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Bitcoin Tumbles After PBOC Rumors Confirmed
UPDATE: The earlier rumors have been confirmed: People’s Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price - down 57% from its highs. From a $100-plus premium, BTC China now trades $130 cheap to Mt.Gox as the 'arb' flips.
Talk from the PBOC (via Sina) that "the central bank directs: third party payment institutions shall not undertake business with Bitcoin hosted sites," appears to be responsible for the slump in the virtual currency once again. This expands the PBOC's earlier Bitcoin ban to other institutions. Bitcoin prices have dropped over 20% from their overnight highs - trading at around $715 now. Perhaps even more notable is the relationship between Bitcoin and the precious metals today with the early Bitcoin weakness corresponding almost perfectly to gold and silver strength (and again mid-morning in the US).
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nor could they convert their lion's share into anything all at once - even if they wanted to.
.
Don't bother trying to cram too much information into their 8-bit registers Exponere. Just mock them as you become increasingly rich because of Satoshi's creation sucking up global fiat.
Its a bit funny how the Tyler's are wearing down the trolls with just posting Bitcoin stories. You can tell they are a bit tired, trotting out the same old lines again and again. Its going to get worse, of course, as mainstream outlets will be covering Bitcoin as the laws are passed to regulate it, and probably ban it in different countries.
Par for the course, we never expected them to take it lying down, but in the end, we know who will have the last laugh.
I just post here in between juggling some trades because I get a good laugh at how so many people are misinformed and just can't see what the future holds. Not a single troll in here can get me down, I just look at my BTC balance and start smiling again :)
The only way you've been making money on bitcoin lately is by shorting it. It's down 40% from its high. If you weren't such a dickhead, I would feel sorry for you.
@ElvisDog
And I'd tell you which one allows you to if you weren't such a snarling cur. But I guess you have to make yourself feel better somehow, since the legacy financial system has let you down with paltry returns.
Well, it's up 10% off its lows today, coulda woulda shoulda made money off of that.
"I just look at my BTC balance and start smiling again"
I felt the same way in 99 with my deep ITM calls.
Fortunately, I got out in time. Not so lucky in 2008.
One thing I've observed over years of trading: Those who make money, rain or shine, rarely talk about it. Maybe it's superstition, or perhaps they're just too focused on what they're doing to give a shit what others think. Whatever. Those who trade well and actually talk about it (especially on the internets)? Few and far between.
@ebear
I have no problem saying I'm doing well on a financial blog. I'm not providing identity-theft level material here, obviously. What I've observed over years of learning trading myself is, the ones that do well, tend to show it in their rather large houses and expensive cars. I only knew ONE guy on the floor that didn't talk about his stuff, but you knew he was raking it in after chatting with some of the people he dealt with on a daily basis.
But given that the internet is one of those places where proof is hard to come by, at least Bitcoin allows you the ability to sign a message with your private key - which then can be used to prove you have a nice massive balance to smile about.
Maybe I'll do that when I hit a few million :)
News from Dec 13 - more CBs warning on Bitcoin.. http://www.coindesk.com/central-bank-new-zealand-australia-bitcoin-warning/#
I often wonder if they realize the irony of their statements - "Best I can see, it would be open to you to create a currency called the ‘Michael’ and get people to buy it and you could promise to, you know, only issue so much of it and if people had confidence in that they could use that as a kind of numeraire. You could measure things in Michaels. You could buy and sell them."
It's shocking to see how a central bankster doesn't understand shit about money and currencies.
They don't need to. When inventory runs low, they print more.
I bet they at fed made themselves a gift, ramp up stocks and shoot down bitcoin today. only for the fun of it and to remember why they celebrate 100th aniversary
Mrs. pods is gonna kill me if she sees her ass as your avatar!
pods
+100 best line this Monday!! he he hee - Mrs. Pods.
LOLOLolollololah! Git it!!
HEY FONESTAR!!! AT 1$ I'LL BUY THAT ONE BITCOIN YOU HAVE!
