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

[inca]

Bears back to caves. I bought on localbitcoins in the UK near the (hopefully) bottom.

[Vigil]

Been trying to buy since 905.

[NamelessOne]

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

I'm perfectly happy if China views Bitcoin as commodity only within the country, as you noted, that is generally how it has been treated in China anyway thus far anyway. We have the whole rest of the planet full of countries that can use it as a commodity and as a currency if desired.

[Vigil]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

[Zangelbert Bingledack]

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

This plays right into the Chinese government's long-term dollar divestment scheme. They are encouraging citizens to hold gold, so they will do the same with Bitcoin. They just want to make it more like a store of value, which in my opinion is exactly the right approach. China got strategy.

[Manna]

Bought nearly on the bottom at Stamp ~865 , that feels good as a long term investor . to buy back cheap.

[MahaRamana]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

You put the amount of BTC and you send the order. IT will fill in a few minutes at whatever the price is by that time. Good luck

[Rampion]

My understanding is that now China government clarified their policy towards bitcoin:

1) Bitcoin is a virtual commodity. It's not a currency so it cannot be used as a currency.
2) Bitcoin exchanges have to take some measures to verify users' identities and avoid money laundering.
3) Avoid using 'virtual currency' in the media to avoid misleading investors.

Actually it is not a bad news. Bitcoin has never been used as a currency in China (except two attempts did by a branch of Baidu and China Jiangsu Mobicomm). People buy them mainly for speculation and transferring funds to overseas.

Previously people may worry about the legality of bitcoin exchanges. Now this notice actually almost officially announces that all bitcoin exchanges following the rules will be legal.

This plays right into the Chinese government's long-term dollar divestment scheme. They are encouraging citizens to hold gold, so they will do the same with Bitcoin. They just want to make it more like a store of value, which in my opinion is exactly the right approach. China got strategy.

Exactly. Bulls and bears will make money over this, pigs will be slaughtered and weak hands shaken out.

[Zangelbert Bingledack]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

Market orders on MtGox during panics are...contraindicated.

[kurious]

Interesting to see the LTC/BTC ratio holding on surprisingly well to all this hype.
When BTC gets back to 1200 - 1300 (today ?   ), some people will have actually benefited from all this if they just held.

LTC was appreciating by % more against BTC than the dollar yesterday, been buying more this morning - it did not crash as much as BTC (on BTC-e).

It seems to be getting away with the 'If BTC is gold, LTC is silver' tag.

At 0.035 ish, I think it's a buy.   BTC will rally back up and at the very least LTC does not like losing against BTC, so it is no a stupid thing to do.

[Vigil]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

You put the amount of BTC and you send the order. IT will fill in a few minutes at whatever the price is by that time. Good luck

What if the amount of bitcoins I specify is more than the current price will allow?

[mmitech]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

lesson learned the hard way, never sell when a crash appear, the engine will lag so hard that you can do anything, I've learned my lesson the hard way in April and will never do it again, you try to make some profit and you will be left behind then you have to buy at a loss

[maz]

Bears back to caves. I bought on localbitcoins in the UK near the (hopefully) bottom.

Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it.

[Vycid]

Interesting to see the LTC/BTC ratio holding on surprisingly well to all this hype.
When BTC gets back to 1200 - 1300 (today ?   ), some people will have actually benefited from all this if they just held.

LTC was appreciating by % more against BTC than the dollar yesterday, been buying more this morning - it did not crash as much as BTC (on BTC-e).

It seems to be getting away with the 'If BTC is gold, LTC is silver' tag.

At 0.035 ish, I think it's a buy.   BTC will rally back up and at the very least LTC does not like losing against BTC, so it is no a stupid thing to do.

You really ought to look at the BTC/LTC historical charts.

[CryptStorm]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

You put the amount of BTC and you send the order. IT will fill in a few minutes at whatever the price is by that time. Good luck

What if the amount of bitcoins I specify is more than the current price will allow?

You'll get whatever it will fill, AFAIK

[Vigil]

Great, it decided to make my purchase at the highest price point and now we are looking at a correction. Gox sucks mangled penis.

[MahaRamana]

Please explain to me how I purchase a market order and specify the bitcoin amount if I don't know what the price is going to be.

You put the amount of BTC and you send the order. IT will fill in a few minutes at whatever the price is by that time. Good luck

What if the amount of bitcoins I specify is more than the current price will allow?

Then GOX will only buy as much as your USD allows and keep the rest of the order as pending

[Vycid]

Wheeeeee...

[KieranJones1]

Bears back to caves. I bought on localbitcoins in the UK near the (hopefully) bottom.

Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it.

Sigh... China isn't cracking down on it. Read a translation rather than just going by what random people tell you this means for Bitcoin.

[Mirsad]

Bulltrap closing @ GOX!
SELL NOW

Going under 700 Euros again.
Next target 550 Euros. Last bottom was 650 with little resistance -> dead cat bounce and back down! WOOOOHOO love it.