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lol. im kidding. but 800 is just as bad as 80
430-440, unless BTCChina announces
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I'm going to say ~$800.
Remove a zero. |
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BTW, Yes, I do believe bank accounts will be closed. But this is just fud
 ?? Do you still trade on chinese exchanges? I'm not Chinese. Why would I trade on China exchange?? Tell me more. What happened? On the OP it says bank accounts closed after April 7 ( ) for 3 major banks? or is it unrelated? Isn't China Merchants Bank in a partnership with BTCChina? Why does BTCChina deny this info? |
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Fonzie, I know you want BTC to crash. I wish it would too. But I can't rely on "images" or "chat logs" to make a good investment decision. Show me the Weibo comment. Link me to it. I don't care about an image, easily faked by Chrome developer tools or Firebug. Show me the entire chat log, from start to finish. Another guy here said he tested the same method on the same bank and failed to retrieve the same info. BTW, Yes, I do believe bank accounts will be closed. But this is just fud |
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Please confirm source of chat log. It could easily be faked. To which bank did you ask these questions? Who asked the questions? We need more information.
Edit: after reading the reddit subsection, it seems like this isn't "real". This is what would happen in theory, but even the banks don't .. know? Please confirm
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Didn't they make a post earlier stating that "415 events are rumors to create fear"? Now they state "not affected by 415 events". that is contradictory. They are dishonest!
There's so much misinformation and contradictory statements statements being issued recently. Hopefully things will be clearer by the 15th. I don't believe theyre rumors. FXBTC and BTC38 both received calls from their banks. FXBTC confirmed all commercial banks received the note. Why would they ban FXBTC/BTC38 and leave Huobi running??? Huobi is preparing for the 415 event. OKCoin is ready for the offshore operation. Bobby Lee tells coindesk hes hearing that commercial banks accounts will be cancelled.. and ready to move offshore. Notice is "pre-dawn darkness". imo, they're quietly revealing that the ban is not a rumor. However, they'll only announce "bank accounts must be closed" on April 15 deadline. No reason to do so prior to the deadline. |
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Mr. Du Jun, vice president, says that the main purpose is to expand overseas markets, the move isn't affected by 415 events.
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No i´m actually tryin to warn people that they don´t lose money. I warned them 10 weeks before MtGox went down, and nobody believed me. It´s ok to hold Bitcoin if they don´t care about the price or whatever. But nobody should leave his money or coins on any of the exchanges, as they could go black forever over night. One should not ignore the signs.
I have BTC on Bitfinex. Should I withdraw? Is Bitfinex the same as Bitstamp? |
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Oh look, another shorter. Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc. I'm going to quote you from 2011: What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.
Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin. You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train. Owned! There goes credibility Huh.. At the time of posting, his post made a lot of sense tbh. Now you laugh, but the Chinese did unpredictably pump BTC from $100ish to $1000 in less than a month.. Now we're going back down. Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins... His post made a lot of sense? Yeah okay, it makes sense to miss becoming a millionaire... and people like him are always trying to rationalize why they miss the train. It's bad decision making. Period. In chess, when a player makes a bad move, it's a fucking bad move, there's no way around it. There's no "It made a lot of sense at the time." NO! A bad move is bad decision making, and keeping record of OP's sentiment about bitcoins, it's no surprise that he failed. The difference between the early adopters who stuck it out and made it, and the fearful who flinches at every rumor, is the ability to see many moves ahead. OP can't see VC, Wall Street, ATMs, NYSE, NASDAQ... Being short-sighted will always lead to checkmate, and it looks like OP doesn't see the entire board. Bitcoin is a ponzi pyramid? Don't forget that fiat is a ponzi pyramid too:  So let me ask you this: what currency system isn't a pyramid, and actually works? The reason why BTC was pumped? SPECULATION. There was NO infrastructure at the time of posting. No adoption. nothing. Bad decision making? It's not. It could have went the other way as well. The system doesn't work and the 1% dumps their 30% on your investment and you lose. It all depends on your definition of a "good" decision. If the decision is extremely risky but makes you rich, is it the only "right" decision? |
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The Chinese sold their coins already if BTC is really banned. Nobody is so stupid to wait until April 15th to sell his coins. Why would I wait until April 15th if I can sell them now for $450??