@Sudden Debt
How funny, an EU resident wants to make a trade. Just make sure it isn't in Euros Fonestar - you'll never get any value out of it. That is, if the Euro is still around...
Sold my two Contracts (SI), for Silver at Dec.'13 21.50$/. for a realized loss of $5,000; sold at 20.00 on a price order. Bought two Mar.14 contracts at $20.00 on a price order. So now net long two contracts for Mar.14. Took profit today on my ES contracts put on on Nov.20th.; 14 points. Bought three AUD/USD contracts today at 0.8804, basis June, 14. I picked the wrong bottom in Silver, but I"m a willing participant; I think the market will give back the losses and then some. Remains to be seen.
Contracts? Buy physical.
That's some gambling you're doing there.
Damn FED is the Croupier, the Pit Boss, and the Cocktail Waitress; watch your chips!
Yep, then one monday morning, honk kong trading someone sell 150% of the annual production in 1 block, and 're out!
Don't leverage PM's.
Volatile!
If I'd bought Bitcoin at $5 I'd be selling at $700+ to buy me some Silver and Gold.
Me and Burl Ives.
+100 for the Burl Ives SnG reference at X-Mas time.
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/
Sell off based on rumors and hearsay
Bitcoin tends to trade up after bad news rumors are dismissed.
And usually trades up after bad news is absorbed.
There is very little risk in buying the dip IMO, but whatever....
I like how the alt coins hold onto their value better than bitcoin itself.....lower volumes, more intelligent holders....less at risk....alt coins are the way to go IMO fuck bitcoin, way too volatile due to the over-strict supply.
I never been a real supporter of bitcoin, still smells fishy to me, but Ill give it kudos points cause its an interesting as hell topic/idea/design.
That being said, most of the past sell-offs for bitcoin were spurred on by half - truths/hearsay/bullshit news and the coin generally returns its losses fairly quickly.
I look at these wild swings in bitcoin as a natural movement, because its a symptom of the coin serving its purpose.
Someone wants to move money from point a to point b.
They buy bitcoins, move to point b, sell bitcoins (drives price up, then drives price down).Money in, Money Out, the person trasnfering funds pays a premium to all the speculators on the right side of the trade as a thank you for helping them transfer funds.
The chart for bitcoin should follow the same cycle pattern forever.
Personally I am drawn to Feathercoin, precicesly because of the FLACK it takes, buy what people are selling, sell what people are buying, universal rule to make money.
People don't want FTC (now).
But when BTC/LTC succeed (if they do and in many regards they have) FTC will be the copper currency (way to make change).
Bitcoin Gold Litecoin Silver FeatherCoin Copper
I like the model.
It would be great if the payment system let you spend 1btc2ltc and 30FTC just like you break a dollar to get 75 cents in nickels dimes and quarters
Just waiting on some more "news". The same type of news that took BTC from $200 to over $1000 can just as easily take it from $800 to $4000 next time.
The fact that the link you provided contains about a dozen "crypto currencies" leads one to believe that this BULLSHIT is like playing the lottery. You are bums that are hoping that your scam of choice sucks in enough rubes that are also chasing a dream.
It will get to the point where every asshole and their grandmother will be creating their own digital currency and giving themselves cool Japanese names.
Now beat it, you stink of overclocked ASIC miners.
Right. There's no need for a dozen crypto-currencies. Reminds me of the nineties, where every guy with a website had an IPO. Not all these crypto-currencies are going anywhere, not even most.
"Bitcoin tends to trade up after bad news rumors are dismissed.
And usually trades up after bad news is absorbed.
There is very little risk in buying the dip IMO, but whatever...."
I'd exercise caution when lumping all news into the same basket. "Honey, I ran out of gas" is a tad bit different than, "Honey, I got bad news from the oncologist."
In this particular market the volatility in the type of news is large.
