BTCChina start to charge trading fees now, another sell off may be expected.

[AlbertKing]

BTCChina start to charge trading fees 3 hours ago, and most users didn't know it until they are charged. Since lots of bitcoin buyers in China are day traders looking for quick money, we may expect a continued sell off in the coming days.

BTCChina knows clearly if they are the only one charge trading fees in China, they are going to die. So they(all exchanges in China) could be forced by the government, BTCChina is just the first(they are the first to ask users provide ID information too, after the gov said so)and other exchanges would follow later.

Another bad news is the gov forbid third party like paypal(specifically "zhifubao" by Alibaba and "caifutong" by Tencent) to cooperate with exchanges. Now this news is not officially confirmed, however it's very likely to be true, since third party was on Chinese exchanges' website before, and they are gone now.

Edit:

I hope you guys sell at $840(the price when I write this) and buy back at $720(the price 5 hours later), that's a 17% ROI.

A rumor/speculating post is just for this kind of effect I guess.

For those who dont give a F about profit, well my hat's off to you.

Tipping Address:
188vSXijbqQGzBRXNzJzvF1U9bgBPRPpiN

[seleme]

Hide your wife, hide your kids. Sell all, Bitcoin is doomed 

[crazy_rabbit]

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

[nate008]

BTCChina start to charge trading fees 3 hours ago, and most users didn't know it until they are charged. Since lots of bitcoin buyers in China are day traders looking for quick money, we may expect a continued sell off in the coming days.

BTCChina knows clearly if they are the only one charge trading fees in China, they are going to die. So they(all exchanges in China) could be forced by the government, BTCChina is just the first(they are the first to ask users provide ID information too, after the gov said so)and other exchanges would follow later.

Another bad news is the gov forbid third party like paypal(specifically "zhifubao" by Alibaba and "caifutong" by Tencent) to cooperate with exchanges. Now this news is not officially confirmed, however it's very likely to be true, since third party was on Chinese exchanges' website before, and they are gone now.

They could also not sell , withdraw their coins and search for a different exchanger.
Also , why should people sell if it cost them money now?

If this is not confirmed news , then ...... you know how we call this kind of stuff here .

[MatTheCat]

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

Well, Bitcoin whales would be a bit more discouraged from rolling Bitcoins around various accounts in order to bid the price up.

[stillfire]

Going to be awkward to wake up and realise that your high frequency spread-trading bot spent all your money on fees because BTCChina raised their fees effective immediately.

[seleme]

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

Well, Bitcoin whales would be a bit more discouraged from rolling Bitcoins around various accounts in order to bid the price up.

or to push it down

[rebuilder]

BTCChina knows clearly if they are the only one charge trading fees in China, they are going to die.

Every exchange that doesn't make money is going to die eventually.The question is, who's got the deepest pockets? It seems BTCChina decided it's time to stop bleeding money, maybe they felt they've established themselves well enough by now.

[seleme]

Laughing hard at people that thought no fees policy would last forever.

[AlbertKing]

Because typical day traders in China is called "投机客"(gambler? I donno how to translate), many of them are from WenZhou city, they only enter a market if it's proved to be profitable, and leave when it's not.

Without trading fees, they can do a lot of tricks and earn small money everytime, however now every time they do this, 0.6% of their money(not their profit) would go straight to the exchange, so they must ensure the profit of  the specific operation is larger than 0.6% , which, is in fact very hard, especially when they couldn't do things like traps with 0 cost now.

And when they leave, they won't let you know, however the total money invested in bitcoin would be less and less when they leave, so you can guess what the price would be then.

Please remember it's just them who caused the november price boom of bitcoin in China.

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

[nate008]

Because typical day traders in China is called "投机客"(gambler? I donno how to translate), many of them are from WenZhou city, they only enter a market if it's proved to be profitable, and leave when it's not.

Without trading fees, they can do a lot of tricks and earn small money everytime, however now every time they do this, 0.6% of their money(not their profit) would go straight to the exchange, so they must ensure the profit of  the specific operation is larger than 0.6% , which, is in fact very hard, especially when they couldn't do things like traps with 0 cost now.

And when they leave, they won't let you know, however the total money invested in bitcoin would be less and less when they leave, so you can guess what the price would be then.

Please remember it's just them who caused the november price boom of bitcoin in China.

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

Were they trading on Mtgox and Bitstamp also? I don't think so.
It wasn't the 投机客 who drove the price up on western exchangers , it was the hype.

So , we get China out of the picture , should the price collapse? Why?
Comparing the latest good news with the "baidu accepting coins" , I think we're better right now.

[BitchicksHusband]

投机客

I got "speculator", which sounds right.

[seleme]

Albert, let me be perfectly honest with you - I couldn't give a flying one what typical Chinese trader is and what he is going to do now.

China hype is used well, they can all stop trading now as far as I am concerned. I'd actually be perfectly happy if China factor would be completely wiped out from Bitcoin scene, sick of noobs shitting their pants whenever China farts.

[AlbertKing]

I'm sorry but they do.
Watch closely the real time Chart of Mt.Gox & BTCChina and you will know.

Mt.Gox chart is a very very effective tool when they manipulate the price in china, they do it all the time.

And please don't tell me Chinese exchange price doesn't affect mt.gox chart at all.

Because typical day traders in China is called "投机客"(gambler? I donno how to translate), many of them are from WenZhou city, they only enter a market if it's proved to be profitable, and leave when it's not.

Without trading fees, they can do a lot of tricks and earn small money everytime, however now every time they do this, 0.6% of their money(not their profit) would go straight to the exchange, so they must ensure the profit of  the specific operation is larger than 0.6% , which, is in fact very hard, especially when they couldn't do things like traps with 0 cost now.

And when they leave, they won't let you know, however the total money invested in bitcoin would be less and less when they leave, so you can guess what the price would be then.

Please remember it's just them who caused the november price boom of bitcoin in China.

Why would it cause a selloff? Buying or Selling now costs money to do. People should now be less likely to trade. (Not to mention, make BTCChina some nice money!)

Were they trading on Mtgox and Bitstamp also? I don't think so.
It wasn't the 投机客 who drove the price up on western exchangers , it was the hype.

So , we get China out of the picture , should the price collapse? Why?
Comparing the latest good news with the "baidu accepting coins" , I think we're better right now.

[AlbertKing]

And I'll be honest with you too, I don't care about what you say either.

Just give some hints to you guys here if you dunno what's happening in China right now.

Now Mt.Gox is $840 Bitstamp $775 and BTCChina is & 760, very unusual.

Albert, let me be perfectly honest with you - I couldn't give a flying one what typical Chinese trader is and what he is going to do now.

China hype is used well, they can all stop trading now as far as I am concerned. I'd actually be perfectly happy if China factor would be completely wiped out from Bitcoin scene, sick of noobs shitting their pants whenever China farts.

[seleme]

No, you don't give us any hints, nobody is giving any tips here but everybody is trying to spread stuff that could eventually help the price go where they want it nor do I care about your hints to be honest. You're noob, you're panicking seing price going down a bit, you're making a big deal of a business stopping to not make a money - hardly anything to give a damn about  

So don't expect me to thank you, sorry  

[bootlace]

No, you don't give us any hints, nobody is giving any tips here but everybody is trying to spread stuff that could eventually help the price go where they want it nor do I care about your hints to be honest. You're noob, you're panicking seing price going down a bit, hardly anything to give a damn about 

So don't expect me to thank you, sorry  

Take your shitty attitude and gtfo if you don't like it - some people here actually want to discuss/speculate on rumors/breaking news. Sick of blind zealots blasting anyone who dares bring up something negative.

[seleme]

No, you don't give us any hints, nobody is giving any tips here but everybody is trying to spread stuff that could eventually help the price go where they want it nor do I care about your hints to be honest. You're noob, you're panicking seing price going down a bit, hardly anything to give a damn about 

So don't expect me to thank you, sorry  

Take your shitty attitude and gtfo if you don't like it - some people here actually want to discuss/speculate on rumors/breaking news. Sick of blind zealots blasting anyone who dares bring up something negative.

Don't be nervous mate, you're make your money back again, it's Bitcoin 

[CoinCidental]

the chinese were buying btc for a couple of reasons and one of them was property tax evasion
(property bought with btc  was not taxed )
but the main one was to bypass current laws on chinese citizens being restricted to moving money
out of china (its  illegal to transfer more than $50,000 out of china in a single year)


they can  claim to be speculators or whatever but i believe these reasons are more important to them
than any other reason to buy bitcoins

[mccoyspace]

sub 4000 on btcchina