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that was fast, where are you? US?
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Looks like 3200 was a trap. You could see there was too much resistance and it expended most of the volume from the previous spike before it even got there.
465-475 was a BIG support level with the 300 EMA. But this bounce is on small volume. Everyone of the bounces lately have been enemic. The bears gave the bulls every chance in the world to breach $620. And the bulls didn't even try. Meanwhile, the bears got bored and dropped us 20% on "rumors". If and when those rumors get confirmed on the exchanges I don't see the bulls putting up a fight until $400ish. I could be wrong, but the buyers are just not around right now. Well less ppl leaving funds in exchanges after the MtGox fiasco, plus traditional bank wiring is too slow. Meanwhile, moving btc is almost instant. |
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If China did ban bank accounts of exchanges, this would be the best thing ever.
1. BTC China and Huobi will be forced to develop exchange market based on individual bank accounts transacting with one another directly.
2. The publicity from the ban will raise people's awareness of bitcoin in china. People will try to understand what is going on and why the PBOC feels so threatened.
3. After the initial drop in price, people will realise that life goes on. The PBOC cannot succesfully ban everyone's bank account.
That would never happen, have you ever used banks b4? sound like some teenage's dream It's called direct funds transfer. Which is reversible, are you done dreaming kid? |
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If China did ban bank accounts of exchanges, this would be the best thing ever.
1. BTC China and Huobi will be forced to develop exchange market based on individual bank accounts transacting with one another directly.
2. The publicity from the ban will raise people's awareness of bitcoin in china. People will try to understand what is going on and why the PBOC feels so threatened.
3. After the initial drop in price, people will realise that life goes on. The PBOC cannot succesfully ban everyone's bank account.
That would never happen, have you ever used banks b4? sound like some teenage's dream |
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Wow.... anyone see the similarity here?  Thats April 2013..... |
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Regarding the rumors, my theory is that the exchanges dont want to close their businesses.
The PROC didnt outright say btc is prohibited and illegal. The reason is they dont want public outright and being criticized by the Westerns. They always want to be looked at as a developed country....I would call the banking blockage is a soft ban making btc unfeasible for its ppl and eventually would make btc negligible.
Hence the exchanges are most likely finding another banking network to facilitate btc trading.
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Is it easy for a Chinese to walk over the border to Hong Kong with RMB cash, exchange to HKD locally and then buy coins on a Bitcoin ATM in Hong Kong?
If you are a citizen of a big city, you can get a permission to visit HK (a big city's citizenship is damn hard to get, estimated 100,000USD for one BEIJING citizenship in average cost of efforts. Citizenship, called HUKOU, is vitally important in China). If you are a citizen of a smaller place, you are allowed to go HK by joining a tour group, where the tour manager is supposely held responsible if you flee to a hidden corner in HK not coming back (in reality many tour group organizes one-memeber-groups for a fee to workaround the regulation). Hence you can organize a HK Bitcion tour, everybody go shopping in HK, shop for goods and coins. perfectly legal AFAIK. Sorry man but China is seriously fucked up country. Damn, that shit about permissions of leaving country remind me of dark period of my childhood when the country I was born in was communist Yugoslavia. What a dipshit communism is.. FYI, the HK border restriction is imposed by HK government to prevent influx of illegal workers. Chinese, as far as i know can freely leave their country as long as they have Visa to the foreign country. |
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Btw, HK IMO is no longer attractive for financial services like btc exchanges. If you want to attract mainlanders, Macau is the best.
There are many loan sharks in Macau that already has network in Mainland. They offer VIP service so the client can gamble in Macau and pay his debt in mainland.
BTC exchanges can hide under such network (trillions dollars) as it already has good connection with the officials.
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Is it easy for a Chinese to walk over the border to Hong Kong with RMB cash, exchange to HKD locally and then buy coins on a Bitcoin ATM in Hong Kong?
