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961
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 02:38:08 AM
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It may be interesting to guess why Chinese exchanges stop 0 trading fee policy.
1) grab some money before closing
2) requirement from the government
if 1, that's really bad sign. If 2, it is not so bad.
I don't think it was 2...far too precise, micro and descriptive a move for the Chinese govt. I think it was introduced to take advantage of the sell-off they knew was coming with the announcement re. money-transfers and to take some heat out of the market. I wouldn't interpret it as a sign of closing. |
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962
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 02:07:12 AM
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So only the Chinese government is allowed to work as a Bitcoin exchange in China now?
No, not quite what we said. But I'm sure they like your idea  Hm... But then, is this any different from when they said banks couldn't be exchanges and civilians and companies could as long as they recognize the government isn't gonna bail them out if the price goes down? Well, it seems that all the players in the chain (banks, exchanges, moneytransfers) are coming under pressure in one form or another. Remember in China you can't go "oh I disagree with this"...they drive over you in a tank. People are spooked and leaving the market. I imagine the manipulators have seen the situation and decided to take advantage further compounding the losses. With christmas next week the market was always going to be weakened...my strategy (not particulalry imaginative I know) is to hold...don't accept losses, just remember this is BTC and by the end of March will prob be worth $2K. |
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964
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 01:59:29 AM
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Not sure if most of the economy isn't going to end up owned by a gabbling addicted grandma or RPG raid party :/
Sorry, am I meant to be a 'gabbling addicted grandma'? Actually I was thinking more along the lines of some Chinese grandma who has no idea what bitcoin is but her friends where playing so she bought some tokens. Or the Queen of England. Could be you of course, whales own this market and they feed off each other but good luck can make whales from anyone. LOL...OK....I thought my secret was out for a minute  |
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966
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 01:54:02 AM
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I wasn't paying attention, what happened this time that scared folks enough to bring the price down to the 700s range?
Well about 12 hours ago the Chinese govt made some sort of proclamation that spooked the market (I can't remember what it was) and then BTChina announced it was introducing fees with immediate effect. And of course Loaded was telling everyone over the w/e he was going to be moving the market. And prodhorn found a source who has captured Satoshi in China with the Bitcoin shut down codes and they plan to use it soon to kill this financial virous. Sell all now But I heard we had sent Bond into rescue Satoshi and he was being helped by Batman (or is Batman just made-up?) |
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968
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 01:48:08 AM
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I wasn't paying attention, what happened this time that scared folks enough to bring the price down to the 700s range?
Chinese govt. says no 3rd party transfer outfits, think dwolla, banks only Yeah, that was it (tenpay or something?)...and of course a few weeks ago the Chinese govt said it was unpatriotic for banks to use BTC, so getting fiat into Chinese exchanges is going to be difficult. But the Chinese are pretty pragmatic....I imagine a lot of party members are buying cheap coins right now and at some point a govt endorsed company will step in to run things in a regulated way. |
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969
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 01:44:45 AM
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I wasn't paying attention, what happened this time that scared folks enough to bring the price down to the 700s range?
Well about 12 hours ago the Chinese govt made some sort of proclamation that spooked the market (I can't remember what it was) and then BTChina announced it was introducing fees with immediate effect. And of course Loaded was telling everyone over the w/e he was going to be moving the market. |
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970
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 17, 2013, 01:40:19 AM
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Lol, tried sleeping last night, its overrated. 1.30am here so not too bad, will probably be up for a while if this goes bang though So, bang up or bang down? When BTCWisdom charts are in hundred dollar increments its usually a sign of high drama. We still haven't tested the lows of last week though so I wonder if it will go much further before a retracement... |
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976
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 16, 2013, 02:22:24 PM
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...
2. Don't fool yourself that anyone in China understands a govt proclamation: such notices are notoriously opaque and open to various interpretations. Translation doesn't help clarify things but the chances are the average Chinese are just as confused as we are.
That's the impression I get from Chinese law too, it looks like they don't make hard fast laws with clear lines but give guidelines and stamp on anyone they feel is abusing them. According to the news so far Bitcoin businesses are booming in China and other than tight controls on exchanges no one one seems to be making any attempt to stop them. EDIT: Bears are starting to show fear. Silly bears, that just encourages the predators That's correct - its essentially a difference between prescriptive and descriptive legislation, the former is much more pliable and allows for what might be interpreted as corruption but it is also in practice more responsive. Government (Xinhua) press releases are the longest, most turgid and impenetrable pieces of prose you may ever come across...I swear it is done to bore the reader into submission. |
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977
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 16, 2013, 02:06:52 PM
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Sure, but why just now...?
This what I have just witnessed in the last 3 hours in chronological order:
5) BTCchina adds .3% fee, takes away tenpay option, asks for documentations from users... all this in the last several hours
Here's the thing, I'm sure chinese people can read Chinese better than us. Google translate does not work well with Chinese, since the tenses are all messed up.
A couple of points Accord1: 1. The request for documentation by BTChina was actually made a couple of weeks ago - I had to do it myself upon login. It wasn't a big deal and if you read the notice fully you'll see all users had to do it to resume trading. So, this happened some weeks back and didn't impact the market 2. Don't fool yourself that anyone in China understands a govt proclamation: such notices are notoriously opaque and open to various interpretations. Translation doesn't help clarify things but the chances are the average Chinese are just as confused as we are. |
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978
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 16, 2013, 12:45:45 PM
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GUYS forget India.
Quote me on this one. You heard it here first.
The next big emerging market is Brazil.
Hardly news..Brazil has been booming economically for a number of years now, mainly due to the energy sector. I find it difficult to understand the supposed antipathy in India...it is one of the most IT aware countries in the world with very high mobile usage...wallet aps should prove very popular there. And givne the high number of immigrants sending money 'home' I imagine BTC could prove very useful to that cohort as well. We're not ready for India. Transaction fees are worth about a day's work there lol... EDIT: (obvious exaggeration) Stop talking out of your ass, You keep making up things as you're arguing.... I already said BTC will boom in India for all the good reasons. Have you ever traveled around the world? or you're just some kid in moms basement? Oh wow. Another retard with ad hominem argumentation. Yes, I probably traveled more than you ever will. I'm adding you to Ignore. Don't even bother answering. I wish you boys could all play nice with each other. |
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979
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: December 16, 2013, 12:29:05 PM
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GUYS forget India.
Quote me on this one. You heard it here first.
The next big emerging market is Brazil.
Hardly news..Brazil has been booming economically for a number of years now, mainly due to the energy sector. I find it difficult to understand the supposed antipathy in India...it is one of the most IT aware countries in the world with very high mobile usage...wallet aps should prove very popular there. And givne the high number of immigrants sending money 'home' I imagine BTC could prove very useful to that cohort as well. |
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