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The black Friday of Bit any coins

Discussion in 'BlackHat Lounge' started by hzwill, Dec 5, 2013.

  1. hzwill

    hzwill Junior Member

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    Chinese government and the central bank just released a new policy that they don't recognize the virtual currency status. The virtual currency will not be able to circulate.

    Watch out, guys. As I said earlier, the virtual currency concept might awesome, but the reality is brute. Because most people involved in this field, they dont care about Bitcoin, they don't care about how good this concept is, what prospect it has. What they care about is profit and only profit. And this will ruin the new concept.

    Just after the policy released several hours.

    rdn_52a03e69da36a.jpg
     
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    Last edited: Dec 5, 2013
  2. illfounded21

    illfounded21 Senior Member

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    The market is in a bit of free fall!!
     
  3. whynotmakeit

    whynotmakeit Power Member

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    dropping like a stone... Down $300 since I last looked......
     
  4. Orbit143

    Orbit143 Senior Member

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    Its going back up again, crazy :D
     
  5. hzwill

    hzwill Junior Member

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    Yes, cause Virtual Currency Market is really small compare to traditional finance market like stock, forex...only several billion fund can handle the direction. So the risk is really high. Not like forex, even you have billions money, the effect is still small.
     
  6. W9go

    W9go Jr. VIP Jr. VIP Premium Member

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    its like casino right now ....
     
  7. closedCaption

    closedCaption Regular Member

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    People need to learn how to read.

    This only means that banks cannot offer Bitcoin based solutions and products, but allow everybody else to do so. Fortunately, majority has read the article in the right way and price bounced back a lot.
     
  8. Nigel Farage

    Nigel Farage BANNED BANNED

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    The Chinese Government can go fuck itself. I'll do whatever the fuck I want with BitCoin.
     
  9. hzwill

    hzwill Junior Member

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    Yes, but it is a signal. As I said this is not about read right or wrong. This just cause the entire market of virtual currency is small(bitcoin only have 21,000,000, and for now digged out only half, part of them already lose in somewhere like garbage. So less than 10,000,000 coins out there. Even the price is $1,000, the entire market is just reach 10 Billion, easy to been controlled by big institutions)
     
  10. hzwill

    hzwill Junior Member

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    Of course, it is your right. I just warn people to be careful their money.

    When you in big market like stock, forex. Big institution with large fund has little effect in market, you invested money is relatively safe (of course not absolute). But in small market, some big institutions can totally control the direction which made personal investors' money more risky.
     
  11. Spawnie

    Spawnie Power Member

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    If you dont know much about bitcoins... you shouldnt post about it
     
  12. hzwill

    hzwill Junior Member

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    Maybe, but the point isn't here. I can guarantee you that more than 90% people in BTC game, they don't know the bitcoin theory, how it work. But still it is not the point.

    Look around the internet world, and even see people here. They talk about new concept brought by bitcoin, they talk about how bitcoin can change and protect our privacy, democracy and so on. Yes, it might be, as I said before, the concept is really awesome, but the realty is brute. Every third-party platform claim these in their sites. But what is the truth? I can also guarantee you that these people (maybe not 100%)(most of them just afraid and want others to take the stick from their hands), these third-party trade platform, they don't give a shi*t about these(all they care about is profit). And this, as I said, is the true reason which will ruin the virtual currency.
     
  13. hzwill

    hzwill Junior Member

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    Second crush happen today, as I said, it is a signal.

    Watch out your wallet, when money comes quickly, it also means you are not far from bankrupt.

    And BYW, people who trust bitcoin reach over $1000 cause it has its value, should really study a bit about the true reason why bitcoin can over $1000.
     
    Last edited: Dec 7, 2013
  14. Methuselah

    Methuselah Regular Member

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    Why would it be surprising that people want to profit from trading currency. It has been going on for centuries. Since it is a new currency, it will probably be a long time before it stabalises to some kind of reasonable exchange rate. Bubbles galore in the meantime.
     
  15. hzwill

    hzwill Junior Member

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    Another big drop in passed two days.

    Guys, just watch out your wallet.