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China bans new Bitcoin deposits

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Re: China bans new Bitcoin deposits

#41

Post by seanmcdirmid »

thkim wrote: post #20

This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…

> Bitcoin might topple the dollar hegemony if popularized, which might be what China wants

Why would China want this? The current system works in their favor, even they admit RMB isn't ready to be a world currency yet by disallowing full convertibility.

> but central banks lose their power to control the money flow in the system

Exactly. Also, this is a big loophole over the RMB's non-convertibility limitation/feature.

Re: China bans new Bitcoin deposits

#42

Post by andyhmltn »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

You haven't lost anything until you sell. I'm confident it'll start going back up at some point (it's starting to get a lot of vendor attention)

Just hang in there :)

Re: China bans new Bitcoin deposits

#43

Post by SwellJoe »

JumpCrisscross wrote: post #39
SwellJoe wrote: post #31

Earlier quoted context omitted.

For what it's worth, I'm looking at this as a buying opportunity. I put everything I had available into BTC during rise to $1000+ (I first invested early, so I'm just about breaking even right now, though if it drops any further, I'll be showing a loss). But, I've got a paycheck coming in soon, and it looks like prices are gonna be nice enough for me to buy a couple more BTC with that money. I'm longterm bullish on B…

> I put everything I had available into BTC Please don't do this. No matter how confident you are in your investment thesis it doesn't ever justify 100% allocation into a single asset - that implies infinite confidence.

Sorry to mislead with that statement. I meant, "Cash on hand." I still hold GOOG and TSLA, as well as physical assets, and 48.5% stake in a business with significant value.

I am only investing money I can afford to lose. I don't want to lose it, but I won't starve if I do.

Re: China bans new Bitcoin deposits

#44

Post by MattyRad »

By "ban", I assume they mean "made illegal." The former of course being a euphemism for the latter. A couple questions come to my mind as such.... How will China enforce such a ban? Can China physically or technologically bar access to Bitcoin deposits?

Regardless of the Chinese government's ability to effectively enforce such a ban, the price of Bitcoin has begun another wild (and fascinating) price fluctuation period.

Re: China bans new Bitcoin deposits

#45

Post by wyager »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Wait a year.

Re: China bans new Bitcoin deposits

#46

Post by alexeisadeski3 »

tlrobinson wrote: post #27
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again.

So say we all!

Re: China bans new Bitcoin deposits

#47

Post by gokhan »

For serious entertainment, Bitcoin markets now are great places to try some day trading rodeo. Instant buy/sell with lots of drama and reasonable depth. Stick with your stop-loss strategy and it's a real adrenalin rush. I trade a small amount up and down and even made 40% profit for the last two weeks just by trying to catch bottoms and selling a little higher. Cheap entertainment IMO.

Re: China bans new Bitcoin deposits

#48

Post by skriticos2 »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

You need patience with Bitcoin. It does swings like this all the time. The last spike topped out at around 250 in spring this year and then dropped to 100 for some time. Then as you know it recently spiked at 1200 and now is down again. Hold it two years, and if you don't have a 10x increase, you can decide it was stupid. Deciding now is indeed stupid, so I would advise against it. Take a deep breath, see it as a risk investment and look what's coming ahead. And never judge based on a few weeks of data.

Re: China bans new Bitcoin deposits

#49

Post by tachion »

eclipxe wrote: post #37
pontifier wrote: post #16

Earlier quoted context omitted.

I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…

U.S.A. Suicide Hotline 1-800-273-TALK (8255). Remember, it's just money.

I love when people just like that are assuming that everything has to happen in U.S.A. and that world around it doesnt exist ;)

Re: China bans new Bitcoin deposits

#50

Post by RutZap »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Don't worry; it will rise again. It's already at $550. If you keep on to your BTCs, in a few months it will get back to $1100+. At which point I would suggest you sell some of it and get some money back; $11k seems like a lot of money; the first rule of trading would be to invest as much as you can afford to lose :D
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