BITCOIN DUMP - CHINESE ARE OFFLOADING...

[CuriousGeorge]

If someone is selling, some other is buying. So bitcoin will not die because of China.

We are in a bear market and the bottom is $2400. China have the biggest population in the world, hence the dump will be severe.

Where are you come from? Are you come from the future, and i believe $3800 should be the bottom for the bitcoin, is someone selling and other buying but that will be different if someone selling and others still selling too. I hope a lot of people will use the EU market.

[ragnar0k]

Coinmarketcap says otherwise:

https://coinmarketcap.com/exchanges/volume/24-hour/

Not sure why the difference. I think a better way is to span it across several days
In any case, I hope you are right!

[vipgelsi]

Last time china was so bad on bitcoin and crashed the price they most likely where buying it after they put out negative news. I wouldn't be surprised if chinas government sold all theres around $5000 and are going to rinse and repeat.

[vipgelsi]

I think china also missed the boat on Neo and that's why they are banning ico etc

[dothebeats]

Short in cash atm, but if I were you and I'm lucky to have a Chinese friend I would be buying the coins off of them and just wait again for the next few months/years. I like to hear some stories like this every once in a while but sadly, it didn't add up.

I think china also missed the boat on Neo and that's why they are banning ico etc

What's that to do with the recent crash? Lol

[stompix]

If someone is selling, some other is buying. So bitcoin will not die because of China.

We are in a bear market and the bottom is $2400. China have the biggest population in the world, hence the dump will be severe.

Yeah the problem is that more people are selling than people are buying and aggravating is the fact that people are willing to sell lower and lower.

And what is the correlation between China's Population and bitcoin?
They might be many but in terms of wealth they lag behind US and the EU and in terms of bitcoins owned they are standing even worse.

I wouldn't go that far. They're a small part of the total market - most of the trading takes place in the west. I think people would like China to continue to participate in the great bitcoin experiment, they have stars in their eyes about 1 billion people etc. The reality is most chinese don't participate and they are behind a firewall anyway.

The rise up to $4800 was driven by the west. It went too fast, we'll see a correction on the back of this "news", and then it will resume it's upward movement in a few months.

https://bitcoinwisdom.com/ says to me they have more than 50% the volume, not so small

Coinmarketcap says otherwise:

https://coinmarketcap.com/exchanges/volume/24-hour/

Looking at exchanges with fees

#1 is Bitfinex, which is Hong Kong based and exempt from the China rules (as it is subject to HongKong Sar rules)

''''''''''

#15 is BTCC which is Chinese
So the Chinese exchanges are lower down the list and definitely total way less than 50% of trading. 

And there is somebody missing from that list and it's a huge one.
Coinbase which doesn't publish volume. And I have the feeling it tops quite a lot of exchanges in number of coins going through.

[vit05]

If someone is selling, some other is buying. So bitcoin will not die because of China.

We are in a bear market and the bottom is $2400. China have the biggest population in the world, hence the dump will be severe.

Yeah the problem is that more people are selling than people are buying and aggravating is the fact that people are willing to sell lower and lower.

And what is the correlation between China's Population and bitcoin?
They might be many but in terms of wealth they lag behind US and the EU and in terms of bitcoins owned they are standing even worse.

I wouldn't go that far. They're a small part of the total market - most of the trading takes place in the west. I think people would like China to continue to participate in the great bitcoin experiment, they have stars in their eyes about 1 billion people etc. The reality is most chinese don't participate and they are behind a firewall anyway.

The rise up to $4800 was driven by the west. It went too fast, we'll see a correction on the back of this "news", and then it will resume it's upward movement in a few months.

https://bitcoinwisdom.com/ says to me they have more than 50% the volume, not so small

Coinmarketcap says otherwise:

https://coinmarketcap.com/exchanges/volume/24-hour/

Looking at exchanges with fees

#1 is Bitfinex, which is Hong Kong based and exempt from the China rules (as it is subject to HongKong Sar rules)

''''''''''

#15 is BTCC which is Chinese
So the Chinese exchanges are lower down the list and definitely total way less than 50% of trading. 

And there is somebody missing from that list and it's a huge one.
Coinbase which doesn't publish volume. And I have the feeling it tops quite a lot of exchanges in number of coins going through.

What is GDAX?

[edmond_dantes]

if this crash becomes a flash crash people need to be careful of stops trigging more stops and a crazy chain reaction

[Totscha]

...

What is GDAX?

http://lmgtfy.com/?q=gdax

[vit05]

...

What is GDAX?

http://lmgtfy.com/?q=gdax

I know what it is. I am asking if @stompix know.

[tyuner4]

The story is not convincing. Did you buy fake Bitcoin? I never seen a Chinese who is so willing to take losses even if the sky crash. Show us evidence.

[onrise]

If someone is selling, some other is buying. So bitcoin will not die because of China.

We are in a bear market and the bottom is $2400. China have the biggest population in the world, hence the dump will be severe.

Dump would be huge because China is a major player in bitcoin market and a ban on ICO and exchanges means China is getting against the bitcoin and due to which people across the world will start to sell bitcoin. Thus prices are set to fall and due to which it has being trading already below 4k and now at 3900$ approx.

[Rumipl]

Mining business in China is just to be to be banned, they are still deploying more and more hash power so there's nothing to worry about.

[Cerbera]

The Chinese are offloading. Great, time to back up the truck. Oh heck, I don't have a truck!

This time, it's westerners, not the Chinese, who are dumping. The west reacted to today's FUD much more strongly -- I wonder why? Is Jamie Dimon really that effective?!

I'm still preparing to back the truck up, but I'm a bit more cautious about my bullishness than I was yesterday. On one hand, bears can't seem to break down past $4,000. On the other hand, the FUD is never-ending and maybe this sideways will end with a crash.

Either way, I'm holding.

Yes, holding seems like the best plan. The upside could be some massive price where you could retire with 10BTC, the downside is zero (most unlikely). It certainly seems worth the risk.

[Zicadis]

Just out of curiosity are our Chinese friends still the major share holders of most cryptos if we put into consideration all these regulations going around their ecosystem? And to be honest the recent ICO regulations should have not affected bitcoin because the dip is tied to something more than CHINESE OFFLOADING

[criz2fer]

I have seen tweets regarding this. But for the bitcoin to be dump like this? I think this will be temporary.
Buying from your colleague was really great. Hope that CNY will continue to trade. Because of these FUD that are spreading, it really affects the market so bad.

[L]

Was hoping the floor at $3500 or $3600, pbut it seems we already have hit bottom and will probably go up from here, I'm getting in now.

Filling my bags with bitcoin, litecoin and ethereum.

[Wendigo]

The Chinese are sly little bastards. First they drive the price into the ground with scare tactics and scoop up a lot of cheap crypto and then when the price recovers and hits a new high they will sell it back to the people they have bought it from for a nice profit lol. Chinese economics 101 

[stompix]

...
What is GDAX?

http://lmgtfy.com/?q=gdax

I know what it is. I am asking if @stompix know.

Don't be a smart ass and do your research a little deeper.
Gdax is the trading platform run by Coinbase but clearing payments in business and user wallets are not reported in GDAX so that volume is still "hidden".

The Chinese are sly little bastards. First they drive the price into the ground with scare tactics and scoop up a lot of cheap crypto and then when the price recovers and hits a new high they will sell it back to the people they have bought it from for a nice profit lol. Chinese economics 101  

Well, this theory is a bit sketchy cause the price in China is lower that in US and Europe.
So any margin trader would scoop coins from chinese owners and sell to European Markets.

If the price bounces back china would have sold at 3300 and Europe would have bought at 3800, not so profitable, isn't it?

[lilRoy07]

i tried to warn everyone. Its $3500 right now.

BTC Its the end.

F**K

They knew. THEY FKN KNEW.