China putting capital controls on BTC! (lol)

[Snorek]

I expected a correction because the price went too high too quickly. Most of the time when we see it spike high like that, it will come back a little.

They will play you as well, because you'll be the one who sells too early when the price rocket goes into a phase transition run to ATHs. They will eventually do that after they done shaking weak hands out. Your stance can be characterized as another form of weak hand because of selling too soon into a bull run.

The first bubble to $1200 in 2013 was the first hump of the typical new technology invesment. The second major hump is the big enchilada and you should never sell except possibly to trade to altcoins to increase your BTC, if you are so inclined and are astute at such speculation.

The problem I see with your theory is that you are presenting graphs of stock market to back it up.
And while general principles of trading  stock and BTC might be the same at first  glance stock market is fully regulated environment.
Bitcoin isn't and here lies the problem with people losing faith when negative legislation is being pushed.

[iamnotback]

The problem I see with your theory is that you are presenting graphs of stock market to back it up.
And while general principles of trading  stock and BTC might be the same at first  glance stock market is fully regulated environment.
Bitcoin isn't and here lies the problem with people losing faith when negative legislation is being pushed.

I wrote my rebuttal to you before you wrote your comment:

...

I don't know what to think about Bitcoin.  Yes, it has made another nice move, it's around $740 now, up a nice meaty 14% or so in a week or so.

But, as the constant bickering of TPTB in Bitcoinistan continues to bother me (hard forks, etc.), well I don't know if I trust the system to remain intact.  Granted, my use of BTC has been "dual-use" (spend some, throw some into cold storage -- insulates me a bit vs. the high premiums I have had to pay at BTC ATMs).  Nonetheless, the risky-seeming & perhaps rickety BTC system gives me some willies...  

Since I am not a programmer nor know much about Bitcoin's internal workings, perhaps my concerns are unwarranted.

The technical issues in crypto-currency will get worked out over time. There will be numerous scares and potential roadblocks along the way. Bitcoin is the most likely contender for the crypto-currency that everyone uses and until and if that changes, then Bitcoin must be assumed to be the one which will model the price curves displayed in the following quote.

The main thing you need to know is don't sell BTC ever (unless you want to speculate). Hang on to it for spending as a currency at much higher prices than it is today as it becomes 100 - 1000 times more adopted than it is now:

...

The technology adoption price curve applies to crypto-currency in general. Whether Bitcoin is the vehicle for crypto-currency in general remains to be determined, but most likely it is.

That there are weak hands which are illogically fearful of impractical regulation is just the way markets work. The shorts shake the trees (so the ripe fruit of weak hands can be harvested) as service to mother nature.

Edit: that is unless you think crypto-currency is fundamentally impossible to perfect, i.e. that the centralization problem plaguing Bitcoin is insurmountable (meaning impossible to mitigate). I don't believe so and I am down in deep on the technical issues.

[monbux]

That was a fast drop and correction, easy profits.  Got lucky timing it.
Hodl, hodl onto the bitcoins.  Can't be shaken off if you "forget" about your investments.

[Snorek]

The technology adoption price curve applies to crypto-currency in general. Whether Bitcoin is the vehicle for crypto-currency in general remains to be determined, but most likely it is.

That there are weak hands which are illogically fearful of impractical regulation is just the way markets work. The shorts shake the trees (so the ripe fruit of weak hands can be harvested) as service to mother nature.

Edit: that is unless you think crypto-currency is fundamentally impossible to perfect, i.e. that the centralization problem plaguing Bitcoin is insurmountable (meaning impossible to mitigate). I don't believe so and I am down in deep on the technical issues.

While I think that cryptocurrency might achieve near-perfection and answer most of our problems as money transfer vehicle, payment processing solution and monetary system.
But I also think that there is high possibility that anti cryptocurrency lobby (basically every major financial institution, banks and governments are afraid of free money) might interfere with evolution of BTC.
In normal circumstances technology adoption price curve would be 100% correct - sure, people are overreacting a little every time something goes slightly wrong with BTC, but we can't predict how this situation with capital control will unfold.

[unknown04]

Don't trust every news on the internet. zerohedge is basically garbage and trying to find a good entry price by bringing bitcoin price down.

You can read more here.
https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they/#bottom-comments

[iamnotback]

The technology adoption price curve applies to crypto-currency in general. Whether Bitcoin is the vehicle for crypto-currency in general remains to be determined, but most likely it is.

That there are weak hands which are illogically fearful of impractical regulation is just the way markets work. The shorts shake the trees (so the ripe fruit of weak hands can be harvested) as service to mother nature.

Edit: that is unless you think crypto-currency is fundamentally impossible to perfect, i.e. that the centralization problem plaguing Bitcoin is insurmountable (meaning impossible to mitigate). I don't believe so and I am down in deep on the technical issues.

While I think that cryptocurrency might achieve near-perfection and answer most of our problems as money transfer vehicle, payment processing solution and monetary system.
But I also think that there is high possibility that anti cryptocurrency lobby (basically every major financial institution, banks and governments are afraid of free money) might interfere with evolution of BTC.
In normal circumstances technology adoption price curve would be 100% correct - sure, people are overreacting a little every time something goes slightly wrong with BTC, but we can't predict how this situation with capital control will unfold.

If crypto-currency is fundamentally better for people and society in some necessary way, then nature will figure out how to route around the Coasian barrier.

I can tell you I am actively trying to develop a project to bring crypto to the masses. That doesn't mean I will succeed. But someone will, else it means crypto didn't really solve any problem that needed to be solved.

Did you see for example where I wrote on Steemit that security of the Internet could be radically improved due to blockchains. I forget at the moment the exact point I made, but afair it was related to eliminating the need for certificate authorities.

