UPDATE 2-China bars banks from bitcoin transactions

merv77

hero member

Activity: 574

Merit: 500

1.21 GIGA WATTS

Quote from: BitnessMan on December 05, 2013, 10:27:25 AM

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned. Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

BTC seems to be on the way up again.
anyway this volatile behavior is normal and healthy for innovation so young.
See video below. Some probably have seen it, but for the ones that haven't it's ~~good~~ great info.

Bitcoin 101 Blackboard - Why Bitcoin's Growth is Normal & The S-Curves You Could Never See http://youtu.be/qHUPPYzzZrI

Cheers,
merv77

nmtrader100

newbie

Activity: 51

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If I am not mistaken, there wasn't a single bank in China conducting bitcoin transactions prior to this forward guidance, which coincidentally- is the same amount of banks conducting bitcoin transactions since the announcement.

PenAndPaper

sr. member

Activity: 252

Merit: 250

Stop being such crybabies and refusing to admit that a crash it's just that. A crash.

Also read how people that their opinion actually matters treat facts
http://bitcoinmagazine.com/8778/bitcoin-chinas-new-special-economic-zone/

evershawn

sr. member

Activity: 308

Merit: 250

Vod is a liar

Quote from: BitnessMan on December 05, 2013, 10:27:25 AM

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned. Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

I'll take all your BTC at 150 per! There, you happy now?

davedx

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Activity: 434

Merit: 250

Quote from: laowai80 on December 08, 2013, 01:42:35 PM

Quote from: PenAndPaper on December 08, 2013, 01:30:58 PM

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us Roll Eyes

Look, 100-200-300% monthly price growth is just not sustainable. We did NOT crash, we simply corrected to a bit more sane level of growth. Although it's still pretty crazy, if you check what it did since October, but because this market is in its infancy, it's ok.

Here is a chart that shows we approached a 50-day moving average for a short while:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=30&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=SMA&m1=14&a2=SMA&m2=50&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

this has shaken out a lot of weak hands who never believed in crypto currencies and their concept in the first place and were trading just to get a quick profit and without understanding fundamentals. As long as fundamentals are solid (and so far they are), the growth will continue. But do not be surprised when pullbacks happen, this is natural.

As for bad news for crypto world, I wouldn't give that a lot of chances to happen right now, there is certainly more likelyhood for good news in the coming months.

Finally somebody talks sense in this thread. So many hysterical trolls around. Thanks for the insightful post, I agree it's a correction.

laowai80

member

Activity: 98

Merit: 10

Quote from: PenAndPaper on December 08, 2013, 03:20:39 PM

And this is where i stopped reading. I guess i didn't miss anything important right? Roll Eyes

Probably nothing which would be useful to you, so please don't bother

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: laowai80 on December 08, 2013, 01:42:35 PM

Quote from: PenAndPaper on December 08, 2013, 01:30:58 PM

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us Roll Eyes

We did NOT crash

And this is where i stopped reading. I guess i didn't miss anything important right? Roll Eyes

laowai80

member

Activity: 98

Merit: 10

Quote from: PenAndPaper on December 08, 2013, 01:30:58 PM

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us Roll Eyes

Look, 100-200-300% monthly price growth is just not sustainable. We did NOT crash, we simply corrected to a bit more sane level of growth. Although it's still pretty crazy, if you check what it did since October, but because this market is in its infancy, it's ok.

Here is a chart that shows we approached a 50-day moving average for a short while:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=30&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=SMA&m1=14&a2=SMA&m2=50&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

this has shaken out a lot of weak hands who never believed in crypto currencies and their concept in the first place and were trading just to get a quick profit and without understanding fundamentals. As long as fundamentals are solid (and so far they are), the growth will continue. But do not be surprised when pullbacks happen, this is natural.

As for bad news for crypto world, I wouldn't give that a lot of chances to happen right now, there is certainly more likelyhood for good news in the coming months.

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: laowai80 on December 08, 2013, 06:49:38 AM

Quote from: PenAndPaper on December 06, 2013, 08:46:49 PM

It turned out that the news wasn't so good after all Embarrassed

Lets all hope for that crash to end soon Undecided

Why? The news was neutral, or non-event.

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us Roll Eyes

DeboraMeeks

hero member

Activity: 588

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in my opinion,it's not good news for bitcoins at all. Now no merchant is allowed to use or accept it as a method of payment (money) and all merchants who added it are removing it,Documents for verification slow the process of buying but might not effect bitcoin personal use in china.

darkmule

legendary

Activity: 1176

Merit: 1005

Quote from: niothor on December 07, 2013, 04:52:40 PM

Quote from: darkmule on December 07, 2013, 01:41:01 AM

No. I want it to continue. I hope it hits 400.

And immediately after that you will hope it hits 600

.

I chickened out and bought back in at 650. I still think it's going to go down further, but now, just as you said, I hope it doesn't.

laowai80

member

Activity: 98

Merit: 10

Quote from: PenAndPaper on December 06, 2013, 08:46:49 PM

It turned out that the news wasn't so good after all Embarrassed

Lets all hope for that crash to end soon Undecided

Why? The news was neutral, or non-event. I mean nobody really seriously expected Chinese government to recognize bitcoin as a currency, didn't they? No government in their right mind would do that. They did what they had to do: recognize it as a legal digital commodity, exactly what it is.

Now, people tend to overreact, that's what happened, also impacted by irrational exuberrance that led to a frenzy of the bitcoin price growing too high in too short time. It'll recover to sustainable rate of growth, and that's a good thing. Frenzies aren't good.

niothor

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Activity: 826

Merit: 501

in defi we trust

Quote from: darkmule on December 07, 2013, 01:41:01 AM

No. I want it to continue. I hope it hits 400.

And immediately after that you will hope it hits 600

.

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: darkmule on December 07, 2013, 01:41:01 AM

No. I want it to continue. I hope it hits 400.

Why you hope for 400 and not for 100 or even 1$. I mean it looks like you sold anyway Tongue

darkmule

legendary

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No. I want it to continue. I hope it hits 400.

PenAndPaper

sr. member

Activity: 252

Merit: 250

It turned out that the news wasn't so good after all Embarrassed

Lets all hope for that crash to end soon Undecided

dmartig

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Activity: 97

Merit: 10

please do not feed the trolls

J.Socal

hero member

Activity: 495

Merit: 500

so that's why it slumped so much n a day.

BitnessMan

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Quote from: beetcoin on December 06, 2013, 05:51:32 PM

this guy sounds like either a troll or a wall street sociopath Cheesy

your dick is really big, you must feel really good about yourself.

Hell no, who wants more than 8 inches? Guys that boast about anything 8+ are either morons who don't realise how bad they are or they're lying. I got a reduction surgery actually because only high school beta males think having a 12 inch dick is good for anything but some freaky porn work.

beetcoin

sr. member

Activity: 434

Merit: 250

this guy sounds like either a troll or a wall street sociopath Cheesy

your dick is really big, you must feel really good about yourself.

Topic: UPDATE 2-China bars banks from bitcoin transactions (Read 5722 times)