Had to laugh at the quote above "The Silly Americans are selling on this news" both sides blaming each other
But that is the American writing, yes? Nope, not American. |
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I'm never one to buy into the old cliche's of "Weak hands selling their coins for cheap" etc. But today, I believe that is exactly what is happening. Summarised, the news is a rehash of the information that's been readily available this week about certain banks closing down accounts that were connected with Chinese exchanges. This is not new information, most of it is available to read on here, Reddit and in some cases on the actual exchange websites.  Some people don't deserve Bitcoins! Source: Huobi's customer support team. Had to laugh at the quote above "The Silly Americans are selling on this news" both sides blaming each other Whacked that in for the Lolz. Silly Europeans as well to be fair. Stamp reacted worse than Huobi. Think the Chinese dump was likely manipulation, knowing how the rest of the world would react. |
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I'm never one to buy into the old cliche's of "Weak hands selling their coins for cheap" etc. But today, I believe that is exactly what is happening. Summarised, the news is a rehash of the information that's been readily available this week about certain banks closing down accounts that were connected with Chinese exchanges. This is not new information, most of it is available to read on here, Reddit and in some cases on the actual exchange websites. Some people don't deserve Bitcoins! Source: Huobi's customer support team. |
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What is the news from China? I don't see anything other than a new ATM...
Tell me when we really had a good translation of a real news from China ? But every article that quotes bitcoin from China , no matter the rest is driving the price down lately. It was funny first but now is annoying. Agree with you. Just trying to speak to Huobi's support now to see if they will explain the article. |
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Just reading the article now and isn't the information about Huobi stopping dealing with the Agricultural Bank of China old news, or am I reading this wrong?
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The price will go down, because this spike wasn't caused by new money entering the system, but by moving around of some money that was already in the system. And it's not a lot that's in, so it was only a matter of time when the rise gets exhausted and starts to fall back. I think that we will see some low volume aftershock waves today, and maybe even tomorrow, but it won't be long when the price drops back to sub 400. As long as there isn't new money coming in, then it's a bad call to just sit on BTC. Only thing to hope for is that the drop will be fast and not slow and ugly, like it has been for the past months.
What's this concern with the money entering the system being "new"? It's as if you think all of the people who cashed out during the double ATH withdrew to their fiat accounts and have washed their hands of Bitcoin. There is a lot of money on the sidelines. By the sounds of it, my advice to you would be to sell all of your coins and never come back. Surely it's the end of Bitcoin since no new money is coming in and it's going to be a slow grind downwards. The peanuts you'll earn trading isn't worth the risk of losing your capital. Just leave now and keep your money safe. First we have to look at the constant stable supply. In the last 24 hours, 188 blocks were mined with 1 block bringing 25 new BTC into existance. Now we get that 188 * 25 = 4700 new BTC came out that need to be bought or held. With the current prices, most of it will be held not sold, because you wouldn't get any ROI and it has been like that for several months. Beg to differ here, look at KNC, they have a large share of the network now and said in an interview that they sell all of their coins on a daily basis. Also, we are on the cusp of a lot of the 1st generation units from big boys becoming unprofitable, before the 2nd generation comes online in a few months. Most will have already returned on their investment, I know I did a long time ago. I also dispute your "no money entering the system" point. I sell a portion of my mined coins every week, to pay bills and to live off (to a degree) I don't bother with exchanges for these types of transactions and use Local Bitcoins etc. When the bubble was in full swing I was regularly selling to the same people over and over again, but since January, and more and more in recent weeks I have been buying to people who have not bought before. I know that Local Bitcoins is not an exchange, but it suggests to me that the average Joe is not sick and tired of hearing about BTC, and new people are buying. |
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Any details how Incan install the extra ports at Jupiter board?
Jellin! We've all been waiting for your reply, did you come your pants, and/or fall off your scooter like was speculated? |
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We all know why there is a rally right now. It doesn't take a train scientist to figure it out.
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If anyone is going to buy an upgrade module, please message me first, Only need to sell 1 more to get my bonus unit, so will reimburse you $50
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Guys really now, do you really think that all those investors which put millions of dollars into the infrastructure, hired developers and sponsored start ups will let bitcoin die and go to 0 just because China banned it ?
