 Pretty much that shows it all. It is still just a correction - but I would not bet it stops at 900 - it is just the first target. |
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Do you hold shorts? There are about 15K shorts on bitfinex - I am wondering who holds them. I am feeling that this will lead to a nice short squeeze - the volumes on bfx are not what they used to be and 15K of shorts is a lot - it is 5 times the visible asks.
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They were bought between 5 and 30 USD.
Sell when everyone is greedy!
Around 700 you were shorting - so you were keeping your long while shorting, paying both swaps plus spread? |
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I am betting on this weekend dip going a bit deeper than usually.
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When topics like this come - it usually marks a (temporary at least) top.
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Have you closed your short or are you still waiting?
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A news thread like this, when resurrected is very misleading. This happened a year ago!
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FYI:
Opened short at 758-760 USD.
Have you closed it at 740? |
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Is this another FUD ? where are the news source ?
That clearly is. Heard-it-through-the-grapevine kind of bs posed as fact. Let's say some Chinese people use bitcoin to workaround the capital controls. When there is a news that the government is going to close this possibility - then what do you think these people would do? Do you think they would run with fear or do you think they would flock to bitcoin while the opportunity lasts? The way I see it, no verifiable actions or statements have been made on behalf of Chinese authorities that could be construed as intentions to impose limitations on the use of bitcoin. Please correct me if I'm wrong. If they don't plan to lift the capital controls - then at some point they'll have to do something about bitcoin. And when there is any official statement - then it will be already too late for any reaction - that is for sure. That is why people take the rumours seriously. |
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Is this another FUD ? where are the news source ?
That clearly is. Heard-it-through-the-grapevine kind of bs posed as fact. Let's say some Chinese people use bitcoin to workaround the capital controls. When there is a news that the government is going to close this possibility - then what do you think these people would do? Do you think they would run with fear or do you think they would flock to bitcoin while the opportunity lasts? |
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Eventually this will suppress the price -but if people realize that this is their last occasion to buy bitcoins before the gov closed the exchanges - then this can result in a mega pump.
from china? if i were in that situation i'd be having a mega dump and walking away somewhere around right about now if something like this was a dead cert. we've yet to see how a vibrant ish bitcoin scene would weather some type of government strangulation, and forget trying to block the protocol, all you gotta do to deter 99% of people is shut the exchanges, but i don't think many people are gonna stick around for a money that has no use to them. You are missing the point that the Chinese want to move funds out of China - bitcoin is one avenue to work around the $50K annually limit. If it becomes obvious that this avenue is being to be closed - then people will flock to move their funds as quickly as possible. how does one move funds "out of china" via bitcoin? chinese government wants your yuan to stay in china. it is called capital controls. if one buys bitcoin in china @ a chinese exchange the yuan do not leave china. the exchange has it now. it does not matter if you buy a ton of gold and bury it in your garden or if you buy a ton of bitcoin and bury them in the interwebs - no yuan is leaving the country. you misunderstand how their capitalcontrols are intended to work. they dont just want to hinder that yuan is leaving the country, they want to hinder the EXCHANGE of yuan to other currencies as it undermines their control of the exchange rate. they want to rule over the exchange rate between yuan/usd which is only possible if you forbid everyone to exchange apart from places where they are exactly determine the price. so bitcoin does undermine this, albeit to a very very minor extent cause its peanuts compared to the overall capital flows. are you suggesting that bitcoin purchases could possibly have a measurable effect on the value of yuan? a currency used by more than a billion people? nope, and thats why the chinese government is not very keen about banning btc. until now there is simply no necessity. the chin gov is keen about the exchange rate between yuan/usd thats all. edit: like i said albeit to a very very minor extent OK - so what are your estimations? If you take Chinese volumes seriously - then it would be over 40 billion CNY weekly on one exchange. This is a big if - but it is actually quite reasonable that the Chinese authorities take the official Chinese volumes seriously. So that is let's say $5B weekly per exchange - let's say $20B weekly overall - that is about $1000B yearly - and that is a big number (10% of the Chinese GDP)  But even if you treat the volumes more realistically - then still the authorities cannot ignore it much longer. It is not that important how big it is - what is important is how much common knowledge it is. |
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Buy when others are irrationally pessimistic proved true in recent dump when chinese fake report become public. Small level traders were panicing just after news came out and loads of bitcoin got sold within few hour and guess who bought them? By all the optimistic whales.  Those who sold first could buy it back cheaper - the wrong move was to sell too slow And by they way I have the feeling that we'll have at least one more leg down. |
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"buy when others are irrationally pessimistic or too cautious"
This is not a rule - this is a tautology. If you don't think that the price others offer is too low (i.e. they are irrationally pessimistic) - then you would not buy.
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Eventually this will suppress the price -but if people realize that this is their last occasion to buy bitcoins before the gov closed the exchanges - then this can result in a mega pump.
from china? if i were in that situation i'd be having a mega dump and walking away somewhere around right about now if something like this was a dead cert. we've yet to see how a vibrant ish bitcoin scene would weather some type of government strangulation, and forget trying to block the protocol, all you gotta do to deter 99% of people is shut the exchanges, but i don't think many people are gonna stick around for a money that has no use to them. You are missing the point that the Chinese want to move funds out of China - bitcoin is one avenue to work around the $50K annually limit. If it becomes obvious that this avenue is being to be closed - then people will flock to move their funds as quickly as possible. |
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surely not positive. even if it's smoke and mirrors this time, it's 100% inevitable that it will happen some day. the chinese government ain't gonna sit back and watch a giant hole grow bigger. better it happens now and once and for all.
Eventually this will suppress the price -but if people realize that this is their last occasion to buy bitcoins before the gov closed the exchanges - then this can result in a mega pump. |
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Now that starts to look plausible.
Now - what would be the effect of this? This is very hard to evaluate - it might depress the price but it might as well lead to many Chinese people buying bitcoins while they can.
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Legit?
Electricity theft - sounds plausible. |
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The strange thing about this is: "restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation" - how come this can be done? Bitcoin addresses don't exist in or outside of China. I do believe that sooner or later the Chinese government will do something about bitcoin - but this ignorance about how bitcoin works shows that this warning is not really from any serious source.
And by they way - please link to those Chinese media reports that you mention - because you care to link to material about their reputation but not really to themselves this is kind of strange.
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Are there still no fees at Chinese exchanges?
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Sell the rumours buy the news In 2013 bitcoin was too small fish for any regulation - so it might be different this time. |
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