Bitcoin Forum

Here comes the dip!!!  The idea BTC is dead.. no chance.  A nice little dip before we go back on bull track.

Id quite like a decent drop from this supposed dramas. Would be nice to be able to stock up on some cheap cois. I think half the people i know would actually buy into bitcoin as well if they could get a chance at buying some coins at a lower price than weve been at for the last while.

what the hell is in it for the chinese government to allow their exchanges to stay operating? they might get a trickle of tax. other than that it's storing up a giant potential future head ache. i'd prefer it if they'd shut the whole party down in 2013.

people can talk all they want about black swans, with no exchange bitcoin becomes even more pointless in china than it already is.

Shows fear, if they try to out right ban it, it tells the world, this is something non democratic countries fear.

i think it's something all governments and central banks fear deep down. the difference between china and most other places is that they'd squash it without hesitation and not really care what their public or anyone else thinks. there's probably only a few thousand people in china heavily involved with bitcoin versus over a billion who might pick up the scent at some point.

Fuck it is already heading to 700$. I don't think we will see 300's but it will surely harm the price for a period of time.

I look it as an opportunity to buy cheap coins anyway. Thank you for the warning i will dump some of my position and hoping to buy them back at a lower price.

Any substance behind it or just FUD? Where can I read exactly what it is about?

A thread was just deleted a second ago that had links to that China restricts anyone from depositing btc in to bank accounts or something to that effect.
Looks like the cat is out of the bag. They are saying it is going to dip back below last years prices too $220.
I came in at $240 in June last year with buying so this is really bad news if this is true.
The markets are feeling the effects of this news from China dropping the price by $45 all the sudden. :-[

You can read it here:

http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

you've got an activity level like that and you choose to believe one lurking asshole about the price who posts hundreds of the same threads and has done for years?

let's see what happens first. and a terminal china purge on their exchanges is borderline inevitable at some point. better it happens sooner rather than later.

Thanks, I feel like it's not something that will stop price going up however.

Demand has been very strong lately

edit: Looks like we may already be headed back up. I would love to see a classic honeybadger move, rallying to $850 right now or something. That would be funny as fuck ;D

these two are the same and say nothing about china banning bitcoin
http://www.forexnewsnow.com/top-stories/central-banks-beginning-drift-bitcoins-way/
http://thebitcoinnews.com/central-banks-beginning-to-drift-bitcoins-way/

These 3 are in chinese so i have no idea what they might say
http://finance.jrj.com.cn/2016/11/03155121660993.shtml
http://finance.sina.com.cn/china/2016-11-03/doc-ifxxnety7217527.shtml
http://business.sohu.com/20161103/n472231182.shtml


This is the only one that actually mentions anything but it seems to be hearsay
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

Weak hands and all that.

Does anyone know when the rumour became known? Was the price crashing before it happened?

Whatever the (real) reason is for this drop, it's something I was waiting for. It's no coincidence anymore that each time the price goes up nicely, something happens where it results in the price going down again. I have done well by securing profits up to $735 where I am now waiting for the price to bottom out.

Also, Bitfinex trading is down with as reason being that they are doing some maintenance. This can cause a nice market shake-up in the coming hours. I am sure that people are holding their breath right now.

The threads were posted by Bots and it was reported in the Meta section. I wouldn't believe that we are reaching $220 again else many exchanges would shut down and bitcoin would be dead soon. It's already been a year since we are above $400-$600. I know the price is dropping now but I'm still staying positive.

With China restricting BTC this fake manipulated rally has finally ended.
With crypto 2.0 rapidly taking over the market we are bound to plummet under 500 within the next week or two.

Oh here's a kicker... all the fundamental issues that bitcoin has, and of which we were promised they would be solved... they are still there.

Time to move to the future of crypto and leave bitcoin behind.

Half of my posts and topics also get deleted quickly, censorship here is crazy. Gosh i wonder why that is...

Did not check the member's track record so bad on me then.
And it does seem that those threads were deleted due to posting bots.
So I do apologize for that too.
But what else is to explain this sudden spike of the price if you are so certain it is not what has been reported by numerous news outlets?

i'm not doubting the veracity of any news, but even the semi confirmed stuff only uses the word 'considering'. they'll do more considering when it they don't know how to make it happen.

$220 is a ludicrous price target all the same. but you never know.

Exactly, the chinese have considered banning btc since it started to hedge against the yuan. yet, nothing happened which actually endangered the btc eco system. this is steam talk without substance...

