UPDATE 2-China bars banks from bitcoin transactions

[Peter R]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

if you're selling at $100 i will take an order for as many as i can get. thank you.

I don't sell shit to people who can't punctuate. Get an education before you mess with the fucking business world, you sack of shit.

So that's your business BitnessMan?: selling shit, but only to people who can punctuate properly.  Is that how you earned your 2000 BTC?  I was wondering where that smell was coming from...

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[BitnessMan]

^^^^The only thing people with shitty educations are good for is cleaning my toilet or winning the lottery so I can take advantage of them and clean them the fuck out.


And by the way to all you beta business people who are salivating on buying 2000 tulips for 100 bucks a piece, here's the update:

I'm using the 2000BTC as leverage in a bet. In 6 months, I've got this guy who's going to pay me 1000000$ for them, no matter what.  It's contracted, it's signed. If I'm right, this will force him into bankruptcy and I've already been taking the time to get to know his huge-titted wife so I can use her up and leave her on the side of the road (she's the kinda gal that won't stick with him when he's a bankrupt piece of shit driving a fucking Mercedes, especially when I tell her what he spent money he doesn't have on).

So stop messaging me you sad sacks, and go back to crying about your shitty commodity that just lost 400 dollars of value in one day!  Hahahahahaha. Hey, any of you fuckers got a hot girlfriend? Wanna give me her number? If she's ugly, well I can always use a girl to clean up the mess after a session with 6 or 7 hot ones!

[beetcoin]

this guy sounds like either a troll or a wall street sociopath  

your dick is really big, you must feel really good about yourself.

[BitnessMan]

this guy sounds like either a troll or a wall street sociopath  

your dick is really big, you must feel really good about yourself.

Hell no, who wants more than 8 inches?  Guys that boast about anything 8+ are either morons who don't realise how bad they are or they're lying. I got a reduction surgery actually because only high school beta males think having a 12 inch dick is good for anything but some freaky porn work.

[J.Socal]

so that's why it slumped so much n a day.

[dmartig]

please do not feed the trolls

[PenAndPaper]

It turned out that the news wasn't so good after all  
Lets all hope for that crash to end soon  

[darkmule]

No.  I want it to continue.  I hope it hits 400.

[PenAndPaper]

No.  I want it to continue.  I hope it hits 400.

Why you hope for 400 and not for 100 or even 1$. I mean it looks like you sold anyway 

[niothor]

No.  I want it to continue.  I hope it hits 400.

And immediately after that you will hope it hits 600 .

[laowai80]

It turned out that the news wasn't so good after all  
Lets all hope for that crash to end soon  

Why? The news was neutral, or non-event. I mean nobody really seriously expected Chinese government to recognize bitcoin as a currency, didn't they? No government in their right mind would do that. They did what they had to do: recognize it as a legal digital commodity, exactly what it is.

Now, people tend to overreact, that's what happened, also impacted by irrational exuberrance that led to a frenzy of the bitcoin price growing too high in too short time. It'll recover to sustainable rate of growth, and that's a good thing. Frenzies aren't good.

[darkmule]

No.  I want it to continue.  I hope it hits 400.

And immediately after that you will hope it hits 600 .

I chickened out and bought back in at 650.  I still think it's going to go down further, but now, just as you said, I hope it doesn't.

[DeboraMeeks]

in my opinion,it's not good news for bitcoins at all. Now no merchant is allowed to use or accept it as a method of payment (money) and all merchants who added it are removing it,Documents for verification slow the process of buying but might not effect bitcoin personal use in china.

[PenAndPaper]

It turned out that the news wasn't so good after all  
Lets all hope for that crash to end soon  

Why? The news was neutral, or non-event.

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us 

[laowai80]

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us  

Look, 100-200-300% monthly price growth is just not sustainable. We did NOT crash, we simply corrected to a bit more sane level of growth. Although it's still pretty crazy, if you check what it did since October, but because this market is in its infancy, it's ok.

Here is a chart that shows we approached a 50-day moving average for a short while:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=30&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=SMA&m1=14&a2=SMA&m2=50&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

this has shaken out a lot of weak hands who never believed in crypto currencies and their concept in the first place and were trading just to get a quick profit and without understanding fundamentals. As long as fundamentals are solid (and so far they are), the growth will continue. But do not be surprised when pullbacks happen, this is natural.

As for bad news for crypto world, I wouldn't give that a lot of chances to happen right now, there is certainly more likelyhood for good news in the coming months.

[PenAndPaper]

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us  

We did NOT crash

And this is where i stopped reading. I guess i didn't miss anything important right? 

[laowai80]

And this is where i stopped reading. I guess i didn't miss anything important right? 

Probably nothing which would be useful to you, so please don't bother

[davedx]

Ok if neutral news crashed the price 50% down then i don't want to think what we 'll happen when the bad news hit us  

Look, 100-200-300% monthly price growth is just not sustainable. We did NOT crash, we simply corrected to a bit more sane level of growth. Although it's still pretty crazy, if you check what it did since October, but because this market is in its infancy, it's ok.

Here is a chart that shows we approached a 50-day moving average for a short while:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=30&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=SMA&m1=14&a2=SMA&m2=50&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

this has shaken out a lot of weak hands who never believed in crypto currencies and their concept in the first place and were trading just to get a quick profit and without understanding fundamentals. As long as fundamentals are solid (and so far they are), the growth will continue. But do not be surprised when pullbacks happen, this is natural.

As for bad news for crypto world, I wouldn't give that a lot of chances to happen right now, there is certainly more likelyhood for good news in the coming months.

Finally somebody talks sense in this thread. So many hysterical trolls around. Thanks for the insightful post, I agree it's a correction.

[evershawn]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

I'll take all your BTC at 150 per! There, you happy now?

[PenAndPaper]

Stop being such crybabies and refusing to admit that a crash it's just that. A crash.

Also read how people that their opinion actually matters treat facts
http://bitcoinmagazine.com/8778/bitcoin-chinas-new-special-economic-zone/