Bitcoin Forum

What's happening?

i cant wait when the millionaires like Bill Millers heard about the price....

Yup he will buy ALOT more.

The US government banned bitcoin without banning bitcoin, and people in the Bitcoin community are applauding it. 

This is what happens when the libertarians "lose". 

http://1.bp.blogspot.com/-vrcpFhgnmUc/T1t_hGvF-ZI/AAAAAAAAA0k/UeDJNTrJyZQ/s1600/willy-wonka-you-get-nothing.gif

Rumours about China.. they did it once again. When I see the market reaction to this FUD, it feels like the good old labcoin thread..

[SELL ALL]

- "Why do you do that ?"

- "I don't know, I just saw the red button over there.."

It's the news coming out of China to shut down all exchanges there with a ban on Banks who deal with Bitcoin.

its china..

FTFY

do you really trust china that much?

"news"?

I have lost everything. I am very depressed. Really. I am poor and I invested everything hoping to earn fast as others did but I have lost already half of my entire money. I cannot even go out. I only hope for the future.

rumors are coming out of china that banks are being ordered to close accounts with bitcoin exchanges with a deadline of april 15th... essentially that would mean bitcoin exchanges in china would go belly up.

also the IRS tax situation in america is news a lot of people dont like.


As of right now it looks like it's one reporter who made this claim and he's sticking by his claim that it's true.  No offical statement has come out from the government itself though.   Hence why right now its still just a rumor  ,  people are certainly panicking over it though .

Btw, even if China banks are going to fuck companies related to the bitcoin world, there are a lot of other countries on earth to make real business. Just see the USA these days.

Silkroad died, bitcoin is still here, Gox died, bitcoin is still here. China? just ban BTC and let's move on.

link?

Just wait the end of this year. Weak hands always lose.. just stay strong. Don't watch these trades for a few days/weeks/months and everything is going to be fine  ;)

469

The thing that ppl miss is.... China bans alot of things, but they cant effectively enforce... especially when it comes to internet

Facebook ban, Google ban....etc

Every single Chinese i know use facebook everyday :/

I bought in single digits, and I am a lot more interested in what the price will be in 5 years than 5 minutes.  But this sure is interesting!  LOL

After 6 months of trading and 3 months of daytrading my conclusion is the same than yours. 2-5 years is my new horizon ;)

somebody is going to be very very rich after all this..

hopefully the difficulty will drop a bit..

What's happening?
You are a 'Hero Member' and you never saw a big sell off before? ...or...
You have been away for ~2 months and you don't know about all the bad news?  :P

The IRS ruling is actually not negative. It would take sometimes for ppl to understand and sink it in.

The most often reaction when ppl just heard of the IRS ruling is : Bitcoin cant be used as currency because IRS says its a property.

However the utility is up to the ppl. IRS just gives guidance on how to file tax on bitcoin tx.

You also have to file tax if its ruled to be currency. In some case, the tax is even higher.

Some ppl dont look at the price everyday because they dont look at bitcoin as short term investment. The OP probably locks his btc in cold storage while enjoying working and living.

The movers and shakers of Wall Street are getting ready to move on Bitcoin. Don't you see? This is their prep work in progress. Some of you have seen it before in stocks, BTC is no different.

very interesting..... I tend to agree with this theory because this crash is baseless.... without any fundamental changes. The China rumors might just be an excuse.

This is your first post?  Damn fine one.  I would not be shocked if you are indeed correct.

I would like to see it go down a bit more so I can buy a bunch.  This thing is here to stay.  Up, down, side-to-side, this thing is happening.  I am truly fascinated to be a part of a global phenomenon.

Yeah, i feel the same way.

Either way, i'll tell my kids "i was there when it happened"

Won't happen

Why would it happen ? nobody will turn their ASIC off... Why would they ? even if i made a NET 0.1$ per day with mines i'd leave it ON

I think he's hoping some ppl will sell off their stuff and forget bitcoin

Ppl cause you will be mining at lost after tx and paper work.

Stop worrying about fiat exchange price, it's still 3-5 years away from being an accurate speculative representation of the actual utility of this technology.

yep, that's exactly what I am hoping..

Stop worrying about fiat exchange price, it's still 3-5 years away from being an accurate speculative representation of the actual utility of this technology.

I would say that is pretty much a given considering that it isn't the easy money that most people thought that it was.

