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Author Topic: January 31st, the Downfall of Bitcoin  (Read 12717 times)
bitcoinlitcoinbtcltc (OP)
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January 26, 2014, 07:24:39 PM
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January 31st, the Downfall of Bitcoin
On January 31st, a new law will be effective in China: third party Bitcoin payment processors will no longer be allowed to trade bitcoins. This means that the Chinese can no longer trade-in their bitcoins for fiat money (regular currency), or withdraw their money from the crypto-currency exchanges.

'Bitcoin' was a fun ride, and many people have made a nice profit out of crypto-currencies, but this will come to an end. Governments and established banks will not allow this threat to spread.

Overstock & TigerDirect have started accepting bitcoin. But is this really great news, or relevant to the value/adaption of bitcoin? These companies will probably sell their bitcoins as soon as there is a sign of a major threat. They will leave the small traders and miners out in the cold with their worthless bitcoins.

Let's say this is not about a law implemented by the Chinese government, but a law enforced by the European Union. After January 31st, crypto-currency exchanges in Europe are no longer allowed to deal in bitcoins. After this date, traders can not withdraw their money from European exchanges anymore.

The question we must ask ourselves is: What will the majority of the traders do on, or before January 31st? Will they sit tight and hold on to their bitcoins, or will they trade-in their bitcoins before everyone else does?

One can dream about the possibilities and future value of bitcoins, but these will remain dreams. The reality tells us that after January 31st, bitcoins and fiat money in Chinese exchanges will be as valuable as Monopoly money.

Read more at http://www.liveleak.com/view?i=21a_1390679748#qDSE3sRb5T4ElVDH.99

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January 26, 2014, 07:25:48 PM
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Gosh. Will you save me? I think I need to be held right now after reading that.
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January 26, 2014, 07:27:09 PM
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Another bull in a bear suit who wants you to sell him your coins at a discount.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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January 26, 2014, 07:28:22 PM
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Quote
third party Bitcoin payment processors will no longer be allowed to trade bitcoins.

can Exchanger <-> Bank wire work after January 31st?
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January 26, 2014, 07:31:21 PM
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Seek information from those who actually have any.
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January 26, 2014, 07:36:00 PM
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January 31st, the Downfall of Bitcoin
On January 31st, a new law will be effective in China: third party Bitcoin payment processors will no longer be allowed to trade bitcoins. This means that the Chinese can no longer trade-in their bitcoins for fiat money (regular currency), or withdraw their money from the crypto-currency exchanges.

'Bitcoin' was a fun ride, and many people have made a nice profit out of crypto-currencies, but this will come to an end. Governments and established banks will not allow this threat to spread.

Overstock & TigerDirect have started accepting bitcoin. But is this really great news, or relevant to the value/adaption of bitcoin? These companies will probably sell their bitcoins as soon as there is a sign of a major threat. They will leave the small traders and miners out in the cold with their worthless bitcoins.

Let's say this is not about a law implemented by the Chinese government, but a law enforced by the European Union. After January 31st, crypto-currency exchanges in Europe are no longer allowed to deal in bitcoins. After this date, traders can not withdraw their money from European exchanges anymore.

The question we must ask ourselves is: What will the majority of the traders do on, or before January 31st? Will they sit tight and hold on to their bitcoins, or will they trade-in their bitcoins before everyone else does?

One can dream about the possibilities and future value of bitcoins, but these will remain dreams. The reality tells us that after January 31st, bitcoins and fiat money in Chinese exchanges will be as valuable as Monopoly money.

Read more at http://www.liveleak.com/view?i=21a_1390679748#qDSE3sRb5T4ElVDH.99



Thank you for posting this.  Everyone needs to understand how bad this is for bitcoin.  Please post this here so that everyone can see all the confirmed bad news in one place.  Thank you again for your service.  And I hope you become a regular contributor to the main thread here.

Bitcoin Fact: the price of bitcoin will not be greater than $20k for more than 30 consecutive days at any point in the next 5 years
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January 26, 2014, 07:36:31 PM
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January 26, 2014, 07:39:50 PM
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Let's say this is not about a law implemented by the Chinese government, but a law enforced by the European Union. After January 31st, crypto-currency exchanges in Europe are no longer allowed to deal in bitcoins. After this date, traders can not withdraw their money from European exchanges anymore.

saying the EU will enforce chinese law seems like a stretch to me. thinking what china has to say about exchanges will kill bitcoin is a way bigger stretch.

has EVERYONE forgotten the silk road? Really though, the Silk Road was a international fiat/btc trading platform using the international currency of drugs. I think about every government wanted that shut down and already has laws forbidding the drug trade but we still see btc alive, and more  trading platforms like it emerging.

worst case, btc trading moves to tor and the price goes up more slowly due to being only slightly harder to use tor vs normal internet but the masses gain the freedom of tor. best case, well you know this part.

only way i can think of to destroy bitcoin os to make something thats better and people freely choose to use over it. threats and intimidation dont seem to matter to as many people as some people think, I think.
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January 26, 2014, 07:45:29 PM
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lol, obviously more people after cheap coins.

