Bitcoin has proven it can pump hard without the need of chinese gamblers

[cellard]

As we see and as some people predicted, bitcoin could still keep growing in quick bursts even if the big 0 fee chinese volume is not involved.

This legitimizes 2 things:

1) Bitcoin was not dependent on the infamous chinese market gambling for quick positive price movements
2) The uptrend is still as strong as ever and this was only another opportunity to buy cheap BTC before we go were be belong: that is, above price of gold, for bitcoin has objectively surpassed gold as a store of value.

[d5000]

I agree with your first statement - although we can discuss if the pump was "hard" until now - but not with the second. The price of gold is irrelevant for BTC in my opinion, and more so is the price for one ounce - it would be more relevant if we would talk about gold's market cap (~7 trillion USD, Bitcoin is still far away from that)

Regarding as BTC as "digital gold": Bitcoin can only work as a store of value if people actually use it as a currency. If we say "bitcoin is valuable because there are only 21 million units" then we forget that it's open source and there are many altcoins that can be used the same way. But what altcoins cannot replicate that fast is the "network effect" (users, businesses, miners and blockchain security) because there are "real" resources invested into it and "back" its value in some way. That's also why in my opinion the blocksize problem is more important for the future price evolution than most speculators here think.

[pooya87]

i disagree with your title here calling it a pump because right now price is $955 and that is about 3% rise!

but i agree with the rest about Chinese, i always say this even before their zero percent fee changed. and when they added the 0.2% fee things that i used to say were proven to be right.

the huge difference and how Volume and hashrate distribution are, tells us enough.
https://bitcointalk.org/index.php?topic=1764928.0

[Hunyadi]

>+15%/day is pumping hard. +3% is quite normal.

[richardsNY]

You're going way too fast here. Firstly, it's not a pump at all, and second, there is no point in ruling out the major influence of China on the Bitcoin market. In order to come to such conclusion, you have to give the market way more time to settle. If after a month or six turns out that China isn't that influential when it comes to the price, then you may turn out to have a point. But as it is, it's too early now.

[SvenBomvolen]

   Its silly to say how Chinese gamblers move the price of bitcoin. Recent rise proves that bitcoin is very strong , and price is recovering.
   Chinese are making big traffic, but I'm not sure how much they can inflict on price. Bitcoin belong to all of us, especially the miners, how big role Chinese actually have in bitcoin world?

[olushakes]

   Its silly to say how Chinese gamblers move the price of bitcoin. Recent rise proves that bitcoin is very strong , and price is recovering.
   Chinese are making big traffic, but I'm not sure how much they can inflict on price. Bitcoin belong to all of us, especially the miners, how big role Chinese actually have in bitcoin world?

It will also not be ideal to remove that factor of Chinese influence whether gamblers or miners from either direction of the price of bitcoin. I agree that there are factors that causes the fluctuations but this factor also contributed to it.

[JimboToronto]

Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.

Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.

[bamboylee]

I just noticed this, bitcoin priced did jumped again. Though it is still a small price hike. If the increase reach above 150$, then maybe I can say that this movement is a pump. But if not, it is just a normal movement.

[alyssa85]

Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.

Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.

To be fair the move in December from $700 to over $1000 was a pump.

The current move is a rally, and should prove that now that the Chinese are not main players, bitcoin should start behaving more normally.

[The Sceptical Chymist]

Stop using that word 'pump', please.  These are market fluctuations,  and what we're seeing isn't the result of a concerted effort by Chinese gamblers, buyers, sellers, or anyone else.  The market just ends up doing what it always does,  which is moving up and down.

[JimboToronto]

Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.

Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.

To be fair the move in December from $700 to over $1000 was a pump.

Pumped by whom? A pump is an action by inside manipulators trying to lure in victims for the purpose of dumping at the top and sending the price back down.

I see no such intent. The December rally was spurred by capital controls in China and India. The January dip was caused by panicky over-reaction to rumors of a PBOC crackdown.

It was not any kind of pump-and-dump scam.

Stop using that word 'pump', please.  These are market fluctuations,  and what we're seeing isn't the result of a concerted effort by Chinese gamblers, buyers, sellers, or anyone else.  The market just ends up doing what it always does,  which is moving up and down.

Exactly. Thank you for the voice of reason.

[cakravothy]

today bitcoin price pump again because china people and china exchanger
you can see bitcoin price in huobi and okcoin, another exchanger follow trend bitcoin price use huobi and okcoin

[Idrisu]

Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.

Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.

Bitcoin is currently trading at coindesk $972 and you call this a rally? I thought rally should be refer to when market is trading within 5 to 10pip in a range. As at this time yesterday, bitcoin was trading around $919 and today $972 at the moment, I think a 52 dollar gained should be referred to as pump. I believe those that buy at $750 early this year have makes alot of gained within a month.

[maydna]

one of the thing that we should remember that bitcoin price can increased without the need of chinese gamblers but we should remember too that the price is depend on the market itself because traders have to participate to make increase or decrease the price so with many of traders that buying and selling bitcoin, i think it makes the price is fluctuative. don't thinking that chinese gamblers is the most of people that can controlled the price but maybe other people can control too.

[coinplus]

>+15%/day is pumping hard. +3% is quite normal.

No, for a world wide trade-able commodity even 25% up surge also should not be considered as pump because of contribution from different part of people will be possible with respect to bitcoin trading always.

I guess the slow and steady scenarios alone being considered as normal. But distributed contribution from more people will lead to rapid surge which is showing sustaining long term stable prices also must be considered as normal imho.

[HarryKPeters]

Bitcoin is not just pumped by the chinese, but the volume they bring in makes spectators eager to don't miss out. And even yesterday's rise was significantly pushed by the asian markets:
http://coinmarketcap.com/currencies/bitcoin/#markets

They have, hold the most volume.

[Pursuer]

when I said this down time will end soon, nobody believed me and they said we will go lower down to $600, etc just because it has happened before. everyone always forgets to look at the bigger picture and see up to their nose, and no further.
price will soon be back above $1000 and everyone who listened to the naysayers will start regretting but it would be too late.

Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.
Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.

the terminology that bitcoin users use is to messed up! it is nearly as messed up as how they panic each time there is a drop or a rise.

[Hazir]

It is too early to call that mild price rise a pump. At least wait till we reach psychological barrier of $1000.
Chinese margin trading is now mostly gone, but they still have significant impact on the price, signals for pumps will originate from Chinese exchanges as usual IMO.

[Denker]

I wouldn't call that a hard pump.It's a pump.
And even more would I prefer a sustainable rise that just some short termed pump and dump scheme for fiat profit takers.There are still more than enough gamblers out there.
Let's see how this will look like in a few days.