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China bans BitCoins, prices fall 40%

Discussion in 'Business & Tax Advice' started by bartosimpsonio, Dec 7, 2013.

  1. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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  2. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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  3. MadStacks

    MadStacks BANNED BANNED

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    BTC will return back to what its real purpose is and away from the mainstream speculators.
     
  4. okiedokie

    okiedokie Regular Member

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    American must be happy now :D
     
  5. MadStacks

    MadStacks BANNED BANNED

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    Not the American people but the greedy ass law makers are I bet.
     
  6. Known

    Known Regular Member

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    Time to move onto litecoins, they've been increasing in popularity and value.
     
  7. motzart

    motzart Power Member

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    Called the bubble a couple days ago -- even though this really was only because of China's new regulations... the prices were entirely speculative anyway.
     
  8. Steeky

    Steeky Regular Member

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    People are panicking already... I am keeping my BTCs
     
    Last edited: Dec 7, 2013
  9. Methuselah

    Methuselah Regular Member

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    From what I read here it seems to be a very unstable market. Lots of money to be made in short selling.
     
  10. kickapooh

    kickapooh Regular Member

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    BTC prices in real time: http://preev.com/

    BTW if they drop below $300 I'm buying..
     
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  11. closedCaption

    closedCaption Regular Member

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    I am happy BTC holders are panicking every time and that that their news interpretation is so wrong...that gives me an opportunity to earn at least +25% each time this happens.
     
  12. Gogol

    Gogol Elite Member

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    Muhahaha next to come > America.. Best of luck BC traders :D
     
  13. mindfreaker

    mindfreaker Newbie

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    Well this will pick up soon
     
  14. illfounded21

    illfounded21 Senior Member

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    This will go one of a couple of ways...

    1) The crash will continue, levelling out at a 'corrected' price, with people panic selling. This will be around the $200-500 mark (gut feel).

    2) BTC will [briefly] rally again, like it has the last couple of days, then fall again dramatically.

    3) It will rise again, due to a surge of speculators believing they can buy up coins at a 'good' price. This, then stimulates growth similar to before, until news breaks and people end up panic selling again. The cycle continues.

    I've been 'on' BTC back around the $60 mark, buying and selling BTC for a profit back then, but also at the highest peaks - the above is purely my gut speculation... and I've got sneaky feeling number 3 is going to happen.
     
  15. youcanwin

    youcanwin Newbie

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    fall is temporary, it will come up after some corrections in market
     
  16. okiedokie

    okiedokie Regular Member

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    1 btc = 778 usd right now seems like it corrected already .
     
  17. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    Real marketers read that news in a different way.

    Here you go now.

    1. BTC price always start dropping Friday night (Buy Friday-Sell Monday, that's how it goes if you follow the crypto markets)
    2. China did not banned BTC. If you read between the lines you will see that they allowed Chinese people to trade it as any other commodity.
     
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  18. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    I guess they can trade it as commodity, but since their central bank banned it as currency then it's no longer considered money....it's like memorabilia or some other thingy you can collect. That's not good news, they're still being traded betweent 650 and 806 today(see mtgox)...that's a long fall from last week's 1000+ value.
     
  19. Botwiz

    Botwiz Executive VIP Jr. VIP

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    Thanks you China & Greenspan!

    This news brought on one of my most profitable day trading days. (Lucky as well of course) Natural rule of thumb everything that goes up must come down.
    For someone that day trades BTC, the fluctuations/volatility in these markets (btc-e/mtgox/bitstamp/btcchina/etc.) are desired when you have the cash flow to play the up and down swings. (Getting in early also helps). With all the positive and negative news this digital form of trade has been a nice addition to my assets even though its consistently playing an endless game of hoops and ladders.
    I have been messing with bitcoin since its infancy pre $13 dollars and anyone that thought the price @ $1100-$1200 wasn't a bubble was smoking some truly good west coast green.
    It had to correct it self at some point, there aren't enough people using this a form of currency for it to have this kind of value. $200-$300 is my estimation or lower.
    It definitely has some serious potential, once its adopted further, though for now we are just riding current events. If the bitcoin community can adopt a less anonymous infrastructure and play nice with governments to be able to tax the gains. We could easily see prices skyrocket well over 10X+ what we have already seen. Time will tell as more and more places in Russia, Europe, Asia, etc. adopt this digital form of trade.

    My 2 cents!

    BW