|
cech4204a
|
 |
May 08, 2014, 08:17:33 AM |
|
Can someone clue me in here...
Is this just another pump led by the Chinese? or is this news driven?
From my understanding, some of the banks still have not issued deposit closure to the Chinese exchanges, but will at some point.
you are right with your thoughts...chinese shit, again |
|
|
|
|
|
|
|
|
|
|
|
|
|
"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
koryu
|
|
May 08, 2014, 08:19:37 AM |
|
Can someone clue me in here...
Is this just another pump led by the Chinese? or is this news driven?
From my understanding, some of the banks still have not issued deposit closure to the Chinese exchanges, but will at some point.
didnt hear any news, imo the good news is that there are no bad news  the last weeks we have always gone up as long as there wasnt any bad news. but bad news were usually released when we tried to break out. but if anybody knows more please post  |
|
|
|
|
|
dreamspark
|
|
May 08, 2014, 08:23:23 AM |
|
Can someone clue me in here...
Is this just another pump led by the Chinese? or is this news driven?
From my understanding, some of the banks still have not issued deposit closure to the Chinese exchanges, but will at some point.
This can only be explained as short covering and irrational exuberance. There is no other explanation. Apparently, no one in the continent of Asia wants to sell their coins right now, so despite the fact that there is no new money with which to purchase them, shorts are covering (due to leverage trade banning) and money on the sidelines is buying the pump. Do you have have data for Huobi swaps? Longs have to close as well. |
|
|
|
|
windjc
Legendary
 Offline
Activity: 2156
Merit: 1070
|
|
May 08, 2014, 08:27:05 AM |
|
Can someone clue me in here...
Is this just another pump led by the Chinese? or is this news driven?
From my understanding, some of the banks still have not issued deposit closure to the Chinese exchanges, but will at some point.
This can only be explained as short covering and irrational exuberance. There is no other explanation. Apparently, no one in the continent of Asia wants to sell their coins right now, so despite the fact that there is no new money with which to purchase them, shorts are covering (due to leverage trade banning) and money on the sidelines is buying the pump. Do you have have data for Huobi swaps? Longs have to close as well. Wish I did. Although I am assuming there were more shorts, as the market has been bear. Maybe not now that we have had this run up. This last run up has been the most surprising thing I've seen since late October. |
|
|
|
|
|
TERA
|
|
May 08, 2014, 08:28:56 AM |
|
The bulls are behind the train trying to push-start it again.
|
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
May 08, 2014, 08:31:13 AM |
|
The bulls are behind the train trying to push-start it again.
Yeah, this doesn't make sense to me. The "bulls" should already own bitcoin. And its hard to get money into the exchanges, so the "bulls" aren't buying new coins. That's why I think this is short covering. I think shorts were taking profits as quickly as they could. Unlike the rally last week, there is no selling pressure, no dumping. Its like the sell function on Houbi has been turned off. |
|
|
|
|
|
dreamspark
|
|
May 08, 2014, 08:33:13 AM |
|
Also with the Chinese exchanges having no leveraged trading and now fee's, why would they not move to a platform such as Bitfinex where they can leverage trade all they want. If Huobi et al do stay open they will just become a ghost town following the other exchanges on nearly 0 volume. Thats whats great about a decentralised world currency |
|
|
|
|
|
dreamspark
|
|
May 08, 2014, 08:34:32 AM |
|
The bulls are behind the train trying to push-start it again.
Yeah, this doesn't make sense to me. The "bulls" should already own bitcoin. And its hard to get money into the exchanges, so the "bulls" aren't buying new coins. That's why I think this is short covering. I think shorts were taking profits as quickly as they could. Unlike the rally last week, there is no selling pressure, no dumping. Its like the sell function on Houbi has been turned off. About 1000BTC of shorts have covered on Finex as well but I think a lot more of them could be covered if this continues. |
|
|
|
|
seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
|
|
May 08, 2014, 08:39:58 AM |
|
30$ up, nothing significant yet.
Mind you, I have some shorts, wouldn't like it to continue before I cover them.
|
|
|
|
|
|
TERA
|
|
May 08, 2014, 08:47:16 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature.  |
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
May 08, 2014, 09:01:36 AM |
|
30$ up, nothing significant yet.
Mind you, I have some shorts, wouldn't like it to continue before I cover them.
$30 isn't a lot, true. However, it's the velocity of the rise that gives me pause. There has been no resistance. Now, that would make sense to me if traders who would normally short this "oversell" are afraid to enter shorts them might lose on in the next two days. Meanwhile, people just hodl. |
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
May 08, 2014, 09:04:12 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? |
|
|
|
|
ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
|
 |
May 08, 2014, 09:04:37 AM |
|
|
|
|
|
|
|
TERA
|
|
May 08, 2014, 09:06:18 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. |
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
May 08, 2014, 09:09:36 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So you are theorizing that when the fees get raised for HFT, that a lot of fiat money is going to leave the station? |
|
|
|
|
|
TERA
|
|
May 08, 2014, 09:10:08 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So you are theorizing that when the fees get raised for HFT, that a lot of fiat money is going to leave the station? yes |
|
|
|
|
|
dreamspark
|
|
May 08, 2014, 09:11:35 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So Bitfinex? |
|
|
|
|
Cassius
Legendary
Offline
Activity: 1764
Merit: 1031
|
|
May 08, 2014, 09:12:35 AM |
|
yes, huobi is above 2800 yens yens is japanese currency and reminds everyone about mtgox. chinese currency is called yuans. slowly creeping TDM One does not simply 'creep' TDM. |
|
|
|
|
|
TERA
|
|
May 08, 2014, 09:13:57 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. So Bitfinex? Finex has fees. |
|
|
|
|
Cassius
Legendary
Offline
Activity: 1764
Merit: 1031
|
|
May 08, 2014, 09:15:52 AM |
|
Its like the sell function on Houbi has been turned off.
Thinks. This reminded me to check the Stoch RSI. I forgot about that nifty feature. My biggest question is this: who is going to sell if they can no longer short? Are people actually still on the exchange that are going to want their money out in the form of fiat? I can see people leaving the exchanges by removing their bitcoin. But are people in China going to permanently leave bitcoin, sell and take their fiat away, who have not already done so? And will new mined coins still go to the Chinese exchanges if its difficult to withdrawal? You have to keep in mind that the vast majority of Chinese bitcoin traders are professional shadow currency traders and market makers - they are not bitcoiners. They do not want a long term investment - they want to find somewhere else where they can do their HFT, run their bots, and such. This also implies that they won't be so concerned about operating on foreign exchanges. Presumably sending money abroad isn't such a big deal for professional traders as it would be for Zhao Public. Do we have any evidence that Chinese money is moving to other exchanges? |
|
|
|
|
|
Poll
