Bitcoin Forum

People just try to buy back lower. But it's a shitty experience for some, cause they loose. Anyway, bitcoin went from 100 to 1000 and it's all i need. It proved it's power to me (speculated or not, doesn't matter)

Sold

Probably gonna see if I can buy some more here

Note the important correction.


My father is a former West Coast division head attorney for Exxon. I appear to have inherited some of his high IQ ability to interpret the law.

I can't find anything in this document that specifically bans the bolded assumption.

This document is merely stating that Bitcoin will not be allowed to circulate widely as a currency to compete with RMB, because all volatility risk will remain outside the financial sector in the private parties and exchanges. It is very free market way of saying Bitcoin will not be backed by the government's system. There is nothing stopping businesses from accepting it, and converting it to RMB via a registered exchange.

The government will not likely clamp down on small scale acceptance, as it presents no credible threat to RMB. As we all see now, businesses are forced to convert to fiat immediately if they have significant expenses in fiat, i.e. Bitcoin presents no threat to fiat at the moment because of its volatility and the need for businesses to have fiat to pay their employees and operating expenses, etc..

Note small scale in China is big scale relative to current Bitcoin market size given the large population. Bitcoin is only in the tens of $billion range of market cap. Fiat finance is in the hundreds of $trillions. Bitcoin can grow immensely while still being small scale relative to fiat finance market size.

Whereas, (small) businesses could keep their profits in BTC, as easydns did (PenAndPaper username). Of course big businesses can't because the Bitcoin market cap is too small any way, besides big businesses are not into such risk.

The document is saying that non-financial entities must accept risk of holding BTC.

So this does not to stop the trajectory of Bitcoin in China. Exchanges can still operate and are not prevented from having a bank account to operate with. The document only bans financial institutions (and payment providers) from being market makers, underwriting, insurance, etc. In other words, all the risk and market making must be done by individuals and exchanges.

What they have done is simply kept Bitcoin in the free market-- the wild west.

This is an extremely bullish outcome. They have clarified that Bitcoin is legal for its small scale free market functions.

The Baidu thing is very suspicious. They accepted for a very small portion of their business which was misunderstood and caused a euphoria, then they dump when people misunderstand the ruling above, in order to create panic. Looks like some manipulators are getting rich on BTC pump & dump & rebuy on the dump.

This crash is due some whales who cashed out. No reason to panic.
Take a look at:
http://www.fiatleak.com
Its really going insane. There is 5x more buy orders then there was at $1200.

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

Buying at $100 makes you an early adopter?  In July, when bitcoin was $100, people felt like they had missed the boat and were hesitant to buy.  Furthermore, many people who purchased coins during the April run-up were at a loss until this October, but look at them now.  The exact same thing happened to people who bought coins during the 2011 run-up (but they had to wait 2 years to see a profit).  

Don't you see?  You are still an early adopter.  These booms and crashes will continue till either (a) bitcoin is dead, or (b) bitcoin is a major global currency with a value of $100,000+.  

Hold tight to your coins, learn more about bitcoin, and try to contribute in any way you can to help advance this game-changing technology.  

+1

The game changes significantly once the bubble is popped. Nobody is really selling any significant amounts during the bubble. The selling is mostly bots and traders, who buy back. Then once the bubble is popped, everything changes. What would once enough bids to push the price up and no longer enough. You need about 5x more bids to put brakes on the capitulation. Instead of seeing a a 6K bid area you need to see a 30K bid area, etc. Welcome to whale trading.

You still think this is like April, don't you?

It doesn't need to be like April 2013, it can be like anytime that there wasn't a bubble going on.

Well there wasn't any real capitulation in April. We tested $66, about 4x higher than where we started the rally.

So, we are probably in a similar situation now, with everyone wondering where the bottom is and we won't go down to that magic # everyone is waiting for $600 before the buying starts again. By the way $600 is about 4x higher than where we started at $125ish.

But unless we fly to $2k-3k, then we arent going to fall 80%+ from ATHs. But you know this already.

If you look at the chart and timeframe, this is actually more comparible to the drop to $80 that happened 2 weeks after the drop to $50. So people are probably expecting something like $700.

This will not drag out forever like April did.

Yeah, it really sucked waiting 6 months to 10X my money.  Hope that doesn't happen again   ;D

The game changes significantly once the bubble is popped. Nobody is really selling any significant amounts during the bubble. The selling is mostly bots and traders, who buy back. Then once the bubble is popped, everything changes. What would once enough bids to push the price up and no longer enough. You need about 5x more bids to put brakes on the capitulation. Instead of seeing a a 6K bid area you need to see a 30K bid area, etc. And there needs to be volume, and buys, gigantic whaletastic buys of 10K+ at a time. Welcome to whale trading.

well if dudes sell of massive volume that will be the last time they sell that much off unless they buy back in!

Yeah, it really sucked waiting 6 months to 10X my money.  Hope that doesn't happen again   ;D

+1 (i'm hoping on the +$1,000,000 but +$100,000 will do :D)

I think new, jittery users, unfamiliar with trading, but who attempt to become day-traders, are a major component of bitcoin market volatility.

I can't think of something more ridiculous than idiots calling weak hands all those that believed in bitcoin and bought at 1200$...