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

[Davyd05]

People whats going on?

We are close to 400 and there is no volume at all! Do something!

To be honest I think most of the news was already priced in and people have been taking their positions over the last few days.

However this is just the announcement and the deadline is not for a few more days so no doubt theres people waiting to buy until after that...

it gets extended in the Reddit I read regarding huobi, to the 18th lol. However real question is some are saying this is a call, oral communication. It is possible a very successful social engineering hack to FUD us to death lol.

I can't imagine the pboc not putting this shit in writing lol .. or they really are just brake pumping till they can think of better controls, which will never occur

Who knows its a mystery at this point, I beleive the oral communication part was between Huobi and their bank though not their bank and pboc?

http://www.reddit.com/r/Bitcoin/comments/22o5si/huobis_bank_account_shutting_down/

Here's xiefeilaga's personal translation:
Announcement on the Temporary Cessation of Deposits via ICBC Cards on Huobi
Dear Huobi users:
Latest news from Huobi:
At roughly 10:00am today, we received notice from the Zhongguancun Branch of ICBC (Industrial and Commercial Bank) that they had been notified by operations management to cease providing service to Huobi, and would be closing Huobi's ICBC account by April 18.
At roughly 10:30, several of the Huobi partners rushed to the Zhongguancun Branch of Huobi to communicate with the Customer Manager.
The situation is as follows:
They did truly receive notice from higher up at the bank, requesting a halt to our ICBC Zhongguancun Account, effective April 18
The notice was an oral notice. The branch has not received anything in writing
When asked why other banks had not sent out the same notice, the response was that different banks may be interpreting policies in different ways, and may have different levels of sensitivity
When asked if there was any room for maneuvering, the answer was that there was none. The order had come from above, and there was nothing to discuss
When asked how to handle user funds in the future, the answer was that we could shift our funds to a different commercial bank, but not ICBC.
We asked the Customer Manager to provide his views on the Bitcoin policy and related matters, but since they did not represent ICBC's views, and had little direct bearing on Huobi's operations, they will not be explained point-by-point in this notice.
Today at 12:00, we rushed back to the office to release this notice. Before release of this notice, we did not notify any users or organizations in advance. Please keep an eye on this.
Huobi will officially suspend deposits through its ICBC Zhongguancun Branch account next Monday (April 14)(this will not affect users withdrawing cash from ICBC. We will use accounts at other banks to transfer the funds to your account). At present, this does not affect other banks. Huobi will release any new information immediately.

If this is true this weekend could be a slaughter.

[tarmi]

http://www.reddit.com/r/Bitcoin/comments/22o5si/huobis_bank_account_shutting_down/

Here's xiefeilaga's personal translation:
Announcement on the Temporary Cessation of Deposits via ICBC Cards on Huobi
Dear Huobi users:
Latest news from Huobi:
At roughly 10:00am today, we received notice from the Zhongguancun Branch of ICBC (Industrial and Commercial Bank) that they had been notified by operations management to cease providing service to Huobi, and would be closing Huobi's ICBC account by April 18.
At roughly 10:30, several of the Huobi partners rushed to the Zhongguancun Branch of Huobi to communicate with the Customer Manager.
The situation is as follows:
They did truly receive notice from higher up at the bank, requesting a halt to our ICBC Zhongguancun Account, effective April 18
The notice was an oral notice. The branch has not received anything in writing
When asked why other banks had not sent out the same notice, the response was that different banks may be interpreting policies in different ways, and may have different levels of sensitivity
When asked if there was any room for maneuvering, the answer was that there was none. The order had come from above, and there was nothing to discuss
When asked how to handle user funds in the future, the answer was that we could shift our funds to a different commercial bank, but not ICBC.
We asked the Customer Manager to provide his views on the Bitcoin policy and related matters, but since they did not represent ICBC's views, and had little direct bearing on Huobi's operations, they will not be explained point-by-point in this notice.
Today at 12:00, we rushed back to the office to release this notice. Before release of this notice, we did not notify any users or organizations in advance. Please keep an eye on this.
Huobi will officially suspend deposits through its ICBC Zhongguancun Branch account next Monday (April 14)(this will not affect users withdrawing cash from ICBC. We will use accounts at other banks to transfer the funds to your account). At present, this does not affect other banks. Huobi will release any new information immediately.

love it! just like the gox situation: postponing inevitable crash with some bs stories to buy some time.

[dreamspark]

I'm saying that a change in cash flow due to something actually happening has a real and direct affect on the market regardless of what speculators think and is almost impossible to prepare for or 'price in'.

Okay, well I agree with you to a point but its not impossible to prepare for, if you anticipate based on the news that the price will drop due to exchanges bank accounts being closed then that is preparing for it, thus it gets priced in slightly.

