I believe btcchina is down.

What battle?  Still only 6000 volume on stamp.

Fake sell walls on bitfinex looking less scary.

My ancestors were from Schlesswig-Holstein.  I doubt that would help though.

Link to that thread with the $541 relevance please

yeah exactly, and especially so many people looking to buy at 300-400. for that reason alone it cannot reach that price.

CEO of China official ban Bitcoin

Following China 's plans to ban bank transfer rumors to Bitcoin exchange , CEO bitcoin ™ has decided to ban Chinese .

The decision was adopted unanimously by the shareholders of Bitcoin , about Bitcoin Board , HaCkerz4BITZ and Bitcoin 's steering committee.

April 8 , Bitcoin and from the glory of the People's Republic of China will no longer be supported by the Bitcoin network ™ . The decision will not affect China 's Republic of China ( Taiwan ) - unless it is aggression simultaneously. It is unclear whether it will apply to Hong Kong , which is a little part of China, but in reality it is not - you know what?

Preemptive ruling People's Bank of China

The decision was announced by the bitcoin am CEO Warren Winkleberg ™ by reddit (Tuesday ) . It is composed of the following members of the Bitcoin community , China 's exchanges and Dorian S in the own extensive discussion.

Although there are some dissenting voices, they were drowned in a lengthy discussion , thanks to Godwin 's law - and therefore decisions are consistent.

As a result , Bitcoin company ™ decision to China 's official People's Bank of China (PBOC) notice is expected to effectively prohibit banks from doing business Bitcoin exchanges in China, which happens to be the first to be announced fully -owned subsidiary of Bitcoin the company ™

Warren Winkleberg said:

"Given China's imminent decision to ban Bitcoin exchanges, we have no choice but to completely ban China , we know that this decision will affect the long-term price of Bitcoin and proliferation , but frankly , we have no choice . "

"We have to act in the best interests of our shareholders and global bitcoin ™ investors , " he added .

Reaction , rebound, anti- backlash reaction

Internet ™ 's KalEl Al - Al Gore 's chief executive officer told CoinDesk, although this decision is controversial, in the grand scheme of things , this will help in the Bitcoin community as a whole and the Internet ™ . He added:

" China 's Great Firewall has hindered the development , erode our profits over the years here, in the internet ™, we know that certain circles , restrictive policies advocated by the Chinese government may adopt a new growth and the devastating impact of technology and I should know, I invented the Internet ™. "

"In addition, carbon dioxide emissions caused by the firewall is caused by China 's air quality problems , they have become a public health issue and we all need to reduce our carbon footprint ."

Dogecoin ™ CEO , Chairman Shibah iNews said:

Duke
Mr. interactive news station modeled Mensweardog
In addition, bitcoin miners Socialist Union warned that the decision would not do much to help China 's Bitcoin miners, who are often forced to difficulties in the absence of union protection under the harsh conditions of instability bitcoin mining work.

ILO report , more than a dozen canaries ( keeping their " Bitcoin " yellow tint ) bitcoin mining in China died last year .

"The children were forced to mine block to the main block chain , but the difficulty is astronomical - and these kids do not even make the transaction costs they're digging , " the investigator told the premier news source Bitcoin 's Coinion last December .

Even Apple has asked the authorities to investigate thoroughly .

"It's worse than Foxconn , we do not believe this is whatever , but it was," Apple CEO Tim Cook tweeted response. " It's almost inhuman to read the terms of iTunes service ."

Wild price fluctuations

The move is expected to result in greater volatility on the currency market has been a bit turbulent . Many Chinese investors and exchanges, is expected to start dumping their bitcoins held in the coming week . This could trigger a chain reaction , causing many investors to the former price of tanks, please uninstall your wallet .



Bit o coin prices fell | create infographics


However, it is seen as speculators and even some government a chance. Ukraine rumored to be planning to acquire up to $ 1 billion worth of bitcoins , it plans to use it to repay its $ 1.6 billion natural gas bill and angered Russia in this process .

Russian President Vladimir Putin did not leave a deep impression.

. " I bought into bitcoin $ 14 and $ 800 to sell all my prince, " he said, adding : "Under the leadership of Vladimir Putin , Russia 's Bitcoin exchange you."

Analysