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

[greenlion]

Bitcoin is actually a total win in China. The point is not necessarily that people need to be able to freely buy with CNY on online exchanges. The reality is that Chinese miners have good access to ASICs, there is an infrastructure in place for in-person trading for cash, and all of that is totally legal and outside the regulatory purview of PBOC. They can still drive up the price without exchanges as we know them, because the intrinsic value proposition for the Chinese people is immense. A Chinese Bitcoin holder has what amounts to a Swiss bank account on steroids, which they can trade offshore for hard currency anytime they want. Merely holding these coins as a store of value exerts upward pressure on the price via the supply schedule.

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[Todorius]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

[ShroomsKit]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

Agree.

[windjc]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

Well, in a way I can agree with what you are saying.

But right now, there is a difference between a press release about a bank and a major exchange admitting that they have no more deposit options.

When the later happens we are going to see a major movement in the market place. There is no doubt about that.

[ChartBuddy]

Explanation

[magicmexican]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

[ShroomsKit]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

Let's hope so. Please let there not be a new funding option.

[CoinHamster]

a) 2h, 4h and 6h RSI are on downtrend
b) it will take a few hours to complete the fud / all are informed to panic

=> i predict $400 in the next hours...
 
 

[gizmoh]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

Let's hope so. Please let there not be a new funding option.

Please, let there be No new CNY influx to sustain these high prices. Around 4000 btc is mined daily.

[Todorius]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

Let's hope so. Please let there not be a new funding option.

Please, let there be No new CNY influx to sustain these high prices. Around 4000 btc is mined daily.

These high prices? People said 10$ is much too high. They said the same about 100$.
Actually, when CNY ceases to go into chinese exchanges, something will happen that a lot of people don't expect.
Prices will go up.

[ShroomsKit]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

Let's hope so. Please let there not be a new funding option.

Please, let there be No new CNY influx to sustain these high prices. Around 4000 btc is mined daily.

What high prices? China is holding the high prices back. They need to go.

[p0peji]

And to think that my thread in which I compared Bobby Lee with the Iraq minister of information got deleted from this board ....

[Todorius]

So exchanges are out of options now i thought? There is no way to sidestep it anymore with banks.

Let's hope so. Please let there not be a new funding option.

Please, let there be No new CNY influx to sustain these high prices. Around 4000 btc is mined daily.

What high prices? China is holding the high prices back. They need to go.

And they will go soon ShroomsKit  
Agreed, prices are not high, actually they are DIRT CHEAP right now.
BTC is massively undervalued, yes, you heard me right people, massively UNDERVALUED !!!!

[manfred]

Aha. Looks like there is some fresh China FUD incoming.
http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html

perfect moment to release it as always

There isn't any news this is a exact copy of announcements made by other banks a few days ago. This announcemend will come from every single bank in china. Houbi is not affected with this as it deals with a bank which was one of the first to release these announcement. they already moved on and now funding works similar to localbitcoin style. You can refund from trusted uses they list on there side. Both Huobi and Okcoin are in the process of moving out of mainland, expanding and set up English sides as well.
This cat and mouse game will go on for ever, PBOC is in a now win situation as long as there is internet and miners. They are doing there uttermost to contain the price. Its better to contain the price than being chased down the street by an angry mob of speculative investors with pitchforks when price rally's. They will go to any length trying to stop it from happening. The longer the price stays where it is or falls the more breathing space they get and the hope that it cools down and fades away.

[magicmexican]

[seljo]

+1

[windjc]

Aha. Looks like there is some fresh China FUD incoming.
http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html

perfect moment to release it as always

There isn't any news this is a exact copy of announcements made by other banks a few days ago. This announcemend will come from every single bank in china. Houbi is not affected with this as it deals with a bank which was one of the first to release these announcement. they already moved on and now funding works similar to localbitcoin style. You can refund from trusted uses they list on there side. Both Huobi and Okcoin are in the process of moving out of mainland, expanding and set up English sides as well.
This cat and mouse game will go on for ever, PBOC is in a now win situation as long as there is internet and miners. They are doing there uttermost to contain the price. Its better to contain the price than being chased down the street by an angry mob of speculative investors with pitchforks when price rally's. They will go to any length trying to stop it from happening. The longer the price stays where it is or falls the more breathing space they get and the hope that it cools down and fades away.

This "local bitcoins" thing that you are talking about is the "verified sellers."  These sellers have bank accounts they are using. The PBOC can and most likely will shut those type of bank account transactions down too.

[koryu]

i wonder if you are a chinese and have a fortune in btc, why would you sell it for cny? what is the reason to hoard big amounts of cny, which are stuck in china?
i understand that regular people who might need the money for local purchases get panic if they cant withdraw. but big money?

[magicmexican]

Dem pumps!

[MoreFun]

I am not sure who are bigger idiots - chinese FUDing and manipulating the price that it is funny or "we" following it.

Up we go again.