Chalkbot
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Activity: 896
Merit: 1001
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April 01, 2014, 08:05:19 PM |
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They can hang your ass in chineese quarts too...
*Almost* enough to get me to break out Photoshop to illustrate your point. lol, I had the same idea. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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billyjoeallen
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Hide your women
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April 01, 2014, 08:08:29 PM |
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When Mt Gox was dying, the market slid for months. When they stopped accepting deposits (for the last time), the market crashed to $400 and immediately rebounded to $710.
The slide from $710 to $436 was because the eventual banning of BTC exchanges was being priced in. There was some confirmation of this with two small exchanges that took us from $486 back down to $440.
Markets hate uncertainty more than they hate bad news. Bad news can be priced in. Uncertainty by it's very nature cannot. What is certain is that when and if a final confirmation from the PBoC comes out or Chinese exchanges stop accepting deposits, the China Syndrome will be behind us and other factors will dominate price action.
The time to buy is when things are at their worst, when things can't get any worse. The irony is that Wall Street money will likely not come in until after we sell. If we never sell, it could take them months, years or eternity. Wall street doesn't want to share our success. They want to take our success from us. They're not angels. They are vultures. The only way to keep them out is to bootstrap another rally without them, have them buy in and we slowly and methodically take profits on the way up. It would require a level of support at least twice as high as what's on our current order books.
The two external possibilities that can save us are an official denial by the PBoC of an imminent bitcoin ban or a influx of billionaire whale money. Both are very possible but unlikely. As a community, the way we can save ourselves is for The Bottom to be defended on very high volume. Next dip below $550, buy like crazy and don't sell till you see $100 profit. That dip will come unless a whale intervenes. There will be no organic rally without another defense of the bottom.
Disclosure: I'm not talking my book here. I'm trapped in a leveraged long position and resigned to either sell at a profit or get wiped out in a margin call. I got screwed because I thought the PBoC would either confirm or deny the rumor by now. They claim to be concerned for the welfare of speculators and consumers and then keep us in the dark. I guess that's what we should expect from banksters.
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fonzie
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April 01, 2014, 08:11:58 PM |
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Until now chinese money is actually IN the game and holdin the market up, if this money is officially leavin the market it will not be comparable to the MtGox crash. MtGox took all the coins with them and decreased the ask supply. If China bans Bitcoin those coins will be for sale on western exchanges.
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adamstgBit
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Activity: 1904
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Trusted Bitcoiner
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April 01, 2014, 08:14:03 PM |
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Until now chinese money is actually IN the game and holdin the market up, if this money is officially leavin the market it will not be comparable to the MtGox crash. MtGox took all the coins with them and decreased the ask supply. If China bans Bitcoin those coins will be for sale on western exchanges.
but didnt you say chinese would get hung for using bitcoin? why would they risk being hung for a few US dollars? |
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PeptoMax
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April 01, 2014, 08:17:02 PM |
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So considering all that’s going on, when do you think is a good time to put in a large purchase at coin base?
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fonzie
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April 01, 2014, 08:19:11 PM |
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So considering all that’s going on, when do you think is a good time to put in a large purchase at coin base?
Can you travel back in time? |
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bassclef
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April 01, 2014, 08:20:16 PM |
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So considering all that’s going on, when do you think is a good time to put in a large purchase at coin base?
Yesterday. But now would be a good time as well. |
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andyatcrux
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April 01, 2014, 08:20:25 PM |
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I still am trying to figure out what the big deal is for China. My first BTC was purchased by sending money to Virwox to buy Linden dollars to then buy BTC. Cost me 10% more than the market rate, but I found a way to get BTC. Now Coinbase is how I get BTC. In the United States it seems to be the most reliable and convenient way of getting fairly priced BTC and even then some banks like Chase bank have been known to freeze deposits. My point is, how can the Chinese government possibly stop the flow of BTC into China without preventing the CNY from moving around internationally and being exchanged for other currency. I realize that the cost to them may be a little higher but since the world seems to follow China that could oddly drive up prices bit by bit as CNY finds its way into BTC because the realized cost would always be more than present market price. I know, I just went down the deep end of speculation without a life vest.