I've been cruising the blockchain again, at this drop looks similar to last time -- with some twists. There's repetitive $2M orders hitting with roughly evenly spaced timing.
What's interesting is that some of $2M orders are then tranferred, 100 BTC at a time, over and over -- it really looks like a HFT-ish pattern. So far no market-killing $25M order like last time, though.
As I said during the last crash -- bitcoin was probably free of manipulation prior to that, but it definitely isn't now. Someone is willing to lose some serious money to move this market around. Perhaps they make it back on the upswing, but it's immaterial to the fact that little fish are getting just as fucked in BTC as they do in stawks.
I don't trust this gold runup today either. At this point in time I have faith in nothing financial whatsoever. At least cartridges still go bang when hit with a firing pin, so I'll put my trust in that.
Maybe JPMorgan is pissed off that their patents on virtual currency were rejected and now they are having a "plan B" moment.
That, or old trader Max Keiser cashing out his virtual wealth for some unvirtual, one tranche at a time...
Staring at trading patterns seems just as useless with bitcoin...
After the ban in China trade sizes have become tiny - just like when bitcoin traded below $200.
I say this month bitcoin will trade below $400, bitchez. I can't believe so many people still hang onto their Bitcoins thinking the price will go over $1K again - that's hilarious!
@Non Passaran
The charts on Bitcoin look a lot better than the HFT Fed-subsidized equities. They actually go DOWN, for one. Also, the slide is something I was anticipating. It should go down to around the last exponential rally high, which was 260's or so.
Perfect for loading up prior to the second run past Gold Parity, which will happen later next year. But I'm sure everyone will be screaming "Bubble" in here when it is up, and "Crash" when it is down. Instead of actually profiting from it.
I agree that it might go as low as you say and I may even buy a few should that happen.
I only don't see it ever going to see $1K again; that's where we agree to disagree it seems.
@Non Passaran
Yes, I see. I do disagree, it seems we're following a longer-term trend overall if you look at the longer term charts. Guess we'll see after the decline is concluded.
I'll be surprised if it doesn't touch $3k next year. Only time will tell, mon frere.
Expectations for 2014: Bitcoin retains it's position as best performing asset for the 4th year in a row and the number of merchants accepting bitcoin continues to increase at an increasing rate.
Someone willing to lose serious money is likely someone who obtained it without cost.
Or who will be reimbursed many times over.
Suppose someone who owned large numbers of bitcoins borrowed a bunch of money and then simply started selling bitcoins to himself in hopes of stoking public interest in bitcoins and thereby increasing the value of his holdings? Price would be no object for someone buying his own holdings.
Regular large purchases of roughly the same size seems very suspicious to me.
Or.... regular large Sells...
sure when btcchina didnt have fees... or if someone was on the in with an exchange providing 'liquidity'
god's work exists in crypto too
There was a large sell before 8:30 that pushed the price down $50. Looked like pure manipulation to me. Anyone willing to sell multimillion dollar positions on an exchange is probably manipulating. The current pattern I see is singular large selloff followed up by small buys all the way back up. I hope this represents diversification of ownership, but can't confirm.
nah on diversification..... lots of weak hands and bought up by whales. The fun part is when you see the whale battles. Looks like there was a nasty one at 650 for a while and once it ended, it floated up to 750
Great you can look forward to JPM and their quants selling multi million bitcoins "at the market" just to take out the bid stack. Or perhaps a high speed trading company will set up shop right next door to Mt.Gox, run a dedicated internet backbone line to it, and flood the exchange with hundred of thousands of buy sell orders a second until the fucking thing breaks. What fun.
When Fed announces no taper, Bitcoin price is going to the moon.
It's already making the return journey back to earth. Where you been dude?
You were the fat kid that always arrived to the birthday party after the cake was gone huh? With no present no less.