The Price is definitely tanking, but I'm thinking it'll settle around $550 which is a pretty solid figure for current market.

bear trap.

well, i think one day fairly soon it will happen. and it'll probably do us all a favor even if there'll be a huge amount of short term pain. the chinese bitcoin market does nothing other than feed itself from its own asshole.

Mods are constantly deleting these topics but since so many news articles have come out, considering all are FUD doesn't justify it. China must be staking some major steps with regards to bitcoins which is a reason for the fall by $50.
China was a huge supporter earlier and now this makes no sense when we have come so far with regards to crypto currency.

It's not China, its bitcoin itself and this fake manipulated rally.
If it was just China restricting crypto other coins would be plummeting too but crypto 2.0 coins are flourishing!

The other coins are useless, no one cares about altcoins beyond experimental/technical purposes, real money is moved throught BTC. No altcoins are "flourishing", it's low volume pump and dumps.

This dip can't be more than bear trap and better to buy cheap coins till its available, the idea of bitcoin will never die nor the buy support bitcoin have at $700 range will die in near future. China limiting bitcoin exchange --- look likes a fud.

https://www.reddit.com/r/BitcoinMarkets/comments/5auoxu/daily_discussion_thursday_november_03_2016/d9kdr84/

according to this it's a legit bloomberg tale from the terminal but i dunno why it's taken so long to disseminate. then again chinese news always seems to be cloaked in mystery and opaque meanings. this is a western view though.

Seems legit.

Reddit claims bloomberg terminal says the tale is by people who declined to be identified who are familiar with the matter.


The only recent bloomberg story about China published on its website seems to be this one, and it doesn't mention Bitcoin once. It's strange how it was published half a day ago but fails to mention Bitcoin, but there are claims the tale from the terminal does.

It does say people who asked not to be identified who are familiar with the matter claim China’s central bank might start monitoring $1.9 trillion of banks’ off-balance-sheet wealth-management products. However Bitcoin's not any banks’ off-balance-sheet wealth-management product, and its entire market cap is only $11 billion, not $1.9 trillion.

Anyway the anonymous people who asked not to be identified say it’s not clear when, or IF the People’s Bank of China will start monitoring the banks’ off-balance-sheet wealth-management products.

http://www.bloomberg.com/news/articles/2016-10-26/pboc-may-grab-oversight-of-1-9-trillion-wealth-management-pool

From zerohedge:

Wait, if they do that, wouldn't that affect Chinese miners as well? This would force miners to sell only, or mostly, on Chinese exchanges.
Of course anyone in China can send BTC wherever they want and govt can't stop it, but businesses (including miners) can't really afford to play cat & mouse with the law.

So what's the worst that could happen from new restrictions?

It is definitely doing that right now. It just stopped to take a breather before going even lower and might expect it to be nearer to your prediction by morning if this keeps up.
I'll be buying some tonight I can assure you of that. ;)

Afaics, the only practical technical way this can be accomplished is to ensure that the users never hold the private keys and thus ensuring that the exchanges do not allow any transfers to any Bitcoin address which is not controlled by the exchange (or another compliant exchange). To ensure that no exchange user can reside outside of China and that no such user can withdraw in fiat outside of the Chinese banking system. If they were to allow users to control private keys, then they would have to enforce such tracking on each user which is impractical to enforce.

Thus this proposal means that the Chinese could no longer participate in for example a social network (such as the project I am working on) where the crypto-currency moves from user-to-user regardless of their financial jurisdiction and in which the users control their private keys.

In other words, China would effectively be removing their citizens from the Bitcoin (and crypto-currency) ecosystem.

I don't see any way they can do this and not render China a 2nd class citizen on the future of the Internet economics. They will stunt the development of their own Internet software technology sector.

If China was going to do this, I think they would have done it a long time ago. I would tend to think this is some rumor put out there by those who wanted to make a lot of money shorting. Another sign that the corruption in governance also exists in the government of China's finance bureaucrats (and who would be surprised). Nevertheless before this could actually become a regulation, I think very astute people would have to sign off on it, and I just don't see China shooting themselves in the foot. They are too cunning for that. That Bloomberg has pulled the news off their website is another indication that this was probably malfeasance.

I see this as very likely a buying opportunity and a bear trap due to some errant malfeasance within the Chinese bureaucracy.

And also that the China's oligarchy control over Bitcoin mining and price is growing. If true, this corrupt influence over Bitcoin is what Bitcoin was supposed to eliminate. But the problem is Satoshi's proof-of-work design naturally centralizes due to economies-of-scale. I have a video (https://bitcointalk.org/index.php?topic=1361602.msg16718923#msg16718923) which explains this in some detail. And also we can see the control over the exchanges by governments is another choke point of control leading to such malfeasance.

