crypto currency discussion

[JAKEPEAVY21]

Jake talked me down from the bridge this morning

these big swings are common but this China stuff has me a bit more worried than usual.

Bitcoin and other cryptos are not for the faint of heart..lots of variance

hang in there philly

[milwaukee mike]

these big swings are common but this China stuff has me a bit more worried than usual.

Bitcoin and other cryptos are not for the faint of heart..lots of variance

hang in there philly

i would be more concerned by the comments by scumbags like jamie dimon... saying he would fire anyone at jpmorgan if they traded bitcoin

banks run the world, if they want it banned it gets banned

[JAKEPEAVY21]

i would be more concerned by the comments by scumbags like jamie dimon... saying he would fire anyone at jpmorgan if they traded bitcoin

banks run the world, if they want it banned it gets banned

he has been making disparaging comments about bitcoin since it was in the hundreds..I don't put much stock into anything that he says.

[milwaukee mike]

he has been making disparaging comments about bitcoin since it was in the hundreds..I don't put much stock into anything that he says.

governments and bankers are wrong more often than they're right

but they have power and are lemmings ... and if china bans crypto's then other countries could easily follow their lead

[triplecrown333]

yeah, jp morgan got fined like billions for fraud and they are saying bitcoin is fraud lol

[raiders72001]

I think we're getting there. Today seems to be the day that those living in "Fake News" denial of the events in China appear to be coming to their senses. That means the market's getting closer to properly pricing BTC for a post Chinese exchanges world.

This is only a guess, and I could easily be wrong, but I'd be surprised if the bottom ends up breaking $3k, or even the $3200ish numbers the Technical Analysis guys are so in love with.

FWIW, I'm buying today. In keeping with the dollar cost averaging prices I outlined last night, I've had 5 different buy orders trigger this morning between $3701 and $3501, and one of the reasons I'm hopeful the recovery will be robust is that lost in all this China news is the fact that SegWit has succeeded beyond anyone's expectations at reducing BTC's fees and wait times.

Hang in there, Jake. Don't sell into the crash. These things always feel like they're the end of the world, but they never are. Crashes suck, but they pass. Power, brother.

Segwit has been amazing. I agree with you on BTCChina although I'm still in the camp that some of the news out of China is fake news to manipulate the market.

[milwaukee mike]

yeah, jp morgan got fined like billions for fraud and they are saying bitcoin is fraud lol

great point

and look how many fraudulent accounts wells fargo created

and the mortgage-backed securities fraud, everyone was in on that... let's take a bunch of "subprime loans" (meaning the borrower had no assets and no income) and bundle them together with one A rated loan and call the whole basket A-

[triplecrown333]

agree, these fockers are full of shit

[A4K]

This is all related to North Korea. Reports were coming out that NK was stealing BTC through hacking wallets. I'm almost positive the U.S. and it's allies have been putting pressure on China to shut down their exchanges to make it harder for NK to steal BTC.

Have a feeling the Chinese ban won't last very long. Could also just be a manipulation tactic by the Chinese government. Who knows?

[triplecrown333]

i agree with this, everyone is greedy, knowing you can double your money with shit you put out is very tempting

[raiders72001]

OKCoin and Huboi are meeting with regulators tomorrow.

[jjgold]

governments and bankers are wrong more often than they're right

but they have power and are lemmings ... and if china bans crypto's then other countries could easily follow their lead

That is what we are afraid of

It is a matter of time it gets shut down because it is mainly being used illegally

[triplecrown333]

it wont get shut down, if you were china, do you want to be behind the curve in blockchain technology

[ace7550]

it wont get shut down, if you were china, do you want to be behind the curve in blockchain technology

Good point. It's clear crypto isn't going away.

[milwaukee mike]

Good point. It's clear crypto isn't going away.

who knows

the elite central bankers aren't just going to let themselves become obsolete without a fight

what happens if there's a false flag attack (and announced that it was funded by bitcoin)... not hard to trick the public into giving stuff up

how do we know that a central bank doesn't already own 95% of bitcoin... they could just drive it to 0 by putting in millions of sell transactions (since the network can only handle what? 7 transactions/second?)

[hotcross]

nobody really knows whether bitcoin is worth 0 or 100,000... so to think 3500 is a bargain based on the 5000 high but ignoring that it was 400 a year ago is pretty silly. might be a bargain, might not be

for awhile now, just looking at price of bitcoin rocketing skyward figured with the continued involvement by regulators sticking their nose in bitcoin they'd make a real effort to influence demand and limit prices so as to limit net worth of many "young computer geeks" (for lack of a better word) who may still be holding a hefty amount of bitcoin, perhaps which they mined from early days when the computing power needed was do-able from home. Even for those that bought bitcoin not even 2-years ago in the $250+ range if they held those coins would amount to a tidy sum.

In other words people who believed in bitcoin early on, whether they were interested for illegal purposes or not - have made a real fortune on the coin's price appreciation and it all happened out of nowhere. No manufacturing, production, etc. Yes its a technology advancement but the point is such financial awards for practically nothing .....sure we can argue the word "nothing" but realistically, it is!

