Bitcoin Forum

I've picked up some extra BTC over the last couple of days, in my hometown there was a local seller on LBC - a chinese man. He said he had to dump all his coins within the next couple of days and offered me 45 BTC for $150k. I don't have 150k laying around, but i picked up 3 for 10k

he said his friends had hundreds of BTC if i was interested.

Is a monster dump on the way?

thank god for that!

i wish all of them dump faster. specially the way you are describing here. off the market or as you may know it OTC which is the only way Chinese are allowing to trade apparently.

this is awesome if true because it not only won't have any effect on the real bitcoin market but also it kicks them out of the market while others get the coins out of their hands cheap and enjoy a better distribution of bitcoin. ;)

There is no way to know, unless he has contact with whales or high authorities from the Chinese government, which is highly unlikely.

Maybe he just wanted some quick money.

Good point. I also would like it to happen, keeping those Chinese people from the market. I wish all of them though, to get out in the crypto-world and let me own some of their coins. Let other nationality own bitcoins at cheaper price. With these, CHINA will never be considered in the bitcoin price pump and dump.

tx or it didn't happen

 Chinese people will still be able to trade BTC for money with other people. They will not be able to use exchanges anymore with CNY. The exchanges started to charge fees in this weekend because the movement is way bigger. Probably there is a lot of people trying to buy more bitcoin to send overseas before it becomes more difficult.

https://twitter.com/yhaiyang

Sometimes fear of happening harms you more than happening itself. Banning of exchanges are still more of news and less on ground. Even if so happends, users will not be affected.
But everyone scared so early and started dumping coin.
I must really say if someone dumping his coin at this stage, he is biggest of the trading noob.

Another newbie account created to spread FUD. If there were any truth in this, you would have seen a massive drop in the price. Some people are just trying to push down the price, by spreading all these rumors. We have gone through this before a couple of years before and they still use bitcoins. The exchanges are still operating and the miners are still mining. The price has gone up, since these shills has started to post FUD.

Nice try, but we are not falling for this. Hodl for life!

Obviously you dont just walk up with 150k straight up, there would be more to that (i am assuming lol)

I'm not making shit up, you can see by monitoring a few chinese on LBC that they are dumping and smaller prices (australia and NZ) People have gone from 0 Trades to 100+ in a space of a few hours.

I've invested a truck into this BTC in recent times, and I dont want to be under a bus.. Since i've purchased BTC this week i am slightly insecure. I want to be rich like the rest of you  :D


dude im not coming on here to talk crap, this is genuine. How many bitcoins being flogged off is going to cause crash? 1000s? 10000s?
You've got to understand my insecurities.

You obviously do not live in China, because you said you bought these coins from someone in the Chinese community. Let's assume you live in the USA for this argument. Now why would a Chinese person living in the USA want to dump coins, if it were still legal in the USA?

A possibility might be that some Chinese people might have read this FUD and that they are dumping because of that.

The Chinese government has made no public announcement on this and even if they ban it, it will not affect the people who owns it. The Chinese people in China can send their coins to people in the USA to sell it for them. < if local exchanges are closed >

The Chinese government will be the losers if they ban Bitcoin. They are profiting from Bitcoin now. < Tax income from coins being sold and also tax on ASIC chips being sold and also surplus electricity being used for mining >

He seems to be upto something! The 3 coins he sold to you maybe a "bait". Why wouldn't he not auction the coins online if he needed money? He isn't expecting someone will handover 150K in cash?

Could you show some of them? I have found just one https://localbitcoins.com/accounts/profile/nuooo/

Why do you need transaction ID? there is no way to know if he's telling the truth, even with a TXID you don't know if it's really from him or not.

---

OP I know there is a monster dumb of a people coming, there are many people with thousands of Bitcoins and they will eventually sell, Chinese now are facked so they need to sell their coins.

Sounds too good to be truth! The one end of your story doesnt cover the other. Why someone would giive you a free money!?

I don't understand why some come with such childish stories, really.
I'd assume that they think that we are here all stupid spoiled kids that walk around with hundreds of thousands of dollars in our pockets (we would need quite large pockets for that lol).

