Topic: Another y3804 bearish thread - page 2. (Read 1516 times)

That would have been the smartest thing to do.

I actually didn't get to scoop anything. The day BTC crashed I went out for three hours with no internet connection and completely missed the $340 bottom..

Sounds like you have already sold your 'scooped coins'. Am I right?

Dunno. But Overstock reported $1m in total over the opening several weeks. If it was that much a day the world would be taking rather more notice.

There's no new capital entering the market. Without China, who will sustain the healthy $400+ prices? Onshore deposits will be frozen after April 14, and most exchanges will have significant problems in the future to deal with oversea deposits. Most exchanges are relying on the only bank still accepting BTC related services, China Merchants Bank. Look at what happened with FXBTC, everything they've said has been true to this day. Now they closed their exchange. The solution of OKCoin with recharge coupons won't work in the long-term, and I expect PBOC to ban China exchanges one day (there's a reason why they're moving offshore). Also, I definitely think most traders are going to withdraw their RMB before the deadline, just to see how the market reacts. As Bobby Lee said, "After the April 15 deadline, most investors will re-evaluate Bitcoin".

That being said, we've reached a $350 low, we've all scooped the cheap coins. Who's going to invest at $400+ now without China?

Also, you have to consider the amount of BTC being dumped by miners everyday.

E.g. Overstock is dumping $1Mthousands USD worth of BTC/day. KNC miners are dumping $500K USD worth of BTC/day.

There's only one direction in this market. We're going south.

On a side note, the "bounce" from the $340 bottom was definitely a pump. This is not an organic bounce. It went up wayy too fast. I suspect the big pumpers are taking their profits now.

BTW, only 12 waking hours left in China. It's nearly monday up there