Writerly
Elite Member
- Dec 9, 2016
- 1,847
- 708
Sound like amateurs, haha.
Bitcoin is crashing hard [surprise....]
- Thread starter bartosimpsonio
- Start date
Sound like amateurs, haha.
- May 17, 2013
- 3,945
- 24,191
This is China 
outscrape
Junior Member
- Nov 23, 2016
- 181
- 145
Some useful info here:
http://www.forbes.com/forbes/welcom...referrer=https://t.co/sOTVKFxQtP#14af71c4563c
tl;dr:
“What happened overnight is the yuan strengthened,” says Chris Burniske, blockchain products lead at ARK Investment Management. China accounts for more than 95% of all trading in Bitcoin, so developments there have a large impact on the price. Another factor may be traders taking profits since $1,150 is in the range of bitcoin’s previous all-time highs.
Burniske points out that the Chinese yuan had recently been devaluing, which tends to correlate with bitcoin strength, but that it rose 1% overnight.
http://www.forbes.com/forbes/welcom...referrer=https://t.co/sOTVKFxQtP#14af71c4563c
tl;dr:
“What happened overnight is the yuan strengthened,” says Chris Burniske, blockchain products lead at ARK Investment Management. China accounts for more than 95% of all trading in Bitcoin, so developments there have a large impact on the price. Another factor may be traders taking profits since $1,150 is in the range of bitcoin’s previous all-time highs.
Burniske points out that the Chinese yuan had recently been devaluing, which tends to correlate with bitcoin strength, but that it rose 1% overnight.
- Dec 1, 2011
- 3,009
- 1,920
A lot of these major companies that accept Bitcoins use a middle man, where when they receive the transaction, it is automatically converted into dollars, where they do not hold the risk, giving it to the middle man company instead, which obviously charges a fee for this. I can't speak for all of them, but do keep in mind that lots of the bigger companies go this route, for the exact reason you stated at the bottom of your post.
umerjutt00
Elite Member
- Oct 28, 2011
- 4,373
- 2,493
I will still hold on to my btc. I wouldn't call it crashing down... In the bigger picture, its still in an uptrend.
- Mar 21, 2013
- 24,695
- 31,481
Which also explains why those middlemen may have started cancelling deals when the 20% dip happened.
This shows yet one more problem with deregulated currency : Bitcoin itself is safe and secure, but the deals done around it are not. If these guys cancel, the BTC transaction per se is irreversible, but there is no buyer protection, so they can reverse the deal itself.
- Mar 10, 2010
- 42,698
- 107,117
Are you charting it and those are resistance levels?
Fab1j0
Regular Member
- Oct 9, 2014
- 494
- 138
Yes and this was just quick analysis ... But you never know what actually will happen
.. Let's see where bitcoin will land and if my analysis will be right 
AlanWatts33
Power Member
- Nov 27, 2016
- 573
- 266
haha yes the time was fun at BTC-e troll center in the chat.
- Mar 10, 2010
- 42,698
- 107,117
Just went below 800.00 - you may be onto something.
It's been ages since I traded currencies but this looks too intriguing to not participate.
If your thoughts on support levels change I wouldn't mind seeing you post that in here.
Must resist getting into these trades, must resist, must resist.....
- Jun 20, 2013
- 11,486
- 8,899
Just wait guys i got call from china they said "他妈的比特币，我们出去了"
Billy Batts
BANNED
- Dec 16, 2016
- 5,883
- 11,015
Bwahaha 为什么，比萨饼？
D
Deleted member 719276
Guest
让我们他妈的？
Billy Batts
BANNED
- Dec 16, 2016
- 5,883
- 11,015