Because it didn't happen.

since when "a" man represents the whole country and what all the people there are doing?

how many "1 man" do you want me to show you on localbitcoins from different parts of the world that are selling their bitcoin on there? it is nothing new for people to see their coins you know! they have been doing it ever since bitcoin started to have a fiat value and be able to be traded against it. some people sell, some others buy! :D

This is the reason why Chinese people banned ICOS. To buy a lot of coins including the main one, bitcoins. That is their main purpose to buy when the price is low. And now that the price is so low, they will buy many.

I will also like to buy if I see the opportunity

I don't really care the news about China is going to push the bitcoin price to go down but if the BTC price really drops to a low point, I would be very happy because I can buy it cheaply again, hopefully soon.

Yes, something is smelling fishy here. A lot of people use situations like this to exploit and scam people. They gain your trust by selling you cheap coins at bargain prices and once trust is gained, they encourage you to buy in bigger volumes. Once a big sale goes through they find a way to run with the money, before they hand over the coins. If this is a cash purchase, the thugs wait for you and they rob you. So you should always do this in a public place, where there are CCTV cameras and many law enforcement authorities around.

People are very creative and before you know it, you are robbed and out of pocket with thousands of dollars. If it is too good to be true, it most probably is.

These people might even have stolen these coins and are off-loading the stolen coins onto you. You will have zero evidence that you bought it off a guy from the street. ^hmmmmm^

I wonder what is stopping him from dumping immediately at an international exchange. A dump might be on its way, but there is no reason why the price being transacted now should be very different from the market price of Bitcoin. What happens in the future depends on Chinese regulators.

If there was something stopping him to dump it immediately at an international exchange, maybe the friends of the one who offered cheap bitcoins to OP cannot really convert into fiat something that big from their international exchange because it has limits. That might be the case if it were true but it seems fishy how they are willing to sell bitcoins at a very low price if I were you OP I would just not buy again from him and instead I will dump the bitcoins I bought right away and rebuy at cheaper prices.

I'm looking at the charts and seeing quite the opposite. I am seeing loads of FUD combined with incredibly bearish sentiment. And all the while, bears simply can't push the price down. Rejected over and over. Accumulation.

We are setting up for another strong leg up. It might be the blow off top that the bears were hoping for. I suspect the current consolidation is garnering lots of short positions which will be squeezed at the top. Then we can finally have a real correction. $6000s-$7000s IMO.

this is just a mirage



Chinese people are sick of shares, debentures, and property
bitcoin is the new upcoming of  instruments

easy to store
easy to transfer
high liquidity
without raising tax alert

Total trade volume for nuooo is 5-10 BTC ... hardly a big dumper. I doubt he is one of them (if they even exist).

The idea of Chinese dumping coins for foreign cash that they'd have difficulty to bring back into China does not make sense. And if they already live outside China they are not subject to these bans anyway.

I think consolidation has started and trying to see if we can get to $4500 tops. The FUDs and this negative news coming from China should be over at least that way I see it. They already made their moved a couple of days ago. So I think they have complete stop the dump or just thinking of transferring their coins to other exchange outside of China. I'm with you with the $6000-$7000 prediction,. But I want to see the price hold on $5000 and see that the steam has been brewing before hitting $6000-$7000 in the coming months.

The Chinese are offloading. Great, time to back up the truck. Oh heck, I don't have a truck!

Yes, we should all be holding our share of Bitcoin as much as we can. We have already discounted the China Effect and i am hoping that soon any news coming from China should be treated as just non-news. Maybe it is really high time that we disconnect ourselves from the immense power the China government may exercise over us. As to the ban of exchanges, nothing is definite yet and all of this news are just rumors for now...and I am hoping that it stayed that way.

I think the Chinese exchanges have been enforcing stringent KYCs since February (when the Chinese regulators closed them for two months to investigate them).

And I don't think they can sell them on international exchanges because they have no way to open bank accounts outside the country to withdraw the fiat to.

