Heh, if by a bit you mean 3 or 4 years, yes a bit.

This. I'm never one to give much of a damn about "offending," and clowns belong in the circus. Keep the crap in your crap threads; ideally your "journal."

Stop worrying about if someone heard of something, worry about how you can use the damn thing. That's what matters.

Facebook users found utility, new BTC adopters aren't adopting for practical utility (because their is essentially none relative to reality), they're adopting for the gamble of making more in a quick flip.

If you're trying to induce a panic sell off you don't do it at 4AM EST/1AM PST. Just taking profits, as usual.

Omg, please tell me it is. Please.

LOL. Do you know the back story for that insanity? I called him a clown before but now it seems much more fitting.

Do you put silver pots on your head, hang it off your ears, and generally pour silverware all around your body like a lunatic?

Guess we all conduct ourselves in different ways. I surely wouldn't use his "limo" service after seeing who (or what) is running it. Class and professional demeanor speak volumes about a person. If that's how he's representing himself on TV to the general public, imagine his private life.

I think degrees of speculation cause the ridicule (and swimming in silverware). There is, after all, a reasonable and unreasonable degree of speculation.

To FB? For what? So I can pay them to show me more useless posts from my friends?

? Pretty cold. For everyone that get's in $1201+ it is actually quite scary. Or are you talking from the perspective of an early adopter who is going to be ahead no matter what? These forums are fun to read

If you think that's thinking hard I'd hate to see your high school or college transcripts.

Oh noez, dis tyme iz diffwent!

What? It was <$200 less than 30 days ago. lol...

Can we assume that equating 50% drop to 1523% increase is unrealistic too?

I'm so confused.

What is actually driving this movement in China? It must be upper 90% speculation? And why are the moves so tight? Any blip in China and we almost immediately see equivalent movement in US markets. Just bots? Or something else?

Full disclosure: I sold at ~$310 and yes I'm sick about it.

God I wish I knew of some news source or forum dedicated to their market.

Spoke too soon

Is BTCChina tanking or something? Last posted trade was 6 min ago @ 3420

The value is irrelevant, the fact that bitcoinity is no longer getting trading information is what's important. Unless that's just a bitcoinity problem. Which it's not.

Yeah, looks like volume is causing some lag @ BTCChina. Maybe a large sell off?

Underwhelming, I don't think that will move the market in any direction.

Couldn't agree more.

BTCChina is laggy under volume. A selloff will come very choppily if it happens

That's lag. Last posted trade was over 8mins ago. There it goes. China dumping.

Do you know how much USD/day it will cost to sustain a price of $640? Or $1000? Have you done that math? You do know that BTC is still inflationary, right?

At least. That's new money, based entirely around speculative movement, not utility.

No I don't believe that $2m/day was a serious issue these past few days/weeks, but that's the nature of a bubble, everyone is rushing. But the more that rush in the more money it costs on a daily basis to sustain it and eventually, the new money won't feel safe. When that happens, the slow and steady decent will begin, or it'll come tumbling down.

Someone who has to pay the bill. They're not free to mine, you know that huh?

Outside of turning "some money" into "more money," yes the utility is very limited. Hence why 99% of your day to day transactions don't occur in BTC.

Usage where and for what? I'm open to that notion but I have no news of such possibility. For what use are they being adopted that I'm unaware of?

I didn't say there was no other usage, I said I'd like to know what they are because I'm unaware of them. Did you miss the part where I said I'm open to that sort of information that would alter my opinion? The fact is if you ask anyone that question, you'll get back "store of value" or "investing" or "moving money out of a country." Two of those are of course not really utility if it's self evident, right? If the only utility the currency possesses ceases to exist, i.e. no longer reliably stores value but instead loses value or can't hold value because no one will buy, is it no longer a currency since it now has no utility? Heh. China using it to move money... sure, might be true. But if you think they won't clamp down on that bitch when they want to, you're mistaken. That's shaky ground to place such valuation. But some people love to gamble, so best of luck.

Yeah see, I don't foresee a nation that controls and manipulates 99% of its economy to embrace something "free market."