We need to do something about this technically. I am working on it. I have a design for unprofitable proof-of-work to address this problem. TPTB_need_war (who some think is me since I am reputed to be AnonyMint) has also done conceptual technical design work on decentralized exchange (https://bitcointalk.org/index.php?topic=1364951.msg13925984#msg13925984) (and there is some new research on that I haven't yet published). But decentralized exchange probably isn't really the solution because speculators don't want to trade where volume is low and trades aren't instantaneous. Instead the solution is probably about how we onboard millions of users and thus create an ecosystem where fiat is irrelevant for the users, i.e. the crypto-unit becomes the unit-of-account. In that case, the speculators become orthogonal to the users to a great extent (not entirely of course). If China were to wall off their population from this sort of Internet ecosystem, they would I think fall to 2nd class citizens on the Internet. Building their own walled gardens for such would again mean centralized control over private keys, which would mean massive failure due to hackers.

China will lose this gambit (of control over crypto-currency) eventually.

This is only Chinese scaremongering  to buy up cheap btc from weakminded fools before the price goes to $2400

I hope it works, panic dump to 550 and I will take the opportunity to  increase my stack....  ;)

I doubt it will go that low because they know many of you are itching to buy below $600 because you are jealous you didn't buy after Bitfinex hack which they engineered.

Westerners you are being outplayed in poker by the Chinese. Wise up.

A nice crash  will get rid of the weak hands who shouldn't be on this roller coaster anyway, it doesn't  matter if they dump to 550 or 650,stronger hands   will pick up the slack....

FYI I have  been buying since btc were $3 so I don't know where you get the "jealous"  idea from...

Please don't take it as a personal attack against you. You may not be included in those who are jealous because they failed to buy below $600. Rather I am speaking statistically, that the shorts have to cover at the level where they think the panic selling is overwhelmed by buying. I think they know the psychological price points (of their own creation, e.g. the engineered Bitfinex "hack").

P.S. I think it will probably come back down and touch at least $650. The reaction buying is probably a bit steep right now to sustain.

I expected a correction because the price went too high too quickly. Most of the time when we see it spike high like that, it will come back a little.

I don't take anything personally... It's just a game to me at this stage because anything else I make is just more icing on the cake ;)

If China want to try and crash the price before segwit  they won't be the only ones buying up cheap coins...

A dip down to 500's would also  be good for a lot of western people on this forum who have arrived at the party and  haven't had time to stockpile enough btc :D

I understand that Chinese government can regulate official Exchanges and monitor their activity. But how can they check amount of bitcoin sent abroad by normal people?
I can't believe that when everything was going so good for bitcoin we encountered another stupid regulation problem.

I sold most of my bitcoins at 700-750 in 2014. I bought all my bitcoins back and many more at 250-350 early this year. I'm way ahead of the Chinese, but I do thank them every time I look at my wallet.

They will play you as well, because you'll be the one who sells too early when the price rocket goes into a phase transition run to ATHs. They will eventually do that after they done shaking weak hands out. Your stance can be characterized as another form of weak hand because of selling too soon into a bull run.

The first bubble to $1200 in 2013 was the first hump of the typical new technology invesment. The second major hump is the big enchilada and you should never sell except possibly to trade to altcoins to increase your BTC, if you are so inclined and are astute at such speculation.

https://tctechcrunch2011.files.wordpress.com/2012/04/screen-shot-2012-04-01-at-9-38-09-am.png

https://tctechcrunch2011.files.wordpress.com/2012/04/screen-shot-2012-04-01-at-9-31-52-am.png

The problem I see with your theory is that you are presenting graphs of stock market to back it up.
And while general principles of trading  stock and BTC might be the same at first  glance stock market is fully regulated environment.
Bitcoin isn't and here lies the problem with people losing faith when negative legislation is being pushed.

I wrote my rebuttal to you before you wrote your comment:


The technology adoption price curve applies to crypto-currency in general. Whether Bitcoin is the vehicle for crypto-currency in general remains to be determined, but most likely it is.

That there are weak hands which are illogically fearful of impractical regulation is just the way markets work. The shorts shake the trees (so the ripe fruit of weak hands can be harvested) as service to mother nature.

Edit: that is unless you think crypto-currency is fundamentally impossible to perfect, i.e. that the centralization problem plaguing Bitcoin is insurmountable (meaning impossible to mitigate). I don't believe so and I am down in deep on the technical issues.