So it's possible that this man is selling in person to avoid any tracking by the authorities. Things are different in China than they are in the west (no fair trials, arbitrary kidnappings and arrests and so on). So a person has an incentive to keep a low profile.

This time, it's westerners, not the Chinese, who are dumping. The west reacted to today's FUD much more strongly -- I wonder why? Is Jamie Dimon really that effective?!

I'm still preparing to back the truck up, but I'm a bit more cautious about my bullishness than I was yesterday. On one hand, bears can't seem to break down past $4,000. On the other hand, the FUD is never-ending and maybe this sideways will end with a crash.

Either way, I'm holding.

Investors fix profit, that's OK. No FUD, guys! Hodl.

Holding is a great things we need to do here but if you have some extra balance to buy some bitcoins at this downfall rate then you should do its since by the time chinese fuds will fadeaway then price of bitcoins will surely fly again. Let's keep ourselves to not get affected by the fuds since in the end of the day dumpers will be the losers of this psycho games on fud spreading game.

that person op is talking about probably needs liquidity which is why he did that if that was a real scenario..

As for the market reacting its just another day at the park playing ball where everyone loves the game.

Its a matter of who owns more at the end of the day by getting there quicker imo.

I think op better to share the contact of the man who are selling bitcoin for cheap price i'll be willing to buy to him if ever i contact and verify the price.. maybe i will buy lots of bitcoin to him because its really cheap and i can sell them right now if ever so that i can make profit and buy again in that man..
But since the post from newbie i think this is  1% true and 99% lie..
Except if he can prove that this is real someone are selling bitcoin for cheap price..

I think its obvious, coming from a newbie account. As usual FUDers trying to sell us out. But if it is true and you could provide us a proof then good for you. I'd prefer holding my bitcoin rather than selling them.

It might not be FUD. When OP opened this thread, the price was at about $4300. It's now about £4062. It's clinging to the $4000 support by it's fingertips

If your story is real, maybe its because the china government ban ICOs and ban local exchanges so that chinese man sell all his bitcoins and his friends too, i don't know though but it's obvious and your account is a newbie which is hard to believe. Like other people here, Show proofs or it didn't happen.

gg btc .. why would i lie.

Turkish exchanges didn't show an immediate act against such news from China. I was expecting a huge drop but apparently most of holders don't wanna sell.

I think there is a dump again because the price is going down to possible $4000 or $3900 again. I think the dump again after some negative news from China started to show up that they are really shutting down their local exchanges in 2-3 months. And then some dude from Federal reserved says that bitcoin is doomed to that effect. I think this triggers another round of panic from investors that's why the price plummeted again after enjoying $4200-$4300 yesterday. Past two weeks was really hell for us. But knowing bitcoin, it has the capacity to recover from all of it so the best thing to do is just hold on your coins.

The last, and biggest, dump before China announcement begins now.

https://i.imgur.com/JflxV9O.png

But... what are the news from china Exactly? Banned ICOs? Banned exchanges? Banned Bitcoin?

if the dump till now is from banned exchanges.... I think there will be yet a greater dump. Too many chinese, and too much panic that would produce.

News have yet to come.
Correction as well.

I am not sure if chinese ban is real. Do you guys have a goverment announcement for chinese exchanges being banned ?
Or any regulation announcements from goverment?
If these are just rumors someones gonna make huge profits.

3 more newbies on LBC selling large amounts. FUDGE ME. Gone.

Because he is a fudder and a stupid one and probably cause there are no 3.00000 btc transactions to fit his story :)).
Of course the normal way to verify this  would be to ask him to sign a message with the newly acquired 3 btc coins.
Not going to happen.

But to rest of you.....
Why would you trust a newbie account applying all over the place for signature campaigns that he had 10k $ in cash to buy BTC. It just doesn't sound right to me, no matter how you look at it.


Again it makes no sense.
The guy is not in China. He can use western exchanges, he can receive coins from China and he can exchange them here.
No need to waste money and making discounts to 3333$/btc. That's idiotic.

