ciesla, based in Poland, and the website IP address resolves to smack in the middle of Germany.But I’ll give Kacper Ciesla the benefit of the doubt and guess that he did not intentionally mislead. Instead, he must have taken what he read himself at face value. Thus he has gone on to spread the misleading news, whilst he is actually trying to condemn scaremongering rumours.
News coming from caixonglobal.com is also hard on Bitcoin, with a number of reports that have no quoted sources. However, their IP address of 126.96.36.199, resolves to Singapore, not China, and is hosted by Amazon.com. Not a source I personally would trust for independent news about Bitcoin in China.
The lesson to be learned from this is that no matter how reliable a source is, it’s worth actually checking yourself to find out if it is true, especially if it is news that could drive down Bitcoin prices. There is so much false information out there now that it is clearly designed to damage not just Bitcoin, but all cryptocurrency prices.
The Consensus, Ignoring Fake News
Nevertheless, consensus view amongst financiers (not that I would trust their view, because they also have their own agenda!) is that Bitcoin prices are bottoming out. If you plan to buy to hold, I feel confident that there is going to be a massive rush to buy when the upturn in prices starts, so it might be better to buy now. Because when prices start rising again, as they have always done in the past, people holding Bitcoin will no longer want to sell, so right when you want to buy, you may find it difficult.
There are actually some signs that the tide may already have turned. One of the things I look for is not being able to buy Bitcoin at exchange quoted prices, and sure enough, it will currently cost you about €200 more per coin at places like localbitcoins.com, with some vendors charging a lot more. At the time of writing, Google is quoting a rate of
At localbitcoins.com, You will pay at least €2984.00 per coin, and you could pay as much as €57,000.00 by paying in Amazon Gift Vouchers. That’s right, I didn’t accidentally add a zero. Even paying in Euro by SEPA Bank Transfer you can pay as much as €7328.87 per Bitcoin, and that vendor has 100+ transactions just on that platform under her belt… So remember the Google quote, which is an average from multiple exchanges. The quoted prices are more fake news!
What this boils down to is that Bitcoin is worth as much as someone will pay for it.
So if you are selling, don’t sell cheap. If you are buying, buy as cheap as you can and never sell for between five and ten years. Those who have sold in the past all regret it now, unless they are wheelers and dealers, buying and selling all the time, working the margins, which some people do very successfully. But for investment, hold, and never waver!