BUY BUY BUY Wait I mean SELL SELL SELL Decisions, decisions....  |
|
|
|
The best strategy is to forget some on an old laptop and discover them before you throw it away.
Almost worked for me. I had some coins in 2010 long before I took BTC seriously. I stopped caring, forgot about BTC, and later sold the laptop on Craigslist. I wonder if that guy ever got the coins. Unencrypted wallet, too. |
|
|
|
Yay Adam. Single digits by Friday!
Which reminds me, where are the resident bears when we need them.
Anyone up for a huge sell off on Sunday?
I'm up for it!!! I've just sold a chunk of my position. China is obviously a wild card. But looking at true range and volatility indicators on daily candles, I think this rally is lacking momentum. Chaikin money flow shows sell pressure bias for the first time in months. StochRSI is in "truly" overbought territory (>90). Aroon still in down trend, though MACD signal line looks to cross soon..... very uncertain times..... hoping this short term double top doesn't fail me..... But hey, I'm having fun! While my work product suffers.... |
|
|
|
Because of how the vouchers work now, when BTC China removes RMB withdrawal on Jan 31, these transactions should cease. Never depend on these workarounds in China anyways. If the government wants to take something down, it will have no problem doing so.
No any source tell us RMB withdrawal will cease after 31 Jan. it's illegal to stop withdrawal actually. What is the 31st deadline? Does trading cease? Or is that date not actually significant? |
|
|
|
I understand bitcoin and I'm looking to get as many coins as I can with a given amount of fiat
Then put in orders @ $350 and wait what happens. was looking for something more technical rather than glib I was thinking about this.  At this moment a sell off enough to take some risk but uncertain whether we will get there soon (if ever). A main rule of trading is 'when in doubt, don't do anything'. A lot of people here expect what you charted. Therefore it might not happen. Market tends to move in the direction of most pain. A lot of people here expect > $1k and ATHs next month, and that the rocket will take off by the new year. So it's difficult to use this as an indicator of sentiment. Many people were very sure that $576 was the bottom as well. |
|
|
|
|
Just don't be a pig. Pigs get slaughtered.....
|
|
|
|
|
Stick around for a few days. Make some posts. The more you post, the more the restrictions lighten up. This actually happens very quickly.
|
|
|
|
The demand is not there for expensive bitcoins, this is probably the reason why the price is not going higher. This is going to be the problem, going into the future. And switching to mBTC doesn't help fix this. Because people can buy thousands of mBTC without pushing the price up on a "whole" BTC at all. At least that's how I understand it. Wait, I wasn't aware that the point of switching to mBTC was to pump the price... Shhhhhh  |
|
|
|
I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs Christmas spending money and is scheming to jack up the price so he can dump. Just saying...
Unexpectedly? Ever think that perhaps the market has realized that it over-reacted to the news from China and is correcting itself? Maybe. Then again, that only works if you believe that the downtrend from 1242 was purely a result of news from China. I would disagree with that -- very much so. |
|
|
|
Hehe, this punch through 700 has been a nervous time for bears, though! |
|
|
|
So are we expecting to break 900 now?
CHOOOO CHOOOO no hope i don't have to eat my words  |
|
|
|
We are entering a period of stability. Crashes don't just happen from inertia. When has that ever happened besides the flash crash of silk road?
Would you consider the indicated period also to be a period of stability?  Inertia? We just rallied from 455 to 775 in 2 days. Following the run-up to 1067, trading entered a relatively stable range for ~5 days. Then buying pressure became exhausted and volume leveled off.... |
|
|
|
|
This is starting to feel pretty shitty.
|
|
|
|
|
Goombo's system is 10/21, some traders around here follow that on hourly.
|
|
|
|
BTW, I have never come across a really wealthy day trader. The guys that are rich are insiders, macro guys, the buy and hold guys and hedge fund guys. Don't get me wrong, some day traders do well, but on the whole they survive. They aren't really wealthy. This is just my observation generally and is the reason why I chose not to day trade.
Where did their money come from to begin with? If I had money, I wouldn't be day trading. If I got in at $1, I'd be holding. I got in during the April crash and am up ~ 16000% since. You must admit, BTC/USD and altcoins are much easier to day trade than other markets. What pisses me off sometimes about the anti-trading crowd here is that many of them are comfortable with their BTC holdings. Those of us who entered much later are not. I am young and live pretty much paycheck to paycheck, so I never, ever could have gotten anywhere near where I am in terms of accumulation if not for trading. I don't understand why Chinese guys want to sell bitcoins and get CNY.
The smartest move would be spending all remaining on exchange CNY to buy cheap bitcoins. This will be the best investment in their life.
I bet the owner of BTCchina has already grabbed as much as possible BTC and has become the part of bitcoin elite.
Even if you need to convert some of bitcoins in CNY, you can just go to Hong Kong, sell BTC for USD and then convert it into CNY.
