Bitcoins are officially donkdown

[Sanlmar]

This is probably the first legit run-up over $1000, as the previous one was said to possibly be market manipulation on the part of Mt. Gox.

Isn't this one the product of manipulation as well? Something about avoiding Chinese currency restrictions?

Poker & Bitcoin humor... sorry

Druff looks at the charts and yells, "Yuan time!"

Yuan went up 1% and Bitcoin dumped.

[tigerpiper]

I remember playing the radio freeroll on Seals with Clubs, then running up my bitcoin to 1.33 or something. I quit in disgust because that totalled $6.

Flash forward a couple of years and I heard Druff talk about the run up, and it was $125 or so. So I sold one and donated the cash to the freeroll.

Again, thought nothing of it (and had no idea a fraction of a bitcoin was worth anything.) A couple of years later I sold the .33 to a friend for $100, probably with a little haircut.

Who knew? Crazy.

[Belly Buster]

Darnnit Sonatine, you convinced me to divest of all my BTC.

OPPOSITE PICK. C'mon man, you know that's the rule here.

[MumblesBadly]

Overconfidence is not limited to predicting a speculative asset's *demise*. What's interesting is how quickly after the hot press on bitcoin's ascendency that it has tumbled. Profit taking?

[Dan Druff]

For whatever reason, there seems to be a $1200 barrier. That was the high it hit in late 2013/early 2014 (I forget which), and then fell from there.

I think there was a buying frenzy when it broke past $1000 and didn't decline.

Then it got to $1174, and suddenly everyone got cold feet.

It also didn't help that the Yuan rallied in the past 48 hours, which likely also caused the "correction".

Anyway, it's back hovering around $1000. Where it goes from here... who knows

[donkdowndonedied]

For whatever reason, there seems to be a $1200 barrier. That was the high it hit in late 2013/early 2014 (I forget which), and then fell from there.

I think there was a buying frenzy when it broke past $1000 and didn't decline.

Then it got to $1174, and suddenly everyone got cold feet.

It also didn't help that the Yuan rallied in the past 48 hours, which likely also caused the "correction".

Anyway, it's back hovering around $1000. Where it goes from here... who knows

Who knows? It'll go up. I'll bet you BTC that BTC goes up relative to USD. End of next year. Whatcha want to bet?

[Dan Druff]

For whatever reason, there seems to be a $1200 barrier. That was the high it hit in late 2013/early 2014 (I forget which), and then fell from there.

I think there was a buying frenzy when it broke past $1000 and didn't decline.

Then it got to $1174, and suddenly everyone got cold feet.

It also didn't help that the Yuan rallied in the past 48 hours, which likely also caused the "correction".

Anyway, it's back hovering around $1000. Where it goes from here... who knows

Who knows? It'll go up. I'll bet you BTC that BTC goes up relative to USD. End of next year. Whatcha want to bet?

I have no idea where it is going. but right now it's going DOWN.

Now $884. Was $1174 a little more than 24h ago.

[sonatine]

Who knows? It'll go up. I'll bet you BTC that BTC goes up relative to USD. End of next year. Whatcha want to bet?

I have no idea where it is going. but right now it's going DOWN.

Now $884. Was $1174 a little more than 24h ago.

[sonatine]

FYI the reason for the drop was China's central bank firing a shot over peoples bow about how irrational it is to try to shelter currency in digital beanie babies.

[MumblesBadly]

FYI the reason for the drop was China's central bank firing a shot over peoples bow about how irrational it is to try to shelter currency in digital beanie babies.

Or to use bitcoin to circumvent capital flight regulations.

http://www.coindesk.com/report-chine...apital-flight/

Report: Chinese Regulators Exploring Bitcoin Connection to Capital Flight
Stan Higgins (@mpmcsweeney) | Published on January 6, 2017 at 18:05 GMTNEWS

Though details are currently scarce, Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls.

According to Tencent Finance, the State Administration of Foreign Exchange (SAFE) is exploring how bitcoin can be used to circumvent capital flight. The news website cited unnamed sources close to regulators, and Tencent’s report was later cited by Bloomberg.

The report emerges in the wake of statements from China's central bank, which said today that it had met with domestic bitcoin exchanges this week, warning them about adhering to state regulations. It also comes as Chinese officials weigh instituting additional capital controls on top of existing constraints amid an outflow of funds from the country, as reported last month by the South China Morning Post.

BTCC, one of the exchanges that met with central bank officials, later released a statement confirming their communication with the People’s Bank of China.

The State Administration of Foreign Exchange did not immediately respond to an emailed request for comment.

Which could have spooked Chinese holders.

[unchainedghost]

The Chinese are definitely spooked

[donkdowndonedied]

Who knows? It'll go up. I'll bet you BTC that BTC goes up relative to USD. End of next year. Whatcha want to bet?

I have no idea where it is going. but right now it's going DOWN.

Now $884. Was $1174 a little more than 24h ago.

BTC doesn't offer up a solution to volatility. BTC offers up a solution against government actors. Although at some point, the internet can be censored/software outlawed.

Depending on where one is in life, having almost all your money into BTC was a good idea.

I would not tell anyone to buy right now, although I think it would be a good bet. It could retract to 600 and not get back to 1000 for a year or something. But the market cap is only 16 billion. This is a digital currency that only grows with legitimacy as time goes on. The Chinese guys who bought in to avoid capital control are probably staying right there.

Honestly I figured it would stay around 1k. Now we're at 900ish who knows.. could go down to 600, but it will go up once again higher than ever. Trump + Republicans aren't going to attack it.

[sonatine]

BTC doesn't offer up a solution to volatility. BTC offers up a solution against government actors. Although at some point, the internet can be censored/software outlawed.

Depending on where one is in life, having almost all your money into BTC was a good idea.

I would not tell anyone to buy right now, although I think it would be a good bet. It could retract to 600 and not get back to 1000 for a year or something. But the market cap is only 16 billion. This is a digital currency that only grows with legitimacy as time goes on. The Chinese guys who bought in to avoid capital control are probably staying right there.

Honestly I figured it would stay around 1k. Now we're at 900ish who knows.. could go down to 600, but it will go up once again higher than ever. Trump + Republicans aren't going to attack it.

Yeah druff, better stack up on bitcoins before the internet is censored/software outlawed by government actors but not Trump + Republicans.

[donkdowndonedied]

BTC doesn't offer up a solution to volatility. BTC offers up a solution against government actors. Although at some point, the internet can be censored/software outlawed.

Depending on where one is in life, having almost all your money into BTC was a good idea.

I would not tell anyone to buy right now, although I think it would be a good bet. It could retract to 600 and not get back to 1000 for a year or something. But the market cap is only 16 billion. This is a digital currency that only grows with legitimacy as time goes on. The Chinese guys who bought in to avoid capital control are probably staying right there.

Honestly I figured it would stay around 1k. Now we're at 900ish who knows.. could go down to 600, but it will go up once again higher than ever. Trump + Republicans aren't going to attack it.

Yeah druff, better stack up on bitcoins before the internet is censored/software outlawed by government actors but not Trump + Republicans.

Republicans will not be attacking BTC. Not their thing for that to spring up out of nowhere. I'm acknowledging that BTC has limitations. Actively censoring the internet is the ultimate move, but it could in theory happen. So at some point the BTC idealists are a bit dreaming.

Most likely BTC transactions will just be buried in paperwork before any internet censorship happens with some prosecutions here and there which will kill the further growth.

The government can outlaw everything. Ok, so you say they won't outlaw their own money! touche'

The government will just print infinite amounts.... lol

[Pooh]

Either day trading or buying bitcoin for investment are probably two of the most lol things you could ever do with your money.

[donkdowndonedied]

Either day trading or buying bitcoin for investment are probably two of the most lol things you could ever do with your money.

Why? Which investments have you made that have outperformed BTC?

LOL.

Druff give me the power of the hammer so I can clean house pronto.

Marty will be sparred. I promise.

[DonaldTrumpsHairPiece]

I mentioned this whole thing happening 1 page ago, now watch, we will now see a higher high than last Rinse, repeat.

[Pooh]

Either day trading or buying bitcoin for investment are probably two of the most lol things you could ever do with your money.

Why? Which investments have you made that have outperformed BTC?

LOL.

Druff give me the power of the hammer so I can clean house pronto.

Marty will be sparred. I promise.

This is a good point. I clearly know shit about nothing. Carry on.

[JACKDANIELS]

POOH YOU JUST GOT HOSED

[DonaldTrumpsHairPiece]

POOH YOU JUST GOT HOSED