Are you attempting to suggest that the price drop due to the confirmed news would have been the same amount even if people had not already heard it was likely and taken a position based on that.

I won't speak for TERA, but 'news' is 'priced in' on guesswork. When banking services are withdrawn, we'll see how accurate the guesswork was.
This happens all the time, hence xxx news report saying 'shares rose as earnings exceeded expectations' or whatever.

Yes I'm agreeing with that, maybe coming at it from two slightly different angles is where the differences are. On one hand you have the price drop due to speculators anticipating the price drop and then on the other you have the actual effect the services being withdrawn may have.

My point of view as a non Chinese person and speculator is that if I sell based on the unconfrimed news I am anticipating and preparing for the drop and how it drops as a culmination of other speculators and the actual effect of the withdrawal of services doesn't really matter as theres no clear divide or way to tell.

[anu]

postponing inevitable crash with some bs stories to buy some time.

Somehow this behavior reminds me about other, very large financial institutions...

[Davyd05]

http://www.reddit.com/r/Bitcoin/comments/22o5si/huobis_bank_account_shutting_down/

Here's xiefeilaga's personal translation:
Announcement on the Temporary Cessation of Deposits via ICBC Cards on Huobi
Dear Huobi users:
Latest news from Huobi:
At roughly 10:00am today, we received notice from the Zhongguancun Branch of ICBC (Industrial and Commercial Bank) that they had been notified by operations management to cease providing service to Huobi, and would be closing Huobi's ICBC account by April 18.
At roughly 10:30, several of the Huobi partners rushed to the Zhongguancun Branch of Huobi to communicate with the Customer Manager.
The situation is as follows:
They did truly receive notice from higher up at the bank, requesting a halt to our ICBC Zhongguancun Account, effective April 18
The notice was an oral notice. The branch has not received anything in writing
When asked why other banks had not sent out the same notice, the response was that different banks may be interpreting policies in different ways, and may have different levels of sensitivity
When asked if there was any room for maneuvering, the answer was that there was none. The order had come from above, and there was nothing to discuss
When asked how to handle user funds in the future, the answer was that we could shift our funds to a different commercial bank, but not ICBC.
We asked the Customer Manager to provide his views on the Bitcoin policy and related matters, but since they did not represent ICBC's views, and had little direct bearing on Huobi's operations, they will not be explained point-by-point in this notice.
Today at 12:00, we rushed back to the office to release this notice. Before release of this notice, we did not notify any users or organizations in advance. Please keep an eye on this.
Huobi will officially suspend deposits through its ICBC Zhongguancun Branch account next Monday (April 14)(this will not affect users withdrawing cash from ICBC. We will use accounts at other banks to transfer the funds to your account). At present, this does not affect other banks. Huobi will release any new information immediately.

love it! just like the gox situation: postponing inevitable crash with some bs stories to buy some time.

gox crashed harder with their lies, when they actually came out and said we've lost it all the market started to rebound lol

[ShroomsKit]

http://www.reddit.com/r/Bitcoin/comments/22o5si/huobis_bank_account_shutting_down/

Here's xiefeilaga's personal translation:
Announcement on the Temporary Cessation of Deposits via ICBC Cards on Huobi
Dear Huobi users:
Latest news from Huobi:
At roughly 10:00am today, we received notice from the Zhongguancun Branch of ICBC (Industrial and Commercial Bank) that they had been notified by operations management to cease providing service to Huobi, and would be closing Huobi's ICBC account by April 18.
At roughly 10:30, several of the Huobi partners rushed to the Zhongguancun Branch of Huobi to communicate with the Customer Manager.
The situation is as follows:
They did truly receive notice from higher up at the bank, requesting a halt to our ICBC Zhongguancun Account, effective April 18
The notice was an oral notice. The branch has not received anything in writing
When asked why other banks had not sent out the same notice, the response was that different banks may be interpreting policies in different ways, and may have different levels of sensitivity
When asked if there was any room for maneuvering, the answer was that there was none. The order had come from above, and there was nothing to discuss
When asked how to handle user funds in the future, the answer was that we could shift our funds to a different commercial bank, but not ICBC.
We asked the Customer Manager to provide his views on the Bitcoin policy and related matters, but since they did not represent ICBC's views, and had little direct bearing on Huobi's operations, they will not be explained point-by-point in this notice.
Today at 12:00, we rushed back to the office to release this notice. Before release of this notice, we did not notify any users or organizations in advance. Please keep an eye on this.
Huobi will officially suspend deposits through its ICBC Zhongguancun Branch account next Monday (April 14)(this will not affect users withdrawing cash from ICBC. We will use accounts at other banks to transfer the funds to your account). At present, this does not affect other banks. Huobi will release any new information immediately.

love it! just like the gox situation: postponing inevitable crash with some bs stories to buy some time.

