BITCOIN is going DOWN

[mayax]

The chinesse exchangers(OKcoin, BTC-china, Huobi, LakeBTC) will try to manipulate the market for another few days by using a lot of fake transactions(as they always did) and then....under 150 USD

You thing there must be fake transactions for that trading volume? Chinese exchanges operate with 0% trading fee, traders there are using that for high frequency trading on smallest move. That is generating tons of volume.

can you please tell me how the chinesse exchangers are earning money without fees? They are not voluntaries for sure


https://www.cryptocoinsnews.com/fake-transaction-chains-double-2014-bitcoin-volume/

http://www.coindesk.com/reality-chinese-trading-volumes/

 http://www.ibtimes.co.uk/chinese-bitcoin-exchange-accused-faking-trade-data-1430122

[utrophia]

I think the price is reflecting professional traders working with TA and ignoring big news. I don't think there was enough liquidity to open it up to the trading floors. Microsoft and Paypal were both big names talking about Bitcoin last year. These are massive stories not to say anything for the amount of talent flooding into the industry. We'll see what happens but price will have a massive and misguided publicity for the technology. I've held Bitcoin from £70 to £700 and back to £150 I don't really care about the price because what it represents for me is something bigger that profit.

[ujka]

@mayax
1. link is talking about blockchain transactions, not exchange transactions.
2., and 3. link, point taken. Thanks.

[SargeR33]

My miners will not be switched on and have been switched off for the last few days. This is the downfall, there will be no recovery. Why? The chinese farms which are still holding coins will rapidly dump what ever they have. Thank those pools for killing the btc. People only cared about the liquidity of the btc and that was it. Get it, sell it for USD. Get it and sell it. No one actually used it.

I actually bought a couple items off eBay using my BTC to other BTC users, not just dumpers. But now they have to dump because soon, these will be worth pennies.

Bitcoin had potential to be revolutionary, now its being murdered and just a way for people to try make a quick buck. I won't sell my miners. I'm really enjoying the fact that if the BTC price drops, asics value will drop, no one will buy these china machines anymore and so forth. Hopefully that boots a lot of the giants out of the game and the btc stays at around $10 - $20 usd a piece and its mineable for those dedicated to mine from home.

[Flashman]

In terms of ecosystem development however, VC like to see mining in datacenters vs in basements. However, I'm not averse to some adjustment in balance of power and the downfall of those who egregiously abused the community to bootstrap themselves a megamine.

[princesocapuyo]

I don't get this about fake transactions, isn't bitcoin designed so that doesn't happen? supposedly the Chinese have been doing this a lot...
Can someone explain please?

[kamudimana]

yea, it is going to down imo
even the believer that thinks the bitcoin price will rise also sells their bitcoin, just like they have no trust in this world anymore... just like me lol

as always, imho, and forget about my english

[SargeR33]

I don't get this about fake transactions, isn't bitcoin designed so that doesn't happen? supposedly the Chinese have been doing this a lot...
Can someone explain please?

The transactions are legit but they are just dummy transactions(sent back and forward) to create the impression there are still many transactions happening. If you sent 0.01btc to your second address 20 times and send them back 20 times, that's 40 arbitrary transactions.

[myohmy81]

I think this is last BARGAIN SALE

[sergiokkl]

we´ll see 100$ in a month

[galbros]

The chinesse exchangers(OKcoin, BTC-china, Huobi, LakeBTC) will try to manipulate the market for another few days by using a lot of fake transactions(as they always did) and then....under 150 USD

i don't think the fake transactions have any impact on the price of it! They r just trying competing with each other with the trading volume!

I agree the Chinese exchanges don't have the coins they claim.  The issue is does that result in the price recovering, as they buy to try and cover the claims on them or a total collapse as everyone loses faith in bitcoin.

Based on recent price action it seems like the latter which is too bad.

[redhawk979]

Can't use those log charts any more to make it look like BTC is constantly rising

[ujka]

I don't get this about fake transactions, isn't bitcoin designed so that doesn't happen? supposedly the Chinese have been doing this a lot...
Can someone explain please?

Transactions on exchanges are internal, not in bitcoin blockchain. Exchanges have their internal database of trades. No bitcoin get moved, just numbers on accounts. Only when btc is withdrawn, that transaction is on blockchain, and bitcoin moved from exchange.

[Flashman]

I agree the Chinese exchanges don't have the coins they claim.  The issue is does that result in the price recovering, as they buy to try and cover the claims on them or a total collapse as everyone loses faith in bitcoin.

I don't think they are fractional reserve, just high frequency.

Example, draw a line across a table, one side of line is exchange, the other side is you, tape a 1 BTC wallet to the rim of a bicycle wheel, $250 on the other side,  now spin it at 500 RPM.... congrats, you just created 30,000 BTC an hour volume. If measured by the forex standard of a buy counting as 1 and a sell counting, each buy/sell pair counting as 2, you've got 60,000 BTC volume.

[Flashman]

There is some heavy action on Chinese exchanges, however, I think this might be related to the holiday and end of year. Also, we're getting some media spin that the DPR trial is "Crackdown on bitcoin" which I could imagine, sent through the Chinese version of google translate, (baidu translate??) might come out as "US bans bitcoin" or something equally drastic sounding. Just as their multiple stiffening/confirming of regulations came out several times as "china bans bitcoin" on this side.

[3rdStryker]

Guys this is clearly because of the https://cryptodouble.com/ and its ponzi scheme.

[rememberme]

Well now that i have everyones attention... will SendChat save Bitcoin by bring BTC to the mainstream? Is that an alternative to consider?

[llanillo]

Bitcoins just keep going down.... hope it doesn't reach 100$ next month or maybe in a few weeks... Intead of see this like an opportunity to buy cheap they are selling like a crazy

[3rdStryker]

Maybe if people stopped being so retarded and putting money into what is clearly a scam bitcoin might actually survive.

[Morenod]

Bitcoins just keep going down.... hope it doesn't reach 100$ next month or maybe in a few weeks... Intead of see this like an opportunity to buy cheap they are selling like a crazy

i hope so

if reach 100$ it will be big trouble for my little farm