Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31152.

wopwop

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Quote from: KieranJones1 on December 05, 2013, 07:05:53 AM

Quote from: maz on December 05, 2013, 07:04:28 AM

Quote from: Drabla on December 05, 2013, 07:01:50 AM

Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?

No it's not, but keep trying to fool yourself.

Please tell me, with complete 100% clarity (not just bullish hyperbole), why this is bad news for bitcoin.

I'm going to bet that you won't be able to do that.

You can try and spin this into good news, but it's really not.

China is saying that it is taking these actions to prevent bitcoin from undermining their currency controls.

If that's true, then this is the first step towards full on war since bitcoin necessarily undermines all currency controls.

KieranJones1

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Quote from: maz on December 05, 2013, 07:04:28 AM

Quote from: Drabla on December 05, 2013, 07:01:50 AM

Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?

No it's not, but keep trying to fool yourself.

Please tell me, with complete 100% clarity (not just bearish hyperbole), why this is bad news for bitcoin.

I'm going to bet that you won't be able to do that.

(edit: bearish, not bullish. forgive me!)

rpietila

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Quote from: maz on December 05, 2013, 06:44:34 AM

Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it.

A) No crack-down happening, so the factual content of the news is not negative, even to the opposite.

B) Changes in customer base and esp. the number of coins do not happen so fast.

C) I think the support in $800 held very well, and am not too concerned about it being broken when the pigs wake up and decide to cash out their coins in the following hours. The midterm you don't ever know about the Chinese - a bear market there will put a dampener to growth here (as selling pressure makes spread go negative and coins flow back to the west, dampening any rally attempt).

D) December trendtarget is only at $400 so it is entirely possible to retrace all the way there. It just does not feel like that to me now.

E) The situation is both a good time to sell for those who have contemplated selling + a good time to buy for those who are adding up. Let the trades continue!

Voodah

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Quote from: gandhibt on December 05, 2013, 07:04:11 AM

Quote from: justusranvier on December 05, 2013, 07:02:10 AM

Quote from: gandhibt on December 05, 2013, 06:59:41 AM

So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?

Can Chinese corporations not invest in commodities?

Sure but wouldn't they want to use ETF?

They would yeah, but the Gov doesn't want more money leaking the country.

wachtwoord

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Quote from: Drabla on December 05, 2013, 07:01:50 AM

Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?

I think so ...

KieranJones1

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Quote from: gandhibt on December 05, 2013, 06:59:41 AM

So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?

According to some articles I've read, it's to do with the government's fear that the CNY will become devalued if business in China begins to primarily use the Bitcoin. So the things to take home are:

1. The Chinese government doesn't hate Bitcoin, but it would rather businesses used its own currency (as all nations with fiat would prefer)
2. The Chinese government wants exchanges to comply with anti-money laundering regulations (US/Japanese exchanges already do this, and it doesn't affect the price of Bitcoin)
3. Individuals are free to trade in Bitcoin, and companies are free to profit from Bitcoin, but Bitcoin is not going to become the Chinese currency anytime soon (who really expected that to happen, anyway?)

explorer

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Quote from: Voodah on December 05, 2013, 06:59:32 AM

It's not over yet it seems... China going further down.

Especially if you're looking at bitcoinwisdom, which is playing about 2 hours slow Cheesy

Tripped me out until I noticed the time

maz

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Quote from: Drabla on December 05, 2013, 07:01:50 AM

Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?

No it's not, but keep trying to fool yourself.

gandhibt

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Quote from: justusranvier on December 05, 2013, 07:02:10 AM

Quote from: gandhibt on December 05, 2013, 06:59:41 AM

So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?

Can Chinese corporations not invest in commodities?

Sure but wouldn't they want to use ETF?

Vigil

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No Chinese bitcoin ETFs is a good thing. That is basically paper Bitcoin.

justusranvier

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Quote from: gandhibt on December 05, 2013, 06:59:41 AM

So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?

Can Chinese corporations not invest in commodities?

Drabla

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Pecunia non olet

Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

gandhibt

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Quote from: Rampion on December 05, 2013, 06:58:59 AM

Quote from: gandhibt on December 05, 2013, 06:50:05 AM

How much was dumped?

aprox: 30k on Gox, 27k on Stamp, 50k on BTChina

just around $100MM only on those three exchanges Cheesy

...pigs getting slaughtered

So whales saw the chance in news to cause panic and pushed the price a little bit and put bids to catch cheap coins?

gandhibt

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Quote from: KieranJones1 on December 05, 2013, 06:55:23 AM

Quote from: Vigil on December 05, 2013, 06:54:02 AM

Quote from: maz on December 05, 2013, 06:50:40 AM

Quote from: KieranJones1 on December 05, 2013, 06:46:08 AM

Quote from: maz on December 05, 2013, 06:44:34 AM

Quote from: inca on December 05, 2013, 06:37:51 AM

Bears back to caves. I bought on localbitcoins in the UK near the (hopefully) bottom.

Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it.

Sigh... China isn't cracking down on it. Read a translation rather than just going by what random people tell you this means for Bitcoin.

I've read it, this is not bullish, you cant see your nose because your big dumb horns are in the way. Dude seriously stop talking shit and realize that bitcoin just had a massive blow to one of its largest client bases.

So does it mean that BTCChina must close?

From the reddit post I linked, a Chinese person commented:

"This means major Chinese bitcoin exchanges like BTCChina will stay. You just won't see any Chinese bitcoin >ETF anytime soon."
http://en.reddit.com/r/Bitcoin/comments/1s5ckc/first_official_document_from_chinese_government/cdu381s

So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?

Voodah

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It's not over yet it seems... China going further down.

Rampion

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Quote from: gandhibt on December 05, 2013, 06:50:05 AM

How much was dumped?

aprox: 30k on Gox, 27k on Stamp, 50k on BTChina

just around $100MM only on those three exchanges Cheesy

...pigs getting slaughtered

electronistul

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Activity: 160

Merit: 100

Quote from: Vycid on December 05, 2013, 06:44:46 AM

Quote from: kurious on December 05, 2013, 06:43:14 AM

Quote from: electronistul on December 05, 2013, 06:33:54 AM

Interesting to see the LTC/BTC ratio holding on surprisingly well to all this hype.
When BTC gets back to 1200 - 1300 (today ? Roll Eyes

), some people will have actually benefited from all this if they just held.

LTC was appreciating by % more against BTC than the dollar yesterday, been buying more this morning - it did not crash as much as BTC (on BTC-e).

It seems to be getting away with the 'If BTC is gold, LTC is silver' tag.

At 0.035 ish, I think it's a buy. BTC will rally back up and at the very least LTC does not like losing against BTC, so it is no a stupid thing to do.

You really ought to look at the BTC/LTC historical charts.

When there was a mere rumor that some Gox / China will implement LTC trading, people jumped on it and its value rose to ~$50 from ~$10.
Some days after that, all the good GPU cards were sold out throughout Europe. All of them.

CryptStorm

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Quote from: Zangelbert Bingledack on December 05, 2013, 06:42:57 AM

Quote from: Vigil on December 05, 2013, 06:40:33 AM

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

Market orders on MtGox during panics are...contraindicated.

^^^^^^^^^^^^^ In case no one noticed. Pro Tip ^^^^^^^^^^^^^^^^

wopwop

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BREAKING: CHINA BANNING BITCOIN IS ACTUALLY GOOD NEWS

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31152. (Read 26484398 times)