 Please link me to any reliable information that points to a "BAN" of bitcoin in China. Preventing the centralized bank from funding the purchase of BTC is not the same as saying it is a crime to have or purchase BTC. |
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adamstgBit
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Activity: 1904
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April 01, 2014, 08:21:41 PM |
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So considering all that’s going on, when do you think is a good time to put in a large purchase at coin base?
not now, china is about to ban bitcoin for the 3rd time, its not getting old. nope! |
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magicmexican
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April 01, 2014, 08:23:29 PM |
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Putting him back on ignore, he actually had a period (half-day or so) of semi-nonretarded posts, but that probably was a fluke, he is back to being a boring garbage troll now.
Also pls stop quoting him and that ripple-retard
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bassclef
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April 01, 2014, 08:25:53 PM |
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When Mt Gox was dying, the market slid for months. When they stopped accepting deposits (for the last time), the market crashed to $400 and immediately rebounded to $710.
The slide from $710 to $436 was because the eventual banning of BTC exchanges was being priced in. There was some confirmation of this with two small exchanges that took us from $486 back down to $440.
Yep, a double-whammy capitulation event. I think the worst may be behind us, the community having learned a tough lesson by a proper Goxxing and telling the Chinese to get onboard or get off the boat. |
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JorgeStolfi
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April 01, 2014, 08:30:29 PM |
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Idk, there's a few points that are dubious and its a little evangelical but being able to buy coins in any store... where do I sign? I think that could be a problem though, services are trying to play nice with AML regs but it looks like this disregards them
Perhaps there will be rather strict limits on the amount of $ one can convert this way? Limits on the contents of a card and/or amount available in a store? One interesting thing is that one would be able to pay by handing over the card, rather than transferring the bitcoins. We could call this new payment method "carry and swap handling", or CASH for short.  (EDIT: typos) |
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dreamspark
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April 01, 2014, 08:31:40 PM |
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Are we likely to slowky grind down towards the 15th then or hold until the day and dump on the news ? I feel like most people who are selling on that news have sold already.
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fonzie
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April 01, 2014, 08:35:02 PM |
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When will those second market coins be available for sale on a real market? How much longer will the customers be goxxed?
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billyjoeallen
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April 01, 2014, 08:38:40 PM |
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China likely won't criminalize ownership for a long time, if ever. What they can do is make it difficult for the Chinese people to buy bitcoins. As the current price is not a function of current utility, but a discounted expectation of future price, this could lead to a drop in price. The knowledge of less money flowing into bitcoinisphere from the Middle Kingdom is a downward pressure on price.
If I had billions, I would be pouring it into Bitcoin now, but I don't. If I had millions, I would be building walls around support at $400 to $450 (but I don't).
The utility of Bitcoin is still increasing rapidly. The system is anti-fragile and will survive and grow, but it will not be overnight and bitcoin profit will be earned- not given to you.
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fonzie
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April 01, 2014, 08:46:02 PM |
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roslinpl
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Merit: 1199
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April 01, 2014, 08:48:02 PM |
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Omg  he really does gone crazy  he perhaps really wanted to celebrate 1st of April  Very entertaining! |
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Walsoraj
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April 01, 2014, 08:48:32 PM |
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Wall street is not coming to bitcoin. A reincarnation of Stratton Oakmont? Maybe. But they are more likely to peddle scammy alts than bitcoin.
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billyjoeallen
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Activity: 1106
Merit: 1007
Hide your women
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April 01, 2014, 08:51:46 PM |
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When Mt Gox was dying, the market slid for months. When they stopped accepting deposits (for the last time), the market crashed to $400 and immediately rebounded to $710.
The slide from $710 to $436 was because the eventual banning of BTC exchanges was being priced in. There was some confirmation of this with two small exchanges that took us from $486 back down to $440.
Yep, a double-whammy capitulation event. I think the worst may be behind us, the community having learned a tough lesson by a proper Goxxing and telling the Chinese to get onboard or get off the boat. I wish that I could definitively say that final capitulation took place, but we won't know until support gets defended on higher volume. We need higher lows on increasing volume and that's not happening (yet). I still wouldn't want to be a bear now. The knowledge that any one of thousands of people could blow the lid off price with a market buy that soaks up all liquidity in a flash would make me even more nervous than I am. $19 Billion for What's Ap? |
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