The volume on BtcChina is anemic. Have they run out of fiat? If so, how the hell is the price going to remain where it is?
Look at the volume. Its like at 10% what it was even just yesterday.
I think a lot of the volume in China was indeed because of the 0% fees. We are just seeing it drop back to where it should have been. You can see the huge volume spike when the 0% fees became effective.
Also, when a market is perfectly balanced, and no one wants to sell or buy, you get no volume. Of course there is a fiat problem in China. We know this. What people are poorly speculating about is that the Chinese will want out so bad they will sell their bitcoins for pennies on the dollar. This simply does not appear to be the case, why would it be? Trading will just dry up, and those who want to sell will move to one of the other exchanges. Getting money wired into China is not an issue. I am sure many of them will simply sit on their coins, and wait for them to gain value, rather than trade them. We are days past the event, if their coins were going to flood the market, they would have, and if some of the coins we have seen hit the market are Chinese, the rest of the world has gobbled them up like champs.
This whole China doom thing is getting old. They were irrelevant a couple months ago, they can be irrelevant again. What they did help us accomplish was a worldwide media blitz, so, they have done quite enough. China may no longer be able to provide the support for the prices where they were, but the rest of the world sure can. 1 million accounts on Gox now. Bid sums near ATHs, which of course is as much manipulated as the ask sums, but it is still telling to see the amounts growing.
We are not out of the woods, but many here are more gloomy than circumstances call for.
Look. I hear you. I actually agree with most of what you said. However, as much as it gets blasted TA is very effective in calling patterns. And technically speaking we have at least 1 more leg down. I might not make new lows, but still, it would be shocking if it did not happen.
Also, the market is pretty dumb. It doesn't have a lot of brains. If it did, it would have decoupled by now. Instead, its done the opposite. Meanwhile, for whatever ridiculous reason, the markets are still looking at China. Which means if just 1 large dumper comes on China and starts a chain reaction there, the other markets will follow, with a crap ton of leverage covering to boost. Also, if/when Bobby closes his exchange down, the market it surely going to freak again.
So it really feels like egg shells to me short term.
. Still reading... Still 'hodling'. I paid $1080 for each of my 11.1 bitcoins and have not sold - I rationalise this like so: bitcoin is only worth as much as someone is willing to pay for it right? And I refuse to sell them for less, which means they are still worth at least $1080 . Ergo, I have lost no money 
. How's that for a comforting delusion?
