So you think the Chinese are going to mass dump on the USD exchanges? Why would they do that if they can sell on the Chinese exchanges and withdraw locally?
The Chinese equivalent of Joe Blow hasn't been trading Bitcoin since Dec 2013. What are left are well connected professional bandits with access to international finance that 99.9% of the Chinese population don't have. The whole appeal of Bitcoin to China in the first place was getting wealth out of CNY and into USD.
You can't admit to cashing out your chips and admitting defeat and then expect anyone to follow your predictions. Maybe buy some coins, take a 6 month break from posting and trading, and find yourself a happier person.
My predictions are generally pretty good. Problem is my impulse controlled decision making that conspires to slash profits and on this occasion, make the mother of all bad trades. The past couple of days have been my worst Bitcoin trade ever. Ironically, it was through a 'discipline' to hold out through the past knowledge that I needn't have taken a hit on one single trade I have ever taken a loss on, 'if only I had waited it out'. Therefore, I held onto my position well into red territory several order of magntitude beyond the point which would have had me leaping on the Close button previously...cos everytime I have taken a loss on a trade I have regretted it two days later.....probably do the same with this one but the difference this time is this has been enough of a hit to make sure it was the last. Bet you that there are a growing number of people who feel like me in regards to Bitcoin and at least in my case, I can safely say that I have still had more profit out of Bitcoin than I have endured loss. I bet there are many more Nov 2013 Bitcoin entrants who cannot say that and there will be many more to come.
And aside from this, anyone noticed how much more annoying it is getting funds in and out of Bitstamp in increasingly small amounts. At first it was 5 figure sums that resulted in Bitstamp wanting payslips, tax returns etc before they would credit my account. Now it is down to just 4. ~$3000 to be precise. I refuse to provide these fuckers with this information so the money is getting sent back to my bank account, I will empty the rest of my BTC exchange accounts in the coming days and then that will be it. Now, a handful of stroppy pip squeek investors stomping off in a hiff cos they lost some money is hardly going to bring Bitcoin to it's knees. But as for future widepsread adoption, who the fuck is going to submit to the exchanges KYC' procedures just to get a few K into Bitcoin? As for the more substantial amounts of money flowing into Bitcoin, i.e. large chunks of capital looking for a piece of off-radar action, I think that writing is on the wall that this is going to become increasingly harder and more expensive to do, perhaps making more conventional routes of tax evasion and money laundering more appealing. Take those big two liquidity injectors away from Bitcoin and what does it have?
- Speculators (currently getting royally fucked with by Chinese Bitcoin Bandits)
- Silk Road
- Novelty purchases done just for the sake of using Bitcoin to buy something with. (durrr....go to trouble and expense of buying Bitcoins, to buy product with Bitcoin which is converted immediately into the fiat that I could have just fkn paid in the first place without any transfer delays, exchange fees, and exchange anal probing.
The one thing I have left off that list is 'Capital Flight' from non USD hegemony compliant economies. Mark my fucking words, it will be from these situations that Bitcoin will experience real future inflations in value (after the Chinese are done playing their games), which was exactly the reason why the NSA floated Bitcoin out into the public arena through a libertarian back door in the first place. Bitcoin is not 'against The Man', it is by The Man and for The Man. If folks are thinking that the USD dominated fiat currency system is vaporous, they aint seen nothing yet!
I will take a much longer break from Bitcoin than 6 months. I have been against Bitcoin philosophically for some time but was addicted to trading it cos I was winning. Now that I am losing, I have no further interest in it. I will be back here to indulge in some empty gloating when Bitcoin hits $200 range like I said it would....and it will.
