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

[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.

[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.

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.

no one said that anything the chinese government does or will do has to make any sense. maybe it wont. and now? do you think they care? i tell you something, they dont give a shit if it makes sense or not.

[HI-TEC99]

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

Before the 2013 rally past $1000 the US debated banning Bitcoin and there was a dump. This could be a parallel situation. Just because there's a short term panic doesn't mean there won't be a long term moon.

[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.

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,...

they need full control? no problem, they can simply seize all the SHA256 equipment the can get and have a very reasonable start for their little crypto project. you see they dont need the miners, all they need is the hardware.

you folks always forget that we are talking about china here, chinese government does give a shit about law and individual rights. they simply come and take what they want if they feel the need.

[fichtn12345]

[...] long term moon.

Confirmed.

[pinger]

Panic buy!!!

[Lauda]

Panic buy!!!

Looks like someone wants to be a bag holder once China wakes up?
Minor reversal, but downtrend has yet to begin.

[jackjack]

Panic buy!!!

Looks like someone wants to be a bag holder once China wakes up?
Minor reversal, but downtrend has yet to begin.

It's only midnight there and they were awake 3h ago when this happened
Why would they sell more, and why would they sell at all?

[MinermanNC]

When one door closes another usually opens  

Personally I wish China did not exist in all of this. What a pain in the ass they are! BTC is still showing a lot of promise in the world with or without them. We have seen this movie before with China, its really getting old.

EDIT: Remember they are the masters of currency manipulation and now Bitcoin?