Bitcoin Price Tracking & Discussion -- 2017

[MeanPeopleSuck]

you guys are crazy for buying btc after the China news, btc is dominately traded in asia, do your research

Do YOUR research. I'm buying BTC today with the cash I got from selling my BTC Saturday and Sunday in the $4400 - $4200 range, when I first became concerned with events in China.

How do you know I'm not lying? Because I opened a thread on it RIGHT HERE ON THIS BOARD: https://www.sportsbookreview.com/for...ulp-maybe.html

[Sam Odom]

has the storm passed ?

[MeanPeopleSuck]

has the storm passed ?

Ugh, nope. But I think the climax might come tomorrow: the other 2 of China's "big 3" exchanges, OKCoin and Huobi, are meeting with regulators very soon, like in a matter of hours: https://www.cryptocoinsnews.com/char...-a-good-thing/

If the outcome of that meeting is an announcement they're both closing their Chinese operations -- and let's face it, that's probably what's going to happen -- it basically means ALL crypto exchanges in China are toast, which will probably trigger another selloff.

I'm definitely buying that selloff.

Does anyone know the exact time that meeting's taking place?

[jtoler]

Good luck.

[Weazxx]

Don't Buy Bitcoin. It's Going To Crash!!!

[Weazxx]

Its a good news to get Chinese out of the game. Chinese are traditionally hazard players risking much more than they can bear.
They panic at slightest wind and they are responsible for more than 50% of BTC volatility.
Bitcoin price will be much more stable with less Chinese.

[eidolon]

I'm out. Just cashed out.
The next 3 weeks will be shitty and scary because the pullout by China.

[eidolon]

Do YOUR research. I'm buying BTC today with the cash I got from selling my BTC Saturday and Sunday in the $4400 - $4200 range, when I first became concerned with events in China.

How do you know I'm not lying? Because I opened a thread on it RIGHT HERE ON THIS BOARD: https://www.sportsbookreview.com/for...ulp-maybe.html

Wait until after September to buy back in.

[MeanPeopleSuck]

Friday's bad news came early. ViaBTC, a top 10 Chinese exchange, is closing on Sept 30th. https://www.viabtc.com/announcement/detail?id=11

Is anybody else getting the feeling that September 30th is going to be the last day to legally purchase bitcoin in China?

[raiders72001]

you guys are crazy for buying btc after the China news, btc is dominately traded in asia, do your research

At one time China dominated the trade but those numbers were fudged since there weren't any trading fees at exchanges in China. After fees were added, true numbers appeared. Here are the BTC markets.

https://coinmarketcap.com/currencies/bitcoin/#markets

[ChuckyTheGoat]

Many people are going to get wiped out this is going to be like the great depression equivalency

Address this, pal. Some books are BtC only.

[jjgold]

I do not play at bitcoin only books

Too smart

The price is falling apart, this is the downturn they need to get through if not go to to like 1000

[MeanPeopleSuck]

Friday Morning's Nightmare News

1. ViaBTC, another top 10 Chinese exchange, announced it's ceasing operations Sept 30: http://www.reuters.com/article/us-bi...KCN1BQ0MG?il=0

2. Bitstamp's CEO declares that more, and possibly all, Chinese exchanges are about to close: https://twitter.com/nejc_kodric/stat...85212262699008

3. Okex, a crypto derivatives trading site, is delisting all OKCoin and Huobi contracts, effective, suspiciously, on Sept 30: https://blog.okex.com/2017/09/15/not...-constituents/

OKCoin and Huobi haven't announced they're closing yet, but that's starting to feel like just a matter of time.

4. BTC's trading down around $2500 on Chinese exchanges.

It's time to call this what it is: the Worst Case Scenario. China appears to be in the process of completely walling itself off from the international crypto markets. Starting October 1st, it's entirely possible that ALL exchanges and ALL crypto trading may become illegal -- or at least impossible -- in China.

[5mike5]

Ouch

[Weazxx]

chinese traders should move to other countries, russia and euro countries support bitcoin

[Emily_Haines]

public getting crushed as usual

[MeanPeopleSuck]

RIP China. The closure document has leaked. Full article: https://www.coindesk.com/document-li...oin-exchanges/

The closure order reads:

1. Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office. Exchanges shall deal with their claims and liabilities properly, and insure that investors’ funds and virtual currencies are safe.
2. Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. All other accounts in banks and other non-bank payment service providers shall be canceled and reported to the Business Management Department of People’s Bank of China.
3. Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies. New user registration shall be stopped immediately after the announcement.
4. Shareholders, controllers, executives, and core financial and technical staff of exchanges shall cooperate fully with authorities during the clearing, while staying in Beijing.
5. Exchanges shall report their developments daily to local authorities before the clearing is completed.
6. Exchanges shall save all user trading and holding data, and send it to local authorities immediately in DVDs.
The document is signed: The office of the Leading Group of Beijing Internet Financial Risks Remediation, Sept. 15, 2017

[Sam Odom]

3290

[19th Hole]

Bitcoin In Danger Of Completing “Eiffel Tower” Pattern



Tom Reese

ETF Daily News•September 15, 2017





From Chris Kimble: Legionary investor Sir John Templeton, once shared that outside of the bible, he had learned more from one book than any other.
When he shared this idea, I couldn’t wait to find out what book it was. Below is that book-

When it comes to popular delusions and charts, the “Eiffel Tower Pattern” can be important to recognize. The point of the Eiffel Tower Pattern is this….. if you see the left side of the Eiffel tower in a chart, odds favor you will see the right side of the tower as well, somewhere down the line! Below are examples of Eiffel Tower patterns over the past 20-years:

One chapter in the Popular Delusions book talked about the “Tulip Mania” in Holland. This week Jamie Dimon of JP Morgan compared Bitcoin to the Tulip Mania of the past. In time we will see if he is correct. Below looks at the pattern of Bitcoin that we shared yesterday on Stocktwits and Twitter:

Joe Friday Just The Facts: Potential “Eiffel Tower Pattern” could be in play for Bitcoin. If investors experience the left side of the Eiffel Tower Pattern, it is possible to experience the right side as well.
Will be interesting months from now to see if the right side of the Eiffel tower is experienced. An important test of support is taking place this morning at the 3,000-3,100 zone. It’s very important for Bitcoin bulls that this support holds.
This article is brought to you courtesy of Kimble Charting Solutions.