Taxes ? paperwork ? wtf lol

will people stop spreading FUD

in china the BANKS themselves cannot have bitcoin as part of the BANKS investment portfolio. this has nothing to do with citizens or private investment firms.

I have yet to figure out what "FUD" stands for.

This link explains it very well: http://lmgtfy.com/?q=fud

even though the rumors may or may not be true. people are panicking for valid reasons.  the rumors are that the banks are going to be forced to close accounts that the largest bitcoine exchanges have.... this would kill the exchanges. with out a bank account to hold their fiat funds.  Banks being closed also hurt and ultimately lead to gox collapsing as well (amongst other things).


it is something people should be concerned about. at least in regards to the exchange rate of bitcoin, especially in the short term......  however the people who understand the technology behind bitcoin understand bitcoin is a long term thing and weither china is on board or not the infrastructure around bitcoin will continue to grow and the benefits the technology offers will continue to lead to more adoption across the globe, even if that excludes china.

fucking A lol i have 30 bitcoins already now i see the price drop pretty fast should i buy more? and how high will it rebound within a few days or a week? what is the expert speculation?

There was an article on the web not to long ago about the current method to move lots of money out through human smugglers.

Bitcoin offers an inexpensive way plus family members could be used. I find it hard to believe that BTC will be outlawed given that the wealthy are the main users.

Maybe all these bank rumors are a message that someone high up in a position of authority, wants their cut.

This is going to sound embarrassing i've been buying and selling bitcoins for like over a year now and i've lost track if i'm currently losing money or up any money...  i suck with math and there's so many pages of transactions is there a program to import everything into it and see lol.... (yeah this is pretty bad hahaha) any help would be appreciated i use coinbase...

Just look at total: Total USD deposited and withdrawn, then compare that to your current BTC value

Otherwise: http://www.coinreporting.com/ lets you import your trading history and shows nice data

Oh ho ho!  You got me there.  I haven't been around this community long so I didn't know if that was the actual meaning around here.

Translation for the small head crowd:

In China there is a great demand for money smugglers. Many close knit organizations exist smuggle money for a cut. Bitcoin offers an inexpensive way to move money around, especially if you have family/relatives working or going to school in the states. Basically BTC offers a capability to move money out of China for the middle class/small business person. This is a big deal. The rumors might be a signal that some one or some organization wants their cut.

I'm not really bothered even if every government bans Bitcoin. There will always be ways to convert to fiat money or goods and services.

I wouldn't want to be a speculator, though. I expect that the exchange rate will always fluctuate violently.

http://english.caixin.com/2014-03-27/100657518.html (http://english.caixin.com/2014-03-27/100657518.html)

I'm not a Bitcoin maniac, so I'm not gonna say I hate to say it, but I did predict this on March 8th when BTC traded at $620:


We haven't hit rock bottom yet. Bitcoin is doomed. Mark my words.

I smell a FAT bear trap. (I hope). Price will rebound to 540 then stabilize back to the 520 we've seen lately. Just my guess.

We got a clairvoyant here! Quickly, sell your bitcoins! Why? Because Mr. Newbie said it's doomsday, mark his words!
http://img3.wikia.nocookie.net/__cb20060822062047/uncyclopedia/images/c/c7/PWNWAR_NUKE.jpg

it's $511 now it has bottomed out. buy as much as you can the whales are going to be in
soon and it will be over $600 in a week

It has been down to the 400's so many times in the last few months. It's a yawnfest.

I took out my original fiat stake when we were at 630, so I am now playing with 'free coins' I made by reading so I care less about the price now. If it goes down to 100 I'll inject some new fiat.

After all these years i avoided bitcoin, but just month ago i purchased 5 bitcoins.
After my purchase it never went up. Day by day the price is dropping. My bad luck:-[

I'm very sorry to hear that, and I hope it is less severe than you think right now. It should bounce back sooner than later, I think. If you have an income and can live within your means you will recover.

When I was (briefly) a financial planner I was taught this advice: Savings should be structured like a pyramid. You want a stable, conservative base. Not something to get rich quick with, but something that you won't lose and will provide for emergencies and needs down the road. Then as you get more savings without any near or mid-term need for it (like a car in a few years or a summer vacation coming up), you can pick riskier, higher-return investments. But build the foundation first, and make sure those near and mid-term needs are covered with safe investments for when the time comes and you need that money.

oh noes the price is only 4x higher than it was 6 months ago.  we're all doomed.

