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I think the people manipulating the market are exchange operators - not the Chinese government. The only thing China did was have PBOC release two statements - no other action was taken. The statements were then interpreted and translated by various third parties and exchange operators acted on those statements by disabling (and later reenabling) withdrawal methods. Suddenly one day Lee decides to change his interpretation of the PBOC statement - that is his own action and nobody else's. So it's really exchange operators and bitcoiners playing this game. The Chinese government has done nothing. We can speculate that Lee has some contact within the Chinese government that's told him that bank transfer is now safe. However more likely that's not true and this seems more of a desperate act to sucker more money out of a sinking business while he still can before more strict regulation and enforcement actions are passed.
This is confirmed.
TERA, interesting insight..
Dalmar, any links to that confirmation?
http://thenextweb.com/asia/2014/01/31/influential-bitcoin-exchange-btc-china-begins-accepting-renminbi-deposits-after-6-week-block/#!t3JGC
[Suspicious link removed]j.com%2Farticle%2FSB10001424052702303743604579353783803642644.html
http://www.techinasia.com/worlds-largest-bitcoin-exchange-btc-china-starts-accepting-rmb-deposits/
http://www dot fuckinggoogleit dot com
was there any foul play in this?
were chinese regulators manipulating the markets?
WHO saw this coming? please, tell me.. i'd love to pick your brain. i really feel like i read a post where someone had a legitimate argument that China would reverse it's decision.
Happy Chinese New Year!!*
*must be their version of April fool's
[Suspicious link removed]j.com%2Farticle%2FSB10001424052702303743604579353783803642644.html
http://www.techinasia.com/worlds-largest-bitcoin-exchange-btc-china-starts-accepting-rmb-deposits/
http://www dot fuckinggoogleit dot com
was there any foul play in this?
were chinese regulators manipulating the markets?
WHO saw this coming? please, tell me.. i'd love to pick your brain. i really feel like i read a post where someone had a legitimate argument that China would reverse it's decision.
Happy Chinese New Year!!*
*must be their version of April fool's
It's all based on psychology.
During a btc bubble, alt/btc tends to move against btc. This is because
1) Traders all want to hold btc to be part of the btc rally, and are willing to sell the alt at any price, to oversold levels, to do so. This drives alt/btc down.
2. Traders have the attitude that alt/usd is a constant and then when btc/usd rises, mathematically, alt/btc must fall, and vice versa.
3) They use the alt as a hedge against btc corrections during the rally.
Summary: Traders want to hold BTC.
During a btc crash after a bubble, alt/btc tends to move with btc. This is because
1). Investors are so bearish that they sell the alt to oversold levels because it necessary to sell btc for fiat.
2) A bearish mindset that if btc can crash then alts must be completely worthless.
Summary: Traders want to hold FIAT.
When these conditions are not met, often btc/usd does not affect alt/btc. This is because
1) Investors are not having trading reactions on one pair based on the other pair and there is no psychological reason to do this.
2) Investors realize that the value of alts rise and fall with the value of btc.
Summary: Theres no strong influence over what traders are holding.
During a btc bubble, alt/btc tends to move against btc. This is because
1) Traders all want to hold btc to be part of the btc rally, and are willing to sell the alt at any price, to oversold levels, to do so. This drives alt/btc down.
2. Traders have the attitude that alt/usd is a constant and then when btc/usd rises, mathematically, alt/btc must fall, and vice versa.
3) They use the alt as a hedge against btc corrections during the rally.
Summary: Traders want to hold BTC.
During a btc crash after a bubble, alt/btc tends to move with btc. This is because
1). Investors are so bearish that they sell the alt to oversold levels because it necessary to sell btc for fiat.
2) A bearish mindset that if btc can crash then alts must be completely worthless.
Summary: Traders want to hold FIAT.
When these conditions are not met, often btc/usd does not affect alt/btc. This is because
1) Investors are not having trading reactions on one pair based on the other pair and there is no psychological reason to do this.
2) Investors realize that the value of alts rise and fall with the value of btc.
Summary: Theres no strong influence over what traders are holding.
wow, thanks for that!
Was wondering if the alt-crypto's like LTC/NMC/PPC follow [for the most part] Bitcoin's prices and will continue to do so. Or will they hit a wall at some point?
This changes monthly. Sometimes they move with btc, sometimes against, and sometimes flat.do you mind expanding on that? what causes the differences each month? do they still generally move with btc?
bah! its been like 18 business days for me.. still nothing.. over it
What?! Are you talking about gox or stamp? 'Stamp takes 2-3 days at most.
gox
None whatsoever but hopefully my positivity will turn into a self fulfilling prophecy
i dig it
I'm new to them.. what's their record? I've had no problem with them so far, except account verification taking longer than 10 days
Trading engine bugs. Also, it's next to impossible for people in the USA to get USD out of their Mt. Gox accounts (since international wires are backlogged to July).thanks, and to stompix as well is there a better high volume exchange? i've noticed the withdrawal problem and workarounds mean more fees through other 3rd parties.. please advise
Bitstamp
how long is verification process?
