Bitcoin Forum

Again CoinDesk doing their best at journalism while promoting Lee and the fellas, as well as Ribbit Capital and Pantera...Aye ya.

So if the BTC price decline follows false report of bitcoin ban in china, shouldn't the price go back up considering the report is false?  I am going to suggest to you that there is a more complicated reason the price is falling and will continue to do so to a low of $470-$510, and has NOTHING to do with China.

Bitcoin trading in China already has no value.  Coins being stored on a server that is controlled by the Chinese Government is not what I would call valuable or important in the first place.  I consider all China BTC trading worth $0.  You will be able to value much easier that way.

When the authorities figure out that everyone and their brother is sending BTC out of China to their relatives here it will be all over very quickly.  $40,000 USD yearly limits are being blown right out hehe.  *** One click *** Over.

I personally don't think that the misleading news had anything to do with that, very few people heard of that and those guys trade in china only.

The market is just bearish and will use any excuse to sell off. CoinDesk does not control the bears.

The fact that good news barely moves the price any more clearly shows that current prices are still inflated.

Do you think prices are inflated, or large investors are using propaganda to score a better deal? Remember how susceptible the sheep in our society are to media influence.

Do you have a reference for this?  It sort of defeats the purpose of owning bitcoin if you can't own it or use it.

Bitcoin has been dropping slowly for months now. Most of the smart money cashed out long ago. It's mainly dumb money that's still in the game. Watch out for a dumb money capitulation in the following weeks.

of course there is some insider trading but we have also that on wall street.

stay cool. doesnt matter if we have 500 USD or 800 USD in the long run.

its tax related

if you put $100k in, and dont cash out before april then you lose potential tax loopholes

lets say that $100k becomes $200k, if you withdraw after april you have to declare that as $200k profit (income)
if you withdraw before april you can use the $100k investment to offset the profit and thus legitimately say you have only made $100k profit (income) because its in the same financial year.
lets say tax of whichever country was 30% on $100k and 50% on $200k

would any sane investor prefer to hoard bitcoin knowing the taxbill would be $100k (on an after april withdrawal of $200k with 50%tax) meaning they are left with only $100k again to invest...
or withdraw now, pay just $30k tax. and know in april they can invest back in $170k knowing they can offset that $170k on whatever profits they then make before the following april(2015)

many large investors are cashing out now for tax purposes. and after the next financial year starts they will throw the whole haul back into bitcoin.($170k in this example)

people should not panic..
2013 data: march 1st: $34 april 9th: $200

Why April? Most taxpayers use dec as year end.

What premise do you have for predicting BTC falling below 500?

Take a look at what happened when i overlay Aprils price boom with Novembers.  Definitely some striking similarities to it so far... I think this is true sign of things to come. :o

https://i.imgur.com/OhhX2rB.png

UK April
Canada April
Egypt July
italy July
Hong Kong April
India  April
Japan  April
Burma April
New Zealand April
south africa  April
.. need i continue??

Great observation ;)

Edit: I believe if you look back to 2011, the spike follows that same trend.

april for most countries is the month after tax d-day
november is a month after tax d-day for USA + costa rica. so these may be the 2 pivotal points of the year to expect a large rise after a drop the month before..

So many people will lose their shirt thinking that the 2013 pattern will repeat.

Elliott wave analysis predict that this year will be very different from 2013.

Some people think the market is regulated by astrology.

So if we were to follow last years trend, today (LITERALLY TODAY) would be the cheapest bitcoin we would ever again see in our lifetime?  Hmm wow.

Elliot wave analysis is crap!  It's the most useless kind of TA.

"BTC Price Declines Following False Report of Bitcoin Ban in China" is as false as as the bitcoin ban

I would say so. Bottom tested. Yazz and the plastic population ;)

This current dip could be the lowest we'll see in our lifetime.  It's quite conceivable.