Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[windjc]

https://twitter.com/btcchina/status/460638991629307904

BTC China news

That's not what I'm looking for. We know that Merchants Bank is cancelling accounts (simply look at BTCChina announcement yesterday and CHBTC's announcement on the 25th)

There must be something else! Otherwise it's insider trading lol

Look. Isn't it kinda of obvious that its just a matter of time now before deposit options are completely are almost completely eliminated?

These exchanges are destined to move offshore.

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[y3804]

https://twitter.com/btcchina/status/460638991629307904

BTC China news

That's not what I'm looking for. We know that Merchants Bank is cancelling accounts (simply look at BTCChina announcement yesterday and CHBTC's announcement on the 25th)

There must be something else! Otherwise it's insider trading lol

Look. Isn't it kinda of obvious that its just a matter of time now before deposit options are completely are almost completely eliminated?

These exchanges are destined to move offshore.

Well deposit options have already been eliminated. CHBTC, OKCOIN, BTCCHINA all froze fiat deposits. Unless these guys are now quietly withdrawing while they can and crashing the price, what are we waiting for?

Chinese exchanges won't be banned. Cash deposit will still be accepted. However for large transfers you'll have to do offshore transfers

What kind of news are we waiting for this time?

[cbeast]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

[ChartBuddy]

Explanation

[ShroomsKit]

https://twitter.com/btcchina/status/460638991629307904

BTC China news

That's not what I'm looking for. We know that Merchants Bank is cancelling accounts (simply look at BTCChina announcement yesterday and CHBTC's announcement on the 25th)

There must be something else! Otherwise it's insider trading lol

Look. Isn't it kinda of obvious that its just a matter of time now before deposit options are completely are almost completely eliminated?

These exchanges are destined to move offshore.

Well deposit options have already been eliminated. CHBTC, OKCOIN, BTCCHINA all froze fiat deposits. Unless these guys are now quietly withdrawing while they can and crashing the price, what are we waiting for?

Chinese exchanges won't be banned. Cash deposit will still be accepted. However for large transfers you'll have to do offshore transfers

What are we waiting for? The idiots on Stamp want to follow Huobi all the way down. Just like they did with Gox. After China is done they will find another exchange in trouble that can take us down. They are addicted to panic and losing money. They are the same people who go to casinos, lose money and keep going back.

[y3804]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

Ah. Thanks, missed that. Yeah, it's the only bank left for Huobi and BTCChina then. Already closed their account on  CHBTC. I somehow got confused

I doubt PBOC will ban fiat withdrawal. If it does happen, shit will hit the fan. Banning all fiat deposits is already a huge step towards slowing down BTC adoption in China

[RUEHL]

BTC China @btcchina 7 Min. @Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks.

Attn All: We have just received a formal notification !!! only one bank !!! from China Merchants Bank. We have stopped accepting customer deposits at this bank.

https://twitter.com/btcchina/status/460638991629307904

[JorgeStolfi]

Wow. I'm trying to search for any bad news. This drop from 2619 to 2559 must have something behind it.. really weird..

I suppose that more and more Chinese exchange clients are coming to the conclusion that, for them, the game is over: the price is unlikely to rise again until the exchanges are closed. Therefore the best strategy for them is to sell as soon as possible. 

The buyers must be optimists who still hope that the exchanges will find a way to survive and that the price will recover.  Or traders who hope to make some last-minute profit out of temporary ups on the way down.

[chessnut]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

Ah. Thanks, missed that. Yeah, it's the only bank left for Huobi and BTCChina then. Already closed their account on  CHBTC. I somehow got confused

I doubt PBOC will ban fiat withdrawal. If it does happen, shit will hit the fan. Banning all fiat deposits is already a huge step towards slowing down BTC adoption in China

if PBOC bans fiat withdrawal, every cent of fiat on those exchanges is going straight into bitcoin. BOOM.

[billyjoeallen]

Good news! NO FUD.

BTCChina:

http://www.weibo.com/2149945883/B1MStEjN0?mod=weibotime

Small partners about bitcoin China suspended all news withdrawals are false news Bitcoin Chinese recharge and withdrawals everything is normal. If you need help, please call customer service phone 400-664-3033

A chinese guy on tradingview chat was telling me this yesterday. a lot of chinese are not concerned at all - after all, the chinese have declared that they cant ban it, dont have the authority to ban it, and dont wish to ban it. There will be a loop hole in the system for deposits somewhere. ill bet on it, seems like the chinese think so.

thanks for posting.

