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Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

bloomberg.com

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Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#81

Post by subru »

mrb wrote: post #77
subru wrote: post #44

BTC has never-before seen volatility, biggest bubble of all time. If bagholders are all aboard, prepare for a dip below 2k for a swing. The market is very orderly (which is why I was able to predict both the price and time of peak, see my other account) using tech analysis only. Therefore there is sufficient evidence of a balanced disparity between insiders (brought to you by GS and company) and the uninformed. For t…

" BTC has never-before seen volatility, biggest bubble of all time. " You are very wrong. First, volatility used to be much worse: https://mobile.twitter.com/lsukernik/status/8649208737189519... Secondly, the importance of a bubble is measured relatively not absolutely: BTC may be near the all-time high but it has seen only a ~2x increase in the last 30 days, while the Nov 2013, Feb 2013, and Jun 2012 bubbles all saw…

Sorry meant nothing has risen from a fraction of a penny to five grand in human history, iow referring to the percentage moves that we may never see again in our lifetimes. I stand corrected. Meant relative to any other investment in history.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#82

Post by subru »

rizwank wrote: post #79
subru wrote: post #44

BTC has never-before seen volatility, biggest bubble of all time. If bagholders are all aboard, prepare for a dip below 2k for a swing. The market is very orderly (which is why I was able to predict both the price and time of peak, see my other account) using tech analysis only. Therefore there is sufficient evidence of a balanced disparity between insiders (brought to you by GS and company) and the uninformed. For t…

And your other account is?

Years ago deleted it

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#83

Post by [deleted] »

subru wrote: post #44

BTC has never-before seen volatility, biggest bubble of all time. If bagholders are all aboard, prepare for a dip below 2k for a swing. The market is very orderly (which is why I was able to predict both the price and time of peak, see my other account) using tech analysis only. Therefore there is sufficient evidence of a balanced disparity between insiders (brought to you by GS and company) and the uninformed. For t…

[deleted]

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#84

Post by mjevans »

This could also be related to China's recent crackdown on VPNs.

Eliminating ways to export value without controls by the government, in retrospect, seems like one of the more obvious reasons to control the flow of information. There's suppression of nationally embarrassing facts, but only recently have things actually gotten more serious than providing a high (but climbable) wall.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#85

Post by jankotek »

mjevans wrote: post #84

This could also be related to China's recent crackdown on VPNs. Eliminating ways to export value without controls by the government, in retrospect, seems like one of the more obvious reasons to control the flow of information. There's suppression of nationally embarrassing facts, but only recently have things actually gotten more serious than providing a high (but climbable) wall.

It works opposite way. Bitcoin mining is centralized in China, so firewall would cutoff rest of the world. (it ads latency and makes it harder to announce newly mined blocks)

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#86

Post by subru »

mrb wrote: post #77
subru wrote: post #44

BTC has never-before seen volatility, biggest bubble of all time. If bagholders are all aboard, prepare for a dip below 2k for a swing. The market is very orderly (which is why I was able to predict both the price and time of peak, see my other account) using tech analysis only. Therefore there is sufficient evidence of a balanced disparity between insiders (brought to you by GS and company) and the uninformed. For t…

" BTC has never-before seen volatility, biggest bubble of all time. " You are very wrong. First, volatility used to be much worse: https://mobile.twitter.com/lsukernik/status/8649208737189519... Secondly, the importance of a bubble is measured relatively not absolutely: BTC may be near the all-time high but it has seen only a ~2x increase in the last 30 days, while the Nov 2013, Feb 2013, and Jun 2012 bubbles all saw…

Look pal idk what your cost basis or portfolio allocation is in BTC but please just be safe, friend.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#88

Post by vkou »

whiskyant wrote: post #36
Lerc wrote: post #17

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…

The price of bitcoin was correcting many hours before any news of the China ICO restriction. So yeah probably completely BS correlation.

Or, more likely, informed insiders capitalized on this information.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#89

Post by Nursie »

ortusdux wrote: post #32
Lerc wrote: post #17

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…

This article from Business Insider has a better explanation. http://www.businessinsider.com/initial-coin-offering-china-b... Namely: "However, the wording of the PBoC edict also suggested that trading and usage of all cryptocurrencies, including bitcoin, could now be illegal in China. The PBoC said that virtual currencies that are "not issued by the monetary authorities... do not have legal status equivalent to money…

Now that is interesting, and potentially much farther reaching than the headlines have suggested

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#90

Post by tinco »

oculusthrift wrote: post #30
Lerc wrote: post #17

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…

If any other asset lost that much percent of its value that fast it'd be called a crash too. It isn't biased. It isn't the writer's fault that BTC is so volatile. Isn't it at least a little concerning that it could gain or lose that much value in a matter of weeks?

It already gained that much value in a week so effectively nothing happened. The technical traders might believe we've hit a big ceiling, but ceilings could be just temporary. The article is mentioning bitcoin price just for drama.
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