Expect AT LEAST 10 working days...probably longer. Make sure you send everything as it should, to avoid re-submitting
They seem a bit speedier at the moment. My mate just got verified in 24 hours.
bah! its been like 18 business days for me.. still nothing.. over it
Let's keep a moment of silence in advance for Mtgox death. It will no longer be with us this time next year...
Done!
Done!
Quoted for Future Reference!
oh, it's like that, huh?! lol
I'm new to them.. what's their record? I've had no problem with them so far, except account verification taking longer than 10 days
Trading engine bugs. Also, it's next to impossible for people in the USA to get USD out of their Mt. Gox accounts (since international wires are backlogged to July).thanks, and to stompix as well is there a better high volume exchange? i've noticed the withdrawal problem and workarounds mean more fees through other 3rd parties.. please advise
Bitstamp
how long is verification process?
whatever the new bad news is, will be such a mind fuck.
Apart from if sha-256 is broken or 51% attack successfully forked off another blockchain, anything else is not worth paying attention to.
i'm sorry, i'm not keen on the mining end what does breaking sha-256 impart on the value of btc? wouldn't it make it more difficult, therefore more rare/valuable? preach...
Bitcoin is built on SHA 256. If someone manages to crack SHA 256, Bitcoin is over.
*edit*. It is currently believed impossible to break SHA 256 with current technology and math skills. 20 years from now - who knows.
so who's developing SHA-512?
Seems like a fairly randomly placed line to me. Bitcoin never falls below it and it is base on the 2 lowest points.
After the last boom, Bitcoin didn't touch your line. It could so easily be moved to $800.
After the last boom, Bitcoin didn't touch your line. It could so easily be moved to $800.
that is a support line on a log chart. the fact that we are so far from it (like 400%-ish) is telling me it's overvalued.
i'm betting sometime in 2014 (like june/july) we'll skim it again
but this is all of course IMO. if i could predict the future i wouldn't be sharing it with anyone! haha, just looking for feedback, discussion, and ideas
TA needs stable parameters
if nothing changed in China we would of seen a slow retracement as the value would not sustain as new coins still being generated being a greater inflow than hot money.
any TA with bitcoin at this stage needs to explain what parameters it is being evaluated in. way too much political regulations still in play.
so.. what if the regulators take in bitcoin and redtape it to its liking? the crime and hidden money exit but the big boys get to play on the level and btc soars to $5000-8000 as the fancy new Gold 2.0.. then you might have some other alt coin take in the shady funds and life goes on that way.
or, the feds kill it since they want jpmorgan or whoever to run the new digital game... btc becomes akin to linden dollars and is still used by geeks, gamers and some small time oversea commerce... btc stays around $100 then
each of those scenarios can have their own TA charts
true. though i believe it will, in the longterm, go up.
http://www.ibtimes.com/worlds-biggest-bitcoin-wallet-owned-us-government-1514100
http://www.digitaltrends.com/cool-tech/bitcoin-google-search-trends-2013-trending-btc-bitcoin-exchange/
http://www.dispatch.com/content/stories/business/2013/11/29/bitcoin-price-heads-skyward-as-u-s--acknowledges-legality.html
I'm new to them.. what's their record? I've had no problem with them so far, except account verification taking longer than 10 days
Trading engine bugs. Also, it's next to impossible for people in the USA to get USD out of their Mt. Gox accounts (since international wires are backlogged to July).thanks, and to stompix as well is there a better high volume exchange? i've noticed the withdrawal problem and workarounds mean more fees through other 3rd parties.. please advise
whatever the new bad news is, will be such a mind fuck.
Apart from if sha-256 is broken or 51% attack successfully forked off another blockchain, anything else is not worth paying attention to.
i'm sorry, i'm not keen on the mining end what does breaking sha-256 impart on the value of btc? wouldn't it make it more difficult, therefore more rare/valuable? preach...
Seems like a fairly randomly placed line to me. Bitcoin never falls below it and it is base on the 2 lowest points.
After the last boom, Bitcoin didn't touch your line. It could so easily be moved to $800.
After the last boom, Bitcoin didn't touch your line. It could so easily be moved to $800.
that is a support line on a log chart. the fact that we are so far from it (like 400%-ish) is telling me it's overvalued.
i'm betting sometime in 2014 (like june/july) we'll skim it again
but this is all of course IMO. if i could predict the future i wouldn't be sharing it with anyone! haha, just looking for feedback, discussion, and ideas
So where's the chart that predicted the Chinese selloff or the silk road closing or the Cyprus event? I have a hard time believing these charts are more than a complete waste of otherwise quality brain power
i'm looking longer term. all those events are very minor, economically speaking.
for example, the silk road publicity probably attracted more attention and will benefit btc more than the short term panic and price drop it caused.