Central Banks Launching Worldwide Coordinated Attack On Bitcoin
Bitcoin is in a meltdown mode today on the news from China, diving below 4000 on BTCChina and is trading at below $700 on Bitstamp. There are unconfirmed rumours about Chase closing accounts related to Bitcoin business. One thing is for sure - more regulation is coming and now Central Banks have announced its war on Bitcoin with the footprint for further actions as we have discussed below.http://sufiy.blogspot.co.uk/2013/12/european-banking-authority-warns.htm...
Central Banks are getting all together now to celebrate Federal Reserve 100 Year Anniversary. If somebody thought that Bitcoin with other "listed" 42 Crypto-Currencies can challenge the banksters for real, please think twice and take at least the profit! We need more smart people with capital to join the real values when Gold and Silver will be shining again after Special Op "Gold 2.0" to distract 99% from Gold will be over. FED is still silent, but crackdown on Bitcoin is already in place. NowCentral Banks of Australia and New Zealand have issued Bitcoin warning.All these actions are coordinated, as you can see now. Pump it Up and Crash it hard - how many will be left to support the brilliant idea? We will note one more time very important coincidence: according to the reports JPMorgan is Net Long Gold now. Crashing Bitcoin will send Gold much higher, maybe JPMorgan knows something the others don't? http://sufiy.blogspot.co.uk/2013/12/european-banking-authority-warns.htm...
I'm happy knowing that I know how to use a log splitter and am handy with tools. Things more valuable than money.
What I have learned is most wealthy people don't know how to use a screwdriver. Something as easy to fix as a leaking faucet is like rocket science to them. I was at a business party a week ago schmoozing with people I'd like to hit with my car when some idiot broke a toilet handle. The owner of the house freaked out thinking how the party would be ruined because nobody would be able to go to the bathroom. He started looking up 24 hour plumbers on his iPhone, actually he said, "Siri, find 24hour plumber." I wanted to puke.
I waited for a few minutes to see if there was anyone at the party that would step up. When they didn't I went in the bathroom and took off the top of the tank knowing the chain probably just came off the arm, which is what happened. In about 30 seconds I had the toilet fixed. Instead of a thanks I got a "You put your hands in the toilet water?"
I replied with, "You do know that the water in the tank comes straight from the pipes, the same as your faucet right? I fixed your problem and you didn't have to call a plumber."
I get a reply of, "Yes, but it's a plumber's job to fix things like that. How do I know if you are qualified to fix a toilet. You could have made things worse."
I think to myself, Jesus Christ I wish I had a gun right now.
If I were you, I'd send the douchebag a bill...
or break the shitter chain into 100 little balls.
Or accidentally drop in 3 rolls of toilet paper.
And what happens to these imbeciles when the flag goes up?
Mrs. DaddyO was shocked when we first married because I didn't call an appliance repairman to fix a dryer that wouldn't get hot. I took the back off and jumped the thermal relay to see if the element was burnt out. It got hot so I knew the thermal relay was bad. $14 at the local appliance shop and voila, I was the hero.
The father in law is a professor, can tell you all about how to educate people, but never learned to fix anything.
As the economy continues to erode and money becomes tighter, our surroundings may become more and more nightmarish for those who are not able to throw off old ideas and beliefs.
Go search out FerFal and Selco and learn the common thread of their survival in an economic collapse and war torn country,
Resiliency and flexibility will become the best survival strategies, not gold and silver, although I own both...
DaddyO
Remember this one?
“The Man Who Thinks He Can”
If you think you’re beaten, you are.
If you think you dare not, you don’t.
If you’d like to win, but think you can’t,
It’s almost a cinch you won’t.
If you think you’ll lose, you’ve lost.
For out in the world we find,
Success begins with a fellow’s will,
It’s all a state of mind.
If you think you’re out-classed, you are;
You’ve got to think high to rise.
You’ve got to be sure of yourself,
If you ever want to obtain a prize.
Life’s battles does not always go,
To the stronger or faster man.
But, soon or late, the man who wins,
IS THE MAN WHO THINKS HE CAN!!!
+1
Hilarious!
.... You put your hands in the toilet water....