+1 |
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The market needs a resting period after the china fiasco is finally settled, then good news will actually find fertile ground again
I agree, we've had such a shit 2014 so far. December - China ban is announced January - China ban deadline February - Literally a week after the China ban, Mark and his pals from Gox stop withdrawals with this lasting the whole month until they go bankrupt at the end March - China 2: The empire strikes back (Part 1) is announced April - China 2 deadline It's easy to see why we are dropping and why good news isn't making any difference with this hanging over us. Next week we should see the China ban play out and someone from Gox visit the USA to appear in court, once that's over and done with this dampening effect will wear off and good news should begin to make a difference again. True.True. I can only say that over the last three months I have observed such a dramatic change in the comments below bitcoin related articles in one of Austria's biggest news websites. In 2013 at least 95% of the comments were people harassing the idea of bitcoin etc, now the comments are 80% pro bitcoin. And there's at least an article about bitcoin every three weeks it seems. For what it's worth in my surroundings the idea seams to be spreading fast and gaining positive ground. Heck even my grandmother recently asked me if I know anything about this 'virtual money'.. edit: but for now the price seems to not have found it's ground yet and I will remain fiat until this China nonsense is dealt with 100% on the mark! Well in my opinion anyway. I can't read charts very well so my TA is pretty bad and I rely on looking at what others have written and coming to a conclusion myself based on what I can assess via sentiment which I can read fairly well. The day my Mum rang me asking me what a "Mt Gox was and if they had stolen all my bitcoins" was the day I realised that BTC is beginning to reach the masses. Everytime I go and see my family it pops up in conversation now and members of my family who work in banking (not high up, or investment banking, just regular tellers) are becoming more and more interested and even tell me little bits about mentions from within their places of work etc. I am by no means bearish at the minute, and believe we have a way to go until we do see the bottom as if you look on Twitter, Reddit etc there are still a lot of questions rather than statements/ news stories with proper sources and we have no clue as to how next week, or even the weekend are going to play out, but anyone that thinks we are going to be staying at the bottom for a long time is deluded in my opinion. |
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The market needs a resting period after the china fiasco is finally settled, then good news will actually find fertile ground again
I agree, we've had such a shit 2014 so far. December - China ban is announced January - China ban deadline February - Literally a week after the China ban, Mark and his pals from Gox stop withdrawals with this lasting the whole month until they go bankrupt at the end March - China 2: The empire strikes back (Part 1) is announced April - China 2 deadline It's easy to see why we are dropping and why good news isn't making any difference with this hanging over us. Next week we should see the China ban play out and someone from Gox visit the USA to appear in court, once that's over and done with this dampening effect will wear off and good news should begin to make a difference again. |
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OK, the "news" moved the market down, but nobody is really moving it back up.
People are still questioning the validity of it. In these types of events I tend to use Twitter to monitor sentiment, I know when capitulation is coming as the amount of questions and articles around the subject slow down, which in turn makes people forget, or at least puts them at ease. If you check Twitter at the moment there's a regular surge of "Is this real?" Was a few hours back when it first posted and is now doing the rounds again, likely because of difference in time zones. We'll see what the Chinese have to say when they wake up, I am sure the merchant bank will get asked the same questions and someone will post something else. |
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I dont think that tonight is the night for a large rally either, but I do think that the new uptrend will have begun before the 15th. In that case, time is quickly running out for the market to reach new lows.
On the 15th, good news or bad news, that will likely be the last opportunity to buy cheap coins (if we are still at 400) as the 'chinese ban' theme comes to an end.
I think the market will prepare for this, and we will be at 550 before next Wednesday, and back at home in the 600s within 2 weeks.
I like how this plays out, but I am not sure about the 600s within 2 weeks. Don't forget, we still have the Gox fall out and Mark's day in court to come before we see that come to anywhere near a conclusion. I agree with the gox fallout but how does Karpeles day in court have an efect on the price? Well judging by his other personal appearances or statements, it's probably safe to say that he's going to say something stupid, issue bad news or spread worry amongst the market. |
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I dont think that tonight is the night for a large rally either, but I do think that the new uptrend will have begun before the 15th. In that case, time is quickly running out for the market to reach new lows.
On the 15th, good news or bad news, that will likely be the last opportunity to buy cheap coins (if we are still at 400) as the 'chinese ban' theme comes to an end.
I think the market will prepare for this, and we will be at 550 before next Wednesday, and back at home in the 600s within 2 weeks.
I like how this plays out, but I am not sure about the 600s within 2 weeks. Don't forget, we still have the Gox fall out and Mark's day in court to come before we see that come to anywhere near a conclusion. |
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well I've said before, I think if china goes to sleep tonight and nothing much is happening, we will rally when USA wakes up. It has happened many times over the last week.
...interesting stuff btc6000.
I still don't think we'll see any significant rally till after the 15th just my $0.02 A spike and chance for a quick short before the 15th is likely though. Agreed and even then i think the market will still be very nervous waiting for official guidelines about BTC. Bobby Lee summed it up really well in one of the Coin summit videos when he suggested that China would be more likely to provide guidance and "get on board" once America has set up their frameworks (Something that does seem to be happening) |
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