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

[dreamspark]

But why exactly did the Chinese exchanges pull out of the bitcoin summit, and what is the real chance they shutdown without notice in the next days?

Shutdown without notice is not that high I think, the chance of a shutdown notice being published is very likely imo.

With a deadline or two, of course!

The latest rumor is shutdown before 30 June

Source?

[TERA]

[EuroTrash]

But why exactly did the Chinese exchanges pull out of the bitcoin summit, and what is the real chance they shutdown without notice in the next days?

Shutdown without notice is not that high I think, the chance of a shutdown notice being published is very likely imo.

With a deadline or two, of course!

The latest rumor is shutdown before 30 June

Another deadline would look as if the Chinese govt doesn't really want to, or is unable to.

[blatchcorn]

But why exactly did the Chinese exchanges pull out of the bitcoin summit, and what is the real chance they shutdown without notice in the next days?

Shutdown without notice is not that high I think, the chance of a shutdown notice being published is very likely imo.

With a deadline or two, of course!

The latest rumor is shutdown before 30 June

Another deadline would look as if the Chinese govt doesn't really want to, or is unable to.

Bitcoin will forever continue to be 'banned' and 'banned' over and over again by China 

[JorgeStolfi]

I think there are ways to confirm that the accounts were not add up : history of trades and deposits

But that data is not public, and only the police can obtain it from the banks themselves.  If Sunlot does the investigation, instead of the police, they will have to trust the MtGOX records, and they can ignore even that information and reach any conclusion that they want.

Furthermore, bitcoin withdrawals and deposits may be hard to verify independently from MtGOX records.  If all the BTC withdrawals by user TibanneTheCat were expunged from the database, that account would have an inflated BTC balance that is fully consistent with its trade history. 
 

[Mythul]

Wonder why hasn't anybody created BannedCoin yet...

It would have been a success in China for sure.

[TERA]

amuses me how some bitcoiners generalize a series of events without really following the details of what's happening, based only on when it means emotionally to themselves.

[JorgeStolfi]

But why exactly did the Chinese exchanges pull out of the bitcoin summit

My reading of the Google Translate of the recent "five exchanges agreement" is: they were reprimanded for promoting investment in bitcoin in general and/or bitfund.pe in particular.  (There must be many common folks in China who lost their savings trading bitcoins, and that is bad PR for the government if it does nothing about it.)  Thus, as part of their effort to assuage the government, the exchanges decided to curb their marketiing of bitcoin investment, and in particular pull out of that Summit.

[rpietila]

I think there are ways to confirm that the accounts were not add up : history of trades and deposits

But that data is not public, and only the police can obtain it from the banks themselves.  If Sunlot does the investigation, instead of the police, they will have to trust the MtGOX records, and they can ignore even that information and reach any conclusion that they want.

I think only one depositor is needed to sue them in criminal court. It is afaik not possible for a consensus vote to override this fundamental right of the crime victims.

[dreamspark]

But why exactly did the Chinese exchanges pull out of the bitcoin summit

My reading of the Google Translate of the recent "five exchanges agreement" is: they were reprimanded for promoting investment in bitcoin in general and/or bitfund.pe in particular.  (There must be many common folks in China who lost their savings trading bitcoins, and that is bad PR for the government if it does nothing about it.)  Thus, as part of their effort to assuage the government, the exchanges decided to curb their marketiing of bitcoin investment, and in particular pull out of that Summit.

How can you lose your savings if it didnt go to 0 ?

The very worst you could do is lose 60% anything over that is your own fault for trading it. You cant blame the instrument if your a bad trader. This idea that the government needs to protect you from your own investment decisions is comical.

[TERA]

But why exactly did the Chinese exchanges pull out of the bitcoin summit

My reading of the Google Translate of the recent "five exchanges agreement" is: they were reprimanded for promoting investment in bitcoin in general and/or bitfund.pe in particular.  (There must be many common folks in China who lost their savings trading bitcoins, and that is bad PR for the government if it does nothing about it.)  Thus, as part of their effort to assuage the government, the exchanges decided to curb their marketiing of bitcoin investment, and in particular pull out of that Summit.

How can you lose your savings if it didnt go to 0 ?

The very worst you could do is lose 60% anything over that is your own fault for trading it. You cant blame the instrument if your a bad trader. This idea that the government needs to protect you from your own investment decisions is comical.

leverage, loans, or making bad trades over and over so it is greater than 60%.  You can make more than one trade in the market (people in the forum can't seem to understand this concept)

[dreamspark]

But why exactly did the Chinese exchanges pull out of the bitcoin summit

My reading of the Google Translate of the recent "five exchanges agreement" is: they were reprimanded for promoting investment in bitcoin in general and/or bitfund.pe in particular.  (There must be many common folks in China who lost their savings trading bitcoins, and that is bad PR for the government if it does nothing about it.)  Thus, as part of their effort to assuage the government, the exchanges decided to curb their marketiing of bitcoin investment, and in particular pull out of that Summit.

How can you lose your savings if it didnt go to 0 ?

The very worst you could do is lose 60% anything over that is your own fault for trading it. You cant blame the instrument if your a bad trader. This idea that the government needs to protect you from your own investment decisions is comical.

leverage, loans, or making bad trades over and over so it is greater than 60%.  You can make more than one trade in the market (people in the forum can't seem to understand this concept)

Read the bolded part, leverage ,loans and bad trades are the persons fault for being a bad trader or bad investor the very worst you could IF you just invested and didnt trade is 60%ish, what I'm saying is valid.

Besides putting all your life savings in bitcoin and then trading it to 0 is astronomically retarded and you deserve to lose it.

[ChartBuddy]

Explanation

[CoinHamster]

it Looks like this "news" takes effect:
http://gadgets.ndtv.com/internet/news/chinas-largest-bank-icbc-bars-bitcoin-services-threatens-account-closures-521012

Huobi seems to react downwards...
 

[freebit13]

Interesting vid on the myths of the financial trading world: http://www.youtube.com/watch?v=42p8zQ-d7ko

Invaluable information at 11min

[Mervyn_Pumpkinhead]

Like the coins that you allegedly lost by taking an unsecured laptop to an sauna party, where it got stolen.

Source?

I can see from the previous posts, that I don't have to add much to the ongoing subject. As always, you are doing a fine job digging your own hole.
I'll have to add that I'm also a fan of this part:

but the bitcoins were later counted and I cannot say conclusively whether any were stolen

Because this part of the forum is for speculation, then I'll speculate on when you'll finally know the answer for this question. The answer will come when your customers/investors/victims will start to claim their money. When you won't be able to deliver, then it turns out that this damn evil hotel, the maid or Justin Bieber (possibly collaborating together in one big conspiracy) were probably to blame for the funds that turned out missing after all

I just hope that you won't be hospitalized in a psychiatric facility again and you have overcome your mental issues!

[Miz4r]

I noticed that Bitcoin pyramid skipped the bottom tier.

[dnaleor]

Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw.

Bull market, here we are again!

[chessnut]

Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw.

Bull market, here we are again!

whats more, is those trend lines are turning into support.

[dreamspark]

I think we will see a fairly healthy run if nothing happens tommorow, of that I'm fairly sure. The fact its on a weekend doesnt help though I'm sure people who are buyers will have sent their fiat in in good time.