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

[macsga]

I have to repeat this for the newbies:

I personally follow and post here the 5 rules of success for you:
1. Don't get emotional from other's people thoughts.
2. Not everyone here is a "nice person" you can trust.
3. IF YOU DON'T KNOW WHAT TO DO, DON'T TRADE.
4. HOLD!!!
5. Until you desperately need the money follow rule #4.

Good Luck!

[niothor]

Brace yourselves market gonna crash. Two reasons -

#1 China banned banks from Bitcoin transactions

#2 Sheep Market place theft of $400 million, much bigger than silk road

How did you get by that number?  Weren't 95000 coins?

Check this transaction
https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP?offset=0&filter=0

Total received. You can see coins getting out and in .

[KFR]

Simply said, what China bans in this notice does not exists in any country yet. As far as I know no bank is using bitcoin as a currency in all over the world. Even Germany treats it as a private currency. China just officially announced it. On the other hand, previously exchanges are in gray area but now they have chance to be 'white'.

Precisely.

[CryptStorm]

so, check this out

"...The Notice requires, the Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. ..."

Somebody just got a sweet deal *cough, owner of BTCChina, cough*

Must be nice to get an inside deal. *cough, money exchanges hands, cough*

What advantage does BTCCHina have for which you suggest they've had to pay?

I'm suggesting it must be nice to have all potential competition in your country, essentially, get the kibosh. How that may have happened, I can only *speculate*.

[KieranJones1]

Brace yourselves market gonna crash. Two reasons -

#1 China banned banks from Bitcoin transactions

#2 Sheep Market place theft of $400 million, much bigger than silk road

How did you get by that number?  Weren't 95000 coins?

Check this transaction
https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP?offset=0&filter=0

Total received. You can see coins getting out and in .

This isn't the Sheep stolen coins wallet, it's a BTC-E wallet.
http://www.reddit.com/r/SheepMarketplace/comments/1s2upf/the_sheep_market_scam_address_does_not_actually/

[MahaRamana]

Brace yourselves market gonna crash. Two reasons -

#1 China banned banks from Bitcoin transactions

#2 Sheep Market place theft of $400 million, much bigger than silk road

These news are already widely known amongst market participants. If that would trigger a crash, the crash would have already happened. China is going to bed now, it's old news already.
Sheep Market is even older.

You cannot anticipate the market based on old news. You have to anticipate the news.

I don't say there won't be a crash, maybe there will. But I think more bad news would be needed for that.

[JimboToronto]

Brace yourselves market gonna crash. Two reasons -

#1 China banned banks from Bitcoin transactions

#2 Sheep Market place theft of $400 million, much bigger than silk road

How did you get by that number?  Weren't 95000 coins?

Check this transaction
https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP?offset=0&filter=0

Ever heard of tumbling?

[Odrec]

Simply said, what China bans in this notice does not exists in any country yet. As far as I know no bank is using bitcoin as a currency in all over the world. Even Germany treats it as a private currency. China just officially announced it. On the other hand, previously exchanges are in gray area but now they have chance to be 'white'.

But didn't China ban it as a currency too? In that case probably the main purpose of bitcoin is void. I'm not saying that's the case but that's what I heard. Banning the banks is moot, who cares? But banning the currency aspect of bitcoin is really not cool.

[Davyd05]

Simply said, what China bans in this notice does not exists in any country yet. As far as I know no bank is using bitcoin as a currency in all over the world. Even Germany treats it as a private currency. China just officially announced it. On the other hand, previously exchanges are in gray area but now they have chance to be 'white'.

But didn't China ban it as a currency too? In that case probably the main purpose of bitcoin is void. I'm not saying that's the case but that's what I heard. Banning the banks is moot, who cares? But banning the currency aspect of bitcoin is really not cool.

nothing is 100% clear most of this is probably google translations. However I don't believe it is banned as a currency.

[KieranJones1]

Simply said, what China bans in this notice does not exists in any country yet. As far as I know no bank is using bitcoin as a currency in all over the world. Even Germany treats it as a private currency. China just officially announced it. On the other hand, previously exchanges are in gray area but now they have chance to be 'white'.

But didn't China ban it as a currency too? In that case probably the main purpose of bitcoin is void. I'm not saying that's the case but that's what I heard. Banning the banks is moot, who cares? But banning the currency aspect of bitcoin is really not cool.

You've misunderstood a little. They banned banks from trading it as a currency (as they would with CNY, USD, GBP, EUR etc etc). This wasn't a source of value for bitcoin in the first place - no banks, anywhere in the world, engage in FOREX transactions in BTC - so beyond this initial wave of panic sales, this shouldn't affect bitcoin's value in the long-term.

[MikeH]

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

Not sure about the web interface but is probably the same as the API where you can enter amount of like 1000 even if you only have 2 to sell or funds to buy 2 and it will auto adjust.

