GenTarkin
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Activity: 2450
Merit: 1002
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April 25, 2014, 05:43:01 AM |
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look at the price plummet as a result of this news.....
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fr33d0miz3r
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April 25, 2014, 05:52:01 AM |
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look at the price plummet as a result of this news.....
Yeah, this is ugly |
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supermine
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April 25, 2014, 06:13:46 AM |
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Still in confounds of channel - supsecting slight retrace up now. https://i.imgur.com/BzeHhG1.pngIf we fall below $420-$440 Support Zone on Stamp, thing will get ugly. (Targets then: $305, $250). |
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y3804 (OP)
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April 25, 2014, 06:18:31 AM |
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Again, thanks to Halczy from Reddit who kindly translated the news into readeable English.. OP has been updated
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Azeh
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April 25, 2014, 06:46:05 AM |
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Banks...not government.
Banks = Government in China |
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Azeh
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April 25, 2014, 06:51:50 AM |
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And by the way...
Fuck China, or more specifically the bullshit corrupt Chinese Government.
Every bitcoiner should be extremely happy. China will be out of the game soon.
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Oldminer
Legendary
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Activity: 1022
Merit: 1001
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April 25, 2014, 06:53:13 AM |
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troll
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Wilhelm
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Activity: 1652
Merit: 1265
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April 25, 2014, 07:01:34 AM |
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The real question is: What will be the next Chinese workaround? They already have a bitcoin ATM, maybe people will finally start using them causing, a definate need for ATMs. But then again, maybe they will ban them as well. We can always set up internet-based shops outside China that can convert a product order into a fiat recharge in an exchange. Kinda like selling crack under the counter in a sigaretshop  Anyway every ban will be countered with a workaround. BTC is too strong |
Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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supermine
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April 25, 2014, 07:31:00 AM |
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China consumes and produces far too much than deemed to be insignificant. All exchanges follow China. As much as we all hate the corrupt, rotten, brutal and communist Chinese dictatorship, the Chinese working poor would be better off with BitCoin. So to see BTC fail in China will be anything but good.
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gizmoh
Legendary
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Activity: 1428
Merit: 1000
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April 25, 2014, 07:35:26 AM |
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The real question is: What will be the next Chinese workaround? They already have a bitcoin ATM, maybe people will finally start using them causing, a definate need for ATMs. But then again, maybe they will ban them as well. We can always set up internet-based shops outside China that can convert a product order into a fiat recharge in an exchange. Kinda like selling crack under the counter in a sigaretshop Anyway every ban will be countered with a workaround. BTC is too strong Those workaround is a deterrent to big money. |
How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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niothor
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April 25, 2014, 08:27:04 AM |
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China consumes and produces far too much than deemed to be insignificant. All exchanges follow China. As much as we all hate the corrupt, rotten, brutal and communist Chinese dictatorship, the Chinese working poor would be better off with BitCoin. So to see BTC fail in China will be anything but good.
All exchanges follow China because they are idiots. A lot of websites already claimed that they won't publish or take into account data from huobi and okcoin because . what do you know. their volume is soooo fake. Also , actual use of Bitcoin in China is indeed insignificant. |
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supermine
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April 25, 2014, 08:38:24 AM |
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All exchanges follow China because they are idiots.
BitCoin is full of haters. That's why so many switched to DogeCoin. Also dumb, but a lot more charming community. |
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fr33d0miz3r
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April 25, 2014, 08:54:21 AM |
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All exchanges follow China because they are idiots.
BitCoin is full of haters. That's why so many switched to DogeCoin. Also dumb, but a lot more charming community. That's why the Dogecoin price dropped too. |
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Asrael999
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April 25, 2014, 09:32:16 AM |
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Amazing how news like this can break just as Huobi looks to break out of the channel to the upside.
Not that Caixin have a source with a position or anything but.
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Mervyn_Pumpkinhead
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Activity: 876
Merit: 1000
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April 25, 2014, 10:29:26 AM |
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I wouldn't blame the Chinese officials for this mess. Those who are to blame are the Chinese exchanges, who are trying to evade the laws and desperately trying to keep their business going
Chinese officials said their stance already in December, that they don't want to see any business activity involving bitcoin. Now they are gradually toughening the laws until everyone finally catches the drift. It's the greedy owners of houbi, btcchina and okcoin, who are trying to pretend that everything is ok and there is nothing to worry about. This is the reason why there is so much confusion on the subject. Those who paid attention, know from December, that the markets in China are running on borrowed time. An efficient market would have reacted strongly on this information, not jump back on-board every time Leon Li and Bobby Lee tell that they have a good feeling that everything will be ok.
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y3804 (OP)
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April 25, 2014, 01:53:53 PM |
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I wouldn't blame the Chinese officials for this mess. Those who are to blame are the Chinese exchanges, who are trying to evade the laws and desperately trying to keep their business going
Chinese officials said their stance already in December, that they don't want to see any business activity involving bitcoin. Now they are gradually toughening the laws until everyone finally catches the drift. It's the greedy owners of houbi, btcchina and okcoin, who are trying to pretend that everything is ok and there is nothing to worry about. This is the reason why there is so much confusion on the subject. Those who paid attention, know from December, that the markets in China are running on borrowed time. An efficient market would have reacted strongly on this information, not jump back on-board every time Leon Li and Bobby Lee tell that they have a good feeling that everything will be ok.
+1 |
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sgbett
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Activity: 2576
Merit: 1087
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April 25, 2014, 03:02:40 PM |
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all these bans. they affect the man in the street. not the man in wall st. china be buyin' the govt doesn't want competition from its citizens  |
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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supermine
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April 26, 2014, 03:10:02 AM |
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That's why the Dogecoin price dropped too.
No. |
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MonkeyBear68
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April 26, 2014, 10:37:56 AM |
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Stop falling for this BS from China. They are clearly making these announcements (if they are even real) to manipulate the market. They were supposed to ban it by Chinese New Year (end of January) then at the last minute had an announcement saying they changed their mind. This has happened several times now, with them reversing course a few days later. Obviously they are making these announcements to get cheap Bitcoins and then sell them a few days later when the price rises due to reversal. See the following article: http://www.survivalmonkey.com/threads/who-is-benefiting-from-all-these-china-bitcoin-rumors.46316/Bitcoin is one of the purest forms of market capitalism and communist China is using it to make fools of Americans. Wise up people!! You were smart enough to buy BTC in the first place, stop falling for this blatant manipulation. China has already created plenty of problems for the mainstream American economy. I thought Bitcoiners were smarter than the average sheeple. |
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Tzupy
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Activity: 2128
Merit: 1074
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April 26, 2014, 11:22:41 AM |
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Chinese authorities don't manipulate the price, they just want to ban bitcoin, but they know they can't.
Instead, they are choking the exchanges to death, which isn't much of a problem in this bear market,
because not much new fiat was entering the exchanges anyway, but would make the next bull market
unable to sustain growth. So smart money moves out of China now, in anticipation of worse to come.
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Sometimes, if it looks too bullish, it's actually bearish
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