Bit coin is relapsing onto its Chinese amphetamine surge but we all know where that leads...
Yeah...despite the massively decreased Chinese volume. Bitcoin markets move in whatever direction BTC38 (China) moves in first.
So for the time being, the only way to make a sound Bitcoin investment decision is to get inside the heads of those within the Chinese establishment responsible for forming official policy towards Bitcoin. Bitcoin could well easily shoot back up to over $1000 only for these fuckers to wave their magic wands and bring it crashing back down.
That to me seems like the BTC market today, in a nutshell.
Puts forward quite a poser, because if BTC were to shoot back up to $1000, I certainly wouldn't mind jumping onboard for the ride.
I have other thoughts in my head regarding the Chinese as well. Whilst it is true that the Chinese will not want to allow widespread adoption of Bitcoin within their own economy undermining government efforts to control, regulate, and collect taxes; perhaps there are well connected figures within the Chinese establishment who see Bitcoin as a hot product with a huge future in front of it. Perhaps some fairly influential Chinese folks want in on Bitcoin and in a big way. Now, if they were to simply enter the market in an Honest John sort of way, that you or I might enter the market, they might have gotten their first few coins at around $150 or whatever, but very soon, their buying pressure would blow the top of the market, causing a lot of sell off events, that would eat into their Bitcoin wealth. i.e. lots of folks would be raking in profits at the expense of these growing whales. Far better would be to use their political influence to allow Bitcoin to boom within their economy, creating a global Bitcoin boom, and all the avarice driven euphoria that goes with it, before instigating a controlled demolition, eventually resulting in a avarice driven despair and a global Bitcoin crash. It is in such an environment, that a giant potential buyer of Bitcoin would be able to purchase the largest volume of Bitcoins at the lowest prices with droves of despairing Bitcoin investors only too glad to sell dirty cheap coins to the growing Chinese whale(s), before 'Bitcoin goes down tubes altogether'?
It might well be a 'conspiracy theory', but don't say that shit like this doesn't go down all the time, cos it does. A slight variation on the classic pump n dump. Pump, dump, and then buy buy BUY! (a bit like the legend of how the Rothchild's came to practically own the British government in the aftermath of the Napoleononic wars.