Yeah, that seems obvious. Bitcoins just became more scarce in China. For those that understand the nature of rising global demand for them, it's a no-brainer to convert all remaining CNY to bitcoin, send the bitcoin to cold-storage, and forget about it for a while. Especially for a citizenry under heavy capitol controls without any obvious non-overbought place to put investment capital, I would think taking this final near-term opportunity to snag bitcoin would be the obvious play. A no-brainer, huh? This is the standard bitcointalk bull talk. I suspect the average Chinese bitcoin investor does not think like this. I don't think avg Btc user in china is dumb. The dumb ones have already converted. The remainder will see Btc as a hedge. They have foreign accounts or know someone that does or are planning to travel. Btc going underground in china will be interesting because we could see a full Btc ecosystem emerge. Cny for day to day stuff. Btc for foreign investments, gambling and other purchases. No one with this outlook has demonstrated an understanding of Chinese investors, the degree of importance of CCP's position to them, or how this will unfold -- clearly the situation remains unresolved. How do you know that a) the "dumb ones" have already converted, b) the remainder will see BTC as a hedge? And what are those proportions? It's funny because previously I recall so many perma bulls saying regulation will drive the price up -- now prohibition will. (No comment) No need for getting personal. This is a speculation thread. My opinion is as valid as yours. OTOH I'm not hostile to your views. I don't see why you should be hostile to mine. It's called a discussion. Just chillax a little. Btw, I'm not bullish on china. I just think that the selling pressure has probably moderated. I don't think we are going to see china push btcs up from here. I do see the big guys in china with the real mullah holding however. I see growth in the ROW. See: www.bitcoinpulse.com. A 7% weekly growth rate in wallets imply a doubling of wallets in ten weeks. I don't see that kind of growth in any other sector on planet earth. Huh? All I did was bold the phrase that was being ignored. The bullish perspectives I was referring took no effort to relate to the situation of Chinese investors -- only repeated the longstanding long term bull position espoused by many here. I don't see why you would take this as hostility. I'm sorry you live pay check to pay check. Overall, you could still be hurting your future profits by eating your current profits. From the perspective of a weekly compound rate of 7% in wallet growth. I'm holding at least ten weeks for wallets to double. One of the reasons why I think the little guys have already converted is because they believe the CCP will ban cny conversions. These guys have already acted. Why would the remainder stay? To understand you have to see the world through the eyes with the big bucks, have foreign accounts and are running export businesses. Imagine you are friedcat. Would you convert to useless cny? I think not. You need some to pay rent, wages and electricity. But the rest of it you want in btcs. Why? Tax free and easily moveable offshore if the proverbial hits the fan. Plus Btcs are likely to appreciate given current wallet growth rate. Same logic applies to other chinese exporters. Eventually I would get run over, which is why this is not sustainable for me long term. I've told myself a few times, these are the last times I will day trade against fiat. But some of these broad movements were predictable enough, and I see no reason, while this market has such little liquidity and no good leverage trading platforms, to not take advantage. I am not overly risky with my strategy. I don't know enough about the demographic and mindset of the average Chinese investor to comment on these things, really. As for big money, why not other assets? Is BTC not still highly speculative? Does government action matter not? I can't say this sounds particularly convincing to me -- sure, for some, but this all seems very, very speculative. |
|
|
|
BTW, I have never come across a really wealthy day trader. The guys that are rich are insiders, macro guys, the buy and hold guys and hedge fund guys. Don't get me wrong, some day traders do well, but on the whole they survive. They aren't really wealthy. This is just my observation generally and is the reason why I chose not to day trade.
Where did their money come from to begin with? If I had money, I wouldn't be day trading. If I got in at $1, I'd be holding. I got in during the April crash and am up ~ 16000% since. You must admit, BTC/USD and altcoins are much easier to day trade than other markets. What pisses me off sometimes about the anti-trading crowd here is that many of them are comfortable with their BTC holdings. Those of us who entered much later are not. I am young and live pretty much paycheck to paycheck, so I never, ever could have gotten anywhere near where I am in terms of accumulation if not for trading. I don't understand why Chinese guys want to sell bitcoins and get CNY.
The smartest move would be spending all remaining on exchange CNY to buy cheap bitcoins. This will be the best investment in their life.
I bet the owner of BTCchina has already grabbed as much as possible BTC and has become the part of bitcoin elite.
Even if you need to convert some of bitcoins in CNY, you can just go to Hong Kong, sell BTC for USD and then convert it into CNY.