That was a fast drop and correction, easy profits. :)  Got lucky timing it.
Hodl, hodl onto the bitcoins.  Can't be shaken off if you "forget" about your investments. :)

While I think that cryptocurrency might achieve near-perfection and answer most of our problems as money transfer vehicle, payment processing solution and monetary system.
But I also think that there is high possibility that anti cryptocurrency lobby (basically every major financial institution, banks and governments are afraid of free money) might interfere with evolution of BTC.
In normal circumstances technology adoption price curve would be 100% correct - sure, people are overreacting a little every time something goes slightly wrong with BTC, but we can't predict how this situation with capital control will unfold.

Don't trust every news on the internet. zerohedge is basically garbage and trying to find a good entry price by bringing bitcoin price down.

You can read more here.
https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they/#bottom-comments

If crypto-currency is fundamentally better for people and society in some necessary way (https://bitcointalk.org/index.php?topic=1082909.msg16770075#msg16770075), then nature will figure out how to route around the Coasian barrier.

I can tell you I am actively trying to develop a project to bring crypto to the masses. That doesn't mean I will succeed. But someone will, else it means crypto didn't really solve any problem that needed to be solved.

Did you see for example where I wrote on Steemit that security of the Internet could be radically improved due to blockchains. I forget at the moment the exact point I made, but afair it was related to eliminating the need for certificate authorities.

I believe decentralization is going to unleash killer apps that society will refuse to abandon once they've been demonstrated. We are moving to a world where people need to be able to express their creativity unfettered. I believe the killer apps will derive from that.

I could write more detail about this, probably in the near future. I'd prefer to be speaking not so abstractly and more retrospectively about technologies/milestones that had been achieved.

I understand the Wall of Worry we are in now. It is justified. But my intuition tells me that blockchains will succeed.

There might be a head&shoulder pattern forming which will take the price down to fill that gap up (Oct 22-23) from just below $650 before we complete this correction. This is not a certainty.

A substantial portion of the market seems to have believed the China news and dumped Bitcoin. We have seen some correction, but are still 5% below last week's high. We need more publicity for those reddit articles.  ;D

That potential H&S was just violated with the move to $716. Time to board the train next stop $789ish.

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.


btc = 10K and 40K all the "early adopter" hate has now no basis.

Couldn't have said it better. It surprises me that at nearly every price level, whether it is at sub $300 levels for such a long time, or now at around $700, people constantly keep asking whether or not it is a good time to start buying, LOL! That you have some doubts about whether or not to buy at current levels, is something that I can understand, but how can someone seriously doubt about the price when it was at sub $300 levels?

I did everything to buy myself as many coins as possible at sub $300 levels. It was a fantastic opportunity that a lot people could have benefit from, but only smart people have actually bought at these levels and kept holding till now. Right now it's either a good moment to secure profits, or to continue holding. Buying is not part of the story at these levels (for now).

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

I have a non trivial amount of btc from back in the day when they cost about $3

I still buy more sometimes when I get paid from other streams of income and have nothing better to do with the cash and I'm sure that other people are also still buying for various reasons.....

If I sold at +20% like  you suggested I'd have bought at $3 and exited the game at $4 and then what??

No Thx lol, I'm in it for the long haul, my grandchildren will probably spend my bitcoins because I have everything I need or want to buy already....

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it :( It's unfair for everyone. I don't agree with that :(

What does this even mean?

Can you re-phrase that please?

What is unfair?

we  can assume hence the price of  bitcoin  is  really  unpredictable lets  just say its too  high  up  now  on $700  but  later  on  it would  definitely rise  up  because  we cant really  stop the adoption of bitcoin and  it would  really continue to grow even more. I agree  with you , people  would really sell off their  coins  when they saw they are already benefited from it like 20-30% on their  investment  that's  why  bitcoins price  is  moving  up and down  because of  active  traders  on  it and  also the  adoption is included.

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

There is no proof that is backing these empty rumors.

That's why it time on time surprises me how many noobs still get caught in the process of selling their coins in panic without valid reasons.

How dumb can people be that they constantly believe articles spread to create a panic wave going through the market where the price is taking another hit. Seriously, how dumb.

Regardless of China capital controls, if we fail to break resistance we'll drop to about 600$, but this could take 2 - 3 months.

i really did not understand what you meant by these words but the news about china putting capital controls on BTC is just a rumor and there is nothing official to provide any concrete proof that they will be doing so even in the future,so stop spreading lies,let the price flow

我不相信中国的任何消息。  ;)

I agree the article seems some propaganda to buy bitcoin at lower price and somehow it succeeded.  This still shows some holders are just for the ride and does not really believe in bitcoin capability to increase in the future.  And am sure whales are very happy on what happened because they scoop thousands of bitcoin in lower price than it should be.