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Currently 12 million bitcoins in existence. There are more than 6 billion ounces of gold. The low float makes $10,000 a pop for bitcoins very possible.Quote:
Originally Posted by TheXFactor
Satoshi Nakamoto, is that even his real name?Quote:
Originally Posted by DirtyB
Gold vs Bitcoin
(November 2012 - November 2013)
Gold is down 28%.
Bitcoin is up 8,451%.
Impressive considering that gold has outperformed the S&P 500 (the biggest public companies) for the past 20 years
:ohh
20% crash within minutes of this:
http://mobile.bloomberg.com/news/201...nsactions.html
...and still crashing.
litecoins crashing too.
China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.
Bitcoin isn’t a currency with “real meaning” and doesn’t have the same legal status as a currency, the People’s Bank of China said. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.
Regulatory oversight may restrain demand for Bitcoin in China, which BTC China said has become the world’s biggest trader of the virtual currency with more than half of global volumes. Surging Bitcoin prices have spurred investor protection concerns and prompted former Federal Reserve Chairman Alan Greenspan to call it a “bubble.”
The People’s Bank of China, China Banking Regulatory Commission and other regulators have held discussions about drafting rules for trading platforms that facilitate the buying and selling of the virtual money, two people with direct knowledge of the matter said. They were not authorized to speak because the information is not public.
“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.
Bitcoin Rules
New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.
The growth of Bitcoin in China has come amid speculation that regulators may halt trading after police arrested three people on suspicion of stealing money from investors through a fake online exchange.
GBL, a Bitcoin trading platform that began operating in May and had 4,493 registered users at the end of September, abruptly closed on Oct. 26, the official Xinhua News Agency reported Dec. 3., citing police in eastern Zhejiang privince’s Dongyang city.
One investor who reported the case to the police claimed a loss of 90,000 yuan ($14,774), Xinhua reported, saying the total amount of money stolen was unclear. The Hong Kong Standard reported on Nov. 11 that investors may have lost as much as 25 million yuan after the site closed.
“Unsustainably High”
The value of Bitcoin traded at $1,130.33 apiece at 2:48 p.m. in Shanghai on BitStamp, an Internet-based exchange where Bitcoins are traded for dollars, euros and other currencies. It was quoted at 6,964.96 yuan on BTC China. The price was $1,217.84 on the Mt. Gox online exchange.
Bitcoin prices are unsustainably high and the virtual money isn’t currency, Greenspan said in a Bloomberg Television interview from Washington yesterday.
A Justice Department official said Nov. 18 Bitcoins can be “legal means of exchange” at a U.S. Senate committee hearing, boosting prospects for wider acceptance of the virtual currency. Fed Chairman Ben S. Bernanke told the Senate committee the U.S. central bank has no plans to regulate the currency.
There are about 12 million Bitcoins in circulation, according to Bitcoincharts, a website that tracks activity across various exchanges. Bitcoin was introduced in 2008 by a programmer or group of programmers going under the name of Satoshi Nakamoto.
rofl.
Yeah, I just got an alertQuote:
Originally Posted by sonatine
Trying to sleep
I have 5 left short $1180
Die MF er
1080 -> 864 in about half an hour.
Kind of a double top. It'll come back a bit.
rebounding, ostensibly because of bots with buy orders. we will see how long that lasts.
dead cat bounce imo, once people on the east coast start waking up to the headlines in 6 hours, shits going to get bloody.
"Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market. "
rofl, swallow that.
Channel trade this dog 1000-1200.
I lack the guts right now. Lol, you can go to a local coffee shop here and buy them face to face.
And sell.. For cash.
I need coffee.
https://localbitcoins.com/
i just dont have the nuts. really wish i did right now.
$100 pop up. Hmmm
On very light volume still.Quote:
Originally Posted by Sanlmar
http://bitcoin.clarkmoody.com/
Is a pretty good ticker.
I think the shows over for now.
that was pretty goddamned entertaining.
I'm seeing it at $1082 25 minutes later.Quote:
Originally Posted by sonatine
I don't understand why that news would be a big deal. So Chinese banks can't use bitcoin as a currency investment. Were they really doing that yesterday? Were people expecting them to?
And 96 year old Alan Greenspan doesn't like something new that's not controlled by a central bank? Shocking.
This is a huge China play. Chinese heavy into BTC. Any neg news from China is a problem.
Chinese investors basically took it from like $600 to $1100.Quote:
Originally Posted by DirtyBI'm seeing it at $1082 25 minutes later.Quote:
Originally Posted by sonatine
I don't understand why that news would be a big deal. So Chinese banks can't use bitcoin as a currency investment. Were they really doing that yesterday? Were people expecting them to?
And 96 year old Alan Greenspan doesn't like something new that's not controlled by a central bank? Shocking.
basically the Chinese government just said "No, no you cant use bitcoins to launder your money, that doesnt work for us" and a billion Chinese e-toilets flushed at once.
I posted something a while ago about vacant Chinese cities. Tribute to their mammoth real estate bubble.
The bubble lovin Chinese.
yeah the ghost cities are a pitch perfect analogy.
You're an idiot. Show is just beginning. Sick, sick dog.Quote:
Originally Posted by Sanlmar
I was wrong.
So what do you do if you are the Winkelvos kids and you've already fucked up once....
Bag the profit and bail?
Or take at least some off the table....
http://bitcoin.clarkmoody.com/
really is sick to watch in real time
If they can prop it up above $1100 there is still something for everyone to trade - there is still a good market.
It'll be fun to watch. It won't be easy cause this can be manipulated so easily as we all know.
Unexpected big sellers caught market short. Sonatines bots are back to work now.
I gotta sleep. 5am EST
Ciao
Jeez, losing support again. Let's say 1025.
Can't quit now.. Like trying to drive by a car accident
plot twist:
chinese government knew that statement would cause btc to plummet and they are loading up at a discount
What happens if we lose 1000 support? Druff wanted to buy the dip. Should we wake him?
About to drop quite heavy now.Quote:
Originally Posted by Sanlmar
Sell orders in the queue just doubled and volume is picking up.
nyc just woke up
I think they might have taken it from like $200 to $1100. But those people are not affected by the government mandate you just posted.Quote:
Originally Posted by sonatine
"The public is free to participate in Internet transactions provided they take on the risk themselves"
based on my total lack of informed research and love of my own voice, i predict a drop to 710btc over the course of the night and a bump back to 925 by tomorrow eve.
The Chinese investors are basically minigarchs looking to shelter wealth against tax reform and inflation. Being unable to tumble funds and launder through banks deads their whole gameplan.Quote:
Originally Posted by DirtyBI think they might have taken it from like $200 to $1100. But those people are not affected by the government mandate you just posted.Quote:
Originally Posted by sonatine
"The public is free to participate in Internet transactions provided they take on the risk themselves"
Will it break $840 support?
It's gotta bounce here
this dead cats got a long way to go.
Yup, it's a wounded animal.
Those who had blind faith in the bubble are gonna rethink life.
But it ain't going to zero anytime soon.
There will be a lotta fight left.
Trade the bounces some other time.
I would have to read Chinese to know for sure, but from the way I read your linked page- that's still completely cool. What the government forbade was the banks themselves from owning bitcoins as reserve holdings, the way they hold Euros or Dollars. I don't think it would make a ton of sense for them to do that anyway, since the amount of money involved just isn't large enough.Quote:
Originally Posted by sonatine
This is fun to watch way too early in the morning