China putting capital controls on BTC! (lol)

iamnotback

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Quote from: iamnotback on December 04, 2016, 05:47:17 AM

China Curbs Gold Imports

Quote from: IIOII on December 03, 2016, 09:36:02 AM

Quote from: pitham1 on December 03, 2016, 02:10:24 AM

This would automatically shift demand to digital gold, aka Bitcoin. If that happens, you can expect China to take action restricting purchases of Bitcoin in some time. So a short and quick raise in bitcoin's price would be followed by a dump.

Don't bet on it. First of all, it will boost smuggling and black market activity. Bitcoin is a niche product, only few people are aware of it as an investment alternative. The direct impact of China news on Bitcoin prices is greatly exaggerated.

So I don't expect a rise in BTC price because of it. Even if the scenario you are pointing out becomes reality, restrictions for Bitcoin purchases would not succeed on a large scale, because you can't ban p2p trade.

China doesn't need to import BTC since most of the minted BTC is now mined inside of China. Unless China can track ongoing every BTC mined in China by requiring them to be sold and held on regulated exchanges that never allow users to have access to private keys (which would not be Bitcoin any more), then they have no hope of regulating it.

If China does basterdize BTC that way, then Bitcoin is dead. And we will just move on to another altcoin. In which case the mining farms in China will be useless door stops. Also China would be shooting its own technology sector in the foot. I just don't think China's think tanks are this stupid.

China is powerless to stop crypto-currency.

Besides the capital flight via BTC is so damn small so as to be insignificant. The entire market cap of Bitcoin is only a minuscule $12 billion. The daily volume on Bitcoin is $48 million and RNB forex volume is some $5 trillion annually or $14 billion daily. We need a 10 or 100X higher BTC price before we have to worry about it being significant to China's capital flight volumes.

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BitcoinPanther

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Quote from: BitHodler on November 08, 2016, 12:25:36 PM

Quote from: Taki on November 08, 2016, 09:44:40 AM

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

There is no proof that is backing these empty rumors.

That's why it time on time surprises me how many noobs still get caught in the process of selling their coins in panic without valid reasons.

How dumb can people be that they constantly believe articles spread to create a panic wave going through the market where the price is taking another hit. Seriously, how dumb.

I agree the article seems some propaganda to buy bitcoin at lower price and somehow it succeeded. This still shows some holders are just for the ride and does not really believe in bitcoin capability to increase in the future. And am sure whales are very happy on what happened because they scoop thousands of bitcoin in lower price than it should be.

RodeoX

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我不相信中国的任何消息。 Wink

Pattberry

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Quote from: SamMurphy on November 08, 2016, 06:23:01 AM

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it Sad

It's unfair for everyone. I don't agree with that Sad

i really did not understand what you meant by these words but the news about china putting capital controls on BTC is just a rumor and there is nothing official to provide any concrete proof that they will be doing so even in the future,so stop spreading lies,let the price flow

Tzupy

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Regardless of China capital controls, if we fail to break resistance we'll drop to about 600$, but this could take 2 - 3 months.

BitHodler

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Quote from: Taki on November 08, 2016, 09:44:40 AM

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

There is no proof that is backing these empty rumors.

That's why it time on time surprises me how many noobs still get caught in the process of selling their coins in panic without valid reasons.

How dumb can people be that they constantly believe articles spread to create a panic wave going through the market where the price is taking another hit. Seriously, how dumb.

Taki

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Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

carlfebz2

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DGbet.fun - Crypto Sportsbook

Quote from: 1Referee on November 07, 2016, 06:02:59 AM

Quote from: CoinCidental on November 07, 2016, 05:34:40 AM

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

we can assume hence the price of bitcoin is really unpredictable lets just say its too high up now on $700 but later on it would definitely rise up because we cant really stop the adoption of bitcoin and it would really continue to grow even more. I agree with you , people would really sell off their coins when they saw they are already benefited from it like 20-30% on their investment that's why bitcoins price is moving up and down because of active traders on it and also the adoption is included.

kehtolo

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Quote from: SamMurphy on November 08, 2016, 06:23:01 AM

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it Sad

It's unfair for everyone. I don't agree with that Sad

What does this even mean?

Can you re-phrase that please?

What is unfair?

SamMurphy

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Bitcoin unionhead who's neglecting fiat :)

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it Sad

It's unfair for everyone. I don't agree with that Sad

CoinCidental

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Si vis pacem, para bellum

Quote from: 1Referee on November 07, 2016, 06:02:59 AM

Quote from: CoinCidental on November 07, 2016, 05:34:40 AM

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

I have a non trivial amount of btc from back in the day when they cost about $3

I still buy more sometimes when I get paid from other streams of income and have nothing better to do with the cash and I'm sure that other people are also still buying for various reasons.....

If I sold at +20% like you suggested I'd have bought at $3 and exited the game at $4 and then what??

No Thx lol, I'm in it for the long haul, my grandchildren will probably spend my bitcoins because I have everything I need or want to buy already....

1Referee

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Quote from: CoinCidental on November 07, 2016, 05:34:40 AM

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

CoinCidental

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Si vis pacem, para bellum

Quote from: 1Referee on November 07, 2016, 04:11:12 AM

Quote from: jubalix on November 07, 2016, 03:59:07 AM

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.

Couldn't have said it better. It surprises me that at nearly every price level, whether it is at sub $300 levels for such a long time, or now at around $700, people constantly keep asking whether or not it is a good time to start buying, LOL! That you have some doubts about whether or not to buy at current levels, is something that I can understand, but how can someone seriously doubt about the price when it was at sub $300 levels?

I did everything to buy myself as many coins as possible at sub $300 levels. It was a fantastic opportunity that a lot people could have benefit from, but only smart people have actually bought at these levels and kept holding till now. Right now it's either a good moment to secure profits, or to continue holding. Buying is not part of the story at these levels (for now).

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

1Referee

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Quote from: jubalix on November 07, 2016, 03:59:07 AM

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.

Couldn't have said it better. It surprises me that at nearly every price level, whether it is at sub $300 levels for such a long time, or now at around $700, people constantly keep asking whether or not it is a good time to start buying, LOL! That you have some doubts about whether or not to buy at current levels, is something that I can understand, but how can someone seriously doubt about the price when it was at sub $300 levels?

I did everything to buy myself as many coins as possible at sub $300 levels. It was a fantastic opportunity that a lot people could have benefit from, but only smart people have actually bought at these levels and kept holding till now. Right now it's either a good moment to secure profits, or to continue holding. Buying is not part of the story at these levels (for now).

jubalix

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Quote from: helloeverybody on November 03, 2016, 12:00:07 PM

Id quite like a decent drop from this supposed dramas. Would be nice to be able to stock up on some cheap cois. I think half the people i know would actually buy into bitcoin as well if they could get a chance at buying some coins at a lower price than weve been at for the last while.

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.

btc = 10K and 40K all the "early adopter" hate has now no basis.

iamnotback

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Quote from: iamnotback on November 05, 2016, 08:18:38 PM

Quote from: iamnotback on November 03, 2016, 08:36:53 PM

P.S. I think it will probably come back down and touch at least $650. The reaction buying is probably a bit steep right now to sustain.

There might be a head&shoulder pattern forming which will take the price down to fill that gap up (Oct 22-23) from just below $650 before we complete this correction. This is not a certainty.

That potential H&S was just violated with the move to $716. Time to board the train next stop $789ish.

pitham1

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Quote from: unknown04 on November 03, 2016, 11:24:16 PM

Don't trust every news on the internet. zerohedge is basically garbage and trying to find a good entry price by bringing bitcoin price down.

You can read more here.
https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they/#bottom-comments

A substantial portion of the market seems to have believed the China news and dumped Bitcoin. We have seen some correction, but are still 5% below last week's high. We need more publicity for those reddit articles. Grin

iamnotback

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Quote from: iamnotback on November 03, 2016, 08:36:53 PM

P.S. I think it will probably come back down and touch at least $650. The reaction buying is probably a bit steep right now to sustain.

There might be a head&shoulder pattern forming which will take the price down to fill that gap up (Oct 22-23) from just below $650 before we complete this correction. This is not a certainty.

iamnotback

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Quote from: Snorek on November 03, 2016, 11:17:09 PM

Quote from: iamnotback on November 03, 2016, 10:46:47 PM

The technology adoption price curve applies to crypto-currency in general. Whether Bitcoin is the vehicle for crypto-currency in general remains to be determined, but most likely it is.

That there are weak hands which are illogically fearful of impractical regulation is just the way markets work. The shorts shake the trees (so the ripe fruit of weak hands can be harvested) as service to mother nature.

Edit: that is unless you think crypto-currency is fundamentally impossible to perfect, i.e. that the centralization problem plaguing Bitcoin is insurmountable (meaning impossible to mitigate). I don't believe so and I am down in deep on the technical issues.

While I think that cryptocurrency might achieve near-perfection and answer most of our problems as money transfer vehicle, payment processing solution and monetary system.
But I also think that there is high possibility that anti cryptocurrency lobby (basically every major financial institution, banks and governments are afraid of free money) might interfere with evolution of BTC.
In normal circumstances technology adoption price curve would be 100% correct - sure, people are overreacting a little every time something goes slightly wrong with BTC, but we can't predict how this situation with capital control will unfold.

If crypto-currency is fundamentally better for people and society in some necessary way, then nature will figure out how to route around the Coasian barrier.

I can tell you I am actively trying to develop a project to bring crypto to the masses. That doesn't mean I will succeed. But someone will, else it means crypto didn't really solve any problem that needed to be solved.

Did you see for example where I wrote on Steemit that security of the Internet could be radically improved due to blockchains. I forget at the moment the exact point I made, but afair it was related to eliminating the need for certificate authorities.

I believe decentralization is going to unleash killer apps that society will refuse to abandon once they've been demonstrated. We are moving to a world where people need to be able to express their creativity unfettered. I believe the killer apps will derive from that.

I could write more detail about this, probably in the near future. I'd prefer to be speaking not so abstractly and more retrospectively about technologies/milestones that had been achieved.

I understand the Wall of Worry we are in now. It is justified. But my intuition tells me that blockchains will succeed.

unknown04

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Don't trust every news on the internet. zerohedge is basically garbage and trying to find a good entry price by bringing bitcoin price down.

You can read more here.
https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they/#bottom-comments

Topic: China putting capital controls on BTC! (lol) (Read 3535 times)