Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28281. (Read 26630645 times)

So we went down 100's because China might ban Bitcoin. Months of pure fear and panic. China was so important that a possible ban already brought the price down 50%. Nothing but panic and more panic.
Now we read there isn't gonna be a ban and everybody is like ok whatever...and nothing happens to the price. Like who cares right?
 

very nice!

I also expect consodolation here this friday

Expecting a rally to 460-500 this weekend though

Perhaps people (including the Chinese) are reading too much into that PBoC official's statement.  The PBoC is only one of the agencies that authored the december decrees, and it may be that the bank closure order was requested by other agencies.

As of a month ago, the exchanges were sufficiently "fenced" to prevent undesirable flow of money.  Chinese nationals could deposit CNY into the exchanges, trade them for BTC, export the BTC, and sell them abroad. 

Yet, from the PBoC point of view, that was not "capital export".  The CNY merely changed hands among Chinese nationals. Neither the CNY nor any material good left the country, only "worthless" virtual money did.    The dollars that the Chinese traders got in the foreign exchanges did not come from China; they were taken from foreign traders, swapped for those worthless coins.  Since that operation did not harm China's  economy or their monetary policy, the PBoC had no reason to prevent it.  Ditto for the reverse operation.

However, the exchanges could still be used for things that other agencies would not like at all.  A person or entity X could pay some other Y in bitcoins, that Y would then convert into CNY by selling at the exchange.  The government would see that Y withdrew the cash, but could not easily tell whether it was the result of smart trading or of a bitcoin payment. (Note that, in any case, the CNY would come from other unwary Chinese traders at the exchange.)

This channel could be used for all sorts of illegal and undesirable activities - tax evasion, bribing, drug traffic, money laundering, paying subversives and spies, etc..

So, I think it is possible that it was the police and national security agencies that asked the PBoC to block the bank accounts. That may perhaps explain the lack of official statements by the PBoC, as well as the ban itself.

BUMP. I have picked out every minor bottom, and every potential major bottom since 465. long from 355.

If you're not 100% fiat; yes.

Uptrends automatically makes every day a good day

just got home from work..... nice!! what a rally!!

Explanation

Tomorrow we'll be seeing a rally to $460

Just updating u guys

Bulls will be taking it from here, thanks for your cheap coins though

I will eat my hat if China does not find a way to profit on bitcoin. Everyone is being manipulated. Bitcoin is a rare commodity, and we know the Chinese pay premiums for rare commodities. It should also be known that many Chinese people have money in other currencies outside the PBOC. As long as people keep fearing a bitcoin ban this rhetoric will be used as leverage. An all out ban would merely be an inconvenience, not a deterrent. And we are not even looking at a ban.

What if there was a coordinated effort to mess with China? What would it take? Every one agreeing when to buy and when to sell, at exactly the same time?

I think this is the case as well. Somebody is profiting big time IMO.

But it was starting to appear that it was getting more and more restricted. Some investors were fearing a ban even though as others have pointed out they could just say ban if they wanted a ban. Other than another statement by the Bank of Agriculture there hasn't been another official statement. But this kind of message I feel means that might be the end of restrictions and give more clarity for what banks can and cannot do.

This statement goes against the $50K foreign currency restriction though so I dunno. I still think it's positive! 

Gents, what can I say?

Sit back and enjoy this free ride

What does this change? They never hinted they're going to ban bitcoin completely, actually they said same thing back in December.

But yeah, people are taking over a thinnest thing in Bitcoinland so it's possible this would be seen as something major.

I agree. And they fall for it every single time. The amount of money the majority of the sheep must be losing...
They deserve it though for being idiots.

BTC is China's Yo-YO!

Of course. Just untill the next rumour on Twitter that China banned Bitcoin.

I can't see how some people from Chinese government are not involved in Bitcoin, this just screams manipulation.

If you don't mind me asking i wonder where you keep yourself up to date when it comes to the alts, the pumps and dumps etc. Just on this site or are there better forums for that?