If they were not, they would be doing something more interesting with their time and not be on a Bitcoin forum posting negative news.  Roll Eyes
bitcoinlitcoinbtcltc (OP)
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January 26, 2014, 08:04:29 PM
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lol, obviously more people after cheap coins.

If they were not, they would be doing something more interesting with their time and not be on a Bitcoin forum posting negative news.  Roll Eyes

I am posting this because I am tired of the bitcoin-propaganda. Only positive bitcoin news is allowed on most bitcoin forums, which creates a biased view on cryptocurrencies in general.

I am posting this because I want to warn everyone for the dangers of bitcoin.

A lot of regular Joe's have entered the market because they are blinded by the ''possibilities''. They want to become a millionaire overnight. The fact that there are hundreds of altcoins proves this. Everyone wants a piece of the cake. But there is no cake. There are no possibilities to become rich overnight. The cryptocurrency game is played by powerful men, institutions.

Everyone is posting crap like ''bitcoin will take over the world, it is more valuable and reliable than the USD because it is backed by its limited supply of 21 million coins.''

I've got news for you: 85% of bitcoin users are nerds. They are loners and will avoid any form of conflict in real life. When the governments of their countries start imposing strict laws against bitcoins, they will cash out as soon as possible. Because that's who and how they are; ''law abiding citizens.''

I have more news for you: bitcoin might be backed by 'its limited supply', but do you know what is backing the USD?

This is what backs the USD, Yuan, and other powerful currencies:









----

GET IT NOW?!
cdooer
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January 26, 2014, 08:05:10 PM
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So, because China is introducing this so called law, so is the EU? So then I guess the US, and Canada will follow suit, right on the 31st? Thanks for sharing your intellect...you likely saved me a bundle.  Roll Eyes
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January 26, 2014, 08:05:59 PM
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Another bull in a bear suit who wants you to sell him your coins at a discount.

can some artist please draw a picture of this so that we can just paste the pic in for each one of these threads. Grin

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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January 26, 2014, 08:11:24 PM
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"This is what backs the USD, Yuan, and other powerful currencies:"

seems it's mostly american military might you have googled up pix for. and how's that mighty currency working out for the yanks? a hollowed out economy, grandpa working at walmart,  1 % vs 99% etc etc. 

what is backing the fiat is the sleep of the people  and the hype of the machine.
bitcoinlitcoinbtcltc (OP)
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January 26, 2014, 08:17:16 PM
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"This is what backs the USD, Yuan, and other powerful currencies:"

seems it's mostly american military might you have googled up pix for. and how's that mighty currency working out for the yanks? a hollowed out economy, grandpa working at walmart,  1 % vs 99% etc etc. 

what is backing the fiat is the sleep of the people  and the hype of the machine.

Are you an idiot?

''Seems it's mostly american military...''

2 out of 5 pictures are American military. The other 3 are not. Do you call that most? Are you stupid? Do you have brains? If so, are they operational? Hello, hello, anybody home?

http://www.youtube.com/watch?v=GDs9jy8VNhU
coinpharmer
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January 26, 2014, 08:22:47 PM
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"get it now??"

no i do not get how that matters... are you saying a tank will come down my street shooting at me or other holders of bitcoin? are you saying that we will warrent jets and missles will be what it takes to make us stop? if that is your point you must be very bullish thinking governments will spend so much to destroy us. get a freaking clue! if that happens then we are all very rich. ive met people with 100's of marijuana plants and who smuggle coke who are less fearful of such things. simple fact is its much harder to stop bitcoin transfers then it is drug transfers and we all know how well the war on drugs is going. sure there will be lives ruined by the government for using bitcoin if they say you cant and they truly attempt to prosecute people for using it, however you cant hold all the sand.... some will slip threw your fingers and the more the iron fist of china tightens the more will slip threw their fingers.
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January 26, 2014, 08:25:24 PM
 #16

lol, obviously more people after cheap coins.

If they were not, they would be doing something more interesting with their time and not be on a Bitcoin forum posting negative news.  Roll Eyes

I am posting this because I am tired of the bitcoin-propaganda. Only positive bitcoin news is allowed on most bitcoin forums, which creates a biased view on cryptocurrencies in general.

I am posting this because I want to warn everyone for the dangers of bitcoin.

A lot of regular Joe's have entered the market because they are blinded by the ''possibilities''. They want to become a millionaire overnight. The fact that there are hundreds of altcoins proves this. Everyone wants a piece of the cake. But there is no cake. There are no possibilities to become rich overnight. The cryptocurrency game is played by powerful men, institutions.

