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

[European Central Bank]

Still the effect of real news is not bigger than the January fall to $800 and lower that happened for no concrete reason, at least until now

I guess the chinese are getting less power in the price, what their next move will be?

Next step would obv be to close a small exchange. Then, after several smaller ones, proceed with the bigger ones.

Then go after the miners. Then go after every retailer that accepts BTC.

there are no retailers in china. the only thing in china is mining and exchanges. losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible. exchanges, let's get it over with.

[podyx]

Man everything was looking so good.

And then cocksucking PBoC comes and ruins it

[NeuroticFish]

Man everything was looking so good.

And then cocksucking PBoC comes and ruins it

It doesn't look that bad. I am just sad I've missed it and that I can't afford to buy a couple of BTC now.
It may get back to 1024$ before Monday ends....

[Mr. Book]

Is this not just part of the enormous handle, for 3 year cup and handle?

[jackjack]

losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible

The only possible ways to do that is to prevent the farms to communicate on internet (impossible), or to physically delete the farms, ie put people in jail and/or burn the miners (not likely but possible for big farms because of the electric bill)

[droizs]

BTC was rising too fast with no proper reasoning, this is the proper setback.
We need to implement new technologies and applications to the network before we can have a steady rise... lately, theses rises were just due to the bullish and delusional people that believe in the impossible.
For BTC expansion and major acceptance we need a stronger and bolder foundation, for now we are still looking if BTC should implement or not segwit, LN and other promising technologies if we are not implementing new solutions to the actual BTC problems the price shouldn't be rising like the last few weeks.
This dump was just a wake-up call(IMO), the price will surely increase in the future but we need to improve the technology first...

[sidhujag]

Flash to 700 then slowly to my 300 target?
Last rise i had predicted was an exit pump.

[BrewMaster]

losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible

The only possible ways to do that is to prevent the farms to communicate on internet (impossible), or to physically delete the farms, ie put people in jail and/or burn the miners (not likely but possible for big farms because of the electric bill)

there are lots of people making money because of the existence of mining farms in China. from the owners of the farm and their employees to small electric companies who owe their survival to mining farms and their special contracts, and the hardware companies manufacturing mining equipment.

don't think for a second government can even touch such a huge financial operation with so many big people involved.

[LLec]

isn't coins being trapped in China good?  less liquidity?  we'll be trading with less of a pool of Bitcoins.

anyhow...

is crypto done?? 

They are trapped due to AML requirements, so the only way they can 'escape' is to convert themselves to fiat and leave via the front door in full view of the authorities.
Someone will buy them, being prepared to wait a month to withdraw them, but they will obviously want a heavy discount for their patience.

There is probably a flood of Bitcoin withdrawals from BTCC as it hasn't yet temporarily stopped them. BTCC's customers are probably withdrawing, then dumping on a safe exchange. After they finish dumping the price will probably go back up.

So this is the reason for the fast and furious price tumble and it is continuing to do so.
I saw it at $970 now it is $958.
This is a troubling situation for the ones who have vested alot in to it over the last couple of days.

[slap]

Flash to 700 then slowly to my 300 target?
Last rise i had predicted was an exit pump.

300!? wut. Even 700 sounds too low. But what do I know...

[Lauda]

BTC was rising too fast with no proper reasoning, this is the proper setback.

Nonsense as always. Have you been watching the network security lately? Hashrate 6 months ago was almost 1/2 of what it is now.

Flash to 700 then slowly to my 300 target?
Last rise i had predicted was an exit pump.

300!? wut. Even 700 sounds too low. But what do I know...

Sell before you're left holding the bags.

[jman0war]

Why does the high price of BTC, worry the Chinese inspectors?

