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Is this for real or just another bitcoinwisdom glitch?
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A week or two ago I found a Chinese article that (through Google Translate) seemed to say that the Chinese exchanges made money from (1) interest on leveraged trading, (2) trading on insider information (e.g. about bank closures) and (3) high-frequency trading; with (2) and (3) being of course against their own clients, who were not happy once they started noticing that.
(Unfortunately I lost the link to the article, so feel free to doubt my memory and understanding.)
If true, those complaints (channeled through some consumer protection agency) may have motivated in part the "five exchanges's" agreement of early May; which may have caused the end of the Feb-Apr downtrend and the recent rally.
I haven't been following Chinese bitcoin news for some time now, but I just don't understand how billions of Yuan can still enter Chinese exchanges to support current prices when the banks stopped doing business with them? Surely it can't go all through cash deposits or limited vouchers... Something extremely shady is brewing on Chinese exchanges that will make Mt.Gox look mild in comparison. |
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I bet some variant of this Gox scam is still happening on Huobi or OKCoin. All the insanely big buys that pump the market globally seem to happen over there. What kind of rational person would have millions on Chinese exchanges that are in regulation violations? I will probably get back to this post once Huobi or OKCoin are exposed for continuing the Gox ponzi scheme.
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Obvious ponzi scheme is obvious.
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He didn't call it a Ponzi in the "these people are pump and dump fraudsters" way, but he definitely called it a bubble, one in which he felt early adopters would reap riches leaving later market entrants holding the bag.
I'm a Schiff fan, but even the great ones get it wrong sometimes. The nice thing is usually great ones also don't have a problem admitting when they are wrong.
That was at or near the peak of the November bubble, which was technically speaking a bubble if you look at what price has done since then. Bitcoin wasn't really on his radar before that and since prices have come down he hasn't been as negative about it. |
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thing is, he has been outspokenly anti bitcoin for a while, calling it ponzi scheme, pyramid scheme etc.
its good to see him coming around.
I don't think he called it a ponzi or whatnot. He simply thinks it is overvalued due to speculation and little usage. Moreover, he fears that merchant adoption will drive down the price. And obviously he thinks it is not as secure as gold.. Overall, he's not a hater but more of a skeptic. |
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Fonzie is back hahaha
He will leave bitcointalk forever if the price goes over 550, IIRC. |
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Do dark web drug dealers use bitfinex? Or does the wall street-like appearance of the platform not appeal to them.  I bet most of them are on BTC-e. |
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TA is a self-fulfilling prophecy. Kinda funny to see that yesterday very few wanted to buy around 440-450, but now people are fighting over almost $500 coins. |
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Its also currently offline  "fire fire too fast currency network, server, this time a total cramps Bitcoin you play harder than me, you can not stare 24 hours since I last single ah can not worry if you are still welcome to abuse my QQ Service if What do you think can help, we are hiring PHP engineer" Ah, I see. I thought there was something odd about it. |
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Huobi has yet to break the March-April tops log triangle (currently about 2900 CNY).
edit: nvm.. just noticed they are offline.
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This will probably be the Big move. I have just filled up another round of short positions.
You are going to get squeezed |
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The price move could be a flag two months ago, but now clearly it's way to extensive to be a flag. We are on a median-term down trend.
this was a pretty 'extensive' bull flag   guess what happened next! A retracement rally in an overall bear market:  |
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The 'slowest' trend line suggests by about September 2015  |
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The irony is that technical analysis based on the dollar index suggests there may actually be a bull run on the dollar the coming years. The main reserve currency competitors (the euro and the yuan) are at the brink of falling into a multiyear bear market against the USD.
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Care to provide an explanation of how a 2,000% increase is supposed to occur within the next 6 months?
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by investing into bitpay. you will see that instead of bitpay selling their coins on an exchange. they will use the investors fiat and give the investor bitcoin
thus you wont see as much sell orders on the exchanges, which will a rise in pirce, but a slower rise whilst merchants small tx's are processed, compared to a whale biting on the sale orders in under 5 minutes.
Whatever happens outside of exchanges affects the exchange rate, just only slightly delayed. It does not change supply and demand dynamics. |
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Update that chart... it's outdated. Bitcoin already dropped out of that trend. |
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Only means one thing:  |
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