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

[Cassius]

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)  

Today, BtcTrade and Huobi join OKCoin, FXBTC, and BTC38 in announcing an end to their acceptance of Chinese RMB deposits via bank card recharge. It is worth re-mentioning that Bitcoin is not banned in China. China has merely forced Chinese Bitcoin exchanges to operate outside of Chinese banks, fiscally. China wants to limit the amount of Bitcoins that can be bought by Chinese citizens to a measly $50,000 USD worth annually, thus limiting capital flight by that method.

http://www.reddit.com/r/Bitcoin/comments/22obst/stop_the_fud_china_is_not_banning_bitcoin/

+1

Some of us have been trying to make that point for a while.  If China wanted to ban Bitcoin, it would... well... ban Bitcoin.

Not really. Banning bitcoin would mean banning the internet. Choking exchanges hamstrings bitcoin and it's more practical (i.e. it actually has an effect) than deeming it illegal.

[Davyd05]

I imagine before china was on the radar and I had yet to join the speculation forum that the U.S was the one who was going to ban btc every other month a year ago or less even.

[ShroomsKit]

$375 here we come

love it

Because you're gonna buy tons of coins at 375?

[rjp55]

I'm actually impressed by the overall lack of panic the market showed with this news. Don't get me wrong, lower lows are still of high probability, but I think it's safe to say the market was prepared for this news.

Also, I think for all the people asking where the big wall street/investments are coming from, why would there be any big player investments with this going on? Chinese speculators will be trading right up until the drop dead date so why just give your money away to them when you can wait until they are out of the picture entirely..

[KFR]

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)  

Today, BtcTrade and Huobi join OKCoin, FXBTC, and BTC38 in announcing an end to their acceptance of Chinese RMB deposits via bank card recharge. It is worth re-mentioning that Bitcoin is not banned in China. China has merely forced Chinese Bitcoin exchanges to operate outside of Chinese banks, fiscally. China waPrecnts to limit the amount of Bitcoins that can be bought by Chinese citizens to a measly $50,000 USD worth annually, thus limiting capital flight by that method.

http://www.reddit.com/r/Bitcoin/comments/22obst/stop_the_fud_china_is_not_banning_bitcoin/

+1

Some of us have been trying to make that point for a while.  If China wanted to ban Bitcoin, it would... well... ban Bitcoin.

Not really. Banning bitcoin would mean banning the internet. Choking exchanges hamstrings bitcoin and it's more practical (i.e. it actually has an effect) than deeming it illegal.

Precisely my point.

China has analysed Bitcoin and concluded that it's both a) practically unstoppable just like the Internet itself and b) a real threat to RMB.

They can stall it.  They can try and control how people acquire it in lieu of their Yuan - but they can't stop it.  They might not even want to.  They just want to try and retain as much centralised control for as long as possible while they try and come up with a backup plan.  For all we know they're hard at work making cryptoyuan right now.

Anyway, the point is that honey badgers eat politicos for breakfast.

[Cassius]

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)  

Today, BtcTrade and Huobi join OKCoin, FXBTC, and BTC38 in announcing an end to their acceptance of Chinese RMB deposits via bank card recharge. It is worth re-mentioning that Bitcoin is not banned in China. China has merely forced Chinese Bitcoin exchanges to operate outside of Chinese banks, fiscally. China waPrecnts to limit the amount of Bitcoins that can be bought by Chinese citizens to a measly $50,000 USD worth annually, thus limiting capital flight by that method.

http://www.reddit.com/r/Bitcoin/comments/22obst/stop_the_fud_china_is_not_banning_bitcoin/

+1

Some of us have been trying to make that point for a while.  If China wanted to ban Bitcoin, it would... well... ban Bitcoin.

Not really. Banning bitcoin would mean banning the internet. Choking exchanges hamstrings bitcoin and it's more practical (i.e. it actually has an effect) than deeming it illegal.

Precisely my point.

China has analysed Bitcoin and concluded that it's both a) practically unstoppable just like the Internet itself and b) a real threat to RMB.

They can stall it.  They can try and control how people acquire it in lieu of their Yuan - but they can't stop it.  They might not even want to.  They just want to try and retain as much centralised control for as long as possible while they try and come up with a backup plan.  For all we know they're hard at work making cryptoyuan right now.

Anyway, the point is that honey badgers eat politicos for breakfast.

Ah.
Though for what it's worth, I doubt many Chinese will send their $50,000 abroad, compared to those who use the exchanges now.