[ImI]

losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible

The only possible ways to do that is to prevent the farms to communicate on internet (impossible), or to physically delete the farms, ie put people in jail and/or burn the miners (not likely but possible for big farms because of the electric bill)

there are lots of people making money because of the existence of mining farms in China. from the owners of the farm and their employees to small electric companies who owe their survival to mining farms and their special contracts, and the hardware companies manufacturing mining equipment.

don't think for a second government can even touch such a huge financial operation with so many big people involved.

miningfarms will most likely not be shut down, but instead they could very well be forced to mine the official chinese cryptocurrency that the chinese gov has already announced. that would be a much more possible scenario imo.

[BlindMayorBitcorn]

isn't coins being trapped in China good?  less liquidity?  we'll be trading with less of a pool of Bitcoins.

anyhow...

is crypto done?? 

They are trapped due to AML requirements, so the only way they can 'escape' is to convert themselves to fiat and leave via the front door in full view of the authorities.
Someone will buy them, being prepared to wait a month to withdraw them, but they will obviously want a heavy discount for their patience.

There is probably a flood of Bitcoin withdrawals from BTCC as it hasn't yet temporarily stopped them. BTCC's customers are probably withdrawing, then dumping on a safe exchange. After they finish dumping the price will probably go back up.

So this is the reason for the fast and furious price tumble and it is continuing to do so.
I saw it at $970 now it is $958.
This is a troubling situation for the ones who have vested alot in to it over the last couple of days.

Why would anyone have done anything like that??

[Biodom]

losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible

The only possible ways to do that is to prevent the farms to communicate on internet (impossible), or to physically delete the farms, ie put people in jail and/or burn the miners (not likely but possible for big farms because of the electric bill)

there are lots of people making money because of the existence of mining farms in China. from the owners of the farm and their employees to small electric companies who owe their survival to mining farms and their special contracts, and the hardware companies manufacturing mining equipment.

don't think for a second government can even touch such a huge financial operation with so many big people involved.

miningfarms will most likely not be shut down, but instead they could very well be forced to mine the official chinese cryptocurrency that the chinese gov has already announced. that would be a much more possible scenario imo.

official cryptocurrency will NEVER happen because it is an idiotic concept to begin with.
why would any government want to issue a currency that is limited in size (number of units)?
if it is not limited in size, then why bother in the first place? they can "digitally" print as many yuans as they want.

[boyshx]

What do u think the bottom will be? I dont think its going lower than 700.

[jman0war]

official cryptocurrency will NEVER happen because it is an idiotic concept to begin with.
why would any government want to issue a currency that is limited in size (number of units)?
if it is not limited in size, then why bother in the first place? they can "digitally" print as many yuans as they want.

So they can look at any transaction they want.
It's about Control, and stopping tax evasion and proceeds of crime.

[droizs]

What do u think the bottom will be? I dont think its going lower than 700.

keep dreaming  

[BrewMaster]

losing the mining is alarming, i dunno how things would pan out if they did or even whether it's possible

The only possible ways to do that is to prevent the farms to communicate on internet (impossible), or to physically delete the farms, ie put people in jail and/or burn the miners (not likely but possible for big farms because of the electric bill)

there are lots of people making money because of the existence of mining farms in China. from the owners of the farm and their employees to small electric companies who owe their survival to mining farms and their special contracts, and the hardware companies manufacturing mining equipment.

don't think for a second government can even touch such a huge financial operation with so many big people involved.

miningfarms will most likely not be shut down, but instead they could very well be forced to mine the official chinese cryptocurrency that the chinese gov has already announced. that would be a much more possible scenario imo.

i somehow doubt it.
because official cryptocurrency must be centralized in full control of the government. the same way paper money (cash) is centralized and in full control of government. you don't see them ask a third party to print money for them!
in the same way they won't even allow anybody else to touch their official cryptocurrency but themselves, and the banks. that way they can control everything there is to control, hash rate, any change or update,...

[jbreher]

Jeeze - settle down, guys. Did you really need to extract fiat value from your bitcoin today?

This bloodbath will be over long before this day is. And then we'll resume our inexorable climb. Because -- whether or not they yet realize it -- the people of the world need a form of money that can be emailed p2p, and is free from the ravages of the vampire squid.