To all panic sellers:

[eindbaas]

This crash is due some whales who cashed out. No reason to panic.
Take a look at:
http://www.fiatleak.com
Its really going insane. There is 5x more buy orders then there was at $1200.

[1714900754]

1714900754

[1714900754]

1714900754

[derpinheimer]

I dont know how to read that thing... lol


Looks like it just shows any bids added?

That means absolutely nothing.


Wait.. its actually.., trade volume?? Thats even... less meaningful than not meaningful at all..

[accord01]

You should stop starting new threads, because you've made 100 different posts with different points of view/agenda.  Plus get some sleep.  I just woke up and you're still posting on here.

[vitalemontea]

Fiatleak is truly going crazy fast. I used to watch it at ATH and around it, there wasn't as much buys as now. Whatever that means..

[GreekBitcoin]

nope. the bubble just popped and those who learned bitcoin last month will suffer

[wobber]

People just try to buy back lower. But it's a shitty experience for some, cause they loose. Anyway, bitcoin went from 100 to 1000 and it's all i need. It proved it's power to me (speculated or not, doesn't matter)

[raskolnikovx]

People just try to buy back lower. But it's a shitty experience for some, cause they loose. Anyway, bitcoin went from 100 to 1000 and it's all i need. It proved it's power to me (speculated or not, doesn't matter)

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

[Argwai96]

new blood may wait once they see the long slow slide in action, hehe

[Sindelar1938]

Sold

Probably gonna see if I can buy some more here

[removebeforeflight]

Longer term vision If it stabilizes at 500, on the next upswing
we are going way past 2000/5000. The fact that China stepped in
on BTC proved that the experiment is seen as viable.
Each peak, no matter how speculative, brings a vast number of people
and ideas into Bitcoin. This 'bubble' hasn't even started yet..

[zuckerant]

Sold

Probably gonna see if I can buy some more here

Me too. That's a looooong drop.

Was falling before going to sleep. Woke up, $100 down and still falling. I don't bother setting a buy order like yesterday because it's the start of the weekend.

[accord01]

Settling at 500 is being generous.  2000-5000 new price is too hopeful.

[AnonyMint]

However, general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China.  However it's not clear to me if that is the case.

Who said merchants were not allowed to accept it as currency?

From the 'human translation' on reddit: http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/

"Bitcoin is a specified virtual commodity, it does not have equal legal status with money currency, and it cannot and should not be used as money currency on the market."

Note the important correction.

That could be interpreted to mean that any Chinese business should not treat bitcoin as money currency i.e. not accept it as payment like they would if it were a currency.

My father is a former West Coast division head attorney for Exxon. I appear to have inherited some of his high IQ ability to interpret the law.

I can't find anything in this document that specifically bans the bolded assumption.

This document is merely stating that Bitcoin will not be allowed to circulate widely as a currency to compete with RMB, because all volatility risk will remain outside the financial sector in the private parties and exchanges. It is very free market way of saying Bitcoin will not be backed by the government's system. There is nothing stopping businesses from accepting it, and converting it to RMB via a registered exchange.

The government will not likely clamp down on small scale acceptance, as it presents no credible threat to RMB. As we all see now, businesses are forced to convert to fiat immediately if they have significant expenses in fiat, i.e. Bitcoin presents no threat to fiat at the moment because of its volatility and the need for businesses to have fiat to pay their employees and operating expenses, etc..

Note small scale in China is big scale relative to current Bitcoin market size given the large population. Bitcoin is only in the tens of $billion range of market cap. Fiat finance is in the hundreds of $trillions. Bitcoin can grow immensely while still being small scale relative to fiat finance market size.

Whereas, (small) businesses could keep their profits in BTC, as easydns did (PenAndPaper username). Of course big businesses can't because the Bitcoin market cap is too small any way, besides big businesses are not into such risk.

The document is saying that non-financial entities must accept risk of holding BTC.

So this does not to stop the trajectory of Bitcoin in China. Exchanges can still operate and are not prevented from having a bank account to operate with. The document only bans financial institutions (and payment providers) from being market makers, underwriting, insurance, etc. In other words, all the risk and market making must be done by individuals and exchanges.

What they have done is simply kept Bitcoin in the free market-- the wild west.

This is an extremely bullish outcome. They have clarified that Bitcoin is legal for its small scale free market functions.

The Baidu thing is very suspicious. They accepted for a very small portion of their business which was misunderstood and caused a euphoria, then they dump when people misunderstand the ruling above, in order to create panic. Looks like some manipulators are getting rich on BTC pump & dump & rebuy on the dump.

[Gimmelfarb]

wish i could get my fiat off the exchange and into gold easily...

[RenHoek]

This crash is due some whales who cashed out. No reason to panic.
Take a look at:
http://www.fiatleak.com
Its really going insane. There is 5x more buy orders then there was at $1200.

Fiatleak wurde exhumiert:  Smiley

http://fiatleak.dyndns.org/

[Michael Robinson]

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

[notme]

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

Have some patience dude.  Lack of patience is why you are nervous now.  Just walk away for 6 months before you do something stupid like sell below where you bought.

Bitcoin is far from done, but new users are jittery.  We always have to test the nerves of the new holders before we can continue up.  Many fail the test.  Temperament is key in markets.

[Peter R]

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

Buying at $100 makes you an early adopter?  In July, when bitcoin was $100, people felt like they had missed the boat and were hesitant to buy.  Furthermore, many people who purchased coins during the April run-up were at a loss until this October, but look at them now.  The exact same thing happened to people who bought coins during the 2011 run-up (but they had to wait 2 years to see a profit).  

Don't you see?  You are still an early adopter.  These booms and crashes will continue till either (a) bitcoin is dead, or (b) bitcoin is a major global currency with a value of $100,000+.  

Hold tight to your coins, learn more about bitcoin, and try to contribute in any way you can to help advance this game-changing technology.  

[proudhon]

I think new, jittery users, unfamiliar with trading, but who attempt to become day-traders, are a major component of bitcoin market volatility.

[outofservice]

I agree on this. I got my  coins at 100 USD and saw them grow to 1200 USD so I am a winner here.
People panic selling because they bought at 1000 USD each coin and dont know if they will loose it all
should not got the coins in the first place.

It is frustrating to me when I see comments like this one.  Yes, congratulations, you were an early adopter who made money.  However, if everyone since then loses money, Bitcoin is done, finished.

Buying at $100 makes you an early adopter?  In July, when bitcoin was $100, people felt like they had missed the boat and were hesitant to buy.  Furthermore, many people who purchased coins during the April run-up were at a loss until this October, but look at them now.  The exact same thing happened to people who bought coins during the 2011 run-up (but they had to wait 2 years to see a profit).  

Don't you see?  You are still an early adopter.  These booms and crashes will continue till either (a) bitcoin is dead, or (b) bitcoin is a major global currency with a value of $100,000+.  

Hold tight to your coins, learn more about bitcoin, and try to contribute in any way you can to help advance this game-changing technology.  

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