Everything is still just rumor. But I am becoming more concerned that the rumors are real. Charlie Lee (Litecoin creator, Coinbase) really took the wind out of my sails this morning. He said that he received reliable info from a source that he trusts in China that the exchange ban is true. It's certainly not the same as directives issued by the government, but it sure makes things feel ominous. Jihan Wu also tweeted today, suggesting that the exchange ban is imminent.

We've obviously been dropping on this news for many days now. A solid 20+ % lost from the top. When can we consider this priced in? Or are we just going back to $3600 and beyond, bull market cancelled?

LOL - lilRoy07: Why do you persist with your lies in front of everyone here?

2nd market non exchange china trades can easily be seen at localbitcions for trades asks/bids in CNY via various methods (ie inperson, bank transfer, other options, etc).

As of right now, any reviewed sellers offers BTC going for:
25935 Chinese Yuan which equals 3971.30 US Dollar

lilRoy07, silence the noises in your head, breathe, and move beyond, enlighten yourself be useful and expand your education, work outdoors, spend time helping others, or spend time in prayer.

What lies?

The evidence is already in the DIP. I don't go around spreading rubbish.

Your account is newish too, just saying  ;D

I think OP had a genuine point - it doesn't matter if this thing is real or not, Chinese people believe it because they have experience of their govt arbitarily banning things, and they can't do anything about it there is no senator or representative to write angry letters to. So they are the ones selling and selling hard, like the chap in LBC offloading coins.

Just wait patiently, people. Once they have offloaded their coins, then the price will rise again. I think the Chinese are less than 10% of the total bitcoin market.

nah im pretty confused the reason behind these dumps if the china hasn't yet announced the news. they have some sort of special agent or what. china aren't banning bitcoin but just banning the existence of ICO
bitcoin users will be fine there and will always be as long as they obey the rules and pay taxes. pretty curious why people are so weak that they can easily dump their bitcoin at such cheap price. LOL

I think the market wants to move on without China, it is effectively 'dumping' the Chinese market %. Will be fun to see what happens once the coins start to get rare, should use these fluctuations to buy while we can, but not sure where this dump will end...

If China really bans exchanges you can throw all TA overboard. I wouldn't be surprised at 3 digits.

All 3 chinese exchanges will do business from HongKong or some other place in asia. Furthermore p2p market will go through the roof.
And when we can China leave behind us this will be bullish as fuck.
3 digits is delusional! Not gonna happen! Keep dreaming or hoping for your Vinnycandle!  :D

I wouldn't go that far. They're a small part of the total market - most of the trading takes place in the west. I think people would like China to continue to participate in the great bitcoin experiment, they have stars in their eyes about 1 billion people etc. The reality is most chinese don't participate and they are behind a firewall anyway.

The rise up to $4800 was driven by the west. It went too fast, we'll see a correction on the back of this "news", and then it will resume it's upward movement in a few months.

You grant China far too many credits than they are worth. China is no longer the major player in the Asian crypto market, and that's a hard fact. I see absolutely no reason for the price to tank back to sub $1000 levels, even with China actually shutting down all exchanges. People need to calm down and wait for things to get confirmed, and as long as that isn't the case, people are just feeding whales with cheap coins. Other than that, this what we are experiencing in the last days, is part of a very normal correction - one that was looming for quite a while. At the end of the day, it doesn't really matter whether it's the correction taking the market down, or this fud, the price would go down anyway.

If someone is selling, some other is buying. So bitcoin will not die because of China.

We are in a bear market and the bottom is $2400. China have the biggest population in the world, hence the dump will be severe.

https://bitcoinwisdom.com/ (https://bitcoinwisdom.com/) says to me they have more than 50% the volume, not so small

Coinmarketcap says otherwise:

https://coinmarketcap.com/exchanges/volume/24-hour/

Looking at exchanges with fees

#1 is Bitfinex, which is Hong Kong based and exempt from the China rules (as it is subject to HongKong Sar rules)

#2 is Bithumb which is Korean

#3 is Bittrex which is American

#4 is Poloniex which is American

#5 is OKCoin - this one IS Chinese

#6 is GDAX which is American

#7 is Kraken which is American

#8 is Huobi which is Chinese

#9 is Coinone which is Korean

#10 is Bitstamp which is European

#11 is Gemini which is American

#12 is HitBTC which is European

#13 is CHBTC which is Chinese

#14 is Korbit which is Korean

#15 is BTCC which is Chinese


So the Chinese exchanges are lower down the list and definitely total way less than 50% of trading.  