J. F. C.
O. M. F. G.
That is DIRECTLY from Idiocracy.
https://www.youtube.com/watch?v=-Vw2CrY9Igs
Or Dumb and Dumber
http://www.youtube.com/watch?v=NwcVJMvVWDA
LOL That's a funny story! I especilly liked this sentence.
"I was at a business party a week ago schmoozing with people I'd like to hit with my car when some idiot broke a toilet handle."
That's hilarious.
The rich only had one bathroom in the house though? Odd.
I recently "repaired" a leaky fill valve(spraying water out of the top of the stem) on one of our toilets with some leftover silicone caulk I had used on another project. Yeah, I could have replaced it with a new one for $10 but that would have required a trip to Menards, draining the tank, dragging some tools in from the garage. Fuck that! I shut the water off and flushed the excess in the tank, allowed everything to dry out and siliconed the leak points. I let the silcone cure and turned the water back on. Plenty good yet:-) Cost= $0 This was two months ago and it still works just fine.
I suppose this is what you can expect from a guy who grew up flat broke in the woods fifteen miles from the nearest hardware store. You had to make do with what you had on hand. Even though I live in a small metro area now and it is relatively easy to procure parts that is not the point. I'd love to hear some more of your stories sometime adr because I am sure you have more than just this one.
Thanks!
you should have taken a shit in the tank !!!
I would let the fucker do his girly-man thing and laugh my ass off.
You should have said, "Hey, I hvae a plumbing license on the side I don't use anymore. I'll fix it for 200$."
I mean, you are gonna run over them anyway...
Yeah! You should have "top-shelfed" his ass
"Upper Decker" in these parts!
No you didn't, cause if you went to all that trouble, you should have shown him how simple the problem was and asked him how it was he could afford the house in the first place with such rudimentary skills.
You didn't fix that!
Don't kid yourself (or anyone else) for a minute. The CBs hate ALL competition, and will take turns slamming down anyone who isn't in 'The CB Club'.
Those who gloat over BTC are either paid Trolls, or complete retard, trash assholes -- as they and their PM will remain in a Sideways Market for as long as TPTB want it to be. All claims to the contrary are either self-gratifying delusions or self-serving lies, as the simple truth is that "outside the Club of CBs, no one knows precisely what will happen to PM".
Plan and hedge accordingly.
Phillipines CB just banned it too.
Source?
I hope the thing goes to zero so we don't have four Bitcoin articles a day anymore.
@adr
Its going to get much worse, believe me. When the politicians get going full bore - you'll see bitcoin legislation on every news outlet for most major countries. Should be lots of fun as they try to fight their own pending irrelevance.
These fools don't understand why Bitcoin cannot go to zero.
there's a limited number of pet rocks my father made as well. He did fine and no longer makes them. :)
BTFD, bitchez!
Crypto is just getting warmed up. The Geeks won't give up yet, unlike the AU/AG bugs, who have been hiding behind their dusty stacks with Blythe's Big Dildo permanently up their arses for over a year now.
The revolution is here, now and currently takes the form of Cryptocurrency. If you won't do anything about the Govt, the FED, the PD's, or the Constitution- support Crypto, or go pack sand!
I've held AU since '85, AG since '02, and am now just diversifying into Crypto.
Buy your Crypto through localbitcoins.com- no institutions necessary.
It makes no sense to buy any until you need them.
It WAS literally worth zero until you started buying it. When everyone jumps ship to ____coin it will be worth zero again.
Nobody is forcing you to read the Bitcoin articles
I actually find them a lot more interesting than PM manipulation, USD collapse and 30 reasons why we all will be eating our family pet in 6 months garbage over and over and over....
