Crypto-Carnage: Bitcoin Crashes Below $3000 After China Demands Local Exchanges Halt Trading

Discussion in 'BlackHat Lounge' started by The Curator, Sep 15, 2017.

  1. The Curator

    The Curator Supreme Member

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    http://www.zerohedge.com/news/2017-09-15/all-chinese-bitcoin-exchages-must-close-end-september

    [​IMG]
    Jamie Dimon former CEO of JP Morgan Doubles Down: "My Daughter Bought Bitcoin. It Went Up, Now She Thinks She Is A Genius..."

    For bhw'ers here that aren't going down with the titanic (China makes up 50% of the buying), I recommend less riskier plays like:
    • $MORL
    • $SLVO
    • $GLDI
    • $BDCL
    • $CEFL
    These funds have an average annual dividend distribution of 10-20%. If you DRIP (reinvest dividends) you can achieve even better returns, that won't crater like BTC...
     
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  2. Sherb

    Sherb Jr. Executive VIP Jr. VIP

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    Looks like they are spiking back up.

    Anyone who thought that any cryptocurrency was even remotely stable should remember this. Nothing "stable" drops and rises this much over the course of hours. And these three are the most normalized of them all.
     
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  3. THUNDERELVI

    THUNDERELVI Elite Member

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    Unstable things mean opportunities though and opportunities == big money!
     
  4. rickydzine

    rickydzine Power Member

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    [​IMG]
     
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  5. davids355

    davids355 Moderator Staff Member Moderator Jr. VIP

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    Thats a cool chart. Good to see how various events effected the price. Like sherbs said, everyone should know how unstable cryptos are - they can and do jump all over the place.
    I guess right now if you have bitcoin then you just need to hold on to it (unless you get too nervous of course).

    I can see the big problem of course - if china make up half of the traders of bitcoin then its a bit fucked right now.

    However, still I am sure it will bounce back. I dont know how though. But what will Chinese people do, just give up? Or will the majority of them find a way still to trade somehow? And what if bitcoin gets more and more accepted elsewhere, then what will Chinese government do? They cant ignore it forever can they?
     
  6. tb303

    tb303 Senior Member

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    They can do like they did with facebook, google etc and set up their own official government controlled currency.
    No bitcoin 'believer' would use it but pure traders might.

    More likely though most that stay in crypto will move it to Hong Kong for now.

    What I want to know is when all crypto to fiat trading is stopped, how will miners cash out?
     
  7. RayMayLaidPipeDay

    RayMayLaidPipeDay Jr. VIP Jr. VIP

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    And I called exactly all of what happened in advance, you guys really have to stop looking at this fucking psy ops news : https://www.blackhatworld.com/seo/i...crypto-newbs-especially.972497/#post-10405755

    I said it litearlly 10 hours ago, 3k accumulation, will hit under 3k panic sell for 5 mins while people think its going to 2500 and back up to 3500. I'm not trying to be a dick but this is the kind of stupid fucking shit the whales expect us to be naive towards.
     
  8. RayMayLaidPipeDay

    RayMayLaidPipeDay Jr. VIP Jr. VIP

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    Hoover thats a really good point, i tell people well something very similar, which i mentioned in my thread that i noted above https://www.blackhatworld.com/seo/i...crypto-newbs-especially.972497/#post-10405755 . The point is that real crypto believers know that our biggest enemy for mainstream assimilation is VOL, it is better for us to be at 1500 right now and have a low vol than be at 5K or 3.5K with this kind of vol, it is exactly why we cant get people to accept it fully yet, even in a few minutes it takes to do a transcation you can lose 20 percent.
     
  9. IAmNotLegend

    IAmNotLegend Jr. VIP Jr. VIP

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    Someone bought 125,000 Bitcoins to raise the price.

    It could be a trap for another dump or the down phaseight be over. No chart or analysis can predict the movement as of now.
     
  10. tb303

    tb303 Senior Member

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    Probably JP Morgan
     
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  11. The Curator

    The Curator Supreme Member

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    China is busy trying to become the next reserve currency and is pushing their citizens into gold...
     
  12. Sherb

    Sherb Jr. Executive VIP Jr. VIP

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    Now I'm picturing these debt-fueled Chinese businessmen trading their $250,000 credit limit Black cards for 13 pounds of solid gold that they have to carry around.
     
  13. BotMastah

    BotMastah BANNED BANNED

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    So that's what it was! And now it's back up on the rise again!

    It dipped down to 2990 this morning, and that's when I bought some, good investment so far! :D
     
  14. Sherb

    Sherb Jr. Executive VIP Jr. VIP

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    I bought a couple hundred bucks in BTC at $4,800 like a moron. Currently kissing that money goodbye. Life goes on.
     
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  15. ∂αякѕтαя

    ∂αякѕтαя Regular Member

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    Short term yeah but would that be so next year?
    It would be great if china pulls out but they won't. Issue license and get back in. Too bad if anyone missed the dip though.
     
  16. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    Just wait for next Wednesday.
     
  17. BotMastah

    BotMastah BANNED BANNED

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    Well, not if you hold it long enough to see some return, but anyway 100 bucks is pocket change, never risk what you can't afford right? :)

    Pardon my ignorance, but what is next Wednesday about? ( didn't read the OP article, I didn't have the time)
     
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  18. pratiksaha

    pratiksaha Jr. VIP Jr. VIP

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    830 years ago Saladin begins the Siege of Jerusalem.
     
  19. Sherb

    Sherb Jr. Executive VIP Jr. VIP

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    It is the 40th anniversary of those damn Vietnamese being allowed into the UN.
     
  20. pratiksaha

    pratiksaha Jr. VIP Jr. VIP

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    btw after this INSANE COLLAPSE its still in higher level then 2 months ago but kids need to panic all the time...
    sit and hold screw that china, close your wallet drink some beer or some tea go outside everything will be okay