Bitcoin isn't crashing because of Chinese Traders?

[BittBurger]

Im reading articles that China trading is just as active as ever.

Its just the stupid "round eyes" (like me so i can talk trash lol) panic selling right now.  Its Gox and other exchanges.

Any validity to this?   I would be utterly annoyed if the price is crashing this much and CHINESE investors aren't even the ones doing it ...

What is BTC China activity looking like?   Price?

-Burger-

[mateo]

It's just like everybody else, crashed more than 30% in the past 6 hours.

But BTC is going back up on Bitstamp it seems.

[kwoody]

Rumors are dangerous, so long as idiots believe them.

[testerx]

I think it is largely the Chinese traders though, BTCChina is like a straight line down today and if the Chinese were ignoring people in the west it wouldn't be like that.  My guess is that BTC will drop more once all the people in the west have gone to bed, right now people on the west coast are likely still actively trading whereas overnight it'll largely be China driving trade volume.

We'll see tomorrow morning I guess.  I'm out of BTC, at a crappy price but I don't care to sit here to watch the meltdown.  We all kinda knew the huge jump in price is a bubble.  I think BTC is going to be worth a LOT more in the long term, but right now the news is bad so until we can get the Chinese government to change their mind it's going to be a huge drag on the largest driver of growth.  Already Baidu had to stop accepting BTC.

[antimattercrusader]

Im reading articles that China trading is just as active as ever.

Its just the stupid "round eyes" (like me so i can talk trash lol) panic selling right now.  Its Gox and other exchanges.

Any validity to this?   I would be utterly annoyed if the price is crashing this much and CHINESE investors aren't even the ones doing it ...

What is BTC China activity looking like?   Price?

-Burger-

Well, Bitburger, prepare to be pissed. I speculate (but don't know) the Chinese actually know bitocin has not been banned because they can read the news. But, take on look on here and you'd think the sky was falling with all the BTC banned in china posts. If you don't have the ability to read, steel testicals, or titanium hands - you'll be like OH SHIT! and dump. Well, most Americans/Europeans/English speaking people etc don't appear to know how to read, based on all the stupid posts.... So, there you have it.

[antimattercrusader]

Already Baidu had to stop accepting BTC.

This is bad news only. No real world effect beyond news.

[GriTBitS]

china put out the warning because there intel office just told them that BOA and all the other banks just got their accounts loaded on mtgox and the rest of the exchanges and just hooked up their black boxes (super trading bots) and were about to run bitcoin to the ground so they could come in a buy it. Then re pump it after the new year. China was like no china banks you are not going to be doing this type of shit to are citizens. After this bull shit crash look for prices to go even higher!!!!!


O yeah, also btcchina is requiring you be from china to trade on that exchange!

[AnonyMint]

right now the news is bad so until we can get the Chinese government to change their mind it's going to be a huge drag on the largest driver of growth.  Already Baidu had to stop accepting BTC.

Please explain. I thought Baidu was only accepting it for security products, not on their entire site. And I thought the Chinese ruling said Bitcoin was legal, just regulated the exchanges and disallowed financial institutions from doing certain activities with Bitcoins. This seemed to me to be acceptance of Bitcoin more than they did for QQQ. It actually scared me because it appears the governments want to nurture Bitcoin (because I have a very negative view of Bitcoin as being a tool of the government to bring about a fiat electronic currency).

Sell the erroneous rumor (China embracing BTC two weeks ago), buy (the wrong interpretation of the) news in this case (China against Bitcoin)?

[fallinglantern]

The sell walls on btcchina are getting eaten alive right now. It seems the chinese traders are hungry for cheap coins.

[Anon136]

china put out the warning because there intel office just told them that BOA and all the other banks just got their accounts loaded on mtgox and the rest of the exchanges and just hooked up their black boxes (super trading bots) and were about to run bitcoin to the ground so they could come in a buy it. Then re pump it after the new year. China was like no china banks you are not going to be doing this type of shit to are citizens. After this bull shit crash look for prices to go even higher!!!!!


O yeah, also btcchina is requiring you be from china to trade on that exchange!

im interested to hear more. do you have a source? is this just speculation? do you have some good anecdotal evidence?