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

[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?

[Lauda]

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?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

[sirazimuth]

@ImI...

..."chinese government doesn't give a shit about law and individual rights".   fify

[bitcoinvest]

one fact we have until now. the market is very unstable with down trend and orders...
we see now a small bounce back but still we are down 75eur from what was 6 hours before... this is significant change in some hours...
about the future we don't know but i think the second wave is on the way of panic sellers. the news are spreading as we speak and some people with big amounts i think will choose to stay away with fiat for a while

[becoin]

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...

What are you blabbering about? Bitcoin price should be >$10000 by the end of this year!

[Biodom]

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?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

Well, maybe the whole point is to make Chinese volume less frenetic.
less volume, less influence.
their volume will probably go from 40% to 10-20% shortly
It is better for us in the west.
Thanks, China!

[JosNekoKopa]

And what are the expectations? should we sell? Or maybe this sensationalist news are used just for making panic as always? I believe BTC will stay in range 900 to 1000$. I think trend is broken.

[bitcoinvest]

And what are the expectations? should we sell? Or maybe this sensationalist news are used just for making panic as always? I believe BTC will stay in range 900 to 1000$. I think trend is broken.

i believe should sell and buy back about $50 lower or maybe more....

by the way Error 502 on Kraken .... there is nothing more annoying when the party is on the move to be outside of the exchange.....

 

[Chainsaw]

Today:
Buy the dip
Buy the dip
Buy the dip
Buy the dip
Buy the dip
Sell the bounce
Sell the bounce
Sell the bounce
Buy the dip
Sell the bounce
Buy the dip

Tomorrow:
Sell the bounce
Sell the bounce
Sell the bounce

Net: Same # BTC, a little fiat in pocket. Most likely resuming our upward trajectory. Loving the volatility. Not a bad day.

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.

Downturns tend to be more protracted than we think they'll be - I'd go with your first call, personally :-)

[MinermanNC]

I don't believe what the Chinese do or don't do, has as big of an effect as in years gone by. This is nothing new for them to issue warnings, make threats etc. etc.

Each time it seems the impact has been less significant. Although there always is an immediate impact... but is shorter lived, and BTC recovers. If we don't get a 2nd wave of panic selling (which there may not be) I think this will shake out and we will be back on track. We shall see  

[becoin]

by the way Error 502 on Kraken .... there is nothing more annoying when the party is on the move to be outside of the exchange.....

 

Too many people trying to login and buy cheap bitcoins. There won't be enough for all of them at current price.

[Killerpotleaf]

who dropped their bags of riches?  

[FCDenHaag]

Some China news from today

https://www.afp.com/en/news/2266/china-tightens-controls-bitcoin-trading-platforms

http://www.coindesk.com/chinas-bitcoin-exchanges-move-broadly-impose-new-fees/