Bitcoins/Litecoins/Virtual Currencies

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rinthe_sl

shitlord
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2
I found out I have access to some bitcoin CFD's. I bought a few @ about 940, man the spreads are ridiculous lol, $14. But at least I have a trustworthy counterparty. They're probably not that wide on the actual bitcoin trading sites?

Looks ripe for a good pop above 1250, with support at 900. One more push to something stupid like 1750-1800. But really just looking to try and catch the inevitable collapse to zero. I'll try and short a spike above 1250 and sell more and more if/when it keeps going down.
If it breaks 1250 and manages to hold it for a few days, things could fast get really, really stupid. Like 3 or 4k.
 
R

rinthe_sl

shitlord
102
2
Here's a pretty picture picture. If it can't hold 900, then it's just fucked and I'll be looking to sell bounces from there.
 
Tripamang

Tripamang

Naxxramas 1.0 Raider
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D

Df~_sl

shitlord
975
0
Vinen_sl said:
Bitcoin banned from Chinese banks amid fears of laundering | The Verge
Click to expand...
Uhh... Reading thePeoples Bank Q&A Press Releaseand thePeoples Bank and 5 Ministries Announcementit only forbids Banks and ???? (payment institution, like credit/debit cards. This term also includes the chinese version of Paypal/Tenpay/AliPay etc) from accepting Bitcoin for goods or services, insuring bitcoin related businesses, or providing other services related to bitcoins...

AliPay/TenPay/PayPal did not accept bitcoin before.BTCChinais not a payment institution(????) which means... From before to after the press release, nothing about the use of bitcoin in china has changed.

China's fear of money laundering is VERY well founded. Being a controlled currency it is ridiculously complicated to move money OUT of China. Bitcoin bypasses Chinese government currency control completely. Previously you needed to be well connected to government officials to sneak your millions out of China, now you just need to know a chinese exchange.

I will admit that it does hamper the future ease of use of bitcoin in China. I do not doubt the chinese government's ability to shutdown any BitCoin Exchange with RMB Bank accounts. I also do not doubt their ability to completely control internet access within China. However, none of that stops the ability for determined people to use bitcoin.

The Actual Notice in Chinese:
??????,???,????????????????????????,?????????????? ??,????????????????????????????,?????????????????? ?????,??:??????????????????????;?????????????????? ;?????????????????;?????????????????;????????????? ;?????????????????????
 
Falstaff

Falstaff

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apparently Baidu issued a statement saying they are no longer accepting bitcoin as payment so that is the reason for this drop... although it doesn't take much lately.
 
Arative

Arative

Vyemm Raider
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4,614
If that is the case, then it will drop a lot. Usage in China was what was pushing the price
 
Eidal

Eidal

Molten Core Raider
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Its interesting how at 721 (gox), its the same price that it was two weeks ago and its still DOUBLE what it was on Nov 11 -- yet the panic and uproar amongst bitcoin holders is legendary. I can't relate to someone who would buy into this and not expect massive fluctuations. I shifted a majority of my coins into fiat earlier @ 1000 in anticipation for this. I haven't yet decided if I want to buy back in now or let everything cool off.
 
A

a_skeleton_03

<Banned>
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Well we did the calculations yesterday. One person sold off 600 coins at like $850.

The trading volume was like 40k. That would be the equivalent of someone dumping $161BN out of the US economy at .80 cents on the dollar. Day traders would have freaked a little about that.
 
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