And every time we go down like it's the first time. Just great.

[CoinThinker]

One of the biggest problems I think is that there are no effective ways to deposit money for people who want to buy BTC. It's rubbish that all you can do is Bank transfers...

I don't understand why Bitstamp doesn't include Neteller for example as a deposit option?? This way that exchange doesn't reflect reality. On one hand you have something which is there in minutes (BTC), but on the other hand you need to wait weeks (not to talk about that many will not make any bank transactions). I am sure if depositing money would be as easy as depositing BTC, the price would rocket up immediately.

[Davyd05]

One of the biggest problems I think is that there are no effective ways to deposit money for people who want to buy BTC. It's rubbish that all you can do is Bank transfers...

I don't understand why Bitstamp doesn't include Neteller for example as a deposit option?? This way that exchange doesn't reflect reality. On one hand you have something which is there in minutes (BTC), but on the other hand you need to wait weeks (not to talk about that many will not make any bank transactions). I am sure if depositing money would be as easy as depositing BTC, the price would rocket up immediately.

because bitcoin is feared by most payment systems as it can replace them all. aide in the death of your profit lol.. that makes zero sense.

the amount of bitcoin atms available in major cities in North America will help to resolve this issue, hopefully the fee's on said atm add up to similar fee structures of fees conveyed by exchanges ( trading and or deposit and withdrawals )

its growing globally to in regards to btc-atms

[dreamspark]

One of the biggest problems I think is that there are no effective ways to deposit money for people who want to buy BTC. It's rubbish that all you can do is Bank transfers...

I don't understand why Bitstamp doesn't include Neteller for example as a deposit option?? This way that exchange doesn't reflect reality. On one hand you have something which is there in minutes (BTC), but on the other hand you need to wait weeks (not to talk about that many will not make any bank transactions). I am sure if depositing money would be as easy as depositing BTC, the price would rocket up immediately.

You used to be able to use a lot of 3rd party services but most of them were stopped last year mainly due to KYC/AML I think.

The bank deposit thing I dont think is a massive problem. I can have a wire from my account and on Stamp in a couple of hours most of the time.

[Davyd05]

It was discussed somewhere, reddit or here that the major Chinese exchanges are trying to set up accounts in foreign countries and move bases of operations.

China is going to shoot themselves in the foot, losing out on all those fees for processing wires etc etc etc.

[dreamspark]

It was discussed somewhere, reddit or here that the major Chinese exchanges are trying to set up accounts in foreign countries and move bases of operations.

China is going to shoot themselves in the foot, losing out on all those fees for processing wires etc etc etc.

How does a Chinese person deposit to a foreign country ? Arent there strict controls surrounding that?

[sonofliberty]

 

[TERA]

It was discussed somewhere, reddit or here that the major Chinese exchanges are trying to set up accounts in foreign countries and move bases of operations.

China is going to shoot themselves in the foot, losing out on all those fees for processing wires etc etc etc.

I think the BTC/CNH pair on btce is demonstrating how effective this is so far.

[Davyd05]

It was discussed somewhere, reddit or here that the major Chinese exchanges are trying to set up accounts in foreign countries and move bases of operations.

China is going to shoot themselves in the foot, losing out on all those fees for processing wires etc etc etc.

How does a Chinese person deposit to a foreign country ? Arent there strict controls surrounding that?

I was purely speaking to them losing a business that operated in their jurisdiction. If they move outside, they won't make any of the accessory fees that are included when buying btc

[fonzie]

Shorts will close staggered between 290$-360$. After that i´ll ride the (probably) inevitable bull-trap to short even more after we reached the top of it.
GOGOGO BTC

[sickpig]

The bank deposit thing I dont think is a massive problem. I can have a wire from my account and on Stamp in a couple of hours most of the time.

wow that's fast. sepa or wire transfer?

[ChartBuddy]

Explanation

[dreamspark]

The bank deposit thing I dont think is a massive problem. I can have a wire from my account and on Stamp in a couple of hours most of the time.

wow that's fast. sepa or wire transfer?

SEPA from the UK. Obviously its not a couple hours 24/7 but if I make the payment on a morning around 9 I normally have it by half 11 ish.

[sickpig]

The difference now is that China has actually got to a sustainable solution. Now they have found a solution which provides the capital control they desperately needed without completely banning a revolutional technology. Similar to the compromise that they came to with the internet as whole.

Sorry for bothering but what's the solution they found? (somehow I managed to miss it) 

[Davyd05]

The difference now is that China has actually got to a sustainable solution. Now they have found a solution which provides the capital control they desperately needed without completely banning a revolutional technology. Similar to the compromise that they came to with the internet as whole.

Sorry for bothering but what's the solution they found? (somehow I managed to miss it) 

choke the depositors off by closing access to banks