China needs to die before the bull market can resume. The reason is simple: A China market that is still alive can die. A China market that is dead cannot die because it is already dead. That sucks for the Chinese traders and investors. Blame the PBoC if you like, but it's the truth.

the chinese govt is simply not simple. One word from the PBoC and the bull run resumes.

China is uncertainty. Markets hate uncertainty. Why is that so hard to grasp? Why is it so hard to accept?   

markets hate uncertainty. chinese LOVE bitcoin.

what are you accusing me of? anything is possible. I dont have the crystal ball, though a lot of people enjoy accusing me of this.

It's true but useless to say anything is possible. What is probable?

[Adrian-x]

Good news! NO FUD. BTCChina: http://www.weibo.com/2149945883/B1MStEjN0?mod=weibotime

Small partners about bitcoin China suspended all news withdrawals are false news Bitcoin Chinese recharge and withdrawals everything is normal. If you need help, please call customer service phone 400-664-3033

Human translation: Rumors about BTCChina suspending withdrawals are false. Recharge and withdrawals still working

I understand that BTC-China is denying rumors that withdrawals were stopped.

AFAIK, no exchange has reported the blocking of CNY withdrawals through bank transfers.  I would think that the banks will leave that step for last so that clients have a chance to get their money out. 

This is what TPTB in China want.
1) China ( yuppie's and some High-net-worth individuals) started buying at the same time the US, ok'ed Bitcoin as the west were going to buy in to the idea. Biden then shoots over to China and offers US backing for Senkaku Islands, in return China follows Biden's lead on Bitcoin. (At the time Bitcoin was booming in China)
2) China's new policy is force the Chinese to use foreign reserve to buy Bitcoin (go inflate another country's fiat supply)
3) China wants to create demand for CNY abroad to buy virtual currency in foreign exchanges.
4) China likes Bitcoin just at this time it could be problematic and would complicate a fiat inflation problem.

[chessnut]

Good news! NO FUD.

BTCChina:

http://www.weibo.com/2149945883/B1MStEjN0?mod=weibotime

Small partners about bitcoin China suspended all news withdrawals are false news Bitcoin Chinese recharge and withdrawals everything is normal. If you need help, please call customer service phone 400-664-3033

A chinese guy on tradingview chat was telling me this yesterday. a lot of chinese are not concerned at all - after all, the chinese have declared that they cant ban it, dont have the authority to ban it, and dont wish to ban it. There will be a loop hole in the system for deposits somewhere. ill bet on it, seems like the chinese think so.

thanks for posting.

China needs to die before the bull market can resume. The reason is simple: A China market that is still alive can die. A China market that is dead cannot die because it is already dead. That sucks for the Chinese traders and investors. Blame the PBoC if you like, but it's the truth.

the chinese govt is simply not simple. One word from the PBoC and the bull run resumes.

China is uncertainty. Markets hate uncertainty. Why is that so hard to grasp? Why is it so hard to accept?   

markets hate uncertainty. chinese LOVE bitcoin.

what are you accusing me of? anything is possible. I dont have the crystal ball, though a lot of people enjoy accusing me of this.

It's true but useless to say anything is possible. What is probable?

you are saying that it is uncertain, so we will probably fall. when markets are forward looking, Im gonna go right ahead and say thats a paradox. One word from the PBOC, and the bull is back.

[shmadz]

Sad to see what has happened to your mind, Jorge.

Indeed.  Like the other day when I suggested that stealing bitcoins by address spoofing would be a problem unique to bitcoin.

That's not how exchanges work.  It's also about 1000x more complicated and risky and public than it needs to be to accomplish the supposed ends of this unworkable scheme.

There are many other ways to pay a bribe of course.  But suppose that person A in Shangai needs to transfer 250'000 yuan (say = 100 BTC = 40'000 USD) to person B in Beijing without the payment being spotted by the police.  Any scheme that requires complicity a third person is risky because he could be an informant or a blackmailer. 

Can he use bitcoin exchanges for that purpose, without leaving a trail?  Transfers of bitcoins are visible on the blockchain, so A cannot just buy bitcoins on an exchange, withdraw them, and transfer them to B: the conversions of BTC from/to yuan would be in the exchange's deposit/withdraw logs, they would connect to the blockchain transfers to trace the path.  But if there were a way to transfer the yuan from A to B while they are inside the exchange, then...

Try to imagine a scenario where bitcoin is accepted world-wide, where you never need to go through an exchange into fiat.

Then you understand the potential of bitcoin, and the danger it poses to the status quo.

[Adrian-x]

https://twitter.com/btcchina/status/460638991629307904

BTC China news

Ouch.