The original poster brings up a good question.  But I think alot of people got caught out there holding the bag so to speak and their hands are a bit shaky but who knows certainly not this guy.

just look at the chart.  Its called a downtrend and it is well intact at the moment.

Show me your poker face!  Lol

My experience with BTC.

Bought in, price dropped, bought in, price dropped, bought in, price dropped bought in price dropped.   Ive seen one gain while holding coins I didnt have to get rid of to pay for the massive drops in exchange rate, and could get no sell orders queued because the btc billionaires started selling cheap the same moment.  I dont not believe these bitcoin billionares I speak of are individuals who invested but are the same groups who manipulate the markets.

Daytrading has wasted my last 3 years, its amazing how much time we spend on 'hope' when we could just be doing something, producing something of value, offering a service, learning something new,etc. Trying to make money I didnt earn has been a wakeup,. Not bashing anyone,but this is worse than gambling, because families lose out when you cash in, not a casino. Every extra piece of pie is on that came off someone elses plate.

I will be 100% honest, I feel like BTC will never spike upwards again. 

Im done.  The only way I've broke even is rapid selling at dishonestly high increases for payment methods that scream "Minor buying drugs on Silk Road" (would else would pay 25% over?), now that fed has btc on the books, turns out theres a good chance they created it (Yes Dorian is the creator, care to acknowledge who he was working for at the time??) to create financial criminals out of average citizens, to play a role in the destruction of the dollar and help bring about new currency laws [which will make owning untrackable currency illegal], I dont need the IRS knocking on my door 10 years from now over some legal-financial technicality no current legal team would understand, but thats exactly what I see coming out of the whole ordeal. The United States government has shown us all that they criminalize income more than anything.


Bitcoin was created by the collective forces that desire to criminalize the un approved, un documented, private transfer of money. You will see a time in our lifes where it is illegal for even five dollars to trade hands without being recorded to a federal server.

I think the shorter and more humurous answer to the OP's question would be Panic Sell Attack !!  ;D

I feel for you on your losses today, but seriously when did you think day trading wasn't gambling?  Some people are good at it, some people aren't.   I like gambling as well, but I know enough not to "invest" the rent or grocery money on gambling.  I really like bitcoin, but I still keep 2/3rd of my fungible assets as cash.  I saw about a grand worth of USD evaporate today on my bitcoin holdings, but I've seen it go up as fast as it goes down.   If I really couldn't do without that grand, I wouldn't have bought bitcoin with it.

Bitcoin is going to be very volatile until the tipping point where commerce is greater than speculation.   I think American companies like Coinbase and Bitpay are going to make this happen in the USA.  Americans are much too libertarian to allow a government crackdown on bitcoin.   For example, there's horrific mass shootings in the news, yet it is impossible to institute regulations that the attempt to prohibit the mentally ill and criminals from buying guns.  Do really think they can outlaw bitcoin just to keep some kid from buying drugs online?


The US government had a hand in designing Tor as well.   The purpose was to protect and enable political dissidents in countries that we feel morally superior to.

There's nothing about bitcoin that makes it inherently criminal.  If you are a US citizen, by law you have to pay your taxes.   You have to pay your taxes on making money trading gold, silver, bitcoin, or some bullshit stock.  You should know the rules when you leave a W2 job.   Even criminals (the smart ones, at least) know how to at least look like they are playing by the rules ever since Al Capone went down on tax evasion. BTW, you should know if you make an honest mistake in your tax return, the statute of limitations is only 7 years (the amount of time you need to store your records).  There's a longer limitation if you did something criminal (willfully made a fraudulent statement on your tax return) that requires a criminal conviction (proved beyond a reasonable doubt).

massive bitcoin sale!!!!

Get them while they are cheap. Just make sure to keep some fiat, in order to buy more if it reaches 300!

Now it is recovering slowly. Reached $500 mark again.

God I wish I had $10,000 right now  :-\

A long journey towards reaching a price actually representing the btc economy rather than chinese pumping and gox pumping. An anemic bitstamp orderbook that's going to have to support itself soon.

Damn straight.

