The spec money in China has exited

[Lloydie]

Following news of complete RMB to Btc ban in china, it looks like btcs are now stabilising around RMB 2,800.

IMHO, the spec/hoarders that made up 75% of Btc china market has mostly exited.

Please comment with your insights.

[accord01]

Bitstamp is pretty close to breaking 500, once that happens prepare for a dip to below 260....

also all the people with coins on btcchina will be transferring to other exchanges to cash out at higher prices.... so it is looking bad for awhile.

[traderCJ]

I think your post is way, way too premature.  It takes the market time to digest big news like this.  The same thing happened for other negative China press.  That drop you saw a few hours ago were the lucky ones cashing out because they had easy access to their stash.  There will likely be several waves of sell-offs over the next few days.  I think this will make Bitcoin stronger in the long term, however.  Just guessing here .. because that's all we can do .. $300-400 is a reasonable place to start buying heavy.  Until the next wave of bad news 

[Lloydie]

I think your post is way, way too premature.  It takes the market time to digest big news like this.  The same thing happened for other negative China press.  That drop you saw a few hours ago were the lucky ones cashing out because they had easy access to their stash.  There will likely be several waves of sell-offs over the next few days.  I think this will make Bitcoin stronger in the long term, however.  Just guessing here .. because that's all we can do .. $300-400 is a reasonable place to start buying heavy.  Until the next wave of bad news  

Efficient bitcoin markets seem to be stabilising already. The speculators/hoarders may have been flushed out.

[MatTheCat]

I think your post is way, way too premature.  It takes the market time to digest big news like this.  The same thing happened for other negative China press.  That drop you saw a few hours ago were the lucky ones cashing out because they had easy access to their stash.  There will likely be several waves of sell-offs over the next few days.  I think this will make Bitcoin stronger in the long term, however.  Just guessing here .. because that's all we can do .. $300-400 is a reasonable place to start buying heavy.  Until the next wave of bad news 

Efficient bitcoin markets seem to stabilising already. The speculators/hoarders may have been flushed out.

oh STFU! Seriously.

People around here are losing enough money already.

[Wilhelm]

I think your post is way, way too premature.  It takes the market time to digest big news like this.  The same thing happened for other negative China press.  That drop you saw a few hours ago were the lucky ones cashing out because they had easy access to their stash.  There will likely be several waves of sell-offs over the next few days.  I think this will make Bitcoin stronger in the long term, however.  Just guessing here .. because that's all we can do .. $300-400 is a reasonable place to start buying heavy.  Until the next wave of bad news 

Efficient bitcoin markets seem to stabilising already. The speculators/hoarders may have been flushed out.

oh STFU! Seriously.

People around here are losing enough money already.

I see three green candles so in my book it looks like an uptrend is coming, hope it pulls through.

I want to shout this again "TO DA MOOOOOOON!!!!!!!!!!!!!!!!"

[MatTheCat]

I see three green candles so in my book it looks like an uptrend is coming, hope it pulls through.

I want to shout this again "TO DA MOOOOOOON!!!!!!!!!!!!!!!!"

Yeah, it may bounce a little higher....for now, but it will be temporary.

China is clearly winding up any open dealing of Bitcoins. BTC China was the last time I checked responsible for 44% of the entire Bitcoin trade volume. There are still lots of Bitcoins in China and these people need to cash out.

Nothing could be more clear regarding Bitcoins near term future and could well be remembered as a near death experience.

"TO DA FKN BASEMENT!!!!!!!!"

[esse83]

The bounce to 600 dollar is hilarious How people can seriously believe that we should only be down about 100dollar from last night after this is beyond me. Just to remind people..more than half the market is gone! Wake up and face reality.

[mearylll]

Just to remind people..more than half the market is gone! Wake up and face reality.

China exchanges had such high trading volume only becasue fee was 0% there

[Lloydie]

I think your post is way, way too premature.  It takes the market time to digest big news like this.  The same thing happened for other negative China press.  That drop you saw a few hours ago were the lucky ones cashing out because they had easy access to their stash.  There will likely be several waves of sell-offs over the next few days.  I think this will make Bitcoin stronger in the long term, however.  Just guessing here .. because that's all we can do .. $300-400 is a reasonable place to start buying heavy.  Until the next wave of bad news 

Efficient bitcoin markets seem to stabilising already. The speculators/hoarders may have been flushed out.

oh STFU! Seriously.