[Sam Odom]

lot of people have btcphobia

[Sam Odom]

3600

[TheMoneyShot]

It's going to go under 3000. Of course I'm always wrong on this stuff.

Personally I believe it's only worth around 2200.

[Sam Odom]

personally not sure how to assess 'true worth' of 1 btc

show Sammy a balance sheet & PE

[TheMoneyShot]

RIP China. The closure document has leaked. Full article: https://www.coindesk.com/document-li...oin-exchanges/

The closure order reads:

1. Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office. Exchanges shall deal with their claims and liabilities properly, and insure that investors’ funds and virtual currencies are safe.
2. Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. All other accounts in banks and other non-bank payment service providers shall be canceled and reported to the Business Management Department of People’s Bank of China.
3. Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies. New user registration shall be stopped immediately after the announcement.
4. Shareholders, controllers, executives, and core financial and technical staff of exchanges shall cooperate fully with authorities during the clearing, while staying in Beijing.
5. Exchanges shall report their developments daily to local authorities before the clearing is completed.
6. Exchanges shall save all user trading and holding data, and send it to local authorities immediately in DVDs.
The document is signed: The office of the Leading Group of Beijing Internet Financial Risks Remediation, Sept. 15, 2017

I haven't been following this bitcoin story at all. I'm in first grade here... so in a nutshell....

1. Why did China order this?

2. What are the chances the USA follows as well?

3. How on earth is bitcoin holding at 3600? Shouldn't it be dropping soon?

[Jatt24]

It's going up again.

3860

[convick]

I haven't been following this bitcoin story at all. I'm in first grade here... so in a nutshell....

1. Why did China order this?

2. What are the chances the USA follows as well?

3. How on earth is bitcoin holding at 3600? Shouldn't it be dropping soon?

It already dropped to just below 3000, bounced back to the range youre seeing now.

[raiders72001]

I haven't been following this bitcoin story at all. I'm in first grade here... so in a nutshell....

1. Why did China order this?

2. What are the chances the USA follows as well?

3. How on earth is bitcoin holding at 3600? Shouldn't it be dropping soon?

It went up when it was announced that Huobi and OKCoin were given an extra month since they weren't involved in ICOs.

[MeanPeopleSuck]

I haven't been following this bitcoin story at all. I'm in first grade here... so in a nutshell....

1. Why did China order this?

2. What are the chances the USA follows as well?

3. How on earth is bitcoin holding at 3600? Shouldn't it be dropping soon?

1. Nobody knows for sure, but China's got a lot of unsophisticated (new-ish to capitalism) investors with a lot of new money, so there's been a zillion scams, especially ICO scams, over there. But still, to basically make it impossible for your citizens to buy the future's most important currency seems nuts to everyone except, I guess, the Chinese.

2. DON'T EVEN SAY THAT!

3. Raiders answered this one: Instead of making OKCoin and Huobi completely shut down Sept 30th, the Chinese surprised the market two ways: they gave both exchanges an extension until October 31st, and, importantly, in their announcements they only announce the ending of coin for fiat (yuan, dollars, etc) trading so now everyone's wondering if coin for coin trading might remain legal.

Coin for coin trading only is how Poloniex, Bittrex and a bunch of other western facing exchanges already run, so the optimists are saying that if you add in a Chinese Tether type coin (where 1 coin would always = 1 yuan), maybe Chinese trading could be all the way back to normal in 6 months (I don't personally share that view, though).

[mrpapageorgio]

3. Raiders answered this one: Instead of making OKCoin and Huobi completely shut down Sept 30th, the Chinese surprised the market two ways: they gave both exchanges an extension until October 31st, and, importantly, in their announcements they only announce the ending of coin for fiat (yuan, dollars, etc) trading so now everyone's wondering if coin for coin trading might remain legal.

Coin for coin trading only is how Poloniex, Bittrex and a bunch of other western facing exchanges already run, so the optimists are saying that if you add in a Chinese Tether type coin (where 1 coin would always = 1 yuan), maybe Chinese trading could be all the way back to normal in 6 months (I don't personally share that view, though).

By extending their shut down to October 31st, that also gives them time to possibly "change their mind" and let them continue to operate as a fiat exchange with licensing and new regulations.

[Sam Odom]

Gemini down...

[PSD999]

Chase Bank Buys Bitcoin Even as Jamie Dimon Rejects It

https://cointelegraph.com/news/chase-bank-buys-bitcoin-even-as-jamie-dimon-rejects-it

[Sam Odom]

4000 ?

again

[ChuckyTheGoat]

4000 ?

again

Sammy, could a super-genius buy/sell this thing on the ebb/flow?

One thing I need to hear on Bitcoin. We need the "# of merchants who accept Bitcoin" to continue to rise. Not sure I'm seeing that right now.

[Sam Odom]

Sammy, could a super-genius buy/sell this thing on the ebb/flow?

Know people who are doing very well... they aren't geniuses much less super

[USCPHILLYGUY]

This has been a great thread men. Very informative.