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

[BitcoinNewsMagazine]

The end of the Cryptocurrency Exchange era in China (translation) - Google Doc

"... It’s important to note, this decision is to close all cryptocurrency to fiat currency exchanges, that is, to halt all exchanged based trading of bitcoin for RMB. But it does not halt all bitcoin and fiat trading outside of exchanges. Someone close to the leadership of the IFRG stated: “what is being closed is bitcoin exchanges, not bitcoin itself”. The same person emphasized, “this ban on exchanges and exchange activity won’t affect the development of blockchain technology.”

[gentlemand]

The end of the Cryptocurrency Exchange era in China (translation) - Google Doc

So they're really going for it according to that. I wonder what measures miners have in place to sell. I assume the proper ones have OTC deals but there must be some stragglers who'll have to get something in place.

I can't say I'll be too sad if China checks out.

[gembitz]

greyhound racing will be good for bitcoin    weeeeeeeeeeeeeeeeeeeeeeeeeeeeee

[DaRude]

The end of the Cryptocurrency Exchange era in China (translation) - Google Doc

So they're really going for it according to that. I wonder what measures miners have in place to sell. I assume the proper ones have OTC deals but there must be some stragglers who'll have to get something in place.

I can't say I'll be too sad if China checks out.

It'd be a great irony if China forces Chinese miners out   that'd be awesome, unfortunately I don't think they're that dumb, they more likely to subsidies BCC

[Ludwig Von]

The end of the Cryptocurrency Exchange era in China (translation) - Google Doc

So they're really going for it according to that. I wonder what measures miners have in place to sell. I assume the proper ones have OTC deals but there must be some stragglers who'll have to get something in place.

I can't say I'll be too sad if China checks out.

Bitcoin will be an export product for China... .

[Last of the V8s]

https://bitcointalk.org/index.php?topic=2148605.msg21493726#msg21493726

My quick and dirty translation of the notice:
...
3.   Reinforce coin, ICO exchange platform management
From today onwards, so called exchange platforms are not allowed to participate in exchange of fiat vs tokens, fiat vs crypto. They are also not allowed to buy/ sell as a centralised participant. Not allowed to provide pricing or information as an intermediary.
Any platform against these rules will have their website, mobile apps shut down and license to operate revoked.
...

so um that's good news for bitcoin, right?

just ignore me lol

[rjclarke2000]

Have the Chinese exchanges closed right now? Are they still doing business?

This can't be true surely. China shutting down exchanges...wtf.

Is this bullshit again?

[El duderino_]

so you think no bigger dive for this time ?? just bought few coins like 1 hour before the dip 

It seems to be consolidating for now but another PBoC or other announcement could send it into another panic at any time.

This is certainly not a time to sell but it's probably not a good time to buy either. I'm holding as always but I'm keeping an eye on the price with cash in hand.

Good thanks.....

[CristiTCM]

This isn’t the first time China is banning exchanges. Back in 2013, bitcoin dropped more than 50 percent as the government asked BTCChina to stop accepting deposits in Chinese yuan. The government changed its mind later on.
Do you thing something like that can happen now?

[Last of the V8s]

Just a little more off the top. I guess.

meh what comes down must er go up

anyhoo
http://www.columbia.edu/~jl4130/BTC.pdf sorry for pdf
An Economic Analysis of the Bitcoin Payment System

Bitcoin is not regulated. It cannot be regulated.

[becoin]

This isn’t the first time China is banning exchanges. Back in 2013, bitcoin dropped more than 50 percent as the government asked BTCChina to stop accepting deposits in Chinese yuan. The government changed its mind later on.
Do you thing something like that can happen now?

No. China is far less important for Bitcoin now than it was back in 2013.

[xhomerx10]

Just a little more off the top. I guess.

meh what comes down must er go up

http://www.columbia.edu/~jl4130/BTC.pdf sorry for pdf
An Economic Analysis of the Bitcoin Payment System

Bitcoin is not regulated. It cannot be regulated.

 The regulation concerns fiat currency rather than Bitcoin.

[yefi]

Dear China, just ban us already so we can be free of your meddling forever. Thank you.