[dreamspark]

It doesnt really maters - fud its or not - bitcoin is going down for more than 4 months. How naive one must be to believe, that in a month or two it will boom to 500-1k? I say bars will run it down to the button, trample reputation and any wish for old-buyers to invest again. And then media will step over it again. No good

Im sure the people who watched it go to $2 from $30 stay there for longer than 4 months and then to $266 would disagree with you but ehy you know best right?!

Thats would be the equivalent of going to about $80 now, you seriously trying to say were going to $80?

[Cassius]

It doesnt really maters - fud its or not - bitcoin is going down for more than 4 months. How naive one must be to believe, that in a month or two it will boom to 500-1k? I say bars will run it down to the button, trample reputation and any wish for old-buyers to invest again. And then media will step over it again. No good

Im sure the people who watched it go to $2 from $30 stay there for longer than 4 months and then to $266 would disagree with you but ehy you know best right?!

Thats would be the equivalent of going to about $80 now, you seriously trying to say were going to $80?

Stop it, you're turning fonzie on.

[SportsBet]

a lot of useless troll discussion, not so much as to whats really going on and what we should expect.

[Cassius]

a lot of useless troll discussion, not so much as to whats really going on and what we should expect.

="please do my thinking for me"

Provide an opinion for discussion, at least. Mine? $400 holding is optimistic, and we haven't seen the end of this until China is out of the picture (16th or 18th at the latest).

[mooncake]

(1) China government disallows China banks from opening accounts with exchanges -->
(2) Investors are not able to deposit fiat into exchanges -->
(3) Investors are not able to buy BTC -->
(4) Investors will be forced to buy BTC elsewhere -->
(5) The demand for BTC in China will be huge relative to other countries.

Guys, I see a business opportunity.

[JorgeStolfi]

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.

Weird wording at the end.

I think they mean: "ICBC will not let us transfer money from our account to other ICBC accounts, only to accounts on other banks.  For users whose personal account is on ICBC and want to withdraw, we will use our accounts on other banks to transfer funds to your account."

[Bagatell]

we haven't seen the end of this until China is out of the picture (16th or 18th at the latest).

This is only the fourth or fifth time that the C word has caused panic in the playground. What makes you think it will be the last?

[ChartBuddy]

Explanation

[ChrisML]

$375 here we come

love it

Because you're gonna buy tons of coins at 375?

Dumbasses gonna be dumbasses.

Screaming the price will go down so hard, but when it's there... they start screaming again when the price will drop even more.

Guess what, get your head out of your asses . You do not have the balls nor the fiat to buy BTC's, you can just admit it. All they have to spare is pennies which they are hoping for BTC will hit that. Pennies... LMFAO. Hobo's. Thats what they are. Missing the train... being sad. Jumped aboard the LTC train and kinda missed that aswell. Poor hobo's.

[MinermanNC]

Wow, I'm really impressed the shoe is finally dropping in China and BTC still over 400! to me that's very encouraging

[magicmexican]

I am just waiting till MtGox comes back and starts trading LTC

[niothor]

I am just waiting till MtGox comes back and starts trading LTC

I'll wait till they add dogecoin

[Todorius]

$375 here we come

love it

Because you're gonna buy tons of coins at 375?

Dumbasses gonna be dumbasses.

Screaming the price will go down so hard, but when it's there... they start screaming again when the price will drop even more.

Guess what, get your head out of your asses . You do not have the balls nor the fiat to buy BTC's, you can just admit it. All they have to spare is pennies which they are hoping for BTC will hit that. Pennies... LMFAO. Hobo's. Thats what they are. Missing the train... being sad. Jumped aboard the LTC train and kinda missed that aswell. Poor hobo's.

Hehehe, yes! I even would go as far as to make the following postulate:

The less bitcoins one has, the higher the likeliness that he keeps posting a lot of senseless crap posts.
A simple, yet maybe universal law.

[JorgeStolfi]

I suppose that the Chinese 3rd party payment processors were clearly overstepping the December bans when they allowed temselves to be used for recharging the "to-up cards" issued by the exchanges.  Also, the revenue they got from this service cannot have been a significant part of their revenue.  Hence their prompt response to the Caixin article and/or the PBoC circular.

On the other hand, the exchanges and banks apparently believed that the bank route did not violate the December decrees.  The amount of money in the exchanges' bank accounts (basically, the sum of all the exchanges' CNY client accounts) must have been quite substantial.  Also, most of the traders' deposits and withdrawals probably used the bank route, rather than 3rd party processors; especially the largest ones.  Both the static balance and the transfer fees must have meant a lot for the local branches.  So it is not surprising that the banks waited so long before telling the exchanges about the latest PBoC circular.