A bit off topic, but what's the best way to get USD into any of the exchanges quickly*? I used to use bitinstant but that's down. Wires all seem to take 10 days. I need some capital ready to soak up the blood bath

Can someone explain why it still takes days if not weeks to get money into exchanges to purchase BTC? Infrastructure? What a load of shit.

Made me LOL. And BTC is up because?

Couldn't be more true.

Is China off to the races again?

Last I saw he was sounding like a bull. Very disappointed in him

This whole subforum is pumping.

So this must be all the "adoption" I've been hearing about.

Looks like China is still setting the tone for this valuation. Kinda funny actually.

No need to confess. In the heart of every bull they know deeply this is highly overvalued. You just have the balls to admit it.

Real action is going to be China today. Volume is up for the new day and it's bearish.

Of course it can change, just pointing out early movement for the day. Seems to set the tone for China.

Obviously this hasn't happened yet, and I'm not suggesting it will, but under heavy volume I notice that BTCChina seems to suffer from the ole Gox lag. I wonder how things would turn out if China got their first taste of a lagged panicked selloff.

Wish I knew, I've been asking around here if there's any forums dedicated to their market but no one has ever mentioned it. Hard to gauge sentiment in different markets. They've had quite a run though, they're overdue for a lot of profit taking.

Absolutely.

It doesn't seem like whale action either.

Someone seems to be stepping in on BTCChina. This always seems to happen, however it was quite delayed this time. Wonder if whoever has been propping things up is running low on capital.

They've had very tightly aligned movement for awhile. I know some of that is due to automated trading, but I feel like there's something more involved. Not necessarily nefarious, but big movements always seem to occur simultaneously in either direction.

That's a lagging indicator.

I think if China can't reclaim support at 7000 they'll test 6000 by the end of the day.

I'm not sure what to think of it but China has tested 7000 like 3 or 4 times this week. Not sure if that's bearish or bullish Bearish they keep testing it, bullish they keep finding support (thus far).

Custom bot for that?

Sounds dangerous.

You can't troll trolls.

And in related news, that 6900 wall on China just disappeared like Houdini.

What the hell are you people talking about

I have a feeling this little rebound is a bull trap. I feel like this will test 6000 or lower before it's all said and done but I could be wrong. Also, I don't think a whale was responsible for that.

Overblown.

Can BTCChina reclaim 7000? I want to sleep but I need to know

Look at this -- https://news.ycombinator.com/item?id=6826653


Not sure how valid it is, but if it's true it sounds orchestrated.

Nah I don't think he is either, I just mean someone with some money to spare saw an opportunity to manipulate the media and they capitalized. Not exactly ethical, and if the media does any research (I know, laughable), they might reveal the news as such. That'd play into their "pump & dump" rhetoric quite nicely.

Can't argue with that

Ah I see, didn't know that. Definitely softens the story. Will be interesting to see how it plays out nonetheless. I have a feeling it'll be buried in the shuffle of other news or marginalized to tech-related outlets, though.

Probably due to their position

That didn't sound right

I'd actually like to know how many writers that published positive BTC news articles actually own BTC and neglect full disclosure. Curious if that would violate some laws due to conflict of interest. You know things might shift when you get the media doing the pumping for ya.

I'm not really sure what you mean, but if you're saying what I think you're saying I don't think that's necessarily a fair analogy. Right now BTC is being traded as a brand new asset class. It's not like anyone in the public eye is actually promoting a generic "bank account" and if they were, how would they possibly gain from doing so?

I think all those benefits would be quite marginal, if even recognizable. Consider that people on TV who speak positively of equities of which they have a stake but don't disclose their position can be fined or jailed for that (at least, I believe so).

No because you would see no significant gain from mentioning something positive about Euros.

I don't know. Just thinking aloud. It'd probably be limited to anything considered financial advice, not necessarily just positive reporting.

Man if 6500 CNY doesn't hold, shit's about to get hectic.

Only exchange that matters is BTCChina hehe. Wouldn't call the bottom just yet, though.

Oh boy, 6500 CNY support has collapsed. :\

See ya'll at 6000

China's been dictating the course of this movement from the beginning. I doubt the US will have any significant impact.

Someone just dropped a shit ton of $ on BTC china trying to hold this thing together. It's going to hurt when it doesn't work.

I'd love to meet the bull that just attempted to stop China's free fall. That was a valiant effort indeed.