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

[y3804]

New update from OKCoin (2014-05-01 08:46:08)

RE: CCB "Declaration on the Prohibition of the use of my bank account for Bitcoin transactions."

Hello, my colleagues have been responsible for the company and related verified. No problem, our account hasn't been cancelled. Please rest assured.

It looks like banks have put the statement online without cancelling a single account. All exchanges still allowing fiat deposits as usual.

Find specific accounts being used for bitcoin trading and then cancelling them is a task ahead of them that they have to do work for and perform. However, it is easy to simply post a statement. The May 10 deadline I believe is just a deadline to make statements and not actually close accounts.

I hope not. That would launch BTC to the moon again on May 10th

[OldGeek]

New update from OKCoin (2014-05-01 08:46:08)

RE: CCB "Declaration on the Prohibition of the use of my bank account for Bitcoin transactions."

Hello, my colleagues have been responsible for the company and related verified. No problem, our account hasn't been cancelled. Please rest assured.

It looks like banks have put the statement online without cancelling a single account. All exchanges still allowing fiat deposits as usual.

Find specific accounts being used for bitcoin trading and then cancelling them is a task ahead of them that they have to do work for and perform. However, it is easy to simply post a statement. The May 10 deadline I believe is just a deadline to make statements and not actually close accounts.

I hope not. That would launch BTC to the moon again on May 10th

I doubt that.  More likely it would mean more of the same crap until the next 'deadline'.

[derpinheimer]

Lookin good but need to see that bid sum start rising before I'll believe this is anything other than a bull trap.

[kuzza]

http://venturebeat.com/2014/04/29/mit-is-about-to-become-the-worlds-first-bitcoin-economy/

[TERA]

Always a bunch of this 'hot news' to fuel the bull trap.

[OldGeek]

Lookin good but need to see that bid sum start rising before I'll believe this is anything other than a bull trap.

If Tera is right with his TA (I don't know either way) this could be the prelude to the drop.

[ShroomsKit]

New update from OKCoin (2014-05-01 08:46:08)

RE: CCB "Declaration on the Prohibition of the use of my bank account for Bitcoin transactions."

Hello, my colleagues have been responsible for the company and related verified. No problem, our account hasn't been cancelled. Please rest assured.

It looks like banks have put the statement online without cancelling a single account. All exchanges still allowing fiat deposits as usual.

Great. So this shit can continue a few more months.

[y3804]

New update from OKCoin (2014-05-01 08:46:08)

RE: CCB "Declaration on the Prohibition of the use of my bank account for Bitcoin transactions."

Hello, my colleagues have been responsible for the company and related verified. No problem, our account hasn't been cancelled. Please rest assured.

It looks like banks have put the statement online without cancelling a single account. All exchanges still allowing fiat deposits as usual.

Great. So this shit can continue a few more months.

That's the plan. Kill all potential BTC investors by FUDing for a few months. Fuck you PBOC

[ChartBuddy]

Explanation

[chessnut]

ugh bears, there are relatively unlimited people to buy, and such limited amount of people to sell. the chinese will run out abruptly in the middle of your trend party.

[ShroomsKit]

New update from OKCoin (2014-05-01 08:46:08)

RE: CCB "Declaration on the Prohibition of the use of my bank account for Bitcoin transactions."

Hello, my colleagues have been responsible for the company and related verified. No problem, our account hasn't been cancelled. Please rest assured.

It looks like banks have put the statement online without cancelling a single account. All exchanges still allowing fiat deposits as usual.

Great. So this shit can continue a few more months.

That's the plan. Kill all potential BTC investors by FUDing for a few months. Fuck you PBOC

I don't know why exactly this is happening but i do know if they really wanted to stop this they could ban Bitcoin now and close all related bank accounts. But they won't because someone has an agenda here and is probably making a lot of money.

[ShroomsKit]

And this "rally" sucks. No volume. It already has problems breaking the tiny 460 wall.

[y3804]

I don't know why exactly this is happening but i do know if they really wanted to stop this they could ban Bitcoin now and close all related bank accounts. But they won't because someone has an agenda here and is probably making a lot of money.

Read this article

http://bitcoinblog.de/2014/04/28/chinese-banks-dont-know-how-to-act-appropriate-cause-bitcoin-is-too-tiny/

TL;DR Banks don't care about Bitcoin. They don't really give a sh** about closing the accounts. They find weird that PBOC is pressuring them over such a small issue. PBOC is having trouble closing the accounts and even had to send two of the second highest rank officials to interview the banks

You've probably already read it anyway. I agree, someone is making a lot of money behind the scenes

[ShroomsKit]

[uhoh]

Can't believe this PBOC shit is STILL going on. It's turning into a really unfunny joke.

[chessnut]

keep an eye on that channel.

[billyjoeallen]

ugh bears, there are relatively unlimited people to buy, and such limited amount of people to sell. the chinese will run out abruptly in the middle of your trend party.

"Abruptly?" evidence? You have made a bald assertion with nothing to back it up. Where else are Chinese miners going to sell?

[TERA]

ugh bears, there are relatively unlimited people to buy, and such limited amount of people to sell. the chinese will run out abruptly in the middle of your trend party.

How could they run out when they are still running their illegal exchanges with a bunch of volume and the owners are trying to pretend like nothing is wrong?

There are also new huge sources of coins coming in every week from other sources now.  (hackers, mtgox, silkroad, drug dealers). Millions of hoarded coins are likely to be tempted to sell now too now that we are in a 1W downtrend. Then there is mining.

Maybe I'm wrong about the above. So, if the trend breaks, I can act on it then. But why would I preempt the trend breaking, all the way at the top, when I'm most likely to fail and get clobbered by a brutal move? If you sum the risk reward of each of these decisions as it has occured about 8 times during the trend now, then you will find that not preempting the trend reversal is a much more profitable strategy. The one time I have to pay somewhat higher price after reversal is confirmed will be much better than the 7 times I would take a huge loss.

[chessnut]

ugh bears, there are relatively unlimited people to buy, and such limited amount of people to sell. the chinese will run out abruptly in the middle of your trend party.

"Abruptly?" evidence? You have made a bald assertion with nothing to back it up. Where else are Chinese miners going to sell?

well practically, they can or cant sell, if they can, they will sell it to offshore buyers. if they cant, then they wont.
it's a fact that this will be resolved. there is a finite supply of fools who bought to get rich quick. they will sell, and never sell again.
but I guess anything is possible, so it must fall right?

[chessnut]

ugh bears, there are relatively unlimited people to buy, and such limited amount of people to sell. the chinese will run out abruptly in the middle of your trend party.

How could they run out when they are still running their illegal exchanges with a bunch of volume and the owners are trying to pretend like nothing is wrong?

There are also new huge sources of coins coming in every week from other sources now.  (hackers, mtgox, silkroad, drug dealers)

Maybe I'm wrong about the above. So, if the trend breaks, I can act on it then. But why would I preempt the trend breaking, all the way at the top, when I'm most likely to fail and get clobbered by a brutal move? If you sum the risk reward of each of these decisions as it has occured about 8 times during the trend now, then you will find that not preempting the trend reversal is a much more profitable strategy. The one time I have to pay somewhat higher price after reversal is confirmed will be much better than the 7 times I would take a huge loss.

is the volume fake, or not?

there are things that are constant, and there are things that have finite impact. if you will attribute the fall to chinese bank ban, which seems evident in the news, the market will reach equilibrium after it is resolved.