Bitcoin Forum

My friend gave me a link to this:  http://www.btc38.com/btc/btc_market/476.html

and this

http://www.reddit.com/r/Bitcoin/comments/1t2mec/youve_been_duped_china_may_not_be_a_paragon_of/

which stated that basically this latest regulatory "update" was a sham.

I wish I could read Chinese. What is the Chinese article saying?




I did a google translate of the page and if the translation is correct it reads:

No it was not.  But even if it was a sham, bitcoin has been oversold badly in the last several months and crash is imminent. 

Ok that's good that at least the news is accurate then. I would hate to think we all just got fooled. And yes, I agree the price is way over what it should be.

I feel the same way.  We were going to see this movement in price regardless of the news from China.

My technical analysis was posted here well before the news.  (It's TA of LTC/USD, but applied to Bitcoin as well due to the correlation)

https://bitcointalk.org/index.php?topic=191485.msg3951933#msg3951933

What price should it be at?

$10 when I want to buy and $10k when I want to sell

Colinistheman yes unfortunately Chinese authorities have took harsh measures against bitcoin which was sky rocketing but now due to all the mess in china the price of bitcoin has lost more than half of its value like it was nearly $1200 but now $500 is a support. By the way you may search various sites in English which shall give you info about bitcoins.

Don't use google translate ... there are plenty of places to get real news out of China, nobody should ever rely on GT for making invesment decisions ;)

A lot of people think the Chinese government, when prohibiting something, is like the USA government.  The US gov't, for example, in the unlawful online gaming act, just prohibits payment processors, and that is it.  And it took them a long time to do so and USA people can still play poker/gamble online.

The Chinese government is NOT the same.  Once you undermine they're policies AND intent, they will go even more harsh.  It took them just 1 month to come up with this act.

If it was USA, it take years to forbid payment processors with bitcoin.  The Chinese government moves overnight.

Unless it's their own corruption and deceit, which took half a century to even admit :)

If you do a quick google search on the topic, there are several very legitimate new organizations carrying the story.

How would it be a sham?

Course its not a sham. Someone on reddit was mucking around. It happens.

I also heard that false trading on OKcoin and BTCchina, chinese bitcoins trade platform.

the news form sina : http://blog.sina.com.cn/s/blog_8b6a56cf0101e44o.html


But I don't know the info true or false too.

What's "false trading"?

I don't know if it was a sham, but it was blown out of all proportion. This is what happens when fools panic.

It's the exact opposite of true trading.

Still none the wiser. What is "true trading". These aren't terms that appear in investopedia you know ;)

False trading could be selling to yourself to fake volume. Since there was no transaction fee, this did not cost anything.

Haha, I have no idea either. Maybe he meant like insider trading or misinformation or something, or maybe he just heard some bullshit of somebody else?

Thank you. That makes sense. But any website could do that anyway, regardless of transaction fees or not, just by "internal accounting" methods.

Oh yeah, didn't think of that. Just look what happened to the manipulation of the price of Dogecoin recently.

It wasn't a sham. The western world media has never been good a reporting the news from outside their own country, they always make it sound a lot worse than it really is. It's likely because they don't and most of use North American's understand the cultural differences between us and other countries outside our land mass.

Things are fine in China. It's true the government wants to keep a division of some sort between the bitcoin and banking markets, simply because pour fiat money into any digital currency causes problems for them and you would have to fully understand what happens to fiat moneys when you put them into your bank where they go and how they are used by the bank and the local government. Bitcoin takes that away from them, which is a good but bad thing too, bad for them. So the banks won't go down without a fight! :)

Things are fine in China re: bitcoin? You really believe that?