Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31376.

legendary

Activity: 1036

Merit: 1000

Quote from: BitThink on December 05, 2013, 05:33:45 AM

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

This plays right into the Chinese government's long-term dollar divestment scheme. They are encouraging citizens to hold gold, so they will do the same with Bitcoin. They just want to make it more like a store of value, which in my opinion is exactly the right approach. China got strategy.

Vigil

sr. member

Activity: 378

Merit: 250

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.

NamelessOne

legendary

Activity: 840

Merit: 1000

Quote from: BitThink on December 05, 2013, 05:33:45 AM

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

I'm perfectly happy if China views Bitcoin as commodity only within the country, as you noted, that is generally how it has been treated in China anyway thus far anyway. We have the whole rest of the planet full of countries that can use it as a commodity and as a currency if desired.

Vigil

sr. member

Activity: 378

Merit: 250

Been trying to buy since 905.

inca

legendary

Activity: 1176

Merit: 1000

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

Vigil

sr. member

Activity: 378

Merit: 250

How the fuck do you buy anything? This is crazy.

gandhibt

full member

Activity: 238

Merit: 100

Quote from: Vycid on December 05, 2013, 05:32:52 AM

Quote from: MahaRamana on December 05, 2013, 05:27:52 AM

Quote from: CryptStorm on December 05, 2013, 05:24:34 AM

Quote from: MahaRamana on December 05, 2013, 05:23:35 AM

Just tried to buy one BTC on GOX @ market price and it does not work.
Status pending.

Does it mean too much volume for the platform to handle ?

The BIG BUTTON IS BROKEN!!!! Gox fails at critical moment... per usual. Huh

My order just got filled on GOX : it took almost 4 minutes for a BUY Market Order !!

Karpeles drinks your tears. He says they taste delicious.

"You're so dumb that you don't deserve your coins" he thinks while smiling and looking at your eyes. Cheesy

MahaRamana

sr. member

Activity: 338

Merit: 250

Quote from: Vycid on December 05, 2013, 05:32:52 AM

Quote from: MahaRamana on December 05, 2013, 05:27:52 AM

Quote from: CryptStorm on December 05, 2013, 05:24:34 AM

Quote from: MahaRamana on December 05, 2013, 05:23:35 AM

Just tried to buy one BTC on GOX @ market price and it does not work.
Status pending.

Does it mean too much volume for the platform to handle ?

The BIG BUTTON IS BROKEN!!!! Gox fails at critical moment... per usual. Huh

My order just got filled on GOX : it took almost 4 minutes for a BUY Market Order !!

Karpeles drinks your tears. He says they taste delicious.

My order was filled at 943 USD, I am not crying.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: macsga on December 05, 2013, 05:34:50 AM

Quote from: CryptStorm on December 05, 2013, 05:23:45 AM

Quote from: kurious on December 05, 2013, 05:21:46 AM

Quote from: macsga on December 05, 2013, 05:19:59 AM

Am I counting wrong? Were there 25K Bitcoins in one sell? Grin

Not sheep money, I hope?

Hmmm, that's actually a really important thought. Anyone?

Not according to this... Wink

https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP

That's BTC-E wallet.

CryptStorm

full member

Activity: 126

Merit: 100

Quote from: Vycid on December 05, 2013, 05:32:52 AM

Quote from: MahaRamana on December 05, 2013, 05:27:52 AM

Quote from: CryptStorm on December 05, 2013, 05:24:34 AM

Quote from: MahaRamana on December 05, 2013, 05:23:35 AM

Just tried to buy one BTC on GOX @ market price and it does not work.
Status pending.

Does it mean too much volume for the platform to handle ?

The BIG BUTTON IS BROKEN!!!! Gox fails at critical moment... per usual. Huh

My order just got filled on GOX : it took almost 4 minutes for a BUY Market Order !!

Karpeles drinks your tears. He says they taste delicious.

Thank you for making us look. Tongue

edit: another market order-- timed it at 4:35. Over 4 minutes to execute.

maz

full member

Activity: 140

Merit: 100

Dont fall for the bulltrap guys!

KieranJones1

member

Activity: 126

Merit: 10

Aaaaaaand we're coming back up! Cheesy

macsga

legendary

Activity: 1484

Merit: 1002

Strange, yet attractive.

Quote from: CryptStorm on December 05, 2013, 05:23:45 AM

Quote from: kurious on December 05, 2013, 05:21:46 AM

Quote from: macsga on December 05, 2013, 05:19:59 AM

Am I counting wrong? Were there 25K Bitcoins in one sell? Grin

Not sheep money, I hope?

Hmmm, that's actually a really important thought. Anyone?

Not according to this... Wink

https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP

Manna

full member

Activity: 159

Merit: 100

In Short Term the Central Bank news in China is negative, also with SR-Shutdown, but Mid-term and espacially Long-term its good, because the currency is noted.
Ban of gold don´t helped the gov, only in short term, in bitcoin too

This is only news for the weak hands.

electronistul

full member

Activity: 160

Merit: 100

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.

BitThink

legendary

Activity: 882

Merit: 1000

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

JimboToronto

legendary

Activity: 4200

Merit: 4887

You're never too old to think young.

Last chance to buy under $1000.

Don't miss out.

edit- too late

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: ?? on ??

The worst case scenario is not a drop in the low 2-300s, it is that we might enter a painful multi year bear market.

Lol at the drama at $300s - why would be so bad for the price to stabilize a 300% higher than it was in mid october, and a 2500% higher than it was on January 2013?

2500% yearly growth seems a good investment to me.

italeffect

sr. member

Activity: 255

Merit: 250

Quote from: MahaRamana on December 05, 2013, 05:27:52 AM

My order just got filled on GOX : it took almost 4 minutes for a BUY Market Order !!

Yes there is currently 4.5 mins of lag on the gox engine. You can see it on Bitcoinity. That's what makes these crashes painful, the prices you are seeing and trying to make orders against are really that far in the past. You're placing an order for where it will be 4 minutes in the future or sometimes 2 mins or sometimes 8 mins...

Vigil

sr. member

Activity: 378

Merit: 250

Why won't my buys go through on Gox?

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31376. (Read 26608250 times)