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

[ShroomsKit]

Aha. Looks like there is some fresh China FUD incoming.
http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html

perfect moment to release it as always

Obviously.

[rpietila]

The most relevant fact to me is that people are being given crypto with monetary value and they aren't the ones paying for it. Human nature is such that we don't tend to value things we don't work for. This is why most lottery winners blow the money in a relatively short period of time and people who spend years saving money do not.  

+1 This is the reason why:

- No amount of income distribution can ever make the net recipients wealthy.
- Corollary: you cannot start an economy with a currency you just give away without the recipient doing work to receive it.

From what I understood of the "experiment" it was a way of studying spending habits of a finite group as well as a marketing scheme to diversify current local business models. Both of these can easily be achieved by giving away non-earned monies.  (think of how coupons work)

You are right. If the main goal of the experiment was to gather data, it was gathered regardless if the coin gained value or not. (It is currently trading at $0.6 after visiting $97).

But coupons are not money. I don't argue whether you can give away some of your wealth to others (you can), but actually no matter whether you use hard currency (gold, bitcoins) or soft currency (state fiat or your own coupons) in the airdrop, getting the others to form a meaningful economy based on it, is very hard.

If people don't have wealth, the reason is that they value other things in life. The valuation does not change if you give them wealth in any form. At most a year, and it is gone (unless it's like million$). The ones that are hoarders, would just hoard the extra wealth, or perhaps spend a small % of it.

But to get them (either spenders or hoarders) to use, invest and make services in this new tehnology, it has (so far) proven to be better that people buy their initial stake themselves, because that "proves" that they are interested, and leads to the optimal allocation of wealth also, with most interested getting and keeping the most.

[ChartBuddy]

Explanation

[fr33d0miz3r]

Break it!
http://www.youtube.com/watch?v=oJD9CTPcUY0

[windjc]

There is a new pattern with these sudden dumps and a recovery that started yesterday i think

This one is not recovering as fast as yesterday (if at all).

[magicmexican]

Its really hard to say how much these news will matter, they are releasing it too fast and too often

[gizmoh]

No more Recharge code funding.


http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html


Statement on the Prohibition of the use of my bank account for bitcoin transactions
Published :2014-04-30
To protect the property rights and interests of the public, prevent money laundering risks, from now on, any organization or individual shall be my bank account for bitcoins, currency and other transactions Wright recharge and withdrawals of funds, purchase and sale of recharge codes related transactions and other activities, My bank account may not be transferred by the relevant trading capital. Once found, the bank is entitled to take account transactions related to the suspension, cancellation related accounts and other measures.
Found out that the behavior of the public, may report to my line.
Hereby acknowledged.
 
China Construction Bank Corporation
April 30, 2014

[chessnut]

There is a new pattern with these sudden dumps and a recovery that started yesterday i think

yeah, and this one seems over already. I dont think this is new news anyway. wreckless panic.

[windjc]

No more Recharge code funding.


http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html


Statement on the Prohibition of the use of my bank account for bitcoin transactions
Published :2014-04-30
To protect the property rights and interests of the public, prevent money laundering risks, from now on, any organization or individual shall be my bank account for bitcoins, currency and other transactions Wright recharge and withdrawals of funds, purchase and sale of recharge codes related transactions and other activities, My bank account may not be transferred by the relevant trading capital. Once found, the bank is entitled to take account transactions related to the suspension, cancellation related accounts and other measures.
Found out that the behavior of the public, may report to my line.
Hereby acknowledged.
 
China Construction Bank Corporation
April 30, 2014

Does this effect Houbi?

Its hard to keep up with which bank works with which exchange.

I don't think all this is going to hit home until the exchanges come out and say - listen, they is no way to deposit into our exchange unless you bring us cash yourself.

[N12]

Aha. Looks like there is some fresh China FUD incoming.
http://www.ccb.com/cn/home/personal/new_announce/20140430_1398824403.html

FUD = Facts U Dislike

[windjc]

It looks like another dump in incoming. This red candle is not recovering. Well see...

[ShroomsKit]

These anouncements feel good now. The more banks completely ban it in China the sooner we can close this chapter and move on. The Chinese exchanges are dying and it is completely beyond me why we still follow them.

[ShroomsKit]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

[EuroTrash]

These anouncements feel good now. The more banks completely ban it in China the sooner we can close this chapter and move on. The Chinese exchanges are dying and it is completely beyond me why we still follow them.

Makes me think of a rape victim feeling "happy" that the raping is almost over.

[windjc]

Finex with fake buy orders showing up trying to stop the slide down. Or so its seems. Weird if true.

Meanwhile, Houbi with some resistance around 2650. If it breaks we are retesting 2555.

[magicmexican]

Finex with fake buy orders showing up trying to stop the slide down. Or so its seems. Weird if true.

Meanwhile, Houbi with some resistance around 2650. If it breaks we are retesting 2555.

If it will play out just like the last time, then it will be another retest of 2550 and possibly breaking it, then another bulltrap, and then a final dump before the next recovery.

So like now to 2550-2500~, bulltrap to 2700~ and dump to ~2400

[greenlion]

Bitcoin is actually a total win in China. The point is not necessarily that people need to be able to freely buy with CNY on online exchanges. The reality is that Chinese miners have good access to ASICs, there is an infrastructure in place for in-person trading for cash, and all of that is totally legal and outside the regulatory purview of PBOC. They can still drive up the price without exchanges as we know them, because the intrinsic value proposition for the Chinese people is immense. A Chinese Bitcoin holder has what amounts to a Swiss bank account on steroids, which they can trade offshore for hard currency anytime they want. Merely holding these coins as a store of value exerts upward pressure on the price via the supply schedule.

[Todorius]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

[ShroomsKit]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

Agree.

[windjc]

Looks like the "news" is finally kicking in. It's time for the weekly "omgggg total panic because China banned Bitcoin" ritual. Idiots.

The effect of these idiotic "news" matters less and less, you can already see that the dumpage because of those news gets less and less. It's only a matter of time when these so called news don't interest anyone any more. And when China is hopefully completely out of the game soon, it'll be such a massive release that the next rally will begin soon afterwards. Just a little more patience
But I can understand your anger, I'm pissed too. But people are stupid, has been like this for 100.000 years.

Well, in a way I can agree with what you are saying.

But right now, there is a difference between a press release about a bank and a major exchange admitting that they have no more deposit options.

When the later happens we are going to see a major movement in the market place. There is no doubt about that.