I believe decentralization is going to unleash killer apps that society will refuse to abandon once they've been demonstrated. We are moving to a world where people need to be able to express their creativity unfettered. I believe the killer apps will derive from that.

I could write more detail about this, probably in the near future. I'd prefer to be speaking not so abstractly and more retrospectively about technologies/milestones that had been achieved.

I understand the Wall of Worry we are in now. It is justified. But my intuition tells me that blockchains will succeed.

[iamnotback]

P.S. I think it will probably come back down and touch at least $650. The reaction buying is probably a bit steep right now to sustain.

There might be a head&shoulder pattern forming which will take the price down to fill that gap up (Oct 22-23) from just below $650 before we complete this correction. This is not a certainty.

[pitham1]

Don't trust every news on the internet. zerohedge is basically garbage and trying to find a good entry price by bringing bitcoin price down.

You can read more here.
https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they/#bottom-comments

A substantial portion of the market seems to have believed the China news and dumped Bitcoin. We have seen some correction, but are still 5% below last week's high. We need more publicity for those reddit articles. 

[iamnotback]

P.S. I think it will probably come back down and touch at least $650. The reaction buying is probably a bit steep right now to sustain.

There might be a head&shoulder pattern forming which will take the price down to fill that gap up (Oct 22-23) from just below $650 before we complete this correction. This is not a certainty.

That potential H&S was just violated with the move to $716. Time to board the train next stop $789ish.

[jubalix]

Id quite like a decent drop from this supposed dramas. Would be nice to be able to stock up on some cheap cois. I think half the people i know would actually buy into bitcoin as well if they could get a chance at buying some coins at a lower price than weve been at for the last while.

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.


btc = 10K and 40K all the "early adopter" hate has now no basis.

[1Referee]

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.

Couldn't have said it better. It surprises me that at nearly every price level, whether it is at sub $300 levels for such a long time, or now at around $700, people constantly keep asking whether or not it is a good time to start buying, LOL! That you have some doubts about whether or not to buy at current levels, is something that I can understand, but how can someone seriously doubt about the price when it was at sub $300 levels?

I did everything to buy myself as many coins as possible at sub $300 levels. It was a fantastic opportunity that a lot people could have benefit from, but only smart people have actually bought at these levels and kept holding till now. Right now it's either a good moment to secure profits, or to continue holding. Buying is not part of the story at these levels (for now).

[CoinCidental]

people have had all the chance they want it went to between 200~300 in the last big dip....you could have purchased then...there is no real excuse now, as BTC as "died" several times by then and come back.....if you can't see the pattern or make some effort to get some btc....well its on you.

Couldn't have said it better. It surprises me that at nearly every price level, whether it is at sub $300 levels for such a long time, or now at around $700, people constantly keep asking whether or not it is a good time to start buying, LOL! That you have some doubts about whether or not to buy at current levels, is something that I can understand, but how can someone seriously doubt about the price when it was at sub $300 levels?

I did everything to buy myself as many coins as possible at sub $300 levels. It was a fantastic opportunity that a lot people could have benefit from, but only smart people have actually bought at these levels and kept holding till now. Right now it's either a good moment to secure profits, or to continue holding. Buying is not part of the story at these levels (for now).

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

[1Referee]

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

[CoinCidental]

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

I have a non trivial amount of btc from back in the day when they cost about $3

I still buy more sometimes when I get paid from other streams of income and have nothing better to do with the cash and I'm sure that other people are also still buying for various reasons.....

If I sold at +20% like  you suggested I'd have bought at $3 and exited the game at $4 and then what??

No Thx lol, I'm in it for the long haul, my grandchildren will probably spend my bitcoins because I have everything I need or want to buy already....

[SamMurphy]

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it It's unfair for everyone. I don't agree with that

[kehtolo]

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it It's unfair for everyone. I don't agree with that

What does this even mean?

Can you re-phrase that please?

What is unfair?

[carlfebz2]

if you know the price is going to 10k or 40k moon OR 100LK MARS ETC
then whether you bought at 300 or 700 mAKES VERY LITTLE DIFFERNCE
in a year or less people will look back and say damn ,i could have bought at 700 but now its $2400 ...fuck my luck lol

We can't just assume the price will reach a certain high price level, and people keep holding their coins till it reaches a price in the higher thousands. Especially when you consider that the far majority of the people here are only looking for short term profits. And even if they do say they are planning to invest for the long term, they end up cashing out at 20-30% profits.

Only an extreme minority will be able to genuinely say that he/she bought around current levels, at the time the price sits at $10,000 for example. Just take the current early adopters as example. Those who bought or minted themselves plenty of coins at the time the value was next to zero, are now in that exact position. However, as I said, it's an extreme minority.

we  can assume hence the price of  bitcoin  is  really  unpredictable lets  just say its too  high  up  now  on $700  but  later  on  it would  definitely rise  up  because  we cant really  stop the adoption of bitcoin and  it would  really continue to grow even more. I agree  with you , people  would really sell off their  coins  when they saw they are already benefited from it like 20-30% on their  investment  that's  why  bitcoins price  is  moving  up and down  because of  active  traders  on  it and  also the  adoption is included.

[Taki]

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

[BitHodler]

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

There is no proof that is backing these empty rumors.

That's why it time on time surprises me how many noobs still get caught in the process of selling their coins in panic without valid reasons.

How dumb can people be that they constantly believe articles spread to create a panic wave going through the market where the price is taking another hit. Seriously, how dumb.

[Tzupy]

Regardless of China capital controls, if we fail to break resistance we'll drop to about 600$, but this could take 2 - 3 months.