Bitcoin Forum

There's no new capital entering the market. Without China, who will sustain the healthy $400+ prices? Onshore deposits will be frozen after April 14, and most exchanges will have significant problems in the future to deal with oversea deposits. Most exchanges are relying on the only bank still accepting BTC related services, China Merchants Bank. Look at what happened with FXBTC, everything they've said has been true to this day. Now they closed their exchange. The solution of OKCoin with recharge coupons won't work in the long-term, and I expect PBOC to ban China exchanges one day (there's a reason why they're moving offshore). Also, I definitely think most traders are going to withdraw their RMB before the deadline, just to see how the market reacts. As Bobby Lee said, "After the April 15 deadline, most investors will re-evaluate Bitcoin".

That being said, we've reached a $350 low, we've all scooped the cheap coins. Who's going to invest at $400+ now without China?

Also, you have to consider the amount of BTC being dumped by miners everyday.

E.g. Overstock is dumping $1Mthousands USD worth of BTC/day. KNC miners are dumping $500K USD worth of BTC/day.

There's only one direction in this market. We're going south.

On a side note, the "bounce" from the $340 bottom was definitely a pump. This is not an organic bounce. It went up wayy too fast. I suspect the big pumpers are taking their profits now.

BTW, only 12 waking hours left in China. It's nearly monday up there

Dunno. But Overstock reported $1m in total over the opening several weeks. If it was that much a day the world would be taking rather more notice.

Sounds like you have already sold your 'scooped coins'. Am I right?

I actually didn't get to scoop anything. The day BTC crashed I went out for three hours with no internet connection and completely missed the $340 bottom..

That would have been the smartest thing to do.

Overstock is definitely not raking in $1 million worth of BTC per day. Miners are likely selling some of their mined coins to cover their expenses. It's hard to say whether we'll test the bottom again, but I wouldn't be surprised if we did.

EDIT: Looks like the drop has started again

Only if you know the future, which you don't. These threads have only one purpose - attempting to manipulate others to sell so that you can buy in lower.

Good luck catching the bottom!

This just made my day.

Anything below $300 would be a complete collapse scenario IMO. It also starts to get too close to buy in positions of a lot of the smart money investors, If indeed it does then it also means they probably sold already in secret.

AGreed ...suck it bear boy

+3, suck it, ya moron

Agree w/ entirety of OP's statements. Once this all fleshes out, we'll sit in the 150-250 range for a very long time.

Cool ...lets bet ..escrow salty spoon 0.1-2 btc we wont hit sub 300 on a closing of a 5 min candle on stamp in the next 2 weeks

That time frame is laughable. No argument from me.

give me a time frame that makes you happy :D

Sure, I'll take that 50USD bet we trade below $300 before this time next year.

I'll narrow that to 6 months. Anything sooner I'm not comfortable with, but I wouldn't be surprised if it happened sooner.

12 months ....really ...(i actually think it is in my favour the longer we go out )

Ok lets lock in 0.1 btc that btc wont hit closing price of sub 300 on a 5 min candle on stamp

Lets revist this in 12 months ..I also give credit for putting yopur money where your mouth is :D

This the most depressing thread. Why bother? If you're that negative about btc, then why even spend the time to post about something that you do NOT believe in?

Cool ...if it will go your way it will happen sooner rather than later so 6 months it is then :D

Cant wait for my sweet sweet btc :D

I do believe in BTC, but I also believe China has been the linchpin of this $200+ valuation. If they exit the market we'll return to some semblance of the pre-China valuation + any added value from legitimate advances within the BTC economy, which would (IMO) put it in the $200-300 range. The only reason why I go as low as $150 is because if we breach these lows it will inevitably be oversold.

LOL at everyone denying the OP. I haven't edited anything in the OP since April 13. Look at the situation today!

Again, final warning. Chinese exchanges WILL move offshore. Capital will stop flowing extremely soon, and these guys will have no way to make trading profitable for themselves. FXBTC has warned everyone since the beginning. Look at them now (Frozen fiat deposit AND withdrawal). PBOC has issued guidelines and Chinese exchanges try to work around them. PBOC DOESN'T LIKE THIS. They want them dead.

And yes, China Merchants Bank will have to halt BTC accounts! Who knows how BTCChina will handle fiat deposits. Same for Huobi!

The only way is OUT.

Doesn't seem to have hurt the price any.  Price is higher now than April 13.

Blah blah blah blah blah blah blah.  That's my summary of your post.

So when this happens will you take your chinese shit ..and fuck off too ?