Nothing will happen.
They will sell only if Huobi/BTCChina announce that they halt bank transfers/fiat deposit/withdrawal. Even the Chinese don't know what is going on. They won't wait until April 15th if the news are out before the deadline. But they will wait until the exchanges tell them to withdraw. |
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Suicide is the obvious choice here.
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Oh look, another shorter. Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc. I'm going to quote you from 2011: What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.
Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time, you have to be crazy to pay more than $7.00 a coin. You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train. Owned! There goes credibility Huh.. At the time of posting, his post made a lot of sense tbh. Now you laugh, but the Chinese did unpredictably pump BTC from $100ish to $1000 in less than a month.. Now we're going back down. Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins... |
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Well, I think most people here imagine that the ban only affects 3rd party payment processors (deadline for this ban is April 15th, which makes sense). However, another major exchange (FXBTC, 10x more volume than BTC38) did receive a phone call from their banks to cancel their accounts. No other exchanges received any notice from banks, only 3rd party payments processors. More recently, Bobby Lee told Coindesk that bank transfers will also be halted. Now, for most people, this is FUD, which is why we still didn't witness a big dump on the market. Here's what he said: “What we’re hearing is that banks will disallow us from using commercial bank accounts to store customer deposits, what’s not clear to us yet is whether the business of running a bitcoin exchange will be classed as legal or not.” On April 4, a government paid shill made an interview saying that bank transfers will be halted. More evidence is emerging about bank cancelling their accounts with major exchanges. However, NONE OF THIS HAS BEEN ANNOUNCED, YET. If it does happen, I expect a gigantic crash. For now, most people think it's FUD, I think it's very real. The government has good reasons to regulate Bitcoin. OKCoin also announced that they're ready to move offshore. In any case, we need to wait for them to reveal their plans, nothing will happen otherwise Most of the dumping until now (in the last two weeks) has been based on speculation about the ban. Nothing has happened yet. |
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I've noticed that some "Traders" seem grossly underinformed sometimes. Like y3804 above - completely unaware of whats going on out there.
No wonder they're scared. Their entire source of emotional security revolves around charts, and the news article of the week. Not tangibles or details.
-B-
Does all this "innovation" justify the $400/BTC rate? I understand there is development behind the scene, but Bitcoin technology is still the same. the fundamentals didnt change since its inception. it still has many flaws youre right. im probably unaware. ill go watch that podcast then. maybe ill become a permabull even in worst case scenarios |
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Now that China is out of the game, how does anyone expect the prices to stay in the $400's.
Adoption. Growth. Commerce. Investment. ETF applications. Widespread awareness. Government acknowledgement. International conferences. Podcasts. Prime time television mentions. IRS acknowledgement. Innovation. Startups. Venture Capital. Spaceship rides. Overstock. Tigerdirect. Square. Shopify. Falcon Global Capital. Second Market. Pantera. If you haven't noticed a difference in the landscape since pre-China then something is wrong. -B- Adoption, Commerce, Overstock, Tigerdirect, Square, Shopify, Spaceship rides = Merchant adoption = Automatic conversion to fiat = Bad for short-term Government acknowledgement = Not going to happen at this price International conferences, Widespread awareness, podcasts, televisions = Awareness doesn't create demand Regulation = Bad Innovation = ... what innovation? 9 transactions per hour? The network is too slow. We need to beef up the technology. You're trying too hard  |
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I think we are already in a price crash and well into it as well considering that Bitcoin has been a series of spikes and falls rather the opposite factor is worth looking at what will make BTC go to the moon presently.
