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

[600watt]

http://www.youtube.com/watch?v=1lWJXDG2i0A

[QuestionAuthority]

OKCoin is reporting they had a theft of over $100,000.  

Of course, that isn't so big in bitcoin land, but it's going to be bad combo of bad news. Not only have they been robbed, but now no way to get more money in the system. One wonders if they might be stuck fractional reserve trading. Of course- not like I could understand something like that through google translate, but more doom and gloom.

https://translate.googleusercontent.com/translate_c?act=url&depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=zh-CN&tl=en&u=https://bitcointalk.org/index.php%3FPHPSESSID%3Dcojnmnqfdembvvqfi8907ovvn0%26topic%3D371675.msg3988620&usg=ALkJrhhw5dfkKJgVCgEfGXvHQOJT19Y02A#msg3988620

It looks like OKCoin is owning the problem. Not so bad, right?

[tutkarz]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

Who is going to buy your BTC? It's not like they can give you a crappy rate and turn around and sell them on the exchanges, can they? We were silly to be so gung how about China in the first place.

they can sell them in Japan for example and start there normal life

[mmitech]

3800 and still counting down

A dead cat bounce down the stairs. There seems to be discussion that you can still withdraw your funds from exchanges, you just can't fund them. So we might be seeing people just cashing out and calling it a day.

well it will take us log time to recover, so I am not worried about missing to buy back...

[macsga]

Wow! I *REALLY* hope you people didn't sell off your coins...  

[11ams]

After factoring the news from China into the stages of a bubble model and extrapolating, I've come to the following conclusion:

https://i.imgur.com/eup4OKl.jpg

[oda.krell]

Does anyone have a link for the latest news from China? I'm a little groggy from an all night booze up.

Supposidly Chinese government has banned payment processors from working with Bitcoin exchanges. Leading to the "ok situation" where you can buy and sell bitcoins and withdraw your cash, but you can't put more cash back into the system. (?)

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Unfortunately, it seems to be shaping up to be true. :-(

Thanks

Shit, and because of the advice of you dumbasses I reserved half. Fuck!

teach you to listen to us

I should have known better. lol

I did it too...

so now we sell into this 20% drop???

F that, lets see how this plays out.

Probably not advisable. Sell into the rebound, then wait for the next leg down

Until you realise you sell at the bottom and that rebound keeps going up.....

Easy profit as they say?

Not to be a dick, but do you really think we're done with this correction? Not today, I mean, but in the coming weeks?

[N12]

3800 and still counting down

A dead cat bounce down the stairs. There seems to be discussion that you can still withdraw your funds from exchanges, you just can't fund them. So we might be seeing people just cashing out and calling it a day.

Damn. The Chinese exchanges are going to be completely emptied this week.

Farewell, China. It was nice while it lasted.

[adamstgBit]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

if no new money can flow into btcchina, but people can still withdraw money, btcchina is going to near 0. and some luck chinese guy will buy everyone bitcoin really cheap b4 btcchina is forced to close its doors.

this is going to be brutal...

[jojo69]

After factoring the news from China into the stages of a bubble model and extrapolating, I've come to the following conclusion:

post of the day

[mb300sd]

We were silly to be so gung how about China in the first place.

Yes, we were.

I predict a massive rise in anti-Chinese sentiment among younger geeks in Europe and North America as this bear market unfolds.

I have nothing against the Chinese people. But FUCK YOUR GOVERNMENT! Overthrow that shit already, theres way more of you.

[Tzupy]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

if no new money can flow into btcchina, but people can still withdraw money, btcchina is going to near 0. and some luck chinese guy will buy everyone bitcoin really cheap b4 btcchina is forced to close its doors.

this is going to be brutal...

And then they'll dump the coins on Western exchanges. That's going to hurt too...

[SheHadMANHands]

Party is over!  Sell your bitcoins and run for cover!

Someone is going to make a killing off this dip.  Down 25% due to a rumor about a dictatorship 1/2 way around the world, where you couldn't buy anything with BTC anyway.

[QuestionAuthority]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

if no new money can flow into btcchina, but people can still withdraw money, btcchina is going to near 0. and some luck chinese guy will buy everyone bitcoin really cheap b4 btcchina is forced to close its doors.

this is going to be brutal...

I hope Goat is still asleep. That bastard will buy it all before we get a chance.

[TheCoinBull]

Just cashed out 3k for now

[adamstgBit]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

if no new money can flow into btcchina, but people can still withdraw money, btcchina is going to near 0. and some luck chinese guy will buy everyone bitcoin really cheap b4 btcchina is forced to close its doors.

this is going to be brutal...

I hope Goat is still asleep. That bastard will buy it all before we get a chance.

oh this sucks
this sucks bad.

[adamstgBit]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

if no new money can flow into btcchina, but people can still withdraw money, btcchina is going to near 0. and some luck chinese guy will buy everyone bitcoin really cheap b4 btcchina is forced to close its doors.

this is going to be brutal...

And then they'll dump the coins on Western exchanges. That's going to hurt too...

not before  Western exchanges have already dropped alot to price in this calamity

omg this is so bad.

[oda.krell]

If I were chinese I would buy the BTC, withdraw, and then sell OTC, since there won't be any other ways for getting BTC for chinese people in the future.

Who is going to buy your BTC? It's not like they can give you a crappy rate and turn around and sell them on the exchanges, can they? We were silly to be so gung how about China in the first place.

Well this is worse case scenario.

And ideally we all would have loved for China to help bitcoin reach new heights. But, I put up a poll just 2 weeks ago, asking what would happen if bitcoin got banned in China. I put up that poll because it just felt wrong to have China so bullish on bitcoin. Its a communist state. China are copiers, not innovators. America is an innovator. That is what we do.

So, worst case scenario bitcoin lives without China now. Long term I think this is just fine.

I call bullshit on the "Chinese are copiers, American's are innovators". That's exactly what Europe said about the US ~100 years ago. Took a while, then the US became an innovator itself. Will be exactly the same with China, only faster IMO.

Anyway, let's be realistic about China's influence on price, and what it all means for us:

I don't buy the narrative that the entire wave up from 125 USD (bitstamp) was due to the Chinese miracle, but it was a large factor.

So realistically, anything above the April's ATH of ~250 is a gift. And I don't even see us going that low quite yet (although 500 is a real option, I'd say)

[adsdas]

Bitcoin is officially dead! Time to move on with our lives!

[jojo69]

lol