China is out, is Crypto sunk?

[MatTheCat]

I've said it before, and i'll say it again:

The trading market (most of you guys in this subforum basically, no offense) are the reason for Bitcoins volatility.

You are mental.

Unless a trader is big enough to intentionally create volatility in the market in order to provide profiteering opportunities (and I am sure a good handful of these guys exist), traders bring liquidity to the market. Who else is buying on the downslides or selling on the upsurges?

Without traders, Bitcoin would be infinitely more volatile.........dare I say it? Yeah, I am gonna!.....     DUUHHHRRRRR!  

[shmadz]

I've said it before, and i'll say it again:

The trading market (most of you guys in this subforum basically, no offense) are the reason for Bitcoins volatility.

You are mental.

Unless a trader is big enough to intentionally create volatility in the market in order to provide profiteering opportunities (and I am sure a good handful of these guys exist), traders bring liquidity to the market. Who else is buying on the downslides or selling on the upsurges?

Without traders, Bitcoin would be infinitely more volatile.........dare I say it? Yeah, I am gonna!.....     DUUHHHRRRRR!  

Agreed. I simply sell higher, and buy lower, than whatever the price currently is. I'm simply providing liquidity (admittedly a pathetic drop in the bucket, but still.)

[jubalix]

yawn, china has done nothing but

[1] show the demand in china for crypto to the extent the govt feared it
[2] Brought 1.2 Billion plus peoples attention to crypto's and the money to be made and by this I mean the freedom to preserve wealth and self determination
[3] How in effective the Chinese govt is against btc
[4] The real riots will be when btc is at 10K then 100K and the Chinese govt will be held accountable by its people for not letting them buy in

[Carlton Banks]

No-one has yet provided a good answer to this:

Chinese government is ALWAYS on the inside of all big Chinese companies.

So, why did...

• Chinese television
• Chinese consumer banks
• Chinese payment processors
• Major Chinese retailers

...promote/accept/transact with bitcoin? Did Beijing look at bitcoin for a a number of years, decide in 2013 that they would let all those firms do bitcoin business and promotion, then suddenly change their mind completely? I don't think they're that fickle, or that indecisive. Watch out for headlines to the effect of "Chinese government Bitcoin advice misunderstood". Someone in the Chinese Communist Party wanted to take the heat out of the Chinese market for an unknown reason, but I don't think such a significant decision (to allow use and promotion of new-fangled e-currency) would be taken lightly.

[porcupine87]

At this minute BTCChina has the same price like btc-e again (651$)
http://bitcoinwisdom.com/markets/bitstamp/btcusd

[piramida]

I've said it before, and i'll say it again:

The trading market (most of you guys in this subforum basically, no offense) are the reason for Bitcoins volatility.

Without traders, Bitcoin would be infinitely more volatile.........

BittBurger you make me do the impossible, agree with Mat here for the first time... Normal traders do reduce volatility, because they buy below current trading price and sell above. People who do ignite rallies and panic sellofs are newbie holders, people with no economic background, who sheepishly run wherever herd master tells them to. Once the market for bitcoin grows larger, they won't be able to influence the market much, so stabillity will come. Ensured by traders. We can see that after every new rally the dip is 10% smaller than the previous one. More serious money, more traders, more stability.

[jl2012]

Just a silk road repeat, and the panicked overselling is probably going to lead to an accelerated rise later.

No not the same.  china is 2nd largest gdp in the world.

So what? China earns only 4USD for manufacturing 1 iPhone. They could be easily replaced by other southern / southeast Asia countries

You said "only" and then they could easily be replaced... does not compute.

Also this is way different than silk road.  Silk road put bitcoin in the headlines.  This is actual prohibition to a large part of the in flow of money.

They can only earn 4USD out of an iPhone because they are doing something with really low value. These could be done in other emerging countries, and even cheaper. It's already happening

[HappyBitCoinUser]

Using BTC for investment is out yes.

There will always be a crowd claiming they support the idea, and aren't in it for the money.