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Anyone would think you couldn't put all those mining machines on a boat/plane and sale them to Iceland or Scandinavia or Africa and stick them in a data centre next to some cheap power and turn them back on again.
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Going to go with "so the f*ck what" and "good luck with that" |
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$500 gap between east and west - did the Chinese exchanges run out of fiat?
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China's Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/?utm_content=bufferd5f92&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer1. Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office. Exchanges shall deal with their claims and liabilities properly, and insure that investors’ funds and virtual currencies are safe. 2. Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. All other accounts in banks and other non-bank payment service providers shall be canceled and reported to the Business Management Department of People’s Bank of China. 3. Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies. New user registration shall be stopped immediately after the announcement. 4. Shareholders, controllers, executives, and core financial and technical staff of exchanges shall cooperate fully with authorities during the clearing, while staying in Beijing........ (Wait ? what? ermm? I have a , errmm wedding in err Scotland,no sorry I mean Syria , err must dash !!!!  ) On a serious note I know a family in China- the authorities turned up at their house one day- and took the father- and he was never heard from again! and with ZERO explanation. 5. Exchanges shall report their developments daily to local authorities before the clearing is completed. 6. Exchanges shall save all user trading and holding data, and send it to local authorities immediately in DVDs. The document is signed: The office of the Leading Group of Beijing Internet Financial Risks Remediation, Sept. 15, 2017 Official Chinacoin incoming during National Congress. "Probably " |
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Here we go again,  All-in bitcoin! (BITCOIN PRICE INDEX $ 3,069.37) Probably the bottom. Until China stops falling we will see pressure on western exchanges . Coins are just moving east - west for the few hundred usd arb. Those concerned probably underpinning the walls below the bids so they can extract the premium before letting the markets drop again and repeating. |
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So is this the Chinese taking the Russian route and making BTC only available for the rich and Qualified Buyers, wouldn't want to allow poor people to get rich after all? Shame decentralised exchanges will bigger that plan up.
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Bitcoin will fall until everyone on this forum is disillusioned and ready to get out, then it has scope to rise.
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I can assure you this will mean another 2-3 year bear market! It took about a year for the price to drop 80% last time, it got that low around Jan 15. So don't expect to hit $1000 quickly if at all. |
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Perhaps by checking what a Ponzi scheme actually is and seeing whether bitcoin matches the criteria?
In my humble opinion its current price is partly based on a pyramid schmeme...but that is the property of every bubble Rather like the USD government debt then , which depends either on selling more debt to new investors to pay off its existing investors or on creating more tokens to do the same. Point the finger of Ponzi or pyramid where it really belongs, central banks and managed fiat currency. |
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Yes - this is not done yet
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I am now conflicted, I really don't want BCC which I dislike to have A marketcap lower than that of cripple which I hate.
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Somewhere between 0 and 3536 (current price at stamp)
Seriously though it can fall for a while as coins hit exchange - but given that now we know that the Chinese exchanges are definitely being shut how much worse can the news get. ? It's a question now of how many coins need to move west to be sold.
Oh and if you are Chinese and want to sell coins but can't open accounts in the west then send me your bitcoin I promise really I do, to sell them and wire you the proceeds. I promise I will Honest. <- for non English readers this is sarcasm it means I will keep your coins and you will never see your money.
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Interesting how there is so little talk around here about how many Chinese BTC Western exchanges will be able to absorb in the first place.
Because rest assured: what cannot be sold in China will be sold in the West.
Another thing that is not being talked about: how will BTC survive after a large decline? Is this crypto's Dotcom bubble crash? Because in that case, only a few crypto currencies will survive, and only those with the strongest usecase. In my view, BTC is far from certain to be ensured survival in that case. Bitcoin is not ensured - at all - to rise again. Past performance does not guarantee future performance, as the opposite would mean that Bitcoin would keep rising forever.
Lastly: what will happen if some major parties that are playing the market now decide to move over to some other crypto alternative, with more advanced tech and/or a different usecase? Because those parties aren't holding BTC for some damn ideological goal: they want to make money. If they start dumping Bitcoin like there is no tomorrow, we might easily find ourselves in a similar 2014/2015 decline.
I'm curious how people think about these questions, as there is way too little attention for such things here.
At the moment Bitcoin is pretty much outperforming in % move terms just about every other crypto, so if I still have BTC I can buy more Altcoins now than I could this morning. It's all moving and the little caps are being hurt the most. Let's see where ETH is at if BTC goes back to $1000. Switching now is pointless - if necessary we can switch later. |
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Rebound at the following fibo support after the last ATH correction. It's a classic.
Now let's see if the uptrend continues. Breaking the 4k spot again in the few next hours would be good news.
Where is the next fibo line up? Bottoming from 3750usd must put us to...around 4100usd with this rebound? or am I being too optimistic? To optimistic - next wave of Chinese sellers tomorrow |
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The only thing I hate about when bankers like Dimon start calling the death of Bitcoin is that I have to spend the day listening to all the lovely people I work with tell me what an idiot I am for owning bitcoin. Never mind that I first bought in June 2013
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I can't link it here but BoAML have put out a research piece this morning that suggests Bitcoin is overvalued and that while it has potential it faces headwinds that are very significant. Talks a lot about the transaction volumes issue and ultimately ends up with a value to the chain of about $28.5bn or approx $1750 a coin.
Same paper also talks about some altcoins Generally in a positive way
EDIT: Quite clear that bits of the paper are quite old (BTC price reference is $2,350) and there are comments about the 1st August fork that are now factually incorrect.
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We may we'll be in a bubble, the bubble may well pop and the price fall to the last bubble top $1100 ish. But then there will be another bubble with a 20-30x rise from 1100 base to 20-30K and you will still quadruple your money from now in the next 4-5yrs. HODL what you have, don't get left out if the bubble doesn't pop and the price keeps rising.
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As before there is likely to be fear and uncertainty and doubt leading up to and after and it may be worse as this time instead of having coins on both chains (unless a decent level of replay protection is integrated) you may only end up with coins on one chain, and the miners and some major service providers (bitpay I'm looking at you) appear to be choosing to follow the coin which is not supported by the "core" developers.
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satoshi's (who is dead by the way)
Evidence? He has none. But I suspect half of satoshi is dead. f ? Spiderbrain is probably referring to Dave Kleiman, who may have been one of the group of people who collectively invented Bitcoin and blockchain and identified themselves collectively as Satoshi Nalamoto |
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