With some planning you might not need to eat the pets until the eleventh month.
only if you put your trust into phoenix capitol or ride shotgun with Sovereign Man
We once had a babystiiter who was a helluva gardner. One day I took a look around his yard and realized I didn't see a single flower. When I asked Dee why he didn't have any flowers in his amazing garden he said "if I can't eat it, it's a weed." I take the same philosophy on our 15 acres. If I'm going to feed a "pet" and clean up its shit, it's damn sure going to do something in return for me, such as provide me the energy needed to feed and clean up after the next "pet" we have.
That's true zerohedge has a slant.
Pro Gold which sank like a rock.
bearish on the stock market which just had a great year.
bearish on Real Estate which also has had huge price appreciation.
Anyone using this site for investing advice would go broke.
Mr Pink "Nobody is forcing you to read the Bitcoin articles
I actually find them a lot more interesting than PM manipulation, USD collapse and 30 reasons why we all will be eating our family pet in 6 months garbage over and over and over...."
Comment:
That's odd. I find that in many instances, I can insert bitcoin into those PM, USD and manipulation articles. In other words, it is the same thing. The noun has just changed.
wake me up when gold is $2000+ and silver $50+
Debugas "wake me up when gold is $2000+ and silver $50+"
Comment:
And you will pay us how much for this wake up call?
My tulips are growing nicely. Soon they will flower and I'll be RICH, RICH I SAY!
The real story is that there are circuit breakers on any bulk gold move of approximately $10 (give or take a few bucks). The big move days of single entities manipulating the market $100 with a single buy or sell order are gone. If you've followed the 10 second market closures here on ZH you will know what I'm talking about.
Bitcoin Bull Trap sprung in China...funny how the rumor was started overnight... also rummor stated thrid-party pmt companies NOT bank. Just like USA the Chinese want to know the on-ramp and off-ramp used to gain access to Bitcoin, and assert taxes from there...I think government models are like this:
1. Allow Bitcoin
2. KYC controls on all instructions that Xchange fiat for BTC
3. Tax accordingly as Xchanges have to report and go after non-reporters
4. Why waste a good opperunity to tax by outright outlawing VCs
Just my thoughts...
" href="http://www.irs.gov/file_source/pub/irs-drop/rp-00-12.pdf">Revenue Procedure 2000-12
Is the link above what you are talking about? Real question, I did know what KYC meant in your post.
Can't be stressed enough first of all there will be no real taper with the USD selling hard. Asia, more so China is liquidating USD denominated holdings. The Fed knows this hence is keeping the DXY from sliding under 80 into a freefall ($ panic). The Bitcoin panic is China trying to get flows back into gold as they will buy more and more to back the Yuan (keep it bid to offset inflation/war trade).
Simple. We have a looming cold war about to go hot (Japan/US gathering allies in southern Asia = Vietnam, Philippines v's China). War can cause inflation and internal strife, China is shoring up it's gold holdings to offset this.
Bitcoin is a vapor for now, potential for the future maybe.
Buy the dip bitcoinites and have your ass's handed to you when the QE foot comes off of the commodities throat's.
We all agree that central banks around the world want to destroy bitcoin, and people still want to buy bitcoins? Have fun going bankrupt. Don't fight the fed.
The only thing that can save it is a lawsuit from the entire planet vs the banks.
China just wiped out fortunes.
bitcoin was $300 just a month or so ago.... before China gave a shit. Fortunes?? Anyone that didn't cash any profits would never sell like the clowns here that refused to sell silver at $48
Surely you've read more than one Btc thread here and elsewhere and are thusly aware that "we" are in anything but agreement. In fact a large portion of "we" suspect that Btc is just another creature invented by the CB's. I don't have any reason yet to believe or disbelieve that.
It doesn't matter who is right/wrong on that, but your statement as to what "we" all agree to is flat out wrong. I'll wager my lungs that a pollster could get at least 5% of the citizens from any country to agree that people who wear purple should be executed, and I'll parlay that with my kidneys on a bet that 5% of the yes voters were wearing purple at the time they were polled.
you sound like you run about 50 accounts here.... and talk to yourself extensively
Bitcoin is touted as a cheap money transfer system. If you can not transact with bitcoins through the banking system. Bitcoin is then only worth it's virtual value zero.
