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

[lucas.sev]

So, did we have a double top?

bulls will call it cup and handle, bears will call it double top

[Shermo]

I love how people make these huge knee jerk reactions and sell off huge amounts rather than being a bit more smart about things. Massive selling on Gox and Stamp right now, no doubt it will recover again within a day or so and just makes everyone and Bitcoin look stupid.

[Bitcoines]

Hold on a second:

Bloomberg Twitter - "BREAKING: China bans financial institutions from Bitcoin transactions"

Reuters - "China's central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to China's financial system, it carries risks."

Uh, so... financial institutions banned, or warned?

i think for the banks is kind of a legal warning, not said but implying the ban i guess, and the media is taking advantage by making it worst than it seems tho, hope we stop at 1060-80 tho at least

[mmitech]

what the F is happening ?

[ElectricMucus]

Isn't a bitcoin exchange a financial institution or could be described that way?

[Vycid]

So, did we have a double top?

bulls will call it cup and handle, bears will call it double top

Stop saying the tea leaves look like tea leaves, it's against the rules.

[KFR]

Hold on a second:

Bloomberg Twitter - "BREAKING: China bans financial institutions from Bitcoin transactions"

Reuters - "China's central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to China's financial system, it carries risks."

Uh, so... financial institutions banned, or warned?

Warned not to use it until risks better understood.  Perhaps we should interpret this in a bullish way.  Bloomberg clearly wants to drive the price down so I guess they want to buy in.  

[Bitcoines]

I love how people make these huge knee jerk reactions and sell off huge amounts rather than being a bit more smart about things. Massive selling on Gox and Stamp right now, no doubt it will recover again within a day or so and just makes everyone and Bitcoin look stupid.

i love it better chances for dupliticating my bitcoin again

[Shermo]

Bitstamp under $1000 now. Lame

[Vycid]

Bitstamp under $1000 now. Lame

Hardly. Good chance to nab another couple coins.

Looks like China's ticker is still bleeding red

[mmitech]

we are dipping so hard, I wont take any action, to risky to do anything now

[Spaceman_Spiff]

bleh, fiat not accessible, otherwise I would have bought some here.

[electronistul]

well, it seems its going into uncharted teritory
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

[zby]

China giveth China taketh. Looks like this is the end of the rally.

[lucas.sev]

[N12]

You all know what I smell.

[Vycid]

well, it seems its going into uncharted teritory
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

"Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not the true meaning of money.

Thanks, Google Translate.

[Shermo]

I don't even understand why this is taken as bad news, its just neutral. Banks can't trade in bitcoins or take out insurance against them, hardly surprising. Individuals can do what they want but they accept the risk.

This is no change to how the rest of the world is working with Bitcoins. I'm surprised if any Chinese banks have invested in Bitcoins heavily anyway.

[pdawg]

140,000 BTC dumped inside 15 minutes.   I am impressed that it's only down this much.

[lucas.sev]

"Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not the true meaning of money.

Thanks, Google Translate.