I think most of you underestimate just how important china was

[Edward50]

China had a real need for bitcoins, unlike most of you speculators whose only reasons is to get rich quick, or earn a quick buck.

Bitcoin allowed china the perfect opportunity to freely move their money around. They are in real need for that unlike most of us here in the West. Any of you who  need to hide money or move it around untraceable probably know just how easily bitcoin allows this and how important it would be for the Chinese to be able to do this with their restrictive government.

China put such high demand on the coins and also gave people a good reason to rally as the largest country in the world is buying into bitcoins. Even with the stock market, as soon as anything with investment in china comes up the stocks just shoot higher.

Basically the reason why bitcoin got pumped to $1000 was a perfect storm, First China needed the bitcoins so they were buying, and then you had the people in the West knowing that China is buying in a big way so they were not selling and were also holding and buying. This easily pumped the price up past $1000.

With China out of the game this is a huge blow to bitcoins. Bitcoins price looks to beholding on by a thread, most likely a few rich individuals are trying to maintain the higher price but it doesn't look like they can do it for much longer.

Some will say China will still buy bitcoins and find a way. This is wishful thinking because Bitcoin is a serious threat to their government and they will keep closing any loopholes down.

The smart people are getting out, the smarter people like myself sold at $800's or higher. The gamblers and get rick quick degenerates are the ones still playing around and will be the bag holders.

Anyone buying or holding are just taking a serious risk with what looks to be little upside gain if any.

[fonzie]

Spot on! Thanks. China will give Bitcoin it´s final head shot. It took a bullet in the leg with MtGox already but this is nothing compared with the upcoming chinese tragedy.

[Edward50]

Yup, bitcoin had a large community before China, and was only trading around $12. China comes into the game and the biggest pump happened.

Now that China is out of the game, how does anyone expect the prices to stay in the $400's.

People should be grateful that the price is in the $400's that is a very high price. Going to $1000 again, no way that is going to happen without china in the game.

I don't see any other perfect storm coming to drive prices that high anymore. That is why bitcoin is a bad investment at these price levels. Take your money and bet on a single stock in the stock market, at least you know your money won't get stolen like it has on Mt Gox. Or hackers will steal your bitcoins from your wallet.

[Arghhh]

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time,  you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

[BitCoinsLOL]

Oh look, another shorter. I'm going to quote you from 2011:

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time,  you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

 That is to funny open mouth insert foot.

[serenitys]

Maybe *this* time it could get a nod....

I asked in the big thread and lost my net connection and it went poof on submit, but will ask here instead.


What do you all mean by the wall, support/resistance, dead cat, etc and can you be a bit more specific than general so I can compare to any given chart to understand what is being referred to (or if you have a labeled chart that would rock)

Is it possible (or desired?) to script these bots or theses market charts somehow to show what trades are what - as in labels or something that show when a buy/sell pattern is likely going to be bot trading, or to label the "wall" or resistance/support, or so on?

And is it possible that Chinese officials investors know BTC is the bomb and declare this ban or restriction knowing the general population will dump their BTC thinking it's worthless to them now in order to drive the price waay down to double digits, and then step in and buy a ton of them for their own pockets...then turn around and announce, "oops, webad, btc good, go on for it!" and let the people trade and cash out btc? Deliberate ploy to pick up BTC on the cheap and then inject it back?

[kireinaha]

Capital control issues are not merely the domain of China, but problematic in many parts of the world. For instance, would you feel comfortable transporting currency in excess of $10,000 USD through airport immigration? It would not be a good idea, but bitcoin makes it easy.

China is one country. When the world wakes up to the opportunities presented by bitcoin, we will see value rocket past another threshold and doubters will be left in the dust yet again.

[BittBurger]

Now that China is out of the game, how does anyone expect the prices to stay in the $400's.

Adoption.  Growth.  Commerce.  Investment.  ETF applications.  Widespread awareness.  Government acknowledgement.  International conferences.  Podcasts.  Prime time television mentions.  IRS acknowledgement.  Innovation.  Startups.  Venture Capital.  Spaceship rides.  Overstock.  Tigerdirect.  Square.  Shopify.  Falcon Global Capital.  Second Market.  Pantera.  Airline tickets.  Ethereum.  NXT.  Lamborghinis.  Mastercoin Foundation.  Mark Andressen.   Chicago Sun-Times.  St Louis Fed.  Dorian Satoshi Knock-a-no-mo.  Bitcorn.

If you haven't noticed a difference in the landscape since pre-China then something is wrong.

-B-

[y3804]

Now that China is out of the game, how does anyone expect the prices to stay in the $400's.

Adoption.  Growth.  Commerce.  Investment.  ETF applications.  Widespread awareness.  Government acknowledgement.  International conferences.  Podcasts.  Prime time television mentions.  IRS acknowledgement.  Innovation.  Startups.  Venture Capital.  Spaceship rides.  Overstock.  Tigerdirect.  Square.  Shopify.  Falcon Global Capital.  Second Market.  Pantera. 

