China is dumping, prepare for crash.

[HarryKPeters]

Hi,
What with all these dumps over the past days. If it is the Chinese, can someone please explain why they are dumping in one go? I just don't understand!

P.S: I am not new to this forum but something happened to my original account and couldn't login!

If there is a topic a even a reply from kwukduck it's always wise to simply ignore it. Bitcoin is transparent and you can follow the trades of any exchange easily here:
http://coinmarketcap.com/currencies/bitcoin/#markets

A significant correction is bound to happen. But a major dump/crash? Not likely to happen.

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[2double0]

It looks alike that we are getting burnt under the so-called Chinese pressure and it's not easy to recover back and move the markets into correction mode, but I still see a back-pump again before a big crash as it always used to be. A second chance will be there for everyone who bought it at those incredible prices to get out of bitcoins if they are not willing to remain in.

[shillfudder]

China is irrelevant. Bitfinex is the current leader.

[N7Pathfinder]

As I understand a correction happens naturally, but what I have been seeing is large amounts of Bitcoins being dumped in one go at certain times of the day as well. Who is doing that and how? Don't they have any daily selling limits on the markets they are using? There is no correction here, it is clear market manipulation and it is compromising the integrity of the Bitcoin market and is worrying to be honest!

[FLoving]

The price is lowering down but I do not consider it as a crash because I am sure that the price will once again recover to its higher value and if the price recover then we cannot call it as a crash. If a crash occur then it make the coin to die while there is nothing like that which will make bitcoin die. Bitcoin is going more stronger.

[kwukduck]

China is trading 100 USD under US/EU now. Still believe this bubble isn't popping? Lol
China price went from 2900 to 2000 in 24 hrs. Naaaah nothing is crashsing says the bitcoiner.

[richardsNY]

The price is lowering down but I do not consider it as a crash because I am sure that the price will once again recover to its higher value and if the price recover then we cannot call it as a crash. If a crash occur then it make the coin to die while there is nothing like that which will make bitcoin die. Bitcoin is going more stronger.

Currently we're experiencing a solid correction, till the extent of a small crash, but a crash doesn't mean that Bitcoin will die -- you have a weird form of market understanding. Crashes happen basically in every market, and it is most often a healthy occurrence as it will allow the market to recharge itself. Eventually the price will continue to rush up all the way to a new ATH, just have patience....

[N7Pathfinder]

China is trading 100 USD under US/EU now. Still believe this bubble isn't popping? Lol
China price went from 2900 to 2000 in 24 hrs. Naaaah nothing is crashsing says the bitcoiner.

I am starting to believe that too!
I don't think that system can ever be a reliable method of payment. Last night I made a simple purchase with Bitcoin and it took over 12 hours for the transaction to be confirmed! By that time the price has dropped and the sale was cancelled! And the transaction fees are also getting to be very high, and the block size...etc. And what about all this market manipulation going on? I think there are big problems!

[kwukduck]

China is trading 100 USD under US/EU now. Still believe this bubble isn't popping? Lol
China price went from 2900 to 2000 in 24 hrs. Naaaah nothing is crashsing says the bitcoiner.

I am starting to believe that too!
I don't think that system can ever be a reliable method of payment. Last night I made a simple purchase with Bitcoin and it took over 12 hours for the transaction to be confirmed! By that time the price has dropped and the sale was cancelled! And the transaction fees are also getting to be very high, and the block size...etc. And what about all this market manipulation going on? I think there are big problems!

There are and they should have been resolved years ago, but instead the community chose to stick their heads in the sand and call my calls for change unneseccary for the time being. Look at this shit now, it's sad.

[tabas]

So kwuckduck starts to predict again. There will be no crash, just like lumeire said, it's a never ending cycle of ups and downs. It's expected that after a quick increase there will be quick decrease too so there's nothing new about this. And most of your predictions aren't accurate at all, it's a matter of correction that we are experiencing today.

[leopard2]

A crash? Last crash was 1100->250, so maybe we now go from 2700->600?

Sounds horrible, but...last time we went from 250->2700, so if in 2 years we go from 600 -> 6000+, we can live with that I guess 

[N7Pathfinder]

A crash? Last crash was 1100->250, so maybe we now go from 2700->600?

Sounds horrible, but...last time we went from 250->2700, so if in 2 years we go from 600 -> 6000+, we can live with that I guess 

I think that is based purely on supply and demand but there will be no demand then if the system can't cope with higher volumes, how long will we have to wait for a confirmation then? There is no point buying a currency that you can't use..right?

[klf]

A crash? Last crash was 1100->250, so maybe we now go from 2700->600?

Sounds horrible, but...last time we went from 250->2700, so if in 2 years we go from 600 -> 6000+, we can live with that I guess 

I think that is based purely on supply and demand but there will be no demand then if the system can't cope with higher volumes, how long will we have to wait for a confirmation then? There is no point buying a currency that you can't use..right?

That is the biggest drawback with bitcoin as of now. Even though we pay a high fee also sometimes we need to wait hours to get transaction confirmations. But I believe developers will do something to improve otherwise slow people may move to some other potential altcoins. Also, we can't guess the prices based on last time trend because now bitcoin demand is higher compared to a few years ago.

[btcney]

With China pushing this entire rally leading the price with +10-15% we can be sure to see big dumps now that the Chinese prices are UNDER the US/EU prices and falling further.

Well a dump is obviously happening right now but i believe bitcoin is actually doing quite well compared to my perception of things at the beginning. I would have thought that btc would go down to $1500 in one day but that sort of thing didn't happen which is great. It seems like $2000 is the floor and it'll take a lot of dumping to break that barrier speaking atm.

It is recovering slightly though, it would be interesting to see whether this is just another trap or a legitimate dump. I'm leaning towards the latter because the way btc went up by $300 aday, if thtas not bubble then what is???

[N7Pathfinder]

A crash? Last crash was 1100->250, so maybe we now go from 2700->600?

Sounds horrible, but...last time we went from 250->2700, so if in 2 years we go from 600 -> 6000+, we can live with that I guess 

I think that is based purely on supply and demand but there will be no demand then if the system can't cope with higher volumes, how long will we have to wait for a confirmation then? There is no point buying a currency that you can't use..right?

That is the biggest drawback with bitcoin as of now. Even though we pay a high fee also sometimes we need to wait hours to get transaction confirmations. But I believe developers will do something to improve otherwise slow people may move to some other potential altcoins. Also, we can't guess the prices based on last time trend because now bitcoin demand is higher compared to a few years ago.

As I understand there is no solution except forking and then fork it again and again. Segwit may work only as a temporary solution but forking is the only real solution for higher volumes. Then the price of BTC will be split.

[Yuuto]

A crash? Last crash was 1100->250, so maybe we now go from 2700->600?

Sounds horrible, but...last time we went from 250->2700, so if in 2 years we go from 600 -> 6000+, we can live with that I guess 

I don't think that that is going to happen because the pump was much more sustained and spread out between a few weeks/months instead of just a sudden pump to the roof and then down again in one day. And the initial dump this time was much lower i guess in percentage terms, only like a less than 20% reduction in price, that is pretty much something you had to live with every single day back in 2013.

I've sold my btc when it was $2200 so around $400 off the ATH but i'm not that fussy about it. I'm waiting for a big dump now, and hopefully like you say it could go to the moon after it recovers

[ngin-x]

China is trading 100 USD under US/EU now. Still believe this bubble isn't popping? Lol
China price went from 2900 to 2000 in 24 hrs. Naaaah nothing is crashsing says the bitcoiner.

I am starting to believe that too!
I don't think that system can ever be a reliable method of payment. Last night I made a simple purchase with Bitcoin and it took over 12 hours for the transaction to be confirmed! By that time the price has dropped and the sale was cancelled! And the transaction fees are also getting to be very high, and the block size...etc. And what about all this market manipulation going on? I think there are big problems!

I think this is perhaps the biggest problem with Bitcoin now. Buying something with Bitcoin is a real pain in the rear. High fees and confirmations take ages and some merchants need as many as 6 confirmations. Unless and until we can achieve confirmations with 5-10 seconds, bitcoin will never be a daily driver economy. Who will wait 12 hours for a transaction to confirm?

Bitcoin is now nothing more than digital gold which people just hold for the long term and cash out once in a while. I think altcoins like Ripple will be more suitable as instant payment methods. A few times I have tried, it has been near instantaneous.

[kwukduck]

@Leopard2 if that remains we can very clearly state that bitcoins mission has failed and all there is left is some speculative tulip bubble, not a revolutionary global digital currency.

@N7Pathfinder
SegWit is not supposed to address the scaling issue directly, it makes transactions more efficient which saves sace on the blockchain, in no way does this solve the issue.
We don't need fork after fork to deal with this, a dynamic or smart blockchain can scale by itself.

[Pearls Before Swine]

China is responsible for everything, don't ya know.

In all seriousness (and I know kwuckduck is a permabull), was China responsible for this latest harpoon ride to $2800?  Maybe, who knows.  But I don't think they ought to get the blame for the correction, as it was bound to happen either way.  You know when something rises 100% in a matter of months people are going to sell and turn their 'paper profits' into cold, hard cash.  It's what happens every damn time.

Go China.  Stay in the game, my slanty eyed brothers.

[CyberKuro]

China is irrelevant. Bitfinex is the current leader.

Bitfinex? last time I see it at $ 2132 but there are plenty of exchanges one step ahead such as $2282 on bitstamp, $2306 on coinbase, bitFlyer (Japan) at $2335 and bitcoin Indonesia at $2723. Check it https://coinmarketcap.com/exchanges/volume/24-hour/
If China is dumping, then their price will below other exchanges even still affected global price but trading volume on an exchange will set different price obviously. I'm not sure what he mean with crash statement, how much it will decline? but no need to worry as bitcoin price will rise again, get back to $3000.