Yeah, that seems obvious. Bitcoins just became more scarce in China. For those that understand the nature of rising global demand for them, it's a no-brainer to convert all remaining CNY to bitcoin, send the bitcoin to cold-storage, and forget about it for a while. Especially for a citizenry under heavy capitol controls without any obvious non-overbought place to put investment capital, I would think taking this final near-term opportunity to snag bitcoin would be the obvious play. A no-brainer, huh? This is the standard bitcointalk bull talk. I suspect the average Chinese bitcoin investor does not think like this. I don't think avg Btc user in china is dumb. The dumb ones have already converted. The remainder will see Btc as a hedge. They have foreign accounts or know someone that does or are planning to travel. Btc going underground in china will be interesting because we could see a full Btc ecosystem emerge. Cny for day to day stuff. Btc for foreign investments, gambling and other purchases. No one with this outlook has demonstrated an understanding of Chinese investors, the degree of importance of CCP's position to them, or how this will unfold -- clearly the situation remains unresolved. How do you know that a) the "dumb ones" have already converted, b) the remainder will see BTC as a hedge? And what are those proportions? It's funny because previously I recall so many perma bulls saying regulation will drive the price up -- now prohibition will. (No comment) No need for getting personal. This is a speculation thread. My opinion is as valid as yours. OTOH I'm not hostile to your views. I don't see why you should be hostile to mine. It's called a discussion. Just chillax a little. Btw, I'm not bullish on china. I just think that the selling pressure has probably moderated. I don't think we are going to see china push btcs up from here. I do see the big guys in china with the real mullah holding however. I see growth in the ROW. See: www.bitcoinpulse.com. A 7% weekly growth rate in wallets imply a doubling of wallets in ten weeks. I don't see that kind of growth in any other sector on planet earth. Huh? All I did was bold the phrase that was being ignored. The bullish perspectives I was referring took no effort to relate to the situation of Chinese investors -- only repeated the longstanding long term bull position espoused by many here. I don't see why you would take this as hostility. |
|
|
|
|
Agreed.
I'm just one of these little day traders trying to figure out WTF is going on, and what news might come out regarding Chinese exchanges (and accordingly what weight people will give it).
|
|
|
|
I'm pretty amazed at how few comments and how little insight there has been from Chinese people in China on any English-speaking boards. They may as well be living in a distant galaxy.
None of the developments there are positive. None of them should be remotely surprising to anyone. It is preferable that the developments were firm and rapid rather than happening further down the line.
There is a chinese player who is very clear about the reality of this, its over, game over, check mate. Check out /u/lovebitcoin on reddit. The chinese are well aware, only the west thinks this is somehow possible to solve. Its not. Yes bitcoin is crippled in China. This is an obvious truth. But the typical bear talk is to assume that China was very important to Bitcoin. But, I contend, it was not. China was never going to lead bitcoin anywhere. Yeah, they pumped the price higher than it would have normally gone quickly than it would have normally gone there. But, make no mistake, bitcoin is FAR better off long term having the US lead it. China is smoke and mirrors. They weren't going to lead shit. This is all contextual. I think it is difficult to argue that China is not very important when our exchanges are tied to BTC China. This hasn't changed. I agree with what you are saying, but given the current circumstance.... |
|
|
|
I don't understand why Chinese guys want to sell bitcoins and get CNY.
The smartest move would be spending all remaining on exchange CNY to buy cheap bitcoins. This will be the best investment in their life.
I bet the owner of BTCchina has already grabbed as much as possible BTC and has become the part of bitcoin elite.
Even if you need to convert some of bitcoins in CNY, you can just go to Hong Kong, sell BTC for USD and then convert it into CNY.
Yeah, that seems obvious. Bitcoins just became more scarce in China. For those that understand the nature of rising global demand for them, it's a no-brainer to convert all remaining CNY to bitcoin, send the bitcoin to cold-storage, and forget about it for a while. Especially for a citizenry under heavy capitol controls without any obvious non-overbought place to put investment capital, I would think taking this final near-term opportunity to snag bitcoin would be the obvious play. A no-brainer, huh? This is the standard bitcointalk bull talk. I suspect the average Chinese bitcoin investor does not think like this. I don't think avg Btc user in china is dumb. The dumb ones have already converted. The remainder will see Btc as a hedge. They have foreign accounts or know someone that does or are planning to travel. Btc going underground in china will be interesting because we could see a full Btc ecosystem emerge. Cny for day to day stuff. Btc for foreign investments, gambling and other purchases. No one with this outlook has demonstrated an understanding of Chinese investors, the degree of importance of CCP's position to them, or how this will unfold -- clearly the situation remains unresolved. How do you know that a) the "dumb ones" have already converted, b) the remainder will see BTC as a hedge? And what are those proportions? It's funny because previously I recall so many perma bulls saying regulation will drive the price up -- now prohibition will. (No comment) |
|
|
|
I don't understand why Chinese guys want to sell bitcoins and get CNY.
The smartest move would be spending all remaining on exchange CNY to buy cheap bitcoins. This will be the best investment in their life.
I bet the owner of BTCchina has already grabbed as much as possible BTC and has become the part of bitcoin elite.
Even if you need to convert some of bitcoins in CNY, you can just go to Hong Kong, sell BTC for USD and then convert it into CNY.
Yeah, that seems obvious. Bitcoins just became more scarce in China. For those that understand the nature of rising global demand for them, it's a no-brainer to convert all remaining CNY to bitcoin, send the bitcoin to cold-storage, and forget about it for a while. Especially for a citizenry under heavy capitol controls without any obvious non-overbought place to put investment capital, I would think taking this final near-term opportunity to snag bitcoin would be the obvious play. A no-brainer, huh? This is the standard bitcointalk bull talk. I suspect the average Chinese bitcoin investor does not think like this. |
|
|
|
|
Show Posts