People around here are losing enough money already.

No need to be rude about it. With all your negativity, people would surely feel even more negative. Seriously, I really think the hoarders are flushed out.

[Lloydie]

I see three green candles so in my book it looks like an uptrend is coming, hope it pulls through.

I want to shout this again "TO DA MOOOOOOON!!!!!!!!!!!!!!!!"

Yeah, it may bounce a little higher....for now, but it will be temporary.

China is clearly winding up any open dealing of Bitcoins. BTC China was the last time I checked responsible for 44% of the entire Bitcoin trade volume. There are still lots of Bitcoins in China and these people need to cash out.

Nothing could be more clear regarding Bitcoins near term future and could well be remembered as a near death experience.

"TO DA FKN BASEMENT!!!!!!!!"

I honestly can't see why Btc china cannot restart in HK or Macau? Anybody want to chime in with some inside info?

[Notanon]

Meh, I'd say the Chinese saw a small opening before the PRC Government would step in and decided to grab as many as they could. I had my suspicions early on that something like this would happen, to be honest.

[Salivan]

china people aren't retarded
even if their country ban bitcoin completely they will not sell 3 millions of BTC in one go. The most probable scenario is that their bitcoin will slowly flow back to east, selling pressure will be gradual from this direction.
Completely different metter  will be impact of such news on the market, this may be really devastating it will undermine trust of potential investors and  effectively pin down price for long months. Personally I just  hope that  there will be no complete ban  but only bunch of restrictions

[MatTheCat]

No need to be rude about it. With all your negativity, people would surely feel even more negative. Seriously, I really think the hoarders are flushed out.

All the way down from $1000, it has appeared patently obvious to me that this sucker was going down. And this was before the China issue emerged as serious as it has turned out to be.

Yet all the way down, I have had to tolerate fools telling me and everyone else sh1t like:

$900 OMG CHEAP COINS BUY BUY BUY....

DONT COME CRYING TO ME WHEN U ARE BUYING BACK IN AT $1500!

$850 is time to buy, not to sell! This is nothing to do with China, this is to do with Fed taperin fears.

$800. Bitcoin has flushed out da weak hands, and will stabilise around here etc etc

$750. Hope ya all picked up em cheap coins and are ready for the ride up

Indeed, I am wondering whether the level of 'optimism' in the face of common sense has influenced my buy-in decisions. Until yesterday, I was buying in between $400 - $500, but I thought better of it thinking it may not sink that low all at once, and changed this to $500 - $560. I sold at $490. I have to take responsibility for any decisions that I take, but I also understand the human mind, no matter what mind it is, is subconsciously open to the power of persuasion. This is why things kitsch fast food advertisements or tacky car adverts work.

Now, we have a situation where China has made clear Bitcoin trading will be completely wound up within their borders by the end of Jan 2014. BTC China accounted for 44% of total Bitcoin trading. I would say the writing is on the fkn wall, and in light of the sheer remaining volume of yet more unfathomable 'optimism in the face of common sense', I see myself as carrying out a public duty, outright abusing people who are still trying to tell people, that Bitcoin going 2 da moon!


and it might do.....one day....but right now, Bitcoin divin in2 da cesspit!

[Steveia]

No need to be rude about it. With all your negativity, people would surely feel even more negative. Seriously, I really think the hoarders are flushed out.

All the way down from $1000, it has appeared patently obvious to me that this sucker was going down. And this was before the China issue emerged as serious as it has turned out to be.

Yet all the way down, I have had to tolerate fools telling me and everyone else sh1t like:

$900 OMG CHEAP COINS BUY BUY BUY....

DONT COME CRYING TO ME WHEN U ARE BUYING BACK IN AT $1500!

$850 is time to buy, not to sell! This is nothing to do with China, this is to do with Fed taperin fears.

