Topic: Price Reports and Tales From China-Dizzy Bitcoiners (Read 572 times)

There is always some reason thought up for why the price crashed, or even a reason that causes the crash.
People don't make money by the price staying the same, and they make even more money when the moves are big and fast.

Money was moving into Bitcoin at a fast rate, so some whales decided to short the market and dump. People followed because they got scared.
I expect the whales will want a move back up soon enough.

I don't think the move actually has anything to do with China.

I think that people think china has much more pull in BTC than it really does..

Thier exchange volumes are because of high frequency day traders, maybe half is fake, idk, but not all..

I put down massive volume on huobi compared to my net assets because I can make a million trades locking in small profits along the way and use leverage both directions..

I thought I put down a lot of volume on Cryptsy trading about 10X my assets for weekly volume, no..
On huobi I can put down 10X my asset volume in 1 trade!! 1 trade!!
1 5X margin buy and then sell to take profits = 10X trade volume of my net assets..
And on a focused trading day I do that 10-50-100 times..

MASSIVE trade volume as compared to net assets..

No trading fees ROCK because the way I daytrade I take about 2 stoplosses for every good profit, so it really saves me a lot when I sell right back to the same price I bought at if I decide it didn't go the way I thought it was going to go.. 

Just canceling out my trade = 10X trade volume of net asset if I hit the all balls button..
I'll admit that I on average use about 80% of all balls margin but that's still massive trade volume as compared to the actual funds I have in my account to trade with..


I actually feel MUCH more comfortable using heavy margin off of a smaller account net asset balance that I would using no margin and just trading a larger balance..
Because if it goes goxsy I only loose the net asset but can trade as if I put much more BTC into the account.. So I only have to worry about 20% as much loss if the exchange gets hit because I can make up for the size of the deposit by using margin..

Would you rather deposit 1 BTC and be able to trade as if you deposited 5BTC only risking 1BTC to a gox, or would you rather deposit 5BTC and use no margin risking 5BTC to a gox?

Me, I'll use that all balls margin button and risk less to a gox..

Margin fees = 00.1% per day.. Cheap insurance..

Bitcoin is concentrated behind the Great Firewall of China, most of the bitcoin trading takes place in China, and the price moves based on rumours about the Chinese govt and central bank.

It seems pretty centralised to me. I think it is only a matter of time where an alt with better geographic distribution breaks through. There are hundreds of alts trying and it needs just one to succeed.

Rather than shilling for Roger Ver go straight to China for your news in English http://news.8btc.com/

i wish people stopped reading all the comments on the social media and panic after reading it and started reading the real news and think for themselves. i mean it is too easy to find the real news and use the google translator for find out what the real thing is but they keep reading and spreading the false thing.

Bitcoin has so much value because it's not controlled by government or some organization, not because it's digital. Government-controlled fiat digital money are not a true competitors of Bitcoin. I think digitalization will only increase Bitcoin's value, since there will always be people who want to make private and secure transactions.

So that explains the sudden drops in price. As of today China is the only country that declares the ownership of bitcoin as a right of individuals. But that warning is not just a warning since Chinas economic status is declining due to money laundering and part of it was laundering through the use of bitcoin. The central bank of China is now making a move in preparation for the launch of their fiat digital money prototype this coming September 2017. This will again trigger another meltdown in bitcoin price, it is or it isnt, we dont know yet.

The rumors of china doing anything about bitcoin have already been disproved

https://twitter.com/SatoshiLite/status/817367976961830914

People that are in contact with the bank of china asked, and all that the bank of china said is that people holding bitcoin should be wary of the big volatility... that's all. It's funny how the warning itself about bitcoin being volatile caused this volatility... very convenient now that it was climbing.

Once again the bitcoin community has been dizzy due to the significant price increase, the following correction, and rumors of China. After the sharp price rally, the discussion has turned to the Chinese central bank warning about the volatile cryptocurrency bitcoin.

https://news.bitcoin.com/price-reports-tales-china-dizzy-bitcoiners/