Also, more withdrawals means less coins on exchanges, which in turn mean less to sell + less to short = higher price.
Topic: If China opens BTC withdrawals - would that mean a pump or a dump? - page 2. (Read 2433 times)
May 31, 2017, 10:52:54 AM
OP I think now you have your answer.
Also, more withdrawals means less coins on exchanges, which in turn mean less to sell + less to short = higher price.
Also, more withdrawals means less coins on exchanges, which in turn mean less to sell + less to short = higher price.
May 31, 2017, 09:42:49 AM
could go either way,theoritically should mean dump as traders may want to release their funds
and might as well clear their deposits and withdraw all,to not risk get frozen yet again at some point in time
but at the same time the funds should migrate to another country/exchange where the withdrawal problem should never repeat itself
to be honest with you,bitcoin price is the second most unpredictable thing in the world (close second after women's logics)
we can theorycraft all we want and then explain why did it happen exactly opposite to what we predicted
and might as well clear their deposits and withdraw all,to not risk get frozen yet again at some point in time
but at the same time the funds should migrate to another country/exchange where the withdrawal problem should never repeat itself
to be honest with you,bitcoin price is the second most unpredictable thing in the world (close second after women's logics)
we can theorycraft all we want and then explain why did it happen exactly opposite to what we predicted
May 31, 2017, 12:56:59 AM
I think it is very probable that BTC withdrawals will be open on Chinese exchanges soon. Huobi just added ETH for trading and enabled ETH withdrawals ( https://twitter.com/huobicom/status/868442008402014208, http://www.newsbtc.com/2017/05/28/huobi-first-big-three-chinese-exchange-enable-ethereum-trading/). It would not make much sense to enable ETH withdrawals but not BTC withdrawals. Also Huobi most probably would not make this change alone.
If my speculation is right - what would it mean? A pump or a dump?
Surely this will be a very big change. Giving loosening of the use of bitcoin in china will make an increase in bitcoin prices worldwide. If my speculation is right - what would it mean? A pump or a dump?
We all know that china is a large country with the largest population in the world.
May 30, 2017, 11:35:12 PM
the news alone caused a big rise in price of bitcoin / CNY pair so i am going to say chances for a big pump is much higher than any chance of price getting dumped because of them actually opening the withdrawals.
May 30, 2017, 10:11:50 PM
I don't get it! why do people even assume there is the smallest possibility of a dump?!!
a business was out of business for some time, now it is reopening, that means people using that business is going to come back and start using it again.
in this case the Chinese, the trading lover Chinese, have been going through other channels to quench their thirst for trading bitcoin for the past few months, mostly on other exchanges and on localbitcoins, now their biggest exchanges are coming back. of course they will come back to them and start their trading there.
a business was out of business for some time, now it is reopening, that means people using that business is going to come back and start using it again.
in this case the Chinese, the trading lover Chinese, have been going through other channels to quench their thirst for trading bitcoin for the past few months, mostly on other exchanges and on localbitcoins, now their biggest exchanges are coming back. of course they will come back to them and start their trading there.
People tend to speculate positively, so I guess bitcoin trading will increase again in China as they always do. But I'm a little worry about dump after pump such as happened before. We're on good situation right now where Japan and Korean exchanges lead the trading market.
But, it's kinda weird if withdrawal has been discontinued for some time but Huobi and bttc trading volume also increase during last rally even surpassed some big exchanges. It may a good sign that they are excited to be involved, don't want to missed the opportunity.
May 30, 2017, 04:10:38 PM
if anything, then pump!
Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
Yes, when full life-cycle of trading will be restored for China, I believe they will get back to the business and they will most probably follow the current trend of the markets. We could never forget China's hand in bitcoin appreciation in late 2016. Now bitcoin is doing well without help from Chinese traders and I believe when they will be joining the party we can expect more pump in upcoming days.Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
May 30, 2017, 04:08:35 PM
if anything, then pump!
Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
Yes, when full life-cycle of trading will be restored for China, I believe they will get back to the business and they will most probably follow the current trend of the markets. We could never forget China's hand in bitcoin appreciation in late 2016. Now bitcoin is doing well without help from Chinese traders and I believe when they will be joining the party we can expect more pump in upcoming days.Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
I'm also thinking that they will likely join the craziness about bitcoin. And with Japan and South Korean putting a lot of cash now, China will push the price more in a new level. They will not let those 2 nations enjoy without them, they still want to have a piece of the pie, just like old days.
May 30, 2017, 10:51:50 AM
if anything, then pump!
Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
Yes, when full life-cycle of trading will be restored for China, I believe they will get back to the business and they will most probably follow the current trend of the markets. We could never forget China's hand in bitcoin appreciation in late 2016. Now bitcoin is doing well without help from Chinese traders and I believe when they will be joining the party we can expect more pump in upcoming days. Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
May 30, 2017, 09:59:53 AM
I think it is very probable that BTC withdrawals will be open on Chinese exchanges soon. Huobi just added ETH for trading and enabled ETH withdrawals ( https://twitter.com/huobicom/status/868442008402014208, http://www.newsbtc.com/2017/05/28/huobi-first-big-three-chinese-exchange-enable-ethereum-trading/). It would not make much sense to enable ETH withdrawals but not BTC withdrawals. Also Huobi most probably would not make this change alone.
