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

[dropt]

Whats going on in china up 5% in 2 hours?

Word on the street is BTCChina has spoken to their bank, and the bank says they haven't heard anything and they don't see any reason to be closing BTCChina's accounts.  I can't read Chinese, so I can't confirm it, but that's what I read about an hour ago.

Link please.

http://card.weibo.com/article/h5/s#cid=1001603695623202293015

I have no idea regarding the validity of the source or information.  Use at your own peril.

[windjc]

You guys are still calling the China bank situation FUD even after btc38 and another Chinese exchange stopped deposits? Are you just going to continue to shout 'FUD' as they drop one by one around you, until there is only one left and you're still saying FUD because there's still that one...  Is it because you're listening to Bobby Lee's statements? Bobby Lee is a pumper and a liar.

no because there is nothing to verify any plans of a ban. they just issued demands for compliance with the policy set out in dec 5. but now people are expecting a jan 31st deadline on april 15th

So you acknowledge that the PBOC is demanding that the exchanges stop the banking, and that the exchanges are disobeying. How can this possibly be bullish? Your whole case is that that you believe that no enforcement action will ever happen - The PBOC or the chinese government is never going to enforce the demands of PBOC and actually shut down the accounts. Right? That's pretty weak. That was the same story in the last 3 false recoveries. It's like you're just asking for more punishment now. You know that inevitably it's going to happen, and that any recovery or bounce is false because we haven't actually recovered and moved on from Chinese banking influence. I suppose this one last little denial is perfect for a little bounce to fill in the rest of the triangle before it breaks down.

How high will this bounce go TERA? I say no higher than 2800, probably 2750.

[freebit13]

Right - I know it isn't predictable to any given day, but it seemed like what I read was about we'll always know what btc is worth in real value, not artificially inflated or deflated, and based on - which is where it's sketchy but I *think* it was based on something like how many people are buying or making transactions the value is calculated so the ups and downs are knowable.

I've read so friggin much on here it's hard to remember it specifically but that was the impression it gave me - that the match behind bitcoin provides some calculation that tells what the value is and going to be based on use or something.

Anyway, no problem...just curious Thanks!

The value can only be what people are willing to pay for it... that's why everything seems to depend on the exchanges at the moment. It's theoretical value might be higher than the current USD value, but if people aren't willing to pay that much for it then the price goes down.

[serenitys]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

[serenitys]

i like the new poll.


just yesterday i bought the domain bitcoin.rocks ! don´t know what to do with it, but hey - it rocks !  

Take a page from the geocaching crowd and make rock looking caches to hide private keys in? Geocachers are a creative bunch with their hiding skillz.

[Davyd05]

You guys are still calling the China bank situation FUD even after btc38 and another Chinese exchange stopped deposits? Are you just going to continue to shout 'FUD' as they drop one by one around you, until there is only one left and you're still saying FUD because there's still that one...  Is it because you're listening to Bobby Lee's statements? Bobby Lee is a pumper and a liar.

no because there is nothing to verify any plans of a ban. they just issued demands for compliance with the policy set out in dec 5. but now people are expecting a jan 31st deadline on april 15th

So you acknowledge that the PBOC is demanding that the exchanges stop the banking, and that the exchanges are disobeying. How can this possibly be bullish? Your whole case is that that you believe that no enforcement action will ever happen - The PBOC or the chinese government is never going to enforce the demands of PBOC and actually shut down the accounts. Right? That's pretty weak. That was the same story in the last 3 false recoveries. It's like you're just asking for more punishment now. You know that inevitably it's going to happen, and that any recovery or bounce is false because we haven't actually recovered and moved on from Chinese banking influence. I suppose this one last little denial is perfect for a little bounce to fill in the rest of the triangle before it breaks down.

The PBoC contacted third party deposit facilitators not the exchanges, hell in Canada all the major banks stopped allowing bill payment as a method to deposit @ cryptocurrency exchanges. Which was my cheapest option now its direct withdrawal from my bank account. My guess they don't want to miss out on the fees they could be earning.

So to be clear I am saying PBoC is doing what they do, enforcing the policy. It was also stated that someone even went as far as to report a third party payment processor to the PBoC for breaking said policy... the policy being PBoC decides what banks could be used, their banks.

Obviously the third party voucher system or re-charge cards operated in a grey area for a time, so be it there is less option to deposit now but that isn't going to mimic the effect of a ban that the market priced in.

You yourself mentioned not believing we could leave the bear market behind until these Chinese exchanges are dead and gone like gox. I think they' can exist after the bear market just fine. I also don't think this recent movement is the sign of the bear market ending just a bit of people who wanted to lock up some hodling material among people squeezing each others margin positions.

[mooncake]

http://card.weibo.com/article/h5/s#cid=1001603695623202293015

I have no idea regarding the validity of the source or information.  Use at your own peril.

"Word on the street is BTCChina has spoken to their bank, and the bank says they haven't heard anything and they don't see any reason to be closing BTCChina's accounts.  I can't read Chinese, so I can't confirm it, but that's what I read about an hour ago."

That's correct.

[freebit13]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

That's why he hasn't spent the millions of coins he mined... once the price is right and adoption is high enough, he'll probably find a way to distribute them to the poorest people on earth  

[600watt]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

The Phoenicians are said to have invented money. I just wonder why they did not invent enough of it.

karl valentin

[dropt]

http://card.weibo.com/article/h5/s#cid=1001603695623202293015

I have no idea regarding the validity of the source or information.  Use at your own peril.

"Word on the street is BTCChina has spoken to their bank, and the bank says they haven't heard anything and they don't see any reason to be closing BTCChina's accounts.  I can't read Chinese, so I can't confirm it, but that's what I read about an hour ago."

