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

[DaRude]

A few thing people here don't seem to understand:

Most buying is done off exchanges and OTC. By a wide margin too.

China is not leading this market.

No fee Chinese exchanges are being used to "control" the market, because bots are linked and people think China is leading the market.
...
The rise to nearly 800 was one entity

...

If you figured this much out, then you probably also figured out that the one entity is not done yet either.

If one entity managed to corner BTC already, we have bigger issues

[Karartma1]

Thanks for posting the old Economist. That's a truly symbolic cover that reminded me the Bitcoin/Blockchain cover they posted last year. Nothing is done without purpose guys.

[Spaceman_Spiff]

A few thing people here don't seem to understand:

Most buying is done off exchanges and OTC. By a wide margin too.

China is not leading this market.

No fee Chinese exchanges are being used to "control" the market, because bots are linked and people think China is leading the market.
...
The rise to nearly 800 was one entity

...

If you figured this much out, then you probably also figured out that the one entity is not done yet either.

If one entity managed to corner BTC already, we have bigger issues

Funny how people always try to explain stuff through one hugely powerful entity, the great manipulator.  
I guess it is easier to imagine a single actor and attribute intentions to this actor than to imagine the net effects of a large number of individuals.

[savetherainforest]

Thanks for posting the old Economist. That's a truly symbolic cover that reminded me the Bitcoin/Blockchain cover they posted last year. Nothing is done without purpose guys.

If you saw a full version of the Cogwheel Earth chained to Bitcoin cover, on the coin there is the infinity sign/symbol and the pyramid with the all seeking eye on it.  

*Edit: They probably own a big amount of coins! That makes them feel confident they can control things...

[HI-TEC99]

http://www.cnbc.com/2016/06/27/bitcoin-gains-validity-as-digital-gold-after-brexit-vote.html

Jesse Powell, CEO of digital asset exchange Kraken, said that the volume of bitcoin trading on his company's site doubled in the 24 hours following the Brexit vote. Since June 10, there's been a five-fold increase in bitcoin to euro trading as of late Friday.

That's only the effects of the Brexit news breaking. When the Brexit process starts in September it should start a larger volume of Bitcoin trading. After a framework for what's to happen post-Brexit starts getting laid down it will make the traders seek out the safest haven, and that's Bitcoin.

[ahpku]

Bitcoin price is going to absolutely explode you guys. Soon!
Trust me, when it comes to price predictions, we're never wrong!

Lowered Expectations



~ time passes ~

Now:

P.S. Less than 2 days left to pump the price to $1k. Get buyin'!

[Elwar]

http://www.8btc.com/minfa

bullish!

[BlindMayorBitcorn]

http://www.8btc.com/minfa

bullish!

If you people can't read Chinese by now...Where the hell have you been?!

[600watt]

http://www.8btc.com/minfa

bullish!

if i interpret google translator correctly it is saying china is legalizing bitcoin officially? no more december 2013 "china-ban-doom" possible?

if this is no hoax, if this is the truth, then we know now what caused the price jump since end of may: chinese politician/function elite insider trading. they knew it would unleash the beast. so better get some while there are cheap.

[NewLiberty]

A few thing people here don't seem to understand:

Most buying is done off exchanges and OTC. By a wide margin too.

China is not leading this market.

No fee Chinese exchanges are being used to "control" the market, because bots are linked and people think China is leading the market.
...
The rise to nearly 800 was one entity

...

If you figured this much out, then you probably also figured out that the one entity is not done yet either.

If one entity managed to corner BTC already, we have bigger issues

Funny how people always try to explain stuff through one hugely powerful entity, the great manipulator.  
I guess it is easier to imagine a single actor and attribute intentions to this actor than to imagine the net effects of a large number of individuals.

This new buyer is doing quite a lot of distribution, not holding so much, and should be buying a more continuously for a good while

[Elwar]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

[ahpku]

Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

So China is nationalizing bitcoin mines?  Good news!

[Paashaas]

http://www.8btc.com/minfa

bullish!

if i interpret google translator correctly it is saying china is legalizing bitcoin officially? no more december 2013 "china-ban-doom" possible?

if this is no hoax, if this is the truth, then we know now what caused the price jump since end of may: chinese politician/function elite insider trading. they knew it would unleash the beast. so better get some while there are cheap.

No Hoax!

On Twitter; CN General Provisions Civil Law (Draft): Virtual assets will be officially protected by law. Providing legal basis for BTC related cases.


https://twitter.com/cnLedger/status/747593573017673728?ref_src=twsrc%5Etfw

[ahpku]

Does this means actual KYC/AML laws & stricter oversight by the Communist party for Chinese BTC exchanges?
This is, indeed, great news!
@600watt, stay classy!

[600watt]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

elwar, please make this a thread of its own. i think your finding is big. perfect timing. halving. perfect storm. just wow.

[Elwar]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

elwar, please make this a thread of its own. i think your finding is big. perfect timing. halving. perfect storm. just wow.

Posted in Bitcoin Discussion but it will probably be drowned out by threads about "How do I get free bitcoins!?!?" full of signature posts.

[julian071]

Good news indeed. So time for a dump!

[600watt]

Posted in Bitcoin Discussion but it will probably be drowned out by threads about "How do I get free bitcoins!?!?" full of signature posts.

why not speculation subforum? i would say it could influence the price. big time.

[mnl92]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

This is for real, it's on newsbtc now. This is the first time we know the price can rally without China ruining it by semi-banning bitcoin just when it's getting good. That threat won't be in the back of people's minds during the next rally, which will make it a moonshot.

http://www.newsbtc.com/2016/06/28/new-chinese-civil-law-draft-classifies-bitcoin-property/

[gentlemand]

Hmm. China can make it as legal as humanly possible. They can destroy the exchanges any time they like still. All those Chinese coins will be perfectly safe you just won't be able to do anything with them. That's a neat outcome for the government if they ever did press the large red button. They can pin it on 'irregular business practices.'