Everyone is posting crap like ''bitcoin will take over the world, it is more valuable and reliable than the USD because it is backed by its limited supply of 21 million coins.''

I've got news for you: 85% of bitcoin users are nerds. They are loners and will avoid any form of conflict in real life. When the governments of their countries start imposing strict laws against bitcoins, they will cash out as soon as possible. Because that's who and how they are; ''law abiding citizens.''

I have more news for you: bitcoin might be backed by 'its limited supply', but do you know what is backing the USD?

This is what backs the USD, Yuan, and other powerful currencies:









----

GET IT NOW?!

Wow never seen such a massive agglomeration of phallus symbols in a single post. Thank you very much for sharing this.

Somebody´s girlfriend should be impressed tonight
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January 26, 2014, 08:26:12 PM
 #17

"This is what backs the USD, Yuan, and other powerful currencies:"

seems it's mostly american military might you have googled up pix for. and how's that mighty currency working out for the yanks? a hollowed out economy, grandpa working at walmart,  1 % vs 99% etc etc. 

what is backing the fiat is the sleep of the people  and the hype of the machine.

Are you an idiot?

''Seems it's mostly american military...''

2 out of 5 pictures are American military. The other 3 are not. Do you call that most? Are you stupid? Do you have brains? If so, are they operational? Hello, hello, anybody home?

http://www.youtube.com/watch?v=GDs9jy8VNhU

bitcoinlitcoinbtcltc, I agree with your analysis, and I'm grateful for your service.  I have confirmed you as a verified and trustworthy bad news source.  Based on your confirmed bad news and all the other confirmed bad news I've assessed and verified, I think a price target for the next month or so is around $100.  Do you agree?

Also, please contribute to the confirmed bad news thread, so people can see all the confirmed bad news in one place.  Thank you, again.

Bitcoin Fact: the price of bitcoin will not be greater than $20k for more than 30 consecutive days at any point in the next 5 years
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January 26, 2014, 08:28:14 PM
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I am posting this because I want to warn everyone for the dangers of bitcoin.

Hello Jamie Dimon. How you doing?  Cheesy

bitcoinlitcoinbtcltc (OP)
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January 26, 2014, 08:29:06 PM
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"This is what backs the USD, Yuan, and other powerful currencies:"

seems it's mostly american military might you have googled up pix for. and how's that mighty currency working out for the yanks? a hollowed out economy, grandpa working at walmart,  1 % vs 99% etc etc. 

what is backing the fiat is the sleep of the people  and the hype of the machine.

Are you an idiot?

''Seems it's mostly american military...''

2 out of 5 pictures are American military. The other 3 are not. Do you call that most? Are you stupid? Do you have brains? If so, are they operational? Hello, hello, anybody home?

http://www.youtube.com/watch?v=GDs9jy8VNhU

bitcoinlitcoinbtcltc, I agree with your analysis, and I'm grateful for your service.  I have confirmed you as a verified and trustworthy bad news source.  Based on your confirmed bad news and all the other confirmed bad news I've assessed and verified, I think a price target for the next month or so is around $100.  Do you agree?

Also, please contribute to the confirmed bad news thread, so people can see all the confirmed bad news in one place.  Thank you, again.


I don't expect $100, but I think it will go down to around $350-400 like the last crash. Maybe even a little bit lower.

Remember people, last year it crashed from 266 to 50. It went down 82%.
It could go down to $150 just as easily (same percentage).
Buffer Overflow
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January 26, 2014, 08:32:11 PM
 #20

"This is what backs the USD, Yuan, and other powerful currencies:"

seems it's mostly american military might you have googled up pix for. and how's that mighty currency working out for the yanks? a hollowed out economy, grandpa working at walmart,  1 % vs 99% etc etc. 

what is backing the fiat is the sleep of the people  and the hype of the machine.

Are you an idiot?

''Seems it's mostly american military...''

2 out of 5 pictures are American military. The other 3 are not. Do you call that most? Are you stupid? Do you have brains? If so, are they operational? Hello, hello, anybody home?

http://www.youtube.com/watch?v=GDs9jy8VNhU

bitcoinlitcoinbtcltc, I agree with your analysis, and I'm grateful for your service.  I have confirmed you as a verified and trustworthy bad news source.  Based on your confirmed bad news and all the other confirmed bad news I've assessed and verified, I think a price target for the next month or so is around $100.  Do you agree?

Also, please contribute to the confirmed bad news thread, so people can see all the confirmed bad news in one place.  Thank you, again.


I don't expect $100, but I think it will go down to around $350-400 like the last crash. Maybe even a little bit lower.

Remember people, last year it crashed from 266 to 50. It went down 82%.
It could go down to $150 just as easily (same percentage).

Hold on. You just predicted the end of Bitcoin. Yet your not predicting $0?


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