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The order books are ripened for dumping and the asks are hiding away. It is like a standoff between bears to see who will break the ice first.
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Am i correct if i say nothing will happen on the 10th and the price will go up again. Then just when we are about to get really bullish in a week or so from now a new deadline will come out of China and we will crash because everyone will completely panic.
Am i correct?
When we're finally all done with China, then there will be things that don't even have to do with China. |
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 Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw. Bull market, here we are again! whats more, is those trend lines are turning into support. How about you guys try using the logarithmic chart. |
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But why exactly did the Chinese exchanges pull out of the bitcoin summit
My reading of the Google Translate of the recent " five exchanges agreement" is: they were reprimanded for promoting investment in bitcoin in general and/or bitfund.pe in particular. (There must be many common folks in China who lost their savings trading bitcoins, and that is bad PR for the government if it does nothing about it.) Thus, as part of their effort to assuage the government, the exchanges decided to curb their marketiing of bitcoin investment, and in particular pull out of that Summit. How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60% anything over that is your own fault for trading it. You cant blame the instrument if your a bad trader. This idea that the government needs to protect you from your own investment decisions is comical. leverage, loans, or making bad trades over and over so it is greater than 60%. You can make more than one trade in the market (people in the forum can't seem to understand this concept) |
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amuses me how some bitcoiners generalize a series of events without really following the details of what's happening, based only on when it means emotionally to themselves.
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Full wall street adoption is when I can buy an actual bitcoin with my brokerage account.
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What the F*** does that mean? Are you suggesting things are looking more bullish? It means the bulls are being trolls. |
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Just what we need - more CFD-type trading assets so that "investors" can trade paper bitcoins from off in the distance without actually participating in and growing the bitcoin economy. These people are not going to buy anything, not going to circulate any coins, not going to add to the liquidity of the economy, not going to hold theirp rivate keys, and not going to get any of the financial freedom and security benefits from using bitcoin. What is the point? To pump the price up by introducing scarcity?
Wake me up when you can buy actual bitcoins on comex.
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Where do you get the number 2 years? I have this chart hitting a bottom in 3 months and breaking ATH in 1.5 years. Also, it doesn't require that bitcoin adoption stop. It only requires that the supply is greater than the demand. Right now the demand has decreased by an unknown factor due to the chinese shadow currency traders in the past, and the supply has increased by millions of coins between mtgox, china, the government, silk road, etc. All this adoption would be the reason why we capitulate at 270 and not any lower.
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The bulls are behind the train trying to push-start it again.
Yeah, this doesn't make sense to me. The "bulls" should already own bitcoin. And its hard to get money into the exchanges, so the "bulls" aren't buying new coins. That's why I think this is short covering. I think shorts were taking profits as quickly as they could. Unlike the rally last week, there is no selling pressure, no dumping. Its like the sell function on Houbi has been turned off. The bulls are still buying and they are bringing new players in the market that buy as well There are 3800 new BTC / day though and daily exchange volume Stamp, Finex and BTCE is still over 25,000 a day. Supply is still being absorbed. And the numbers above ignore any off-exchange trades, such as between secondmarket and the large mining pools. 25,000 is the volume but there is a lot of pure trading and it can be manipulated Hopefully all the BTC mined are not sold Also most of the volume is shared between stamp and finex - they interact. |
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I think it would be beautiful if the chart were to end up looking like this: Perfect  |
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The bulls are behind the train trying to push-start it again.
Yeah, this doesn't make sense to me. The "bulls" should already own bitcoin. And its hard to get money into the exchanges, so the "bulls" aren't buying new coins. That's why I think this is short covering. I think shorts were taking profits as quickly as they could. Unlike the rally last week, there is no selling pressure, no dumping. Its like the sell function on Houbi has been turned off. The bulls are still buying and they are bringing new players in the market that buy as well There are 3800 new BTC / day though The point is that they're trying to kick-start the train and that's not how you start a train. |
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Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So Bitfinex? Finex has fees. |
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Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So you are theorizing that when the fees get raised for HFT, that a lot of fiat money is going to leave the station? yes |
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Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. |
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What would a normal, rational-thinking person do? It would get off the exchange as soon as possible, in my opinion. It would try to exchange BTC to fiat and move out as long as there is more clarity about the current situation.
The only thing that is clear about fiat (be it USD or Euro or Yuan) is that they will keep printing more and much more of it. So why exchange to fiat and leave? That would not be rational thinking. Four reasons: 1. In case the value of btc declines faster than the value of fiat. 2. To buy cheaper coins later 3. To pay expenses 4. To make other investments. |
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