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

[prof7bit]

Yes most of their job is that : predicting the present.

And finding excuses for the past.

[seleme]

http://www.latimes.com/business/money/la-fi-mo-bitcoin-counterfeit-germany-arrest-20131204,0,7896369.story#axzz2mbp3DlY5

Oh man, bitcoin "counterfeiters".

Lol, probably hackers who used botnets. And they name it counterfeit, haha

[VolanicEruptor]

awww poor China, so where's this bitcoin crash that the media keeps talking about?  I don't see it

[niner]

http://www.latimes.com/business/money/la-fi-mo-bitcoin-counterfeit-germany-arrest-20131204,0,7896369.story#axzz2mbp3DlY5

Oh man, bitcoin "counterfeiters".

Turns out they were botnet mining.   Fact-checking staff at LA Times didn't know you can't counterfeit bitcoins.

http://www.pcworld.com/article/2069360/two-arrested-in-germany-for-hacking-computers-they-used-to-generate-bitcoins.html

[LukePFS]

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

To bad, i would like to buy more.

At least I got my entire fiat balance on gox to BTC at 900$, yeay, waited more as a week for this chance !!

[adsdas]

China graph last hour is so beauutifuul

[ardana123]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

[barbs]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

Hi frozenlock!

[Lewis2]

Can someone explaine these graphs? No sure what I'm seeing (trading newb)

[maz]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

My thoughts also. But don't try and be open minded on this thread, it's not allowed. Put your blinkers on and reach for the moon!

[MoreFun]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

Hi frozenlock!

It is not him.

[macsga]

Back to 1100 on Gox. Cool. And all those ripple wave effects. http://bitcoin.clarkmoody.com/
Beautiful!

[sumantso]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

My thoughts also. But don't try and be open minded on this thread, it's not allowed. Put your blinkers on and reach for the moon!

Thats why I think it will go down now. Even if it goes down to 500$ thats still double the April high.
China had a big role in this boom. To pretend that this news - which I do believe is a positive one in the long run - won't affect price in the short term (next 2-3 weeks) is just putting blinkers on IMO.

[meanig]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

My thoughts also. But don't try and be open minded on this thread, it's not allowed. Put your blinkers on and reach for the moon!

If the Chinese government were serious about hindering Bitcoin, Bobby Lee would have "disappeared" by now and BTCChina would have been scrubbed from the face of the internet. They don't need excuses or legal niceties to get things done over there.

I can only imagine that Bobby has paid the necessary bribes and Bitcoin is safe in China for the time being.

[mmitech]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

I don't think so, they will be loosing allot of money and many customers start switching to other banks, the statement doesn't forbid such transactions, it was clear that individuals has to take risks when dealing with Bitcoin which is not new. we always took risks on our own bitcoin investment.

till now Bitcoin was used as commodity more than a virtual currency and till now we didn't see any bank using Bitcoin for transactions or anything related, so I really do not understand where the panic come from.

Bitcoin wasn't in the black nor the white area in china it was in the gray area, now this issue has been addressed and bitcoin is in the white area, people can buy it sell it trade it and use it as a commodity.

I see this new really positive, though the ban for organizations from using bitcoin came a bit surprising, yet understandable, do not forgot China has a record in banning websites,firms and related technology businesses, so the statement is really positive, I was afraid that they will ban Bitcoin as the whole concept.


give it some time and it will settle, people still don't understand what is going on, or rather shocked.

[BitThink]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

Btcchina is using TenPay, a Paypal like service in China. TenPay is used for depositing and withdrawing fiat to and from BTCChina, so they don't touch bitcoin at all. No one will boycott bitcoin, and on the contrary, everyone will find a way to enter bitcoin market if it's profitable.

[ardana123]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

My thoughts also. But don't try and be open minded on this thread, it's not allowed. Put your blinkers on and reach for the moon!

Thats why I think it will go down now. Even if it goes down to 500$ thats still double the April high.
China had a big role in this boom. To pretend that this news - which I do believe is a positive one in the long run - won't affect price in the short term (next 2-3 weeks) is just putting blinkers on IMO.

But every drop is met with such huge buy support... I know it's just speculators wanting to make a profit that start these dumps/pumps. I'm starting to think it would take something truly devastating to drop the price significantly from now on.

[JimboToronto]

awww poor China, so where's this bitcoin crash that the media keeps talking about?  I don't see it

Don't pay any attention to mainstream media. They all seem to spam fud about Bitcoin.

It's easy to understand the motives of the established financial media. They have a vested interest in maintaining the status quo of their biggest advertisers.

As for the vehemence of anti-Bitcoin sentiment amongst the other media, I think it's largely based on ignorance.

Ignorance breeds fear, and fear causes people to lash out. Media people aren't usually the smartest and they resent the fact that they can't understand something about which they would love to be authoritative. Sad.

[bclcjunkie]

here's my take... for the record i'm a bull so this is in no way to attempt to spread fear or panic, in fact i'm happy to hear if someone else thinks there's another side to my thinking...
basically this news recalled the story with qq coin... i feel PBOC's sentiment towards virtual currencies hasn't really changed and all that sugarcoated talk is going to turn ugly once they realize that they can't put up proper capital controls around bitcoin or can't tax individuals who stashed millions away... in fact in a country where i live, 2 exchanges are undergoing new regulations as banks are now starting to scrutinize large transactions (SGD 1mil of money flow a month) for probably capital controls and tax purposes... 

Source:
http://online.wsj.com/news/articles/SB117519670114653518

Quoted:
"The People's Bank of China will strengthen management of the virtual currencies used in online games and will stay on the lookout for any assault by such virtual currencies on the real economic and financial order," the ministries and bank said in a joint statement.

and the hammerban 2 years later..

http://www.theregister.co.uk/2009/06/30/china_bans_virtual_money_to_buy_real_world_goods_and_services/

so i ask myself what happens when you have huge outflows of hard to trace illicit money? first, you strengthen the currency of the country that launders money while weakening yuan right and PBOC has to compensate that by purchasing equal amount of yuan offshore at the same time taking in massive losses... second, you lose an opportunity to tax wealthy individuals...

http://www.gfintegrity.org/content/view/581/70/

quoted:
The Chinese economy hemorrhaged US$3.79 trillion in illicit financial outflows from 2000 through 2011, according to a new report [PDF] released today by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization.

You realize is was the central bank in China making the announcement, all central banks hate Bitcoin as they can't print it, they have to buy it like everyone else, they are not use to that level playing field so they will do whatever they can to hinder Bitcoin or any other decentralized currency, the word central isn't in their name for decoration.

[sumantso]

What are the chances of Chinese banks boycotting btcchina and other exchanges now? I can imagine the banking partners of btcchina getting antsy at this news.

My thoughts also. But don't try and be open minded on this thread, it's not allowed. Put your blinkers on and reach for the moon!

Thats why I think it will go down now. Even if it goes down to 500$ thats still double the April high.
China had a big role in this boom. To pretend that this news - which I do believe is a positive one in the long run - won't affect price in the short term (next 2-3 weeks) is just putting blinkers on IMO.

But every drop is met with such huge buy support... I know it's just speculators wanting to make a profit that start these dumps/pumps. I'm starting to think it would take something truly devastating to drop the price significantly from now on.

Lets see. $500 may have been too pessimistic, but I quoted that figure to point out its still a huge gain. It need not go down in a few devastating blows. If there is clear downtrend over the next few days it can keep creeping down.

Of course, it shouldn't matter to the average holder as long term everybody will profit anyways.