If other governments in the world follow suit, what would happen to bitcoin? I think it could be rather easily marginalised.
The price would drop for sure. But the network would still survice.
Bitcoin dropping after BTC China said it is closing
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Re: Bitcoin dropping after BTC China said it is closing
#62There are 3 major exchanges in china: BTC China, Huobi and OkCoin. Only BTCC allow ICO trading and it's the only one closing. Maybe it's related to the ICO ban from last week and nothing to do with bitcoin
Re: Bitcoin dropping after BTC China said it is closing
#63There are 3 major exchanges in china: BTC China, Huobi and OkCoin. Only BTCC allow ICO trading and it's the only one closing. Maybe it's related to the ICO ban from last week and nothing to do with bitcoin
Bloomberg is saying China plans to ban trading of bitcoin on all domestic exchanges.
https://www.bloomberg.com/news/articles/2017-09-14/bitcoin-t...
Re: Bitcoin dropping after BTC China said it is closing
#64Earlier quoted context omitted.
Humour me here: Wouldn't technical analysis be a good way to analyze something like ETH or BTC? A normal stock has the underlying company, earnings, performance, forecasts, etc. to sort through and figure out where it is headed, but ETH and BTC have no such thing. So what better way to analyze than TA?
Except weather has an element of predictability, at least over the short range, the realm of finance is highly unpredictable even in the short term. Who foresaw this crash?
I sold all my ETH at 297 right after it was starting (I make sure to check the markets before I sleep because China is often more market moving than the US/EU). I've been worried about the truth of the recent statements made in China about closures. This is obviously totally anecdotal and I made a really, really lucky call. Can't say I thought it would continue to go down this heavily. I consider any money I've put in these markets mostly play money anyways.
Re: Bitcoin dropping after BTC China said it is closing
#65> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?
This was a drop over 12 days. It also dropped 20% in 4 days after hitting the $4500 all-time-high a month ago. It dropped 30% in 4 days after hitting the $3000 all-time-high three months ago. It dropped 30% in 2 days after hitting the $2700 all-time-high four months ago. Everything is fine.
Re: Bitcoin dropping after BTC China said it is closing
#66Re: Bitcoin dropping after BTC China said it is closing
#67Earlier quoted context omitted.
what is a better way to decide on buy/sell signals for cryptos in your opinion? Genuinely curious.
1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit
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Re: Bitcoin dropping after BTC China said it is closing
#68> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?
For an entire index, that would be a crash. If AMD dropped from 10 to 7 in a month, that would be bad news, but pretty normal.
The price of bitcoin is an index of the bitcoin economy.
Re: Bitcoin dropping after BTC China said it is closing
#69Earlier quoted context omitted.
The main reason for the volatility is that there is no actual use for them, and no entrenched demand via a tax system. The price of bitcoin can literally fall to zero. With fiat currency, achieving that would require the government losing its power to enforce tax collection. People losing interest in a fad seems to be a bigger risk than a governmental collapse.
> there is no actual use for them There's a use for BTC, it's just illegal.
That monitor I bought on Overstock with BTC was an illegal purchase?! Why didn't you warn me!
Re: Bitcoin dropping after BTC China said it is closing
#70I talked about this before, and most people instantly wrote this off.
The typical response was 'If X bans the cryptocurrency, we will just trade in another country. That's the whole point!'.
Can somebody explain what will happen if U.S starts to feel the pressure from Bitcoin and kills it at the point of exchange? Sure, you will still have your Bitcoins, but they will drop in value and become useless.
Furthermore, what will happen to the market if 1%'s attempt to convert a couple of billions to USD at the same time? Who will honor that transaction? The banks will not touch it.
This will end up just like the banking crisis sans a bailout. People can't get the 'money' out because the exchange rate is not going to be honored, and the value of their money will drop over night.