Screw China. Cyrpus is about to become the next global super power.
The Chinese aren't the most tech saavy Up until 50 years ago they were naming their children after the sounds of banging pans. It got so noisy they implemented a one child policy. Now they have that Jade Rabbit thing on the moon to show the world they are capable of 1960s technology; They were too busy, back then, looking toward the kitchen to see what all the commotion was. They think they are communist and yet have no idea of what bitcoin is. Most Chinese, if asked what a bitcoin is? will respond with, "you eat them." They were told by Goldman Sachs that cities were things that human beings build. So they built them. You can lead a horse to water but not a Chinese. Somebody told them there was oil beneath the China Sea. So they created a no fly zone over the ocean and threaten their neighbors with nuclear war. There ain't no fucking oil under the China Sea. You see a Chinese on the golf course and you better run.
the algos are tanking the algo currency
@orangegeek
You're looking for the regular corrupted financial markets, try NASDAQ or the rigged NYSE casino instead. I hear they love people who put in resting orders so the HFT bots can ping them to death and front-run them.
TPTB are basteges!
Hahaha HAhahah Haaahha...Joke
Wise China keeps buying gold to back its currency, and now rejects this latest experiment with a money system backed by nothing but dubious promises, bitcoin.
I'm just glad that people are calling out the Bitcoin pumpers for the claims they've made then turn around and say things to the contrary. It should be understood that if you make some kind of claim or commit to a philosophy then you should man up if that idea or strategy blows up in your face. Take the heat, understand it and move on. This site is supposed expose the "real market" or lack thereof not be sounding board for those that want to push alternative currencies or gold/silver without fully understanding what they are saying. The market does what it wants and so does the government. When these two come together and are feeding off each other and with FED support, you better understand what you're doing or you're gonna get burned... bad.
I was worried for a while there that China was going to be a global super power.
Because China knows only gold is real money.
Bitcoin is a threat to all fiat currencies, including the yuan. PBOC's attitude is predictable.
Filled a gap from 12/8, dropped into an area where there is previous support, and holding a long term trendline. So far I would say it seems to be holding up to this pretty damn good. If you look at a daily and weekly chart the volume on these last two selloffs is nothing compared to the real crash back in April. Who knows what happens but of course China is against BTC or at least saying so. they want to unpeg the Yuan backed by physical gold at some point. They also do nothing but lie about economic data and other propaganda. It will be interesting to see all the comments here if/when BTC absorbs this and moves forward.
I am highly skeptical of BTC but you are correct. What is fascinating to me is that there is already a big split between PRC and the rest of the world on BTC -- China absolutely sees it as a competing currency while the West is dithering about trying to decide exactly how to handle it. In a sense then, China is encouraging the use of BTC as a sort of hedge move between the Yuan, the $, and the Euro. And that may or may not be there ultimate aim -- encourage the rise of BTC as a disruptive force in the West while walling off their economy from it. Very typical Chinese approach.
What goverments addicted to fiat wish to do for or against the bitcoin bears no long term significance. Bitcoin and the underground economies it supports will move forward with or without them. Bitcoin, once widely enough used, will not need much convertability to fiat through government targeted exchanges. Also there will always be black market exchanges for those who wish to convert anonymously. All this is is a good buying opportunity.
Is this the Chinese government stopping their very successful thieves from getting their stolen cash out of the country via bitcoin?
Probably. The Chinese gov't. probably also wants its citizens stocking up on gold rather than Bitcoins, because draining gold from the West will weaken it when the showdown comes.
b1tc0inZ be pwned
...Still waiting on those $140 coins you promised, homie.
probably next week. Down from 1200 bitcoin already hit 450 today, hasn't even been 3 weeks, has it? No. Give it another week, bitcoin to 140. Give it 6 months, pennies. PENNIES.
You're gonna need an EBT card after all, not a USB drive.