Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31374. (Read 26608194 times)

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?

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

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?

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

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

just around $100MM only on those three exchanges

...pigs getting slaughtered

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.

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

BREAKING: CHINA BANNING BITCOIN IS ACTUALLY GOOD NEWS

ok guys calm down the whole story is covered now at coindesk, there is no bad thing about the statement people are just panicking because of the media bad coverage which is nothing new

read the full article here http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/


the price of bitcoin fell over $300 this morning after China’s central bank warned financial institutions to steer clear of the digital currency.

According to the bank, it doesn’t consider bitcoin a threat to China’s financial system, but it does believe the digital currency carries risks.

“The concern is that it interferes with normal monetary policy operation,” Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong, told Bloomberg.

“It represents an unofficial leakage to the current monetary system and trades globally. It is difficult to regulate and could be used for money laundering. I think the central bank is right to make this move,” he added.

The central bank justified its position by stating that its goal is to prevent money laundering and other risks associated with bitcoin. Aside from the warning, the bank has stated that it will require all trading platforms that trade in virtual currencies to register with authorities.

While the central bank is telling the nation’s banks not to deal with bitcoin, it said individuals are free to buy, sell and use bitcoin, if they wish, but they must take on the risk themselves.

On a positive note, the bank didn’t ban trading platforms, such as BTC China, from dealing with bitcoin and other digital currencies, it merely said these companies have to register with authorities.

Although the bank clearly stated that it will allow individuals to freely use bitcoin, the announcement has already caused a massive price drop on several exchanges, namely BTC China. In heavy volume trading earlier this morning bitcoin lost roughly ten percent of its value in a matter of hours.

The opening price on BTC China was 7,005 CNY, but it quickly shed more than 10 percent, with the lowest bid coming in at 4521 CNY. At press time the latest price on CoinDesk’s Bitcoin Price Index was $889.01, with a daily change of -22.5 percent, or $257.23.

Although the total value of bitcoins in circulation is dwarfed by national currencies, Chinese authorities seem to be taking the issue very seriously. Many Chinese citizens are investing their savings in bitcoin and some even argue they are basically hoarding the currency. This also represents a risk in terms of price fluctuations, as many speculators have no qualms about leaving the market at the first sign of trouble.

The latest government notice effectively prohibits financial institutions and payment institutions to place bitcoin prices on products or services. They cannot be involved indirectly, either. They are barred from providing bitcoin related services, such as registration, trading or clearing. Moreover the decision to introduce compulsory registration could have a far reaching impact on China-based trading platforms.

The notice mandates all trading platforms to register and it also brings up the potential use of China’s anti-money laundering legislative framework to identify all customers and suspicious transactions. The notice states that the measure will “effectively prevent money laundering associated with bitcoin.”

The notice went on to state that bitcoin is not legal tender and that it is “specific form of virtual goods” without a clear legal status and monetary equivalent. It described bitcoin and other virtual currencies as a potential risk to the public interest and the Renminbi, due to excessive speculation. It also called on authorities to do more to educate the public about virtual currencies in order to provide them with a better understanding of such currencies and the risks associated with them.

The central bank also stressed that it will continue to pay close attention to bitcoin price fluctuations in the future.

Stay tuned for more updates to this story.

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

Preventing financial institutions from using bitcoin is a hit. But you are a perpetual bear!
[/quote]

Im not a perpetual bear dude, I'm just a realistic bitcoin observer, I called this China crash weeks ago in this very thread and was laughed at. I believe bitcoin will hit 1mill per coin one day so im not just being negative for the sake of it. But you have to open your eyes and accept the fact the price can go both up and down at any time, otherwise your not an investor, your a dreaming idiot.

Sooooo the Chinese government making a statement explicitly allowing its citizens to trade in Bitcoin as they would in gold or silver is apparently a "massive blow" to bitcoin?

Lol. All the panic selling is by westerners who simply don't understand the news. At worst, this news means literally nothing for Bitcoin, and at best it'll result in a steep price climb once people actually comprehend the news from China.

So does it mean that BTCChina must close?

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.
[/quote]

Preventing financial institutions from using bitcoin is a hit. But you are a perpetual bear!

True. But gox is lagging so you can't tell where the price is. I tried to set limit orders for half an hour. I was screwed by gox's shitty fecal engine.

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.

How much was dumped?

Welcome to the new world of BTC trading.

About an eighth of what was dumped will take it to an ATH.

You don't. You place a limit order. If you really just want to buy or sell at any price, set your price absurdly high or low. Otherwise, set some sane max or min price and know you won't get shafted due to slippage.