Bitcoin Forum

Thanks to BTCChina, it's likely that we might not see $500 BTC again. Market manipulation and fake volumes by Chinese exchanges like Huobi kept the price up in the previous weeks and now BTCChina is gearing up to take the prices back to $1000+ . It's also important to note that if prices are not allowed to consolidate properly like they should have due to fake volumes, Chinese exchanges maybe creating a really massive bubble out of Bitcoin.

Personally i was hoping for $500 BTC again to buy in cheap, but it seems my hopes for that are eroding. Whatever the price is in the next few days, i welcome it with open arms.

thoughts ?

next few days may actually be quiet due to holidays there. banking probably resumes somewhere in the second week of february

As another poster mentioned, it looks like the volume surge pertained to a bot exploiting a market order bot using the maker taker structure. The market order bot has since been turned off.

Was the bank transfer story confirmed? Last night it was just a reddit story confirmed by "John Winklevoss."

It's real, Bobby lee even confirmed it:

http://www.coindesk.com/btc-china-accepting-bank-deposits/

Bobby lee is going to be put in jail by China government for this

Stable prices are good. Falling prices are not. Not even for bears. Every 50% drop damages the public opinion that much more, but as long as it is only ever stable or rising more people will want in.

The current bitcoin market is not a closed entity. We need the other 99% to get on board if we are ever going to see real growth. The final market price will be the same, just a matter of when we get there. Why postpone it for a decade, or even two?

It's a very risky route he's taking i agree.

So Huobi and OKCoin can have bank accounts for deposit/withdrawal, but BTC China can't? Hmmm?  Interesting...

no worry, they will soon all meet each other in a small dark room...

Huobi has been using a personal account i believe

but when will we see it over 1k, im not sure this news will effect anything until those transfers are able to go threw. granted i know many people have been holding back that are not from china that may jump in now, but as far as Chinese money flowing in, i think thats still several days off.

so true i had to quote it again =)

Looks like a win-win for Bobby Lee, as far as I can tell.  He's following the stated rules, and he's very high international visibility.  If he gets shutdown, he loses his business, but that was toast anyhow.  Worst that can reasonably happen is that his exchange gets shut down.  At this point, either they change the rules or he's free to operate.  All the alternatives are pretty much cut off by the international visibility factor.

Hmm, I do think that we WILL be able to buy btc much cheaper.

he might lose his freedom too

No, All chinese banks are not allowed to do anything Bitcoin related, he is trying to use the "PBOC said people can trade bitcoin, which it's just nonsense" stuff to cover up his "accept bank wire deposit again" illegal action

BTCChina is taking a liberal interpretation of the PBOC notice.. (claiming that they are not part of/working with financial institutions) but IMO this is just milking the almost dying cash cow.

It´s like sending money to Gox.  :D :D :D :D

Bitcoin exchanges are all mostly fucked up.. I sincerely doubt that bitcoin will go mainstream with the likes of Mt.Gox (fake fiat), Huobi/BTCChina (illegal operations), BTC-e (anonymous gypsies) dominating the market.  

we had cheap coins already........ $490. why didnt ya buy then?

and bitstamp? it gonna be put in jail by Russia/Bulgaria government?

Bitstamp seems to be ''OK'' so far, although they have scammed some bitcoin ATM companies and I wouldn't be surprised if they had some shady deals with coinbase.

They r in Slovenia which is not anti bitcoin, also they r doing well so far.

Some have reported that Bitstamp are asking some outrageously probing questions for people who want to withdraw but there don't seem to be any horrific issues so far.

It's very possible that BTC China will gift the world again with cheap coins when they sail too close to the wind. The man himself sounds like he's guessing as to whether he's actually legal or not.

thanks for the information

On this point, you guys dont know what the fuck you're talking about. You sound stupid. You don't know what decisions Lee made and why. You don't have a clue. He's running a multi million dollar business. You are not. There is a reason for this. Just stop with your ignorant comments.

Again, another poster who knows nothing. All made up speculation.

Meanwhile, somehow you guys seem blind to the pending emergence of US licensed exchanges. Wake the fuck up!

No fud, just fact:
http://www.reddit.com/r/Bitcoin/comments/1w83db/weve_shut_down_the_buy_option_at_the_bitcoin_atm/

And everyone already knows that coinbase mostly works with bitstamp and has an algorithm to squeeze out the most profit. Surely, they have secret deals with bitstamp that help both parties.

Ive read that fucking article. Big deal. Bitstamp doesn't process ATM transactions fast enough. No surprise. Not big volume. Limited staff. Incoming bank wires are not processed by their bank on a set schedule - been that way for months. The mistake that was made was the ATM company didn't use a software that was linked to multiple exchanges. They fucked themselves.

You used the word "scammed." No one was scammed. All pending orders were processed. At worst thats poor customer service.

I hate how many stupid people on this forum throw the word scam around to describe everything! A scam is fraud. Prove to us how Bitstamp has frauded anyone.

Do you work for bitstamp or something?  ;D

I like anonymous gypsies. They aren't trying so hard to appear to the "serious wallstreet investor" - cargo cult mentality.

I'm waiting for the corollary thread titled "we might see some REALLY cheap coins when...".  Its possible the Chinese government wasn't really aware of Huobi but will open their eyes when they see BTCChina starting back up and take harsh action on both.

As usual people who probably can't read Chinese are making interpretations of the statement using the the google translation.
Thats just crazy, the exact meaning is lost in the translation. And thinking you can use the subtle differences in English words to extract the underlying meaning of the PROC, when those are not the words they used, is foolish. :)

http://www.chinatranslations.com/risks-of-machine-translation-in-Chinese-to-English-and-English-to-Chinese-translation.html

Dude.   The Chinese don't know what it means either.  

Don't blame Google for the Chinese Government being deliberately vague.  The PBOC isn't quite sure what to do so it is acting like any good regulator and covering its ass.