There's your news sir.

It's only a problem when we get the same news and the price of Bitcoin goes up. When this news comes out and the price tanks it illustrates fiat liquidity, the thing that people fear is going.

Canadian exchanges (Bitcoin is small here) have been dealing with the same thing since April last year. If you want to buy and sell Bitcoin you find a way, this fud in China is irrelevant, it's a problem when the only way to get your money out is to withdraw BTC, this will be bad news followed by a spike in price.

Remember Jorge is is shepherd or clergy or researcher or analysis or a skeptic or investment advisor but not investing in Bitcoin.

[xulescu]

Sad to see what has happened to your mind, Jorge.

Indeed.  Like the other day when I suggested that stealing bitcoins by address spoofing would be a problem unique to bitcoin.

That's not how exchanges work.  It's also about 1000x more complicated and risky and public than it needs to be to accomplish the supposed ends of this unworkable scheme.

There are many other ways to pay a bribe of course.  But suppose that person A in Shangai needs to transfer 250'000 yuan (say = 100 BTC = 40'000 USD) to person B in Beijing without the payment being spotted by the police.  Any scheme that requires complicity a third person is risky because he could be an informant or a blackmailer. 

Can he use bitcoin exchanges for that purpose, without leaving a trail?  Transfers of bitcoins are visible on the blockchain, so A cannot just buy bitcoins on an exchange, withdraw them, and transfer them to B: the conversions of BTC from/to yuan would be in the exchange's deposit/withdraw logs, they would connect to the blockchain transfers to trace the path.  But if there were a way to transfer the yuan from A to B while they are inside the exchange, then...

Try to imagine a scenario where bitcoin is accepted world-wide, where you never need to go through an exchange into fiat.

Then you understand the potential of bitcoin, and the danger it poses to the status quo.

Don't bother, Jorge is or pretends to be thicker every day. Suitcases of cash and/or gold have worked for even more ambitious goals (see Loaded), and you can just fucking send a letter with a private key if you really really don't understand what Blockchain taint means.

[windjc]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

Ah. Thanks, missed that. Yeah, it's the only bank left for Huobi and BTCChina then. Already closed their account on  CHBTC. I somehow got confused

I doubt PBOC will ban fiat withdrawal. If it does happen, shit will hit the fan. Banning all fiat deposits is already a huge step towards slowing down BTC adoption in China

if PBOC bans fiat withdrawal, every cent of fiat on those exchanges is going straight into bitcoin. BOOM.

Thats ridiculous. They would set a deadline and people would be desperate to get out while they can. The idea of "to the moon" because there is no other choice is juvenile. Did it happen with Gox? Hell no.

[windjc]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

Ah. Thanks, missed that. Yeah, it's the only bank left for Huobi and BTCChina then. Already closed their account on  CHBTC. I somehow got confused

I doubt PBOC will ban fiat withdrawal. If it does happen, shit will hit the fan. Banning all fiat deposits is already a huge step towards slowing down BTC adoption in China

Even with these bans, the exchanges are using "authorized sellers" that people can purchase through. China could make this illegal. That would force the exchanges offshore.

[chessnut]

"BTC China ‏@btcchina  4m
@Quiontron Hi, we are still accepting deposits from Bank of China. All withdrawals are not affected. Thanks."   

Ah. Thanks, missed that. Yeah, it's the only bank left for Huobi and BTCChina then. Already closed their account on  CHBTC. I somehow got confused

I doubt PBOC will ban fiat withdrawal. If it does happen, shit will hit the fan. Banning all fiat deposits is already a huge step towards slowing down BTC adoption in China

if PBOC bans fiat withdrawal, every cent of fiat on those exchanges is going straight into bitcoin. BOOM.

Thats ridiculous. They would set a deadline and people would be desperate to get out while they can. The idea of "to the moon" because there is no other choice is juvenile. Did it happen with Gox? Hell no.

hey, I didnt say 'to da moon', and actually it did happen to gox. dont you remember the $200 arbitrage?

[cbeast]

The lack of volume and the lessening volatility makes this look like a slow recovery. I don't blame people for being sheepish since Gox and the China fiasco, but these things are forgotten over time. Greed always wins.

[JorgeStolfi]

Try to imagine a scenario where bitcoin is accepted world-wide, where you never need to go through an exchange into fiat.
Then you understand the potential of bitcoin, and the danger it poses to the status quo.

The discussion was about possible use of exchanges in China for illegal money transfers by Chinese. That could be the reason for the last round of restrictions, that will ultimately prevent money transfers to/from exchanges through banks and payment processors.