$800. Bitcoin has flushed out da weak hands, and will stabilise around here etc etc

$750. Hope ya all picked up em cheap coins and are ready for the ride up

Indeed, I am wondering whether the level of 'optimism' in the face of common sense has influenced my buy-in decisions. Until yesterday, I was buying in between $400 - $500, but I thought better of it thinking it may not sink that low all at once, and changed this to $500 - $560. I sold at $490. I have to take responsibility for any decisions that I take, but I also understand the human mind, no matter what mind it is, is subconsciously open to the power of persuasion. This is why things kitsch fast food advertisements or tacky car adverts work.

Now, we have a situation where China has made clear Bitcoin trading will be completely wound up within their borders by the end of Jan 2014. BTC China accounted for 44% of total Bitcoin trading. I would say the writing is on the fkn wall, and in light of the sheer remaining volume of yet more unfathomable 'optimism in the face of common sense', I see myself as carrying out a public duty, outright abusing people who are still trying to tell people, that Bitcoin going 2 da moon!


and it might do.....one day....but right now, Bitcoin divin in2 da cesspit!

Mat the Cat is, without a doubt, one of the most eloquent expounders on this forum, despite some of the vulgarities.

What we are witnessing right now is panic buying in response to panic selling.

Despite all indications of severe instability, hundreds of thousands of coins are being bought on the grounds that they are "cheap coins" and that when the price goes "to da moon," bitcoin holders will be rich.

It all sounds very well...but I fear this is the beginning of our woes and if China unloads all of its bitcoins, the price will drop below $100.00.

This, of course, assumes no new bad news out of the EU, which may place bank restrictions to exchanges and bitcoins. Then the price will be in double digits.

[dg2010]

You are both fairly new here so it's understandable. There is a hardcore number of people here who are so utterly brainwashed that any drop is ALWAYS met with shouts of CHEAP COINS.Your mistake is believing these fuckwits know what they are talking about, they don't.

Unfortunately MatTheCat has gone full-retard and turned into the exact opposite of these fuckwits and he is now ironically doing the EXACT SAME THING.

The truth is somewhere in the middle. There is nothing to be gained by either of these two extremes.

[Lloydie]

No need to be rude about it. With all your negativity, people would surely feel even more negative. Seriously, I really think the hoarders are flushed out.

All the way down from $1000, it has appeared patently obvious to me that this sucker was going down. And this was before the China issue emerged as serious as it has turned out to be.

Yet all the way down, I have had to tolerate fools telling me and everyone else sh1t like:

$900 OMG CHEAP COINS BUY BUY BUY....

DONT COME CRYING TO ME WHEN U ARE BUYING BACK IN AT $1500!

$850 is time to buy, not to sell! This is nothing to do with China, this is to do with Fed taperin fears.

$800. Bitcoin has flushed out da weak hands, and will stabilise around here etc etc

$750. Hope ya all picked up em cheap coins and are ready for the ride up

Indeed, I am wondering whether the level of 'optimism' in the face of common sense has influenced my buy-in decisions. Until yesterday, I was buying in between $400 - $500, but I thought better of it thinking it may not sink that low all at once, and changed this to $500 - $560. I sold at $490. I have to take responsibility for any decisions that I take, but I also understand the human mind, no matter what mind it is, is subconsciously open to the power of persuasion. This is why things kitsch fast food advertisements or tacky car adverts work.

Now, we have a situation where China has made clear Bitcoin trading will be completely wound up within their borders by the end of Jan 2014. BTC China accounted for 44% of total Bitcoin trading. I would say the writing is on the fkn wall, and in light of the sheer remaining volume of yet more unfathomable 'optimism in the face of common sense', I see myself as carrying out a public duty, outright abusing people who are still trying to tell people, that Bitcoin going 2 da moon!


and it might do.....one day....but right now, Bitcoin divin in2 da cesspit!

I feel your pain brother but we don't have to be overly pessimistic about china because trading in china will probably still occur via Macau or HK.

[BitchicksHusband]

One question:  How did China get back to $500?

[humanitee]

One question:  How did China get back to $500?

I'll answer your question with a question: Why did it ever get so low to begin with?

[BitchicksHusband]

One question:  How did China get back to $500?

I'll answer your question with a question: Why did it ever get so low to begin with?

So you answer a question that makes people think with one that's obvious to everyone?  What's the point of that?