Quote from: kooke on April 15, 2014, 01:59:28 PM

Quote from: MatTheCat on April 15, 2014, 01:32:13 PM

Quote from: Mervyn_Pumpkinhead on April 15, 2014, 01:28:11 PM

Quote from: kooke on April 15, 2014, 01:25:33 PM

Buyer confidence has been restored as April 15 is upon us and Chinese exchanges are still operating, hence the small rally.

The Chinese whales are gradually dumping the coins, while China is gradually banning BTC.

No connection there whatsoever!

Bears get to gloat, Bulls get to gloat, but in the long run, only those who are loading the dice actually get to win.

China is fucking with Bitcoin big style. This rally was all instigated on fake China volume on Chinese exchanges, and the crash will come with real Chinese volume on the USD exchanges.

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?

For several reasons. One being that a lot of the Chinese markets were actually played by westerners, who migrated there through BTC.
Second reason would be that not all of that money on the exchanges is exactly clean and would create trouble if one would try to withdraw it through a Chinese bank. If I would be investigating financial crimes, then I sure would be extra thorough when investigating the transactions that take place between bitcoin exchanges.
Third to consider here, is that some of the Chinese buyers actually valued BTC for moving funds outside China.

I didn't also think that this percentage of fiat at the Chinese exhanges would be this big, that it would spike the price over 500. So, I was suprised when it did.
Right now the ones who have migrated are still holding coins, because there still is a possibility that the price could rise even more with following Huobi. And Huobi is rising because people need to buy coins to migrate with.
They will start dumping if the price goes flat and the volume to non-existant again. Because, remember, there hasn't been any news that would attract new fiat to enter the market. And without new fiat entering, the price won't be able to sustain itself for long.