Where are you come from? Are you come from the future, and i believe $3800 should be the bottom for the bitcoin, is someone selling and other buying but that will be different if someone selling and others still selling too. I hope a lot of people will use the EU market.

Not sure why the difference. I think a better way is to span it across several days
In any case, I hope you are right!

Last time china was so bad on bitcoin and crashed the price they most likely where buying it after they put out negative news. I wouldn't be surprised if chinas government sold all theres around $5000 and are going to rinse and repeat.

I think china also missed the boat on Neo and that's why they are banning ico etc

Short in cash atm, but if I were you and I'm lucky to have a Chinese friend I would be buying the coins off of them and just wait again for the next few months/years. I like to hear some stories like this every once in a while but sadly, it didn't add up.


What's that to do with the recent crash? Lol

Yeah the problem is that more people are selling than people are buying and aggravating is the fact that people are willing to sell lower and lower.

And what is the correlation between China's Population and bitcoin?
They might be many but in terms of wealth they lag behind US and the EU and in terms of bitcoins owned they are standing even worse.


And there is somebody missing from that list and it's a huge one.
Coinbase which doesn't publish volume. And I have the feeling it tops quite a lot of exchanges in number of coins going through.

What is GDAX?

if this crash becomes a flash crash people need to be careful of stops trigging more stops and a crazy chain reaction

http://lmgtfy.com/?q=gdax (http://lmgtfy.com/?q=gdax)

I know what it is. I am asking if @stompix know.

The story is not convincing. Did you buy fake Bitcoin? I never seen a Chinese who is so willing to take losses even if the sky crash. Show us evidence.

Dump would be huge because China is a major player in bitcoin market and a ban on ICO and exchanges means China is getting against the bitcoin and due to which people across the world will start to sell bitcoin. Thus prices are set to fall and due to which it has being trading already below 4k and now at 3900$ approx.

Mining business in China is just to be to be banned, they are still deploying more and more hash power so there's nothing to worry about.

Yes, holding seems like the best plan. The upside could be some massive price where you could retire with 10BTC, the downside is zero (most unlikely). It certainly seems worth the risk.

Just out of curiosity are our Chinese friends still the major share holders of most cryptos if we put into consideration all these regulations going around their ecosystem? And to be honest the recent ICO regulations should have not affected bitcoin because the dip is tied to something more than CHINESE OFFLOADING

I have seen tweets regarding this. But for the bitcoin to be dump like this? I think this will be temporary.
Buying from your colleague was really great. Hope that CNY will continue to trade. Because of these FUD that are spreading, it really affects the market so bad.

Was hoping the floor at $3500 or $3600, pbut it seems we already have hit bottom and will probably go up from here, I'm getting in now.

Filling my bags with bitcoin, litecoin and ethereum.

The Chinese are sly little bastards. First they drive the price into the ground with scare tactics and scoop up a lot of cheap crypto and then when the price recovers and hits a new high they will sell it back to the people they have bought it from for a nice profit lol. Chinese economics 101  ;D

Don't be a smart ass and do your research a little deeper.
Gdax is the trading platform run by Coinbase but clearing payments in business and user wallets are not reported in GDAX so that volume is still "hidden".


Well, this theory is a bit sketchy cause the price in China is lower that in US and Europe.
So any margin trader would scoop coins from chinese owners and sell to European Markets.

If the price bounces back china would have sold at 3300 and Europe would have bought at 3800, not so profitable, isn't it?

i tried to warn everyone. Its $3500 right now.

BTC Its the end.

F**K

They knew. THEY FKN KNEW.

Sry but You are new, you know nothing

He did know - he knew that chinese were offloading coins based on some insider information, and that it signalled something bad.

And today we found out what that info was - BTCC is closing down.

lilRoy07, well done on your call.

