[BAN] BTCChina, OKCoin, FXBTC, BTC38, Huobi (updated: April 4)

[fonzie]

So this is it.  China gone, Mt Gox gone, general public trust gone.  We're going to see 100's again. 

I hope so!  But in reality... dream on

Indeed. Even me, with my extremely limited knowledge about the markets, do not find this a logical outcome. Maybe we'll see the low 300's, but that's really it. There seems to be a lot of resistance around 350.

Also: I believe that most of the panic sellers have left already, but the coming days will have to prove that.

$5 Million between $400 - $200 , why won't they pull out.

Because they want all the cheap btc

Because they dont want prices to plummet before they are done selling their remaining btc

Exactly!

[1715254412]

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[1715254412]

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[atp1916]

How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?

There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.

[tarmi]

How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?

There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.

to do list>

take a flight to mainland china
bring all the cash you can
buy all the cheap coins
dump them on stamp
profit

[atp1916]

How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?

There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.

to do list>

take a flight to mainland china
bring all the cash you can
buy all the cheap coins
dump them on stamp
profit

China has some of the tightest capital export/import laws in the world.  Do you honestly think you can just fly into China and pull that off?  A rational person is not even going to run the risk of being thrown into a Chinese hard labor camps for smuggling in contraband capital.

The exchanges can't even accept yaun anymore.  Their payment processors cut that off.

[R2Pleasent]

It's funny how the BTC China announcement was positively spun on r/BitcoinMarkets.  Usually that sub is pretty diligent.  

http://www.reddit.com/r/BitcoinMarkets/comments/2267ri/btcchina_statement/

They're acting as if the recent statement provides evidence that Bobby Lee spoke with regulators and they assured him his company's bank accounts would not be touched.  Seems to be anything but the truth.  If you look at the Coindesk article, it's actually a much different story:

http://www.coindesk.com/btc-china-dismisses-pboc-fears-open-letter/

We can see here that Bobby Lee is in the same boat he's always in.  He has no idea what's going on.  Same as when Huobi starting accepting deposits again, and he was standing around with his dick in his hands.  Bobby Lee is the guy with the least information, at all times.  

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

Think about the amount of money that goes through these exchanges.  We're talking millions of USD each day.  How the hell can you be processing that much money without a bank account?  The Chinese exchanges make VERY little profit per dollar that goes through their exchanges.  The competition is so fierce that most exchanges have 0% trading fees, and only collect a fee of 1% during withdrawal.

If you look at the amount of money the average Chinese exchange makes per dollar that is deposited into the site, you really start to get the idea why these exchanges are doomed without banks.  They'll look at creating some Voucher deposit method, but it just won't bring enough volume.  They need to be processing millions a day just to break even.  

It's over for Bobby Lee.

[R2Pleasent]

How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?

There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.

to do list>

take a flight to mainland china
bring all the cash you can
buy all the cheap coins
dump them on stamp
profit

China has some of the tightest capital export/import laws in the world.  Do you honestly think you can just fly into China and pull that off?  A rational person is not even going to run the risk of being thrown into a Chinese hard labor camps for smuggling in contraband capital.

The exchanges can't even accept yaun anymore.  Their payment processors cut that off.

Wrong.  You can still deposit on Huobi, BTC CHina, OKCoin and others with bank card transfer.  Hasn't been disabled as of yet.  This weekend is a holiday in China.  When Monday comes around, I expect shit to hit the fan.

[crypto2k]

So this is it.  China gone, Mt Gox gone, general public trust gone.  We're going to see 100's again. 

If this happen, i will sell my house, wife, kids, arms, legs, 1 kidney and i am all in BTC! 

Then how are you going to click on a "Buy" button to buy more BTC online without arms? LOL 

[y3804]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

[bitcoinsrus]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

So what will happen to the prices on april 15?  Same? Lower or higher?

[fonzie]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

So what will happen to the prices on april 15?  Same? Lower or higher?

Higher than 8$ lower than 400$

[y3804]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

So what will happen to the prices on april 15?  Same? Lower or higher?

Without an efficient way to deposit money into exchanges, most players will quit the game... If BTCChina/Huobi shutdown deposits, you can expect a massive crash. I can't predict the price, but I'd definitely expect lower than $400, probably higher than $266 (good support)

Most people still think the news are FUD, so that's why we're still in the upper $400s. Very good price to open a short position on Bitfinex. ($460. There's nearly no risk)

[infofront]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

So what will happen to the prices on april 15?  Same? Lower or higher?

How much of the rally to $266 was Chinese money?

[fonzie]

He accepted a large investment into his exchange back in mid/late 2013.  This Bitcoin exchange is his whole life, his legacy.  Imagine his situation.  He's trying to act cool in public, but deep down he's absolutely shitting himself.  It's one thing to get cut off from third party processors, but cut off from the banks??  Deep down he knows that without being able to handle deposits, his exchange is useless.  

It's over for Bobby Lee.

+1. He obviously knows what's going on behind the scene but wants to prevent mass panic. Most exchanges will have no choice but to move offshore.

So what will happen to the prices on april 15?  Same? Lower or higher?

How much of the rally to $266 was Chinese money?

How much of the rally to $266 was fake MtGox USD?

[raindex]

So this is it.  China gone, Mt Gox gone, general public trust gone.  We're going to see 100's again. 

If this happen, i will sell my house, wife, kids, arms, legs, 1 kidney and i am all in BTC! 

Then how are you going to click on a "Buy" button to buy more BTC online without arms? LOL 

arms  [ärmz]
    noun
    plural noun arms
    weapons and ammunition; armaments.

[y3804]

http://www.coindesk.com/jeremy-allaire-bitcoin-needs-greater-governance-reach-mass-adoption/

The future, according to Allaire, will require bitcoin to work with traditional financial institutions so that the technology can reach its full potential.

Explained Allaire:

    “Bitcoin needs greater levels of governance around it. I do not believe this industry will grow without collaboration from governments around the world.”

Still no news for April 7. Waiting...