[jbreher]

No, my claim is that fees are ~1000x more on a Bitcoin Segwit transaction as compared to a Bitcoin Cash transaction.

There are more than 900 altcoins and their tx fees are 1000x less compared to a Bitcoin tx fee. Are they better money than Bitcoin? What's your point, dumby?

My point is that Paashaas' characterization of my position was inaccurate and misleading. So I corrected him/her. My correction thereof is what you quoted above. What is it that compels you to wade in with guns blazing.... dumby?

[El duderino_]

AGAIN only FOOOLS would sell now

what kind of idiot is sitting now behind his pc pushing the buttons to sell BTC 

[JayJuanGee]

Hi,

I am an absolute newby to this forum, this is my first post. On the other hand, I have been trading financial assets for quite some time.  

I expected today's BTC dip, whatever the supposed reason for it would come out to be (i.e. fake news from China) on the basis  of :

1. a simple analysis of trading volumes analyzed on various time frames

2. the application of Fibonacci retracement levels to the previous leg up

3. the application of Eliot's wave count to the previous leg up (impulse wave) and to the current leg down (correction wave)


Technical analysis is not science  and its various tools are not always churning out foolproof answers.  Some tools work better ( = more often and on more type of financial assets) than others, but even those can fail ( = give false signals).   In my experience,  Eliot and Fibonacci have the best predictive power because they are not based on averages of past datas but on eternal or, at least, recurrent human behavioural patterns.

This said,  I put out my 5 cents of wisdom to say that the market will find its way to correct lower  before it resumes its way up.  I have set a number of buying orders at decreasing price levels between 4000 and 3000 USD  so, to put my mouth where my money is, this is what I can recommend to others as well.

Good trades everybody !

Sure your post sounds reasonable newbie; however, you need to account for s-curve adoption, metcalfe networking principles and that bitcoin is an immature technology that is also going through fundamental extreme attacks and even weirdness in the cryptospace on a broader level with a variety of random and extreme performances of ICOs and alt coins, and that is where the fucktard over reliance on technical analysis frequently screws up with their assertions about supposed inevitable needs for correction in a kind of false equivalency about bitcoin being a supposed mature market.

Sure you could be correct this time (a stopped clock is correct twice a day), but please present your technical analysis with a bit more grains of salt and accounting for both the immature price finding aspect of bitcoin and the s-curve analysis which are important factors to not leave out when you are arriving at your supposed "reasonable" technical analysis conclusions and advices.

[gentlemand]

AGAIN only FOOOLS would sell now

what kind of idiot is sitting now behind his pc pushing the buttons to sell BTC 

Someone who can buy it for less in a short while?

[Ludwig Von]

AGAIN only FOOOLS would sell now

what kind of idiot is sitting now behind his pc pushing the buttons to sell BTC 

The Chinese pop and mom investors... . It is weekend after all. Bitcoin will be an export product only, in exchange for dollars coming into China, yuan going out of China is what cannot happen. And for the internal Chinese market there will be BCC.

[p0peji]

AGAIN only FOOOLS would sell now

what kind of idiot is sitting now behind his pc pushing the buttons to sell BTC 

Just as someone would have to be a retard to buy right now, the risk by far outweighs the profit potential

[JayJuanGee]

It is just time for a deeper correction, nothing more.

I beg to differ. It had already corrected. I think today's dip can be directly attributed to news of China announcing a clampdown on exchanges.

This is a similar situation to last January when the natural correction after breaking $1k was immediately followed by The PBoC announcing an investigation of the exchanges, causing a panic. After a short recovery, the PBoc started visiting the exchanges and then froze btc withdrawals causing another panic.

This time the natural correction after passing $5k was immediately followed by the PBoC outlawing ICOs, causing a panic. After a short recovery, the news of yet another Chinese action against the exchanges caused another panic.

We all know what happened to the price after January's panic subsided. Didn't we learn that China's importance in Bitcoin was over-rated?

This too will pass.

so you think no bigger dive for this time ?? just bought few coins like 1 hour before the dip 

Sell everything micgoosens!!!!!!!!