I was intrigued with bitcoin when it was around $2 per coin, didn't get in on it and didn't make a fortune. But just hard to believe the coin would keep shooting towards $10,000 without governments/tax agencies putting a blanket on the fire. Maybe this market will evolve into something more stable with perhaps flat price or slow growth against fiat currency price....wouldn't that be more useful anyway?

[triplecrown333]

true, anything parabolic is not healthy

[TheSideBet]

For all of you who have been in this for awhile now and enjoyed the spoils of the run up don't get dismayed. Still money to be made and basically we are back to July levels and can study the coins that have showed resiliency and will rebound in the coming weeks and the ones who will falter. Litecoin and IOTA are still solid for the rest of 2017 as well as some others longer term to make some good money for short holding time. I grabbed some more XRP at .17 just because I'm stupid I guess but will dump that around .30 next month if they let us down again after the big conference. Now let's make some money on football this weekend!

[MeanPeopleSuck]

Jake talked me down from the bridge this morning

Sweet, it's a team effort!

Heh, you know it's a sh!t day in crypto when THIS is the most positive story you can find: https://www.coindesk.com/kiss-front-...ested-bitcoin/

[MeanPeopleSuck]

OKCoin and Huboi are meeting with regulators tomorrow.

Good info; I hadn't heard that yet. Let's hope the outcome of that meeting isn't: "we've 'decided' to end operations September 30th."

[milwaukee mike]

Good info; I hadn't heard that yet. Let's hope the outcome of that meeting isn't: "we've 'decided' to end operations September 30th."

thinking back... a lot of operations in bitcoin have ceased

mt gox closed, stealing my money
circle quit doing bitcoin
coinbase got subpoenas from the us government

anything in the banking system becomes "too big to fail"... but if you are an alternative to the banks you are "too big to succeed"

us government and banking cartel always declares war on what they can't control... look at all the countries we are always bashing, it's always because they trade oil in something other than dollars, or don't have a federal reserve banking system

[ace7550]

It's never a shit day in crypto MPS. It's either a good time to buy or a good time to sell

[MeanPeopleSuck]

It's never a shit day in crypto MPS. It's either a good time to buy or a good time to sell

Heh, good point, Ace. And tomorrow might be a good day to buy. Looks like Raiders was right, 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 probably 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?

[MeanPeopleSuck]

The transaction can still be traced somewhat---

Yes, BTC was designed to be anonymous, but that hasn't worked out. Not only do many wallets collect personal data, but even if use only private, anonymous wallets like Electrum, since the Blockchain is a completely open ledger, it lends itself to forensic dot connecting.

The feds use the sleazy, ex-BTCer sellouts who run Chainalysis to do their dirty work. These soulless slimebags: https://www.chainalysis.com/

But anonymity is still possible, and without having to resort to dicey mixers "down there." You just have to utilize the ultra cryptos like Monero, ZCash and DASH, which have been specifically designed to address the anonymity holes within the blockchain system.

[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.

[Weazxx]

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

[Weazxx]

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.

no worries, 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.

[themike78]

Bitcoin will be banned soon in the U.S as well. Only a matter of time. On Monday it will be worth around 9 dollars.

[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

[triplecrown333]

they always do this shit during the parties annual meetings, clean up vices and shit, give them a month with instated changes to trading , just my opinion ofcourse, i remember when i was living in china, they always close the whore houses for a month during the congress meeting to pay respect lol...

[Emily_Haines]

Bitcoin will be banned soon in the U.S as well. Only a matter of time. On Monday it will be worth around 9 dollars.

What the fukk did people think was going to happen when the only uses for bitcoin are to gamble, buy illegal shit and extort money.

amazing the amount of fukkin morons thinking it would go up forever

some clowns were saying 1 bitcoin was going worth a million dollars

[triplecrown333]

nothing goes up forever, i will get out of this shit when my friends talk about buying crypto, but in the meantime if this shit continues, i expect a divorce and dumpster diving in the cards for me

[Weazxx]

What the fukk did people think was going to happen when the only uses for bitcoin are to gamble, buy illegal shit and extort money.

amazing the amount of fukkin morons thinking it would go up forever

some clowns were saying 1 bitcoin was going worth a million dollars

dont trust any poster with less than 50 points or more than 30000 they will fuk u in the a$$ and give u bad advice

[themike78]

What the fukk did people think was going to happen when the only uses for bitcoin are to gamble, buy illegal shit and extort money.

amazing the amount of fukkin morons thinking it would go up forever

some clowns were saying 1 bitcoin was going worth a million dollars

Finally someone that agrees with me. Bitcoin will never go mainstream. And like you said it's only used for illegal activities. I know if it were not for gambling I would have nothing to do with it myself.Ask an average person if they even know what Bitcoin is. 9 out of 10 people will tell you they have never even heard of it. It was fun while it lasted but there is 0 chance the goverenment doesn't start shutting down the exchanges here. They are already pressuring coinbase.

[goofyre]

Bought 2 more Ether this morning since it was so cheap. I'm holding long term.