You really bought them or is it just a cooked up story? Where's the txid? I may agree that the recent drop might be on account of China taking an action to regulate ICOs and crypto exchanges but I don't think it's going to have bad effect on bitcoin in the long run, bitcoin will bounce back and the prices will see an upward trend reaching an ATH soon.

:D It's the volatility, man!

Just some healthy consolidation before the next leg up....I picked up some litecoin on the cheap today. 20% discount from yesterday's prices. Not bad if I don't say so myself. I love sale days. The Chinese should feel free to help redistribute more BTC for the rest of us in the world. :D

yup you are right seems like monster dump on the way. Still I can't believe that only Ico banning in china made that situation in the market.Looks like hurricane came and blows away everything. :-[ 

Chinese are smart, they used this tactics many time before. At 250$, at 1000$, now 5000$ ... every time they make profit from stupid Western panic sellers

Wonder how many BTC the Chinese government has collected already...they have 50% of the world's mining power, they could destoy Bitcoin if they really wanted but what they really want, is cheap coinz  :D

be careful you can lose a few days or months ahead bitcoin will go down a lot, they wait for your prey to resell this is money strategy politics.

Nope, the bad news China banned ICO market not enough for makes the price of Bitcoin falls down today, the main reason is an Chinese exchange Bitcoin/Altcoin BTCC have announce they will close their exchange in 30/09. ;)

It seems a dump is underway while this hurts the price in the short term I’m sick and tired abut all this new about China, let them sell all their coins and let bitcoin alone and it will be a lot more stable, I cannot wait for the day adoption gets bigger in other parts of the world so we can stop worrying about what the Chinese government is going to do next.

It's indeed no coincidence that these Chinese actions follow at moments where the price has increased significantly. That's why I as trader, no matter how bullish the entire market is, always remain conservative after massive price increases. I expected the correction to kick in somewhere around the $4000 level, but it happened at near $5000 levels (USD exchanges didn't touch $5000). This is how traders end up making big money - cash out when the market reaches its boiling point, and in this case it was nearly $5000. If the market ends up tanking far below the $3000 level, it will result in you being able to buy back with a proper 50% discount - life isn't all that bad, or is it? ;)

when is it rebounding

This is not strange, the Chinese government has been accused of being a currency manipulator, they keep the price of their currency depressed so that does not hurt their exports to other countries, so I do not think it is weird that they have found a way to manipulate the price of bitcoin in order to benefit from it, this is something people need to learn and avoid selling when a dump like that is underway.

i was on the money with my call -

and again something interesting happened.

Was purchasing BTC on LBC for a close friend-

The person I purchased off offered me BTC for $4000 outside of LBC. I asked how many he had, he said as many I need.
another dump coming? FFS

ridiculous.

This is good.thing for the rest of us, except for the chinese,  i think they all wanted to sell out now their bitcoins, since they can no longer use them, and probably in the future, their government might just take hem away from them or worse their btcoins might go out of circulation and may not be bought. I think this is the only thing that they could do now, however, i think they should not loose hope, since there will come a time, that their government will lift the ban, since bitcoin is getting stronger and they cannot make a counterfeit bitcoin if that is what they are planning. China should lift their ban as soon as possible or else they will be left out this time, and only their millionaires might afford bitcoin when they do it in fsrther in the future.

Chink chank chunk, where is the dump? because we are doing pretty good. Right now we are on the right track to $5000. We didn't even test the $4000 dip that I expected. The price is primed for a pop. Any further news on people leaving the NYA nonsense will accelerate the rise. Im confident that yes, there will be a hardfork, but the legacy chain will win. I think we have enough hashrate for dumps to happen, and the exchanges not letting this feud be solved by the free market by listing both legacy and 2Xcoin better get their ass ready for an army of class actions.

Well to be honest that is basic economics 101, there are countries that export oil, however they buy oil derived products like gasoline instead of creating those products themselves and selling for an even bigger price, so if they are willing to sell their bitcoin for a loss and buy again when it is very high then who we are to stop them, let them lose their money and pay the consequences.