[KFR]

so, check this out

"...The Notice requires, the Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. ..."

Somebody just got a sweet deal *cough, owner of BTCChina, cough*

Must be nice to get an inside deal. *cough, money exchanges hands, cough*

What advantage does BTCCHina have for which you suggest they've had to pay?

I'm suggesting it must be nice to have all potential competition in your country, essentially, get the kibosh. How that may have happened, I can only *speculate*.

Did you see this from a couple of days ago?  It might help with that *speculation*.

http://www.bloomberg.com/news/2013-12-02/china-s-largest-bitcoin-exchange-seeks-recognition-for-currency.html

[seleme]

This China stuff just simply shouldn't have a single bad influence on Bitcoin's price. At least in negative direction, giving bitcoin exchange a green to legalize themselves could only be positive.

[Dragonkiller]

$900k bid wall at 950 on bitstamp

[Rampion]

Don't know if you are:

1) a troll
2) a pig getting slaughtered (A.K.A. "a retard")
3) a noob trying to talk down the price down so he can load the truck with cheap coins

Please advise.

How much fiat/bitcoins % you in right now?

Depends on how you look at it. I'm not trading unless we enter a bear market, so in one sense I'm "100% in". On the other side, I recently converted 10% of my stash in fiat profits, but with the intention to spend it - not to buy back... Unless we enter a bear market and we revisit $300.

[Rampion]

Brace yourselves market gonna crash. Two reasons -

#1 China banned banks from Bitcoin transactions

#2 Sheep Market place theft of $400 million, much bigger than silk road

How did you get by that number?  Weren't 95000 coins?

Check this transaction
https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP?offset=0&filter=0

That's BTC-E wallet.

[BitThink]

Simply said, what China bans in this notice does not exists in any country yet. As far as I know no bank is using bitcoin as a currency in all over the world. Even Germany treats it as a private currency. China just officially announced it. On the other hand, previously exchanges are in gray area but now they have chance to be 'white'.

But didn't China ban it as a currency too? In that case probably the main purpose of bitcoin is void. I'm not saying that's the case but that's what I heard. Banning the banks is moot, who cares? But banning the currency aspect of bitcoin is really not cool.

For small merchants, they can just accept bitcoin as 'exchange commodity for commodity'. For large merchants, they can use bitpay like service. Customers pay bitcoin and the merchants get fiats.

Actually this does not matter much. People cannot use gold to buy things too.

[NewLiberty]

Dude stop reading what some bull manipulates the news to say as fact. It's bad news full stop. China's banning financial institutions from handling bitcoin transactions, if you see that as good news for Chinese exchanges or for bitcoin in China alone, your deluded.

Is your perspective now the following hours, days, weeks or months?

"Bad news for Bitcoin" as a generalization does not exist, because nothing can stop Bitcoin. It is just a question of the way.

Pls elaborate.

Yes I agree, just getting caught up in the excitement. Like I said earlier I still think 1mill per coin is going to happen. But this is a temporary bad news. I think we will feel the effects of this for a few weeks, if not months. Not only because of what has happened in China but because it will effect the confidence of all our new investors, small or big. The media which has helped rally us to our latest ATH with such voracity will act as a two edged sword and now do the opposite touting the crash which will upset our adoption rate.

I don't think we will see several months like the last time, but we will have to go into a bear market for a few months, forget this bad news, recuperate, get more good news, and advance on another ATH attack, how long that takes, I have no idea.

This could be a possibility.

Only in BitcoinTalk can "banning" something that has never been done, bad news.
Where in the world are there banking institutions with bank accounts denominated in bitcoin?  China?
Looks like they were contemplating it, and the big boys said "not yet" loudly.
Wake me up when they ban unicorns too.

[CryptStorm]

so, check this out

"...The Notice requires, the Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. ..."

Somebody just got a sweet deal *cough, owner of BTCChina, cough*

Must be nice to get an inside deal. *cough, money exchanges hands, cough*

What advantage does BTCCHina have for which you suggest they've had to pay?

I'm suggesting it must be nice to have all potential competition in your country, essentially, get the kibosh. How that may have happened, I can only *speculate*.

Did you see this from a couple of days ago?  It might help with that *speculation*.

http://www.bloomberg.com/news/2013-12-02/china-s-largest-bitcoin-exchange-seeks-recognition-for-currency.html

Yeah, I saw that, thanks for the quick link. You know, the interesting thing there is that they specifically mention "seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country", so while they failed on that regard, they got a major pass onto the 'white list'.

Quoted from article, "Bitcoin is 'not on the black list and it’s not on the white list. It’s in the gray area.' "

[MicroFi]

Can we assume the worst is over?
China seems to be climbing up again too.