I have to take off my hat to BTCChina, it's a weekend and how do they process 200 million CNY? They must have immense clout.
They processed 200 million CNY? Did I overlook something? BTC 80000 volume in a day, 2000-2600 CNY range, mostly up, some significant amount of money must get in I guess, it's very easy to withdraw in China so I guess hardly anyone keep their fiats on the exchange. Zero trading fee means a large part of the volume is just inside the exchange and no depositing and withdrawing. Moreover, BTCChina currently is using TenPay (a PayPal like service provided by TenCent) for depositing and withdrawing, which is instant and running 24/7. I think not really many trust their fiats with the exchanges, and they don't have to, deposit takes very little time to process anyway. And although Tenpay and Alipay have lax regulations when compared with banks, such money flow is still very noticeable, they would have quite some PR to do to maneuver the authorities(wherever there is money, you can count on them keeping a closer look on it) |
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I have to take off my hat to BTCChina, it's a weekend and how do they process 200 million CNY? They must have immense clout.
They processed 200 million CNY? Did I overlook something? BTC 80000 volume in a day, 2000-2600 CNY range, mostly up, some significant amount of money must get in I guess, it's very easy to withdraw in China so I guess hardly anyone keep their fiats on the exchange. |
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I have to take off my hat to BTCChina, it's a weekend and how do they process 200 million CNY? They must have immense clout.
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took more losses and bought some more back!  My last sale was at 375. My next sell is for 400. thats the best way to do it, sell little bits slowly as its rising. no, it stinks. I always do this and it inevitably turns out that simply holding would've been better. well if you want to sell thats the way to do it. it really sucks selling it all at once and then realizing that bitcoin is a little honey badger. Bitcoin is a dragon, it's immune to all magics, it's Chinese, and it's going to fly high.  |
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It's not at all similar to this spring, or we would have crashed deeply with volume of more than 100k BTCs already.
I am completely speechless with the tenacity of this price fly-up, it simply refuses to go down, several crash attempts are just easily absorbed, each time countered a powerful buy wave.
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Whether the accusation could be proven or not, I second that it deserves an investigation.
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Well if the price growth continues to accelerate they are pretty close to finding out what happens to unsustainable assets prices when there is no government to keep dumping unlimited amounts of funds to keep the bubble inflated.
Chinese meet burst bubble in ..... 3 ..... 2 .....
The assumption is: They haven't found out what it is like. The fact may well be: Because they know what sustains the Chinese economy, they are desperate to find something else to invest to, and a billion dollars is only pocket money for wealthy Chinese men. |
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Obviously the "bull trap" part.   |
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I wish I was here for the run up to $266, because I would love to know how long traders on here were predicting the top before it actually came.
A lot of people are saying the top is soon and a crash is coming. But, it feels like we are not quite at that epic stage yet.
It feels like either we go down a bit and consolidate for another sustainable run or we keep running at break neck pace until we crash. But that seems like something around or north of $500 at least. Something that just gets wild.
The thing that is throwing me off is China. They are in such a growth curve that either they are pouring massive amounts of liquidity into that market in far excess to what the other exchanges can compete with, or they are going to hit hard and harder a lot faster.
If China continues to widen its lead, if it does have a hard snap back, I wonder if the other exchanges will actually react that strongly to it?
It seems like the exchanges are starting to operate separate from each other.
There maybe one single factor distinguishing China from other nations: people here can use Alipay to send CNY into exchanges(and that's usually what we do), which is instant and with less anti-laundering check and works 24/7, while other nations have to rely on sluggish banks which are open for business for only 30 hours per week. The theoretical liquidity that can be injected into the Chinese exchanges is thus huge. |
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The problem is you don't know what they are coming for I guess. In my home nation they are short of investment options due to government mismanagement, there is an atmosphere of despair among them, at the same time, a few million yuans can easily be set aside for millions of them.
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The problem is that there's only 3000B in BTCChina, less than 10000B in bitstamp, and 10000B in Mt.Gox. I think currently the main reason of sky-rocketing is short of supply. Where're the sellers? Is it true that those who have huge amount are afraid to sell in the open market due to the identification verification?
If you look carefully, Gox's wall was always reinforced after it has been eaten into, at a time I saw only about 6000 BTCs on the ask side. |
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xxx's law: People forgive the ineptness of a certain exchange when it keeps showing high price on the ticker.
Nah, you see lots of quotes from the different exchanges and everyone will tell you Gox isn't the end all be all. Its just the highest. Very different from the attitude in April. It has been a while since I last heard people talking about it, everyone has a threshold of sanity. |
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xxx's law: People forgive the ineptness of a certain exchange when it keeps showing high price on the ticker.
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I was kidding, it was a nod to proudhon.
I'm of the opinion that next bear market will be the most devastating and the longest one so far (worse than 2011) because everyone is caught up in the belief that if only they hold long enough, they cannot possibly lose out on BTC, no matter their entry price. Every dip is a buying opportunity etc.
Furthermore, the current bubble developed very quickly after only 7 months between former alltime high. So, it's a bubble on top of a bubble in the same year.
We can talk about that once we actually top out. So far, we haven't even doubled from the 266 high.
There are only so many bitcoins for sale, and not every is caught up in the same belief. The first guy to dump, for example, would have a different opinion. In fact, that's what happened this April. |
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Gold collapsing. Bitcoin UP.
I am more excited by the "collapsing" part atm. Checked the gold price. Ouch! But that's just the jobs report, which is smoke and mirrors. Still, compared to Bitcoin gold is sinking like a brimstone. But such job reports are supposed to come out every quarter, right? I think the key date could be in next February, when the Congressmen have to face up to their mountains of dirty laundries again. |
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Gold collapsing. Bitcoin UP.
I am more excited by the "collapsing" part atm. if you've been paying attention, there have been long periods of time where i couldn't recursively use that term throughout this thread b/c of the inevitable counter trend rallies and trolling that came with it. only recently, not so much. and it's only going to get worse. So I got bored and visited some PM forums, and while I was there I doubted for a moment whether Bitcoin really exists or not.  |
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Gold collapsing. Bitcoin UP.
I am more excited by the "collapsing" part atm. |
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Making people sitting up from sleep in the night from time to time, worrying that their wallets protection systems are not meticulous enough, no more the blissful "peace of mind" they had when they used to put their money in the custody of good old trustworthy bankers.
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Actually, you can perform a zero-knowledge proof of a whole lot of things without any recourse to cryptography at all.
Harry Houdini provided a whole lot of zero-knowledge proofs that various makes and models of locks and handcuffs and shackles were insecure. Nobody saw exactly how he got out, but the fact remains that when the curtains were lifted he had them all off.
Let's say I claim that I'm able to teleport. But I won't actually allow anyone to *see* me teleporting. I can perform a zero-knowledge proof for you by climbing into one box and out of another.
Let's say I claim to be able to swim ten miles in deep rough water. Maybe I don't want to let anyone see me doing it, but I can perform a zero knowledge proof by delivering your letter to the lighthouse keeper on his doorstep in the middle of a storm, while you're elsewhere, on the only boat in the area.
Remember that kid in the 'Mystery Men' who could turn invisible, but only if nobody was looking? His zero-knowledge proof involved walking past security cameras.
Let's say Mike claims to be able to predict the price of bitcoin a week in advance. He doesn't have to let you know what the prediction is, but he can make a prediction, stick it into a safe, and let you guard it. At the end of a week, he gives you the key to the safe and you can see what his prediction was.
Security through obscurity is out of the question for an open source project. |
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IMHO, for Bitcoin it's much hard to predict the onset of a rally rather than a crash, otherwise we would all have been super rich by now.
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