If my speculation is right - what would it mean? A pump or a dump?
If my speculation is right - what would it mean? A pump or a dump?
It could go both ways depending on the forces of the market at the pont that its eventually happening that the effect might actually not felt or being felt in a mild way. We also need to stand understanding that bitcoin is growing beyond the control of one country as we seen in recent times that the news of freezing in China is even not affecting the flow of events afterall.
May 30, 2017, 09:15:20 AM
But they allowed ETH withdrawals - ETH can be sent to other exchanges just as easily as BTC.
Good point. But it's also a brand new market and now everyone on there will be KYC'd up the arse. I assume very close tabs will be kept on them. There must be plenty of Bitcoiners on there from years ago who still haven't submitted themselves to cavity searches.
May 30, 2017, 09:12:34 AM
I'd say Dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
I think the capital flight thing was overblown, just as Cypriots and Greeks queued up in their, er, tens to convert to Bitcoin.
I assume withdrawals won't be enabled until they figure how to stop the possibility. It can't be stopped so perhaps there never will be withdrawals again.
But they allowed ETH withdrawals - ETH can be sent to other exchanges just as easily as BTC.
May 30, 2017, 09:12:27 AM
I'd say Dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
I think the capital flight thing was overblown, just as Cypriots and Greeks queued up in their, er, tens to convert to Bitcoin.
I assume withdrawals won't be enabled until they figure how to stop the possibility. It can't be stopped so perhaps there never will be withdrawals again.
If it was overblown, why on earth would they pause withdrawals? It must be because they looked at where the coins were being sent, and if they were being sent to western exchanges, then capital flight was definitely taking place.
May 30, 2017, 09:06:43 AM
I'd say Dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
I think the capital flight thing was overblown, just as Cypriots and Greeks queued up in their, er, tens to convert to Bitcoin.
I assume withdrawals won't be enabled until they figure how to stop the possibility. It can't be stopped so perhaps there never will be withdrawals again.
May 30, 2017, 08:54:55 AM
I'd say Dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.
Either way, that means selling and hence a dump.
May 30, 2017, 07:32:54 AM
Chinese will regain confidence in bitcoin so a lot of people would deposit knowing they can withdraw again later, that will pump the price.
Chinese never lost their confidence in bitcoin, and they never lost their confidence in trading it either!
they only lost their access to easy way of trading bitcoin on an exchange in their own country working easily with their fiat.
you can confirmed this if you check the volume of other exchanges they have migrated to as soon as their own exchanges were suspended by PBOC.
May 30, 2017, 06:27:19 AM
Chinese will regain confidence in bitcoin so a lot of people would deposit knowing they can withdraw again later, that will pump the price.
May 30, 2017, 06:18:43 AM
Would make no difference. Not all accounts would be able to withdraw, only the ones that are identified.
Wouldn't you provide a picture of yourself gormlessly holding up your communist party card to access your vast amount of BTC?
May 30, 2017, 04:02:18 AM
Would make no difference. Not all accounts would be able to withdraw, only the ones that are identified.
May 30, 2017, 03:43:41 AM
I think it is very probable that BTC withdrawals will be open on Chinese exchanges soon. Huobi just added ETH for trading and enabled ETH withdrawals ( https://twitter.com/huobicom/status/868442008402014208, http://www.newsbtc.com/2017/05/28/huobi-first-big-three-chinese-exchange-enable-ethereum-trading/). It would not make much sense to enable ETH withdrawals but not BTC withdrawals. Also Huobi most probably would not make this change alone.
If my speculation is right - what would it mean? A pump or a dump?
If my speculation is right - what would it mean? A pump or a dump?
It'll obviously be good news and any good news results in a pump.
However the central bank still have already imposed really strict AML laws meaning that you basically have to state where your funds came from and show valid proof of your claim. Otherwise you are not able to withdraw anything. I don't know whether it's going to get better as time goes but certainly it seems like now that the central bank is just going to impose more regulations.
May 30, 2017, 12:50:06 AM
i am not sure to be excited or sad about China!
on one hand the Chinese coming back means a huge amount of volume will come back and apart from that it can lead to the bigger rises.
but on the other hand, we all remember all the drama that China brings with itself! all the FUD, the China pumping, and dumping topics in this board and all over the internet leading to bigger FOMO and panic sells. and that is never good for bitcoin in long run and for its publicity.
and we all know bitcoin without Chinese went up to $2700 and came down to $2200
on one hand the Chinese coming back means a huge amount of volume will come back and apart from that it can lead to the bigger rises.
but on the other hand, we all remember all the drama that China brings with itself! all the FUD, the China pumping, and dumping topics in this board and all over the internet leading to bigger FOMO and panic sells. and that is never good for bitcoin in long run and for its publicity.
and we all know bitcoin without Chinese went up to $2700 and came down to $2200
Jump to: