The Legend of the New Year Celebration

In Chinese history, whenever there was a disaster happening or something that seems to be out of the human race, someone always stood up. So they paste red paper, red pieces of paper with characters of good fortune written on them and glue them onto your doors. And then you wear red color, right? Both young and old, you wear red. Then you prepare something that will make loud noises. And later on we use fire crackers. And you light it up just when the clock strikes 12 midnight. But I kind of doubt there was a giant monster that came out of the ocean.