I don't think we're done yet. Do you really think China has dumped yet? China will only dump when Huobi and BTCChina reveal that they have to close their bank accounts and move offshore. Then it will be a shitstorm. There's only one way out.. BTC -> Fiat. First come, first served. Not the other way around. I don't think we'll see enough support to stay in the $400s.. that's wishful thinking. Again, quote me in two weeks if my prediction is off, but I do think we'll see a "market reshuffle". Bobby Lee sees the notice as “pre-dawn darkness.” “What we’re hearing is that banks will disallow us from using commercial bank accounts to store customer deposits, what’s not clear to us yet is whether the business of running a bitcoin exchange will be classed as legal or not.” Implying that they already know bank transfers will be disabled.. just wait till they announce it. |
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The PBoC chose to remove China from the BTC economy for the time being. I'm rather glad of that really, as I don't think they are a good influence. The Chinese people will continue to accumulate bitcoin as a store of value, if they are wise. The sentiment impact is clearly very negative, but the fundamentals seem favorable.
Even if BTC were outlawed in China (which is not the case) then it would still be used for the black market. The black market alone is enough to take BTC into 5 digits, USD. But thankfully, we have no actual dependency on black market uses, because infrastructure is advancing, as is merchant adoption. I personally expect some events to cause a new grow spurt in June/July, but if one does not materialize, I foresee that the offering of an ETN by either Second Market or the Winklevoss trust in Q4 2014 or Q1 2015 will open the largest channel ever for the inflow of fiat money into the BTC ecosystem, whereupon a superbubble may occur, driving the price by as much as a factor of 100x.
Merchant adoption isn't good for BTC short-term. It's a way to cash out, and merchants automatically convert BTC to fiat upon transaction, which puts more sell pressure. There's no reason for anyone not interested in virtual currencies to buy BTC. This is why we need to build an infrastructure first. What do we have now? ATMs with retina scan? I believe a price crash is absolutely essential for the long-term health of Bitcoin. I can quote many CEOs, even Bobby Lee.. |
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According to this interview, China is THE reason why Bitcoin went to $400+. However, if the rumors of April 15 are to be true, there are good reasons to believe BTC will never go back to the moon anytime soon. Here's why. In China, Bitcoin is not considered a currency. It's a commodity. It's the symbol of quick profit. If you invest in BTC, you'll probably become rich. There's absolutely no infrastructure supporting the value of BTC in China. It's purely built on speculation, yet people buy because BTC has been promoted as a quick money-making scheme. In fact, the vast majority of investors in China don't know anything about BTC. They didn't study the fundamentals and fail to see the pyramid scam behind the scene. However, smart Chinese exchanges have exploited this very lucrative situation and have found increasingly easier ways to fund your account. Indeed, you can transfer money from your bank account, 3rd party deposit and even buy vouchers to buy BTCs within hours. Again, BTC wasn't built on a robust infrastructure, but on speculation. Recently, we've reached a point where the ponzi pyramid became unsustainable. Bitcoin's popularity in China drove its price up way too fast, way too soon, and the risks posed by the situation have become very concerning for the health of RMB and the safety of the people doing stupid things, such as investing at the top of the pyramid. This is why the Chinese government needs to apply strict regulation to Bitcoin in order to save itself and protect its own people. How? They won't prevent the trading of Bitcoin in China. However, they will make it really hard to convert Bitcoin to RMB in the future, by closing bank accounts and suspending 3rd party deposits. They will probably let the exchanges run, but because it will be unprofitable for them, they will have to move offshore to continue their business. What will happen next? Bobby Lee confirms that we're in a bubble and that an industry reshuffle will occur after April 15. Draw your own conclusions. However, the price crash will be good for the future of Bitcoin. Jeremy Allaire, CEO of Circle, believes that Bitcoin won't grow without the collaboration of institutional investors, banks and governments. That said, most institutional investors are interested in the protocol of Bitcoin, but won't invest at this price. When the price drop happens, we will see more adoption and more investors. Investors will put more effort in creating a stable and robust infrastructure for Bitcoin, which will be good for long-term health. etc... |
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