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

[ChrisML]

I want to be so excited but i can't because it's China leading again. Amazing how quickly people forget here.

This one, yes. Not the previous two.

[1714667232]

1714667232

[TERA]

I give up! I am revising my projections: price will immediately go to:

$1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

[seleme]

I give up! I am revising my projections: price will immediately go to:

$1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Didn't work 

[N12]

Some people are worried about China, but China has led a long time during this past winter. Sure it will probably end in disaster, but it can last a while, and a higher price at China will make it more difficult for Bitstamp et al. to decline.

I do wish I knew why people still have funds there and why their behaviour has recently changed.

[JorgeStolfi]

Some people are worried about China, but China has led a long time during this past winter. Sure it will probably end in disaster, but it can last a while, and a higher price at China will make it more difficult for Bitstamp et al. to decline.

I do wish I knew why people still have funds there and why their behaviour has recently changed.

There are still ways to get money into the exchanges, at worst they are inconvenient for common folk.

As for why the sudden interest in bitcoin: no information, only guesses.

Perhaps Huobi is just about to open an offshore exchange, trading CNH ("offshore yuan") instead of CNY ("domestic yuan"). People with money in the exchanges who know that and are interested in trading CNH are buying the coins to move them over there. Perhaps.

The Dish news was carried by the e-media in China; but that seems too little, too late to explain the rally.

Could be that Facebook app?

[el_rlee]

Some people are worried about China, but China has led a long time during this past winter. Sure it will probably end in disaster, but it can last a while, and a higher price at China will make it more difficult for Bitstamp et al. to decline.

I do wish I knew why people still have funds there and why their behaviour has recently changed.

Is there some overview somewhere about the situation on the different Chinese exchanges? How to fund and withdraw etc.?

[jl2012]

Some people are worried about China, but China has led a long time during this past winter. Sure it will probably end in disaster, but it can last a while, and a higher price at China will make it more difficult for Bitstamp et al. to decline.

I do wish I knew why people still have funds there and why their behaviour has recently changed.

They are using "4th party processor", i.e. recharge voucher

1st parties are the exchanges and client
2nd party is the commercial banks
3rd party is the Alipay (like Paypal)

PBoC banned 2nd and 3rd parties, so the exchanges add one more layer on top of that.

All noobs and non-believers should have sold during the capitulation. The Chinese who are buying now are those really understand the value of bitcoin.

[ChartBuddy]

Explanation

[N12]

They are using "4th party processor", i.e. recharge voucher

1st parties are the exchanges and client
2nd party is the commercial banks
3rd party is the Alipay (like Paypal)

PBoC banned 2nd and 3rd parties, so the exchanges add one more layer on top of that.

All noobs and non-believers should have sold during the capitulation. The Chinese who are buying now are those really understand the value of bitcoin.

Do they seriously think the PBOC won't ban "4th party" too, or didn't intend to ban it already? The exchange operators seem to be playing an extremely dangerous game here.

[seleme]

I doubt there's lot of "4th party deposits" there to be honest. It's big whales and other manipulators with money on the exchange already that are trading there.

[El Cabron]

They are using "4th party processor", i.e. recharge voucher

1st parties are the exchanges and client
2nd party is the commercial banks
3rd party is the Alipay (like Paypal)

PBoC banned 2nd and 3rd parties, so the exchanges add one more layer on top of that.

All noobs and non-believers should have sold during the capitulation. The Chinese who are buying now are those really understand the value of bitcoin.

Do they seriously think the PBOC won't ban "4th party" too, or didn't intend to ban it already? The exchange operators seem to be playing an extremely dangerous game here.

China can push it as far underground as they want to, but making it a 100% black market is not going to stop it. BTC is too great of a tool to get money both in and out of china.

Sure the volume reported on exchanges might go down, but the trade can not be stopped.

[JorgeStolfi]

I do wish I knew why people still have funds there and why their behaviour has recently changed.

Another totally speculative theory (was it @walsoraj's?) is that Huobi's bank account that currently allows withdrawals is about to be closed with little or no advance warning.  Then common folk who find their yuan trapped there will have to buy bitcoins from other Huobi clients and move them to another exchange that still allows yuan withdrawals.  That should drive the price up at Huobi a lot, since only privileged Huobi traders with alternative withdrawal channels  would want to sell coins. The current rally would then be those privileged Huobi traders acting on inside info, namely buying coins now in expectation of selling them at even higher prices at Huobi.  (Arbitrage should stop then, so the price may not rise on other exchanges.)

[Threebits]

I doubt there's lot of "4th party deposits" there to be honest. It's big whales and other manipulators with money on the exchange already that are trading there.

Really! I can't imagine how average Joes are still brave enough to flow in with pboc's gun on the back?

[explorer]

//horrible, horrible gif

Dude, WHY??

PoolMinor consistently comes up with the best for us 

Carry On!

[TERA]

Huobi is the new gox.

[YogoH]

The FUD is real

[JorgeStolfi]

I can't imagine how average Joes [in China] are still brave enough to flow in with pboc's gun on the back?

I don't think that average Joe clients are under any pressure or threat.  At most they may have their bank accounts closed if they manage to use them to trade bitcoins.  If there will be penalties, they should fall only on card processors, exchanges, brokers etc..

[YogoH]

Bitcoin is legal in China and is not going anywhere,  but whatever you guys need to think to justify miscalling the price action.

[Threebits]

I can't imagine how average Joes [in China] are still brave enough to flow in with pboc's gun on the back?

I don't think that average Joe clients are under any pressure or threat.  At most they may have their bank accounts closed if they manage to use them to trade bitcoins.  If there will be penalties, they should fall only on card processors, exchanges, brokers etc..

Hm, clearly the money flow is not cut out but it isn't sufficient for why China is taking lead again.

Why China is taking the lead again, even though money flow in is more complicated than other areas?

-Chinese are real bitcoin believers?
-chinese are more greedy?
-chinese whales are special?

What else?

[podyx]

Damn it feels so much better to wake up in uptrends then downtrends