I don't want to jinx it here...but if we manage to recover from the drop quickly we could be looking at another "Silk Road" cash scenario.
At the time people thought the Silk Road was the cornerstone of the bitcoin economy as well.
edit : I do realize that we were in a bit stronger uptrend at the time of the SR crash.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28044. (Read 26712851 times)
April 24, 2014, 10:52:28 PM
April 24, 2014, 10:51:51 PM
How much is SecondMarket scooping up?
There is a guy monitoring them here.
EDIT: they now have 104'000 BTC, buying is erratic. Was 60'000 in November, 80'000 in February.
April 24, 2014, 10:51:18 PM
someone wanna tell Canada about this dump?
I want my bids eaten too ya know!
I want my bids eaten too ya know!
April 24, 2014, 10:50:32 PM
Central bank apparently wants to completely cut off Bitcoin transactions. Apparently Caixin again..
http://mp.weixin.qq.com/s?__biz=MzA5MTI3NzYyNA==&mid=200143905&idx=2&sn=c8979fb8d1c225f4b1daa17c6308df73&scene=1&from=groupmessage&isappinstalled=0#rd
http://mp.weixin.qq.com/s?__biz=MzA5MTI3NzYyNA==&mid=200143905&idx=2&sn=c8979fb8d1c225f4b1daa17c6308df73&scene=1&from=groupmessage&isappinstalled=0#rd
Hm, this looks serious. The Alipay news may have been just one of the consequences of that new "clarification" by the PBoC (and other agencies).
April 24, 2014, 10:50:05 PM
People have been on that manip tip, and who'd stop when sheep still flock.
April 24, 2014, 10:49:14 PM
Alipay is huge. It's Alibaba's payment network - if you don't have a clue google "Alibaba IPO" so you get an idea...
If that's all the drop that news caused the China FUD time is officially over.
If that's all the drop that news caused the China FUD time is officially over.
April 24, 2014, 10:49:09 PM
Seriously, who is crazy enough to buy coins again next round? It will end in a big dump. Every.single.time
By the time a bubble kicks in, the previous bubble looks like just a blip on the charts.
Can't wait.
April 24, 2014, 10:48:46 PM
People dumping on Bitstamp because a company in China stopped using Bitcoin. Nothing but good news every single day and they don't give a shit but a company in China stops using Bitcoin and everybody totally shits his pants and dumps.
If that 2nd article I posted is true, it might be more than one company. Than again, we had that like 5 times so far.
Does it change anything really. Chinese bad news is Chinese bad news. Stamp traders don't care about the details. They just panic and dump.
I doubt the average has ANY clue what's going on over there. Who banned what etc.
April 24, 2014, 10:48:24 PM
Seriously, who is crazy enough to buy coins again next round? It will end in a big dump. Every.single.time
By the time a bubble kicks in, the previous bubble looks like just a blip on the charts.
April 24, 2014, 10:47:36 PM
And when this is over they're gonna buy again. Like nothing happened. Most of them with a big loss. How stupid can you get it.
How much is SecondMarket scooping up?
April 24, 2014, 10:46:23 PM
And when this is over they're gonna buy again. Like nothing happened. Most of them with a big loss. How stupid can you get it.
April 24, 2014, 10:45:52 PM
People dumping on Bitstamp because a company in China stopped using Bitcoin. Nothing but good news every single day and they don't give a shit but a company in China stops using Bitcoin and everybody totally shits his pants and dumps.
If that 2nd article I posted is true, it might be more than one company. Than again, we had that like 5 times so far.
April 24, 2014, 10:45:05 PM
$480-$490 support broken on huge volume, no more illusions where we are heading
April 24, 2014, 10:44:02 PM
People dumping on Bitstamp because a company in China stopped using Bitcoin. Nothing but good news every single day and they don't give a shit but a company in China stops using Bitcoin and everybody totally shits his pants and dumps.
April 24, 2014, 10:43:42 PM
No [ teh Chinese ] don't matter at all. People think they do and therefore exchange rates with fiat are affected in the short term, but that is all.
When the price drops in China, arbitrage traders immediately buy cheap coins there, move them to Bitstamp/BTC-e/Bitfinex/etc, and sell them for the still higher price. That slows down the Chinese drop and pulls the price down in the west, until the prices about match (within some currency exchange rate, seems to be 6.30 CNY/USD these days).Of course this happens. But it doesn't matter. It has zero affect on the usefulness or adoption of Bitcoin. It's merely the price that's affected for a short while.
April 24, 2014, 10:43:22 PM
Bitcoin traders...what a bunch of idiots.
We are really. We should all be full in
FYP
They matter unfortunately, we're under Chinese mercy for months now.
No they don't matter at all. People think they do and therefore exchange rates with fiat are affected in the short term, but that is all.
Therefor they matter. I'd love if they would not.
Anyway, I missed to buy at 340$ last time, looks like I'll have a chance again.
April 24, 2014, 10:41:35 PM
No [ teh Chinese ] don't matter at all. People think they do and therefore exchange rates with fiat are affected in the short term, but that is all.
When the price drops in China, arbitrage traders immediately buy cheap coins there, move them to Bitstamp/BTC-e/Bitfinex/etc, and sell them for the still higher price. That slows down the Chinese drop and pulls the price down in the west, until the prices about match (within some currency exchange rate, seems to be 6.30 CNY/USD these days). April 24, 2014, 10:41:29 PM
Central bank apparently wants to completely cut off Bitcoin transactions. Apparently Caixin again..
http://mp.weixin.qq.com/s?__biz=MzA5MTI3NzYyNA==&mid=200143905&idx=2&sn=c8979fb8d1c225f4b1daa17c6308df73&scene=1&from=groupmessage&isappinstalled=0#rd
300s, here we come again, lol
http://mp.weixin.qq.com/s?__biz=MzA5MTI3NzYyNA==&mid=200143905&idx=2&sn=c8979fb8d1c225f4b1daa17c6308df73&scene=1&from=groupmessage&isappinstalled=0#rd
300s, here we come again, lol
April 24, 2014, 10:41:17 PM
this is fun. wonder how low it can go. historically, bad chinese news impulsively causes 800 yuan moves to the down side.
April 24, 2014, 10:37:37 PM
It's like Chinese Paypal. And yeah, it always happens on top while so called good news happen on bottom. Bitcoin is Chinese bitch.
Alipay MAY have been one of the ways that clients used to recharge Huobi's "recharge cards". Jump to: