Poppppp!!! I'm calling it See you at 300

[massivebitman]

Game over guys... Sure we'll end higher than we started but, with China out of the picture, I really think we're post peak

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[traderCJ]

I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable.  It'll take awhile for the exchanges to flush out all the panic sellers.  This could last a few days.

[TeeBone]

Where are all the demented bulls....tu dUh mOon feW wEEKS !!

[jasonjm]

I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable.  It'll take awhile for the exchanges to flush out all the panic sellers.  This could last a few days.

a few days eh?

chinese have to get their money out by jan 30th deadline.

so, I would bet on more like 6 weeks of bitcoin torture? not saying it has to crash every day, but I would expect downward pressure for 6 weeks.

Also it takes a while to arb the exchange rates between exchanges, so the downward pressure will be moved to gox and btc from the chinese exchanges only after days of being at lower prices (like they currently are now).

[johnblaze]

chinese have to get their money out by jan 30th deadline.

link to this deadline?

[traderCJ]

I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable.  It'll take awhile for the exchanges to flush out all the panic sellers.  This could last a few days.

a few days eh?

chinese have to get their money out by jan 30th deadline.

so, I would bet on more like 6 weeks of bitcoin torture? not saying it has to crash every day, but I would expect downward pressure for 6 weeks.

Also it takes a while to arb the exchange rates between exchanges, so the downward pressure will be moved to gox and btc from the chinese exchanges only after days of being at lower prices (like they currently are now).

Possible, but why on Earth would a Chinese bitcoiner wait to delay liquidation only to face selling for satoshis on the coin?

[600watt]

I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable.  It'll take awhile for the exchanges to flush out all the panic sellers.  This could last a few days.

a few days eh?

chinese have to get their money out by jan 30th deadline.

so, I would bet on more like 6 weeks of bitcoin torture? not saying it has to crash every day, but I would expect downward pressure for 6 weeks.

Also it takes a while to arb the exchange rates between exchanges, so the downward pressure will be moved to gox and btc from the chinese exchanges only after days of being at lower prices (like they currently are now).

well, china can´t go down 6 more weeks with this pace. chart cannot turn negative...


yep. 300 is the bottom

[Nikinger]

About one week ago I guessed that it will end like the 2011 bubble:

Now it pops more quickly than I thought. Luckily I sold off 35% a week ago, recently another 30%. Probably I'll hold the remaining Bitcoins in the case of a positive surprise being happen.

[johnblaze]

chinese have to get their money out by jan 30th deadline.

link to this deadline?

i want to know if this jan 30 deadline is true or not

or if its just another bitcoiner who has misinterpreted the news

[jasonjm]

I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable.  It'll take awhile for the exchanges to flush out all the panic sellers.  This could last a few days.

a few days eh?

chinese have to get their money out by jan 30th deadline.

so, I would bet on more like 6 weeks of bitcoin torture? not saying it has to crash every day, but I would expect downward pressure for 6 weeks.

Also it takes a while to arb the exchange rates between exchanges, so the downward pressure will be moved to gox and btc from the chinese exchanges only after days of being at lower prices (like they currently are now).

well, china can´t go down 6 more weeks with this pace. chart cannot turn negative...


yep. 300 is the bottom

yeah I never said crash every day for 6 weeks, I said downward pressure. Some days will be up undoubtedly.

as to the other question as to why people don't sell when something is crashing? its obvious, human psychology works against us, its only a real loss when you sell at a loss. As long as the position is open, you wish and pray for a rebound, or you just pretend the position isnt in the red. Either or.

so that is why people (us, you, me) sometimes hold onto positions into a death spiral instead of selling.

[jasonjm]

chinese have to get their money out by jan 30th deadline.

link to this deadline?

i want to know if this jan 30 deadline is true or not

or if its just another bitcoiner who has misinterpreted the news

"Companies currently offering services must end services by the Chinese New Year, a weeklong holiday that begins on Jan. 31, the newspaper cited Zhou Jinhuang, deputy director of payment clearance at the People’s Bank of China, as saying at a meeting with more than 10 third-party payment service providers."

[traderCJ]

so that is why people (us, you, me) sometimes hold onto positions into a death spiral instead of selling.

Heh, definitely been that guy in the past .. learned my lesson.

[samsam]

Look on the bright side, guys. At least BTC will be affordable again. 

[Nikinger]

Look on the bright side, guys. At least BTC will be affordable again.  

BTC is always affordable as long as one Satoshi (0.00000001 BTC) is affordable 

[massivebitman]

Oh man, this is just like the last crash I find it really hard to imagine why people would be buying now...

You'd have to have a lot of money if you wanted to manipulate the price up... a lot.

[traderCJ]

Oh man, this is just like the last crash I find it really hard to imagine why people would be buying now...

You'd have to have a lot of money if you wanted to manipulate the price up... a lot.

Lots of guts, too.  All it takes is a few other whales or a wave of plebs dumping into your pump.

[jasonjm]

what I find most amazing, is that some massive wallets with 10 000 + bitcoins did not sell a single bitcoin in the run up to $1200 - not even one.

Either these guys know something I don't, have cahones the size of watermelons, or are just plain delusional. I do not know.

[seanneko]

what I find most amazing, is that some massive wallets with 10 000 + bitcoins did not sell a single bitcoin in the run up to $1200 - not even one.

Either these guys know something I don't, have cahones the size of watermelons, or are just plain delusional. I do not know.

I suspect that many of them are already rich outside BTC, and so don't really care about making a few million extra here and there.

[samsam]

what I find most amazing, is that some massive wallets with 10 000 + bitcoins did not sell a single bitcoin in the run up to $1200 - not even one.

Either these guys know something I don't, have cahones the size of watermelons, or are just plain delusional. I do not know.

A lot of these are lost wallets. Tons of early miners/adopters lost their computers/HDD with their wallets on them.

[jasonjm]

what I find most amazing, is that some massive wallets with 10 000 + bitcoins did not sell a single bitcoin in the run up to $1200 - not even one.

Either these guys know something I don't, have cahones the size of watermelons, or are just plain delusional. I do not know.

A lot of these are lost wallets. Tons of early miners/adopters lost their computers/HDD with their wallets on them.

maybe you are right.

for anyone interested, look at http://bitcoinrichlist.com/top500

you can see how few accounts started dumping BTC.