Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Anybody find it VERY interesting that BTCChina is more resistant to the downtrend and at a fairly higher price than the other exchanges.

Seems like a disconnect to me. If this rally is predicated on China's bitcoin policies, then why are the chinese less bearish right now?

There is a possibility that the Chinese payment processors/banks are no longer willing or able to interface with the exchanges, and thus, CNY could be trapped and ultimately worthless, leading to a complete decoupling of the Chinese exchanges. Endgame would be that all bitcoins are withdrawn and there are no more trades.

It's something I am watching, anyway.

Watching.

Looks like this may be the situation. The bad news looks to be true, and not just rumour.

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

The google translation isn't great, but it's obvious there isn't any upside. I think people are going to be thinking about withdrawing BTC (Is there a 10BTC limit?) to send their BTC elsewhere.

Also, there was a big theft reported in the Chinese forums from OKCoin.

Quote from the article: "Bitcoin bleak future in China?" Google Translate is pulling no punches.