I mostly use Bitcoin to buy altcoins at the moment, will buy and hold BTC if/when it dips below $200

The only reason why somebody should lose money/value is if he/she pays too much for a bitcoin. and why should anybody sell it to them for less than it's worth? or even a fair price? if they pay too much, they have just given their money away, and it's nobodies fault but their own. If they then panic sell when they see the price fall, that is their fault too.

gambling at a casino is much worse, because everyone loses eventually at a casino, and they cant feed themselves either. bitcoiners have made a net profit because they have provided a service of liquidity and capital support to a very innovative technology.

This is not a good sign.

Families?

The average bitcoin user is a 20-something upper-middle class white libertarian male with money to lose. There are also these wealthy Chinese guys who pumped money into the market in the fall, and the venture capital firms and investment trusts. I don't think there is anyone here using bitcoin to try to feed their family. Everyone here is in the same game - to try to get as much money as possible, and came into it with the knowledge that their entire capital is at risk at all times. Almost nobody 'invests' in bitcoin just to help the technology - to do that they USE bitcoin, write code, or create services for it.

Your thinking is actually reflecting that of a ponzi scheme. "If you remove money, we lose". If bitcoin price was actually supported by its underlying economy, then people 'removing money' shouldn't be a problem.

+[insert large number here]
You don't avoid selling shares, thereby depriving your family, so that someone else enjoys an artificially high price, that can't be realised until they sell anyway...

Ok... I'm marking it right now  ;D ;D ;D

http://elitedaily.com/wp-content/uploads/2013/03/DOG_07_RK0572_01_P.jpg

I just purchase more whenever I think it can't go any lower.  There by decreasing my cost per BTC.  This been my game plan for the past 6 months.  Would NEVER use on $$$ that I can not afford to completely lose.  Thinking I am more interested in the price in a year then the price at any given moment.

If this is true that chinese exchanges have to close then the chinese will be selling bitcoin, which will cause the price to drop until April 15th, and then hit bottom. But after that it should come back right? I will be looking to buy btc between April 10-15.

losing game, buying a dying commodity

If you only knew....   GL with that strategy.

even touched $460 right?
my buy order at $468 was gone, somebody sold their BTC hastily ;D

Not at all.
I've made nice, repeated profits in Bear markets.
You only need a couple fast rallies (like the ones BTC just had in the last 24 hours) for great % gains on the most recent trades; Then the older "losing" trades are in much better shape.
Rinse, repeat, profit...

These are normal happenings, we enter the fifth month of constant decline in prices,
Check Trend line from decembar 2013 year !

Trend and price before 1 month:
http://www.dodaj.rs/f/V/JM/4H6veSvX/yyy.jpg

Trend and price today:
http://www.dodaj.rs/f/27/9e/4vr0gXBR/yyy.jpg

See you again within a month with trend lines and current price.

seem possible according to your graph
so must i sell at $500 right now and buy again in $300?

Don't feed the trolls, especially igorr, whose trolling is so tediously predictable.

Hopefully US investors will fill the gap left by the Chinese.

Obvious troll is obvious :D His graph is worth printing on toilet paper.

yes, sell at $500, and buy again in $300,
then
sell at 400 and buy again in $200
Then
sell at 300  and buy again in $100

But I do not want to risk it, and I still hold the sell position from $1100, and I will take profit at $250.
And after that, Bitcoin I will never see, my profit for 1 year will be about $500k usd

:)
Quoted.

descending triangles are more bearish than symmetrical triangles and ascending triangles. also, by my count, we've already broken down out of it.

Denmark too.
They can now buy BTC and legally pay no taxes on profits.
Huge story is HUGE.

No income tax or capital gains? Nice. And they have outstanding TV drama. And bacon.
I'm going to live in Denmark.
Every time I see some TA indication that makes me think bear I have to remind myself of the fundamentals.
 

I hope you listened to Mr. Newbie. If you didn't, get the fuck out now, price is only going down.

For the record, China bans on btc aren't necessarily going to doom anything or stop Chinese from continuing to buy, sell and trade btc. They're a cagey, industrious lot who could and probably will easily take full advantage of a myriad of virtual world platforms and games with built in economies, buy into the in world economy, convert to btc and back again from btc to in world currency to real world currency - back in business.

They're the ones mining all those WOW, EQ, and other games. And then there are the p2p sites that trade btc but don't need the exchanges and banks. China Daddy might be snorting but China Babies won't fall in line so readily.

Guys like you are a dime a dozen.