If you are a citizen of a big city, you can get a permission to visit HK (a big city's citizenship is damn hard to get, estimated 100,000USD for one BEIJING citizenship in average cost of efforts. Citizenship, called HUKOU, is vitally important in China). If you are a citizen of a smaller place, you are allowed to go HK by joining a tour group, where the tour manager is supposely held responsible if you flee to a hidden corner in HK not coming back (in reality many tour group organizes one-memeber-groups for a fee to workaround the regulation). Hence you can organize a HK Bitcion tour, everybody go shopping in HK, shop for goods and coins. perfectly legal AFAIK. Please call it "residency" , citizenship is a wrong word. And you're a right in China, you cant freely go everywhere, to own a property you must have residency of the city. You can get it thro multiple ways (such as marriage...etc) |
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What are the restrictions/limits on people taking/withdrawing RMB in Hong Kong or converting to HK dollars? Does the PBOC have any control over Hong Kong? I can see people easily taking a trip to Hong Kong and buying a large amount of BTC.
A Chinese citizen can not purchase more than 50,000USD's worth of forieng currency like HKD in a year. So the exchanges will move to Hong Kong. Chinese who want to buy BTC will be told by the exchange to send RMB to an exchange employee in China, who will then purchase HK dollars which will then be deposited in the exchange's HK bank account. I think this will work, until the Chinese Gov pressurises the Hong Kong Gov to close that exchange too  Hong Kong doesn't give a shit about China mainland when it comes to business as far as I know. Seems like you dont know every far LOL  |
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My evaluation unit has arrived! I am proceeding to gut the OS and see what I find.  You can expect a full report on MineForeman.com within the next 24 hours.  Neil Neil you deserve that machine, your minepeon is AWESOME! |
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btw, are you using express service?
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I cant wait to receive mine  |
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bump for barwizi, any updates on the dead one?
did you check the connectors?
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The China rumors are still not confirmed AFAIK.
What worries me is that people went crazy with selling, even though the previous "ban" news were confirmed to be fake. Fool me once... the fud is related to the niave brainfart of people thinking that chinese people cannot trade bitcoins. the better understanding of the news is that chinese BANKS cannot have bitcoins as THEIR investment portfolio. this does not stop individals or private business from trading/using bitcoin The problem is most bitcoin traders dont even understand China's culture. Chinese are very scared of keeping the yuan. Most of them put their saving into asset or gold. However it will be a problem when they immigrant to Western countries. They cant bring their wealth. Several of my Chinese friends told me, they couldnt bring their wealth with them so they had to pay ridiculous fee to use some third party money transferring service in HK. |
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So every time I spend bitcoin, I need to:
1) Keep track of how much fiat I used to buy the bitcoins originally
2) How much the item costs in fiat
3) Figure out when I bought what bitcoins and when
4) Calculate the capital gain based on the difference between the item and the purchase price of the coins
5) Repeat steps 1-4 every time I spend Bitcoin
6) Calculate my total gained / lost from every transaction at the end of the year.
7) Report this amount on my tax form, including proof of every transaction in the event of an audit
Sounds like a computer program to me, and something a computer could do for you automatically. Do you have one? Dear IRS, I have a computer that can transact funds using this new-fangled cryptocurrency technology, but I am unable to make it keep track of those transactions for tax purposes. There's no public record of those transactions anywhere in cyberspace. You gotta forgive the OP..... he joined in June 2013.... still a toddler in my books. I bet he never filed tax with a software b4. |
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With so many imminent signs of a bubble burst. Its be foolish be bagholder here. Even crazier to catch falling knives.
Too bad its not easy to short bitcoin. I really wanted to short from 1200
LOL a noob and his bubble burst theory..... Wow something we've never seen b4 |
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469
somebody is going to be very very rich after all this.. hopefully the difficulty will drop a bit.. 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 Ppl cause you will be mining at lost after tx and paper work. |
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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. |
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