That's correct.

Thanks, I appreciate you taking a look at that.

[dreamspark]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

It must have taken weeks to read half this thread lol

[dreamspark]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

That's why he hasn't spent the millions of coins he mined... once the price is right and adoption is high enough, he'll probably find a way to distribute them to the poorest people on earth  

Who will all instasell to buy some food crashing the price to 0 

[delphic]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

That's why he hasn't spent the millions of coins he mined... once the price is right and adoption is high enough, he'll probably find a way to distribute them to the poorest people on earth  

I have wondered about this.

You may actually be right, which would be wonderful.

[Erdogan]

[...]
Curious about something if anyone here might know...I read somewhere in this forum something about the value of btc being coded in the math, that it can always be known how much it will be worth and how it will increase in value due to the code or whatever and that it's coded to increase exponentially. If that's knowable because of the code itself then why all the speculation?

This is wrong. The value comes from the demand to have value in reserve, from the actors in the market. I happen to think that bitcoin is an excellent store of value, so I want to have some of my reserves in bitcoin.

[ShroomsKit_Disgrace]

We seem to keep bouncing down from the $450 ceiling. I'm going to reserve any declarations of bullishness until we get through that

Please update us.

I am seriously considering putting you in the same category as fonzie, igorr and mah87.

Noted. Please update when you do.

 Panic!!! Sheeps! I dont trade!! More Panic!! They're just sheeps!! Why why why? (José Mourinho style)

[freebit13]

I have read sooooo much stuff (even read over half of THIS entire thread - dedicated n00b yo) - so yeah I definitely got crossed there, though it would've been even cooler of Satoshi if he'd have just coded the whole thing to make everyone financially secure and never impoverished since clearly he was already a genius level nerd  

That's why he hasn't spent the millions of coins he mined... once the price is right and adoption is high enough, he'll probably find a way to distribute them to the poorest people on earth  

Who will all instasell to buy some food crashing the price to 0 

Not if they could buy that food with btc directly... 

[dropt]

Panic!!! Sheeps! I dont trade!! More Panic!! They're just sheeps!! Why why why? (José Mourinho style)

What a useless post from an useless account.

[TERA]

You guys are still calling the China bank situation FUD even after btc38 and another Chinese exchange stopped deposits? Are you just going to continue to shout 'FUD' as they drop one by one around you, until there is only one left and you're still saying FUD because there's still that one...  Is it because you're listening to Bobby Lee's statements? Bobby Lee is a pumper and a liar.

no because there is nothing to verify any plans of a ban. they just issued demands for compliance with the policy set out in dec 5. but now people are expecting a jan 31st deadline on april 15th

So you acknowledge that the PBOC is demanding that the exchanges stop the banking, and that the exchanges are disobeying. How can this possibly be bullish? Your whole case is that that you believe that no enforcement action will ever happen - The PBOC or the chinese government is never going to enforce the demands of PBOC and actually shut down the accounts. Right? That's pretty weak. That was the same story in the last 3 false recoveries. It's like you're just asking for more punishment now. You know that inevitably it's going to happen, and that any recovery or bounce is false because we haven't actually recovered and moved on from Chinese banking influence. I suppose this one last little denial is perfect for a little bounce to fill in the rest of the triangle before it breaks down.

How high will this bounce go TERA? I say no higher than 2800, probably 2750.

I have trouble with reading the Chinese charts but, if this evolves into a serious bounce rally, Stamp could go anywhere from $500 to $580 with a most likely target of $540, all depending on how much hype there is.

[windjc]

You guys are still calling the China bank situation FUD even after btc38 and another Chinese exchange stopped deposits? Are you just going to continue to shout 'FUD' as they drop one by one around you, until there is only one left and you're still saying FUD because there's still that one...  Is it because you're listening to Bobby Lee's statements? Bobby Lee is a pumper and a liar.

no because there is nothing to verify any plans of a ban. they just issued demands for compliance with the policy set out in dec 5. but now people are expecting a jan 31st deadline on april 15th

So you acknowledge that the PBOC is demanding that the exchanges stop the banking, and that the exchanges are disobeying. How can this possibly be bullish? Your whole case is that that you believe that no enforcement action will ever happen - The PBOC or the chinese government is never going to enforce the demands of PBOC and actually shut down the accounts. Right? That's pretty weak. That was the same story in the last 3 false recoveries. It's like you're just asking for more punishment now. You know that inevitably it's going to happen, and that any recovery or bounce is false because we haven't actually recovered and moved on from Chinese banking influence. I suppose this one last little denial is perfect for a little bounce to fill in the rest of the triangle before it breaks down.

How high will this bounce go TERA? I say no higher than 2800, probably 2750.

I have trouble with reading the Chinese charts but, if this evolves into a serious bounce rally, Stamp could go anywhere from $500 to $580 with a most likely target of $540, all depending on how much hype there is.

Interesting. I don't see this bounce carrying that far. But who knows. I think we get a little more than a 61% retracement on this last drop down and then at least a retest of the lows around $415.

[bangersdad]

420 will be tested within 12hrs. It might be briefly breached but 420 is very strong resistance and will HODL!

Brace yourselves!

Looking at huobi it seems like 420 might not even be tested (bitstamp)

This is just more consolidation. We might go up a few, down a few, etc. etc. The bid sums on the exchanges above 400 are shallow. Its only going to take one more major leg down to finally test 400.  Could come over a nervous weekend, could come on some more bad "news" (ie excuse) next week. That wall on Bitstamp will get its chance within the next 7-10 for sure.

i happen to agree entirely with your outlook. and also with the way you write news(i.e excuse) - i think alot of people do not understand this point.