when the folks holding btc's wake up in the am, they are in for a lovely surprise
when the folks holding btc's wake up in the am, they are in for a lovely surprise
At least I cashed out enough to put in a family trust.
[–]m_sobol 3 points 3 hours ago
Accurate. Nice translation.
Looks like China will have no anonymous bitcoiners left, for those with btcchina accounts, old or new. I can picture a lot of young Chinese men with hands in their hair, seeing how Beijing just screwed over their bubble and will soon know their IDs. So much for Chinese anarcho-hacker freedom for the next year.
Real ID on the Chinese internet was always used for population control, dissent crackdown, and information control. It was a matter of time until China cracked down on exchanges and the evasive idea of Bitcoin itself.
We were just blinded by market hysteria to the usual tightfisted Chinese hammer, which they have shown to use without hesitation.
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[–]hyh123[S] 5 points 3 hours ago
It's worse than that... yesterday TenPay closed as an inbound channel. Online bank transfer still works. Today even that closed.
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[–]hyh123[S] 1 point 3 hours ago
Edited. See translation above.
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[–]bitcoinjj 6 points 1 hour ago
Ohhhhh fuck. We're fucked. Nice knowing you.
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[–]Propertronix 6 points 1 hour ago
Now panic
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[–]sporabolic 3 points 31 minutes ago
dump those panic coins right into my lap
For those that are sleeping they will but Micon is on suicide watch atm.Originally Posted by DRK Star
I had the feeling that Micon wasnt really acquiring them over the past few months, but rather just sitting on the ones he got a long time ago.
I couldnt see him paying for any after they hit $200. Figured he is just sitting on a bunch he had from long ago, and possibly sold small amounts here and there for spending money.
His overall "worth" likely went down, but he didnt lose money.
he gets paid in bitcoins from his seals equity
he'll be fine as long as btc doesn't completely crash and he isn't indicted by the southern district of new york
still has to be sick as hell to watch your net worth vary by 50% on a (sometimes) daily basis
Little pop back up from 480 all the way to 569.
This might be the pop you need to see in order to buy. Still kinda risky right now given how much it fell, but if I was able right now, I'd probably buy and then release as soon as it gets back to 900 (or seems to peak before that).
I don't know why a rational Chinese trader would get into BTC and then be fleeing. This is likely a lot of panic selling from people sitting a top mountains. Perhaps people who bought in at 100ish. Chinese get into BTC to hedge against their own currency AFAIK. Shutting off bank deposits is not good, but I would expect Chinese to still be able to accumulate BTC. That is the main beauty of BTC, it can't really be regulated by government. It can however be attacked where fiat goes into BTC. Thats the nice part about BTC though, once you're in the game, government has very little it can do. Even if China turned off bitcoin protocol on network, a Chinese dude could take his wallet overseas, etc. Not sure how the average Chinese keeps his wallet. If he relied on a company to do it for him, he sorta missed the fucking point.
Fun times. I cashed out 70% at peak. SFOwned niggas. Only time I ever spent cash was $5 for these things. I left this site because of these threads made me seriously question why I bothered to post here anymore. Back then I told you guys to sell everything yuo own if it went back to 10, even 20. I even suggested $50 price point buyin, but it was conservative. After that post it only hit $56. I was wrong.
wait, you sold that to Micon?
Eventually other alternative currencies will emerge. BTC is seeing the limit pushed. Everytime you find a block, one has to push out all the transactions etc. The network architecture is basically shit. There are no micro-transactions like would one expect from a decentralized currency. It has become more of a gold standard amongst all the alt-currencies.
I sold a lot of the things back at $12 and kept quite a few which I lost on a crashed HD. I finished data recovery since price was so high. Was like when Geraldo was digging out Capone's vault but random money was there and coinbase came through.
No, Im speaking to Michael C.
I was trying to follow, didn't see the contents of that dudes post. Thought you must be insulting me in some way I didn't get.
Nice, Micon. Micon was into these things before $5. If he put $5k into the things, he'd made a million. Although just as likely it is family money percolating down lol. Although if he believed like he claimed and just kept accumulating the things he could easily be worth multiple millions. Self-made millions. Who'd thought it ?
Truth be known, Micon is the one who turned me onto BTC back when I bought them at $5.
Yes. For all the stories I have read on the Internet regarding Micon's past, I can first hand assure you that he has done quite well for himself. He has been very smart with his money and has put himself in a position to be be financially secure and take care of his family for the rest of his life.
Good for him. I mean that sincerely since I have no animosity towards him.Yes. For all the stories I have read on the Internet regarding Micon's past, I can first hand assure you that he has done quite well for himself. He has been very smart with his money and has put himself in a position to be be financially secure and take care of his family for the rest of his life.
(•_•) ..
∫\ \___( •_•)
_∫∫ _∫∫ɯ \ \
Good for him.
He still treated people like complete shit, but at least he has his family taken care of.
Well if you are the guy who could win the "Irrational Confidence award" 10 years straight, you ought to be due for something.
So interesting action for the past 12 hours or so.
The crash ended at 480, but I guess the psychological breach of 500 made people want to buy them up, probably imagining another rise to 1000 where they double their money. That's the good thing about buying after a crash, in that your chance to make exponential money rises. If you buy at 1250, you need it to get to 2500 to double your money, and to 10,000 to make 8x your money. That's pretty tough. If you buy in at 500, you can quadruple your money if it hits 2000. Obviously the people who bought at $20 or $50 had a huge potential upside, though nobody at the time (not even huge BTC advocates) imagined coin values in the 4-figures. At the time I did believe a catastrophic crash was more likely.
Anyway, the interesting thing about the past 12 hours was that it had a run back up (to as high as 636 just three hours ago), but now has fallen back to the mid-500s (555 as I write this).
This is concerning for BTC owners because nearly every recovery after a crash saw an extended rise in value before falling somewhat and leveling off. This one did not have an extended rise. It went from 480 to 636, which while still decent (32.5% rise), did not see the 80% type pops that tended to occur after the previous crashes.
In other words, it looks like the situation in China is tempering people's interest in buying low, as the public now seems to believe that another mass appreciation may never come.
On the bright side, it has been hovering in the high-500s as an average over the last 12 hours (it's now 580 as I finish this post), so this might be a bit of stabilization. If it sits this way for another day or so without another crash, I might buy in.
This market is 100% driven by speculation right now.
This is pure gambling and nothing else.
And rest assured this roller coaster ride is driven by repeated pumping and dumping by ground floor investors with substantial holdings.
There are no underlying market fundamentals to suggest what bitcoin fair value should be either short term or long term.
Plus, there is signifant thievery going on daily by insiders who work inside the Bitcoin Exchanges.
Anyone starting to invest at this point is a fool, imo.
Ship has sailed.
...and Sonatine is generally wrong about things, but this is one exception.
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