Why would I sell my precious btc for flammable paper or dodgy numbers on a computer screen that bears no relation to any personal value of mine?
These rises and falls are par for the course when countries like China have little meltdowns after realising they're losing RMB through crypto channels. But soon enough they'll concede their vain attempts to control the sucking out of their RMB value
On the other side of the coin, I wouldn't put it past high level Chinese big wigs to be orchestrating this whole thing. Only because it feels like Deja vu from the beginning of 2014. Are they hoarding every time there's a dip?
Also, the Chinese national congress is coming up shortly, and it's traditional that before these, ass-kissing party members look seen to be doing their commie duties like stamping out imperialist ideas, media,anti-China rhetoric.
But who bloody well cares? I'm hodling no matter what.
Now is the time to BUY. Of course hold. What do you buy BTC with? When the entire market moves in lockstep downward relative to dollars, its best to spend the $ you have on BTC. I'm not sure how many of you are able to completely avoid earning fiat, but I'm not among you yet and I'm scraping my savings for buying now.
Indeed - I did buy a few days ago..with fiat. There's a btc atm close to where I'm at, so whenever the 'price is right' I'll slip a couple of notes in. Better than a certain loss on the horses ;)