If you haven't noticed a difference in the landscape since pre-China then something is wrong.

-B-

Adoption, Commerce, Overstock, Tigerdirect, Square, Shopify, Spaceship rides = Merchant adoption = Automatic conversion to fiat = Bad for short-term
Government acknowledgement = Not going to happen at this price
International conferences, Widespread awareness, podcasts, televisions = Awareness doesn't create demand
Regulation = Bad
Innovation = ... what innovation? 9 transactions per hour? The network is too slow. We need to beef up the technology.

You're trying too hard 

[BittBurger]

What innovation?  You're kidding right.

Automatic conversion to fiat = Bad for short-term

The only thing short term is your foresight.  Adoption in early stages by major players equals future adoption on a grand scale.  Obviously. 

Government acknowledgement = Not going to happen at this price

That wasn't a hypothetical.  Im referring to the acknowledgement they've already given it countless times.   You seem to be unaware of the basic news surrounding bitcoin.  Bernenke calling it a promising new technology.   Yellen saying it shouldn't be regulated.  I could go on, but I feel like Im talking to someone who has zero information.

Awareness doesn't create demand

LOL!!!   Wow.

Regulation = Bad

Tell that to everyone who got Goxxed.  Regulation of third party services = Good = adoption = security = widespread adoption.  Again:  Obviously.

Innovation?  What innovation?

I highly recommend you download PodCruncher podcast app to your phone and subscribe to Lets Talk Bitcoin podcast.
Make yourself aware of whats happening out in the world right now pertaining to Bitcoin.
That last post wasnt trying too hard.  I barely hit the tip of the iceberg.

-B-

[hodlmybtc]

It seems that certain people spreading FUD here are going to miss the train with or without China, have fun waiting until BTC 'crashes' enough so you can buy in

[chessnut]

China News is old news and we saw exactly how significant it was when it was released. - 2200 Yuan.

[spiderbrain]

Adoption.  Growth.  Commerce.  Investment.  ETF applications.  Widespread awareness.  Government acknowledgement.  International conferences.  Podcasts.  Prime time television mentions.  IRS acknowledgement.  Innovation.  Startups.  Venture Capital.  Spaceship rides.  Overstock.  Tigerdirect.  Square.  Shopify.  Falcon Global Capital.  Second Market.  Pantera.  Airline tickets.  Ethereum.  NXT.  Lamborghinis.  Mastercoin Foundation.  Mark Andressen.   Chicago Sun-Times.  St Louis Fed.  Dorian Satoshi Knock-a-no-mo.  Bitcorn.

+1

[galbros]

I don't think people are underestimating it.  The price has moved down and this removes a major narrative for bitcoin.

[BittBurger]

I've noticed that some "Traders" seem grossly underinformed sometimes.   Like y3804 above - completely unaware of whats going on out there.

No wonder they're scared.   Their entire source of emotional security revolves around charts, and the news article of the week.   Not tangibles or details.

-B-

[y3804]

I've noticed that some "Traders" seem grossly underinformed sometimes.   Like y3804 above - completely unaware of whats going on out there.

No wonder they're scared.   Their entire source of emotional security revolves around charts, and the news article of the week.   Not tangibles or details.

-B-

Does all this "innovation" justify the $400/BTC rate? I understand there is development behind the scene, but Bitcoin technology is still the same. the fundamentals didnt change  since its inception. it still has many flaws

youre right. im probably unaware. ill go watch that podcast then. maybe ill become a permabull even in worst case scenarios

[LostDutchman]

China is not out of the game.  There are just as many smart people in China as there are anyplace else.

They will just learn to play the game a little better.

My $.02.

[lynn_402]

I understand there is development behind the scene, but Bitcoin technology is still the same. the fundamentals didnt change  since its inception. it still has many flaws

It has a lot less flaws than fiat currencies and gold and tulips. Perfection does not exist.

[chessnut]

China is not out of the game.  There are just as many smart people in China as there are anyplace else.

They will just learn to play the game a little better.

My $.02.

Exactly, and it wont be difficult either. Bitcoin is not banned at all. that was never the intention.
Unfortunatey, there are a lot of suckers in china too. who knows how many are in it for the pyramid scheme, and are left to panic sell.

[psylence]

Oh look, another shorter.

Ever heard of VC, Wall Street, ATMs, Winklevoss, SecondMarket, etc. etc. etc.

I'm going to quote you from 2011:

What I can not understand is who in there right mind would pay over $20 dollars for this currency at this point in time? $30 dollars is just plain rediculous.

Knowing that you can buy only very little with bitcoin, and also the big fact of knowing that most of bitcoin is owned by a handful of people who could dump at any time,  you have to be crazy to pay more than $7.00 a coin.

You could've picked up those $30 coins, but you chose to stick to your shitty attitude and missed the train.

Owned! There goes credibility