Svettod
Junior Member
- Jun 19, 2010
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BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!
- Thread starter Wilson Grant Fisk
- Start date
Wilson Grant Fisk
Elite Member
- Nov 10, 2012
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As Bitcoin Plunges 25% On Government Scrutiny, The First BTC "Fair Value" Reco Has A Stunning Price Target
http://www.zerohedge.com/news/2013-...first-btc-fair-value-reco-has-stunning-price-
Wilson Grant Fisk
Elite Member
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The politicians would accept potatoes if they could profit from it. Look up expenses scandal
MaverickonRoids
Senior Member
- Jun 3, 2012
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Great thread, W130SN.
There always were threads on BHW that popped up from time to time talking about the current prices of BTC, but they never really stuck. This thread is just putting along great. :third:
There always were threads on BHW that popped up from time to time talking about the current prices of BTC, but they never really stuck. This thread is just putting along great. :third:
Wilson Grant Fisk
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Thanks Mate, appreciated.
Wilson Grant Fisk
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Bitcoin punters take big hit
A local firm operating a bitcoin trading platform for mainlanders was shut suddenly last week, with investors losing up to 25 million yuan (HK$31.8 million). GBL, a local firm which set up the trading platform for bitcoin in June, attracted nearly 1,000 mainland investors. However, many users held off from trading in September as the bitcoin price kept surging and the firm suffered from a lack of cash flow.
Its sudden closure on October 26 led to the disappearance of all its staff as well as the investors' 25 million yuan.
Some mainlanders went to the IFC office listed on its website, but this turned out to be a false address.
Fourteen of them made a report to the Hong Kong police. Bitcoin is a virtual currency invented in Japan in 2008. It is generated by a software program and not regulated by any government or central bank.
Its value relies on participants' mutual recognition. It may be traded for real money but the exchange rate is volatile. For example, its value against the yuan jumped nearly 70 percent to 2,143 yuan per bitcoin in the past week, according to charts. Earlier this year, it was traded at 82 yuan.
Lately it has been accepted by a number of online vendors as a method of payment. The world's first bitcoin ATM was set up in Canada last month.
The local platform, BitCashOut, launched in June, said the daily transaction amount is around HK$10 million. Mainland platforms have the largest trading volume in the world with up to 1.1 billion yuan being traded daily.
But the Hong Kong Monetary Authority warns that the SAR, like many other places, has currently no regulations relating to virtual currencies. This kind of currency does not have any real financial support and leads to low transparency and volatile prices.
A US Senate panel will meet on November 18 to explore risks related to virtual currency.
Source: http://www.thestandard.com.hk/news_...&sid=40855704&con_type=1&d_str=20131111&fc=10
A local firm operating a bitcoin trading platform for mainlanders was shut suddenly last week, with investors losing up to 25 million yuan (HK$31.8 million). GBL, a local firm which set up the trading platform for bitcoin in June, attracted nearly 1,000 mainland investors. However, many users held off from trading in September as the bitcoin price kept surging and the firm suffered from a lack of cash flow.
Its sudden closure on October 26 led to the disappearance of all its staff as well as the investors' 25 million yuan.
Some mainlanders went to the IFC office listed on its website, but this turned out to be a false address.
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Its value relies on participants' mutual recognition. It may be traded for real money but the exchange rate is volatile. For example, its value against the yuan jumped nearly 70 percent to 2,143 yuan per bitcoin in the past week, according to charts. Earlier this year, it was traded at 82 yuan.
Lately it has been accepted by a number of online vendors as a method of payment. The world's first bitcoin ATM was set up in Canada last month.
The local platform, BitCashOut, launched in June, said the daily transaction amount is around HK$10 million. Mainland platforms have the largest trading volume in the world with up to 1.1 billion yuan being traded daily.
But the Hong Kong Monetary Authority warns that the SAR, like many other places, has currently no regulations relating to virtual currencies. This kind of currency does not have any real financial support and leads to low transparency and volatile prices.
A US Senate panel will meet on November 18 to explore risks related to virtual currency.
Source: http://www.thestandard.com.hk/news_...&sid=40855704&con_type=1&d_str=20131111&fc=10
Therapy101
Registered Member
- May 14, 2013
- 52
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If anyone wants to sell BTC, I'm up to buy it. I have a limit of around 1000 USD though.
Wilson Grant Fisk
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Therapy101
Registered Member
- May 14, 2013
- 52
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Oh, my bad. I'll check the rules again right now.
that 25% drop had nothing to do with the Senate Hearings. It had everything to do with parabolic growth the week before, tons of new money that couldn't get to the markets (weekend slump) and China getting ahead of itself.
China drove things yesterday, not the US.
yes, I agree, but it gives BTC (or potatoes) a big advantage to be able to buy politicians, and influence directly.
Patel
Senior Member
- Mar 1, 2011
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Half of the articles are written by people who dont know shit
Last edited:
Wilson Grant Fisk
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True, but is The BitCoin Foundation a large enough lobby group?
Wilson Grant Fisk
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It doesn't matter if the people writing the articles know shit or not, what matters is, if people are reading the media and believing what they are told.
more than half. when it comes to bitcoin, the figure is typically 90% don't know wtf they are talking about.
I used to like ZH, but their quality has gone down a lot of late. And they are way off with that last article, and it's clear they are not following the market very closely (to ignore that it's China's bublle right now? Geez).
yes and no. I doubt a lot of ZH readers are heavily invested in BTC, so if they are saying Senate Hearings caused a correction, it doesn't really matter, because the people who ARE invested in BTC know otherwise.
Wilson Grant Fisk
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As I said previously #206 http://www.blackhatworld.com/blackh...they-fail-my-3-predictions-5.html#post6249188 there are 2 types of BTC investor.
Those invested in the ideology will stand by BTC through the highs and lows, those invested from a financial perspective will follow the market. If they feel a crash is eminent they won't hesitate to offload. They don't really care if BTC survives as long as they can milk it for as long as possible.
I don't understand how that relates to ZH being completely wrong about the last correction.
People who follow the market (both types of investors, in your scenario) know better. The only people it would really affect would be those who are not invested in BTC, and/or are not following the markets at all.