Bitcoin Forum

China may have lead the rally, but I bet the majority of us live in a country that isn't acting like China at the moment. So why is everyone selling? Are the coins suddenly worth less? What is your country like and what are you doing with your coins as "speculants"?


Or is everyone smart enough to where we all sell on any news and try to catch the bottom?

Bitcoin's price is based on speculation. Before China started taking negative action against Bitcoin, the assumption that Bitcoin could be a big in China was already factored into the price. Now, it seems less likely that Bitcoin will be big in China, so the price has been/is being adjusted to reflect this new information.

If one believes the price will go lower, one ought to sell now and buy back in at a lower price even if they believe in Bitcoin long term.

I am not from China, and I sold, bought back in at $640, sold at $880, and am now waiting to buy back at the anticipated mid $500s bounce. If this comes of from me, I shall hold until the Stochastics indicate that we are going back down (which they will), and then I will sell. I expect the bottom to be much lower than in the $500s, I am targeting around $340, but who really knows.

Never voted, cos you never gave me an option that described me.

I am not from China, i believe the market is going down hard, but up until this point, I have still been making money, so I wouldn't really describe myself as a panic seller.

To make money.  ???

Countries can be pretty much grouped into two categories right now: those that are negative toward bitcoin (China) and those whose governments don't view bitcoin seriously enough yet to take action and regulate or ban it. China used to be in the latter, but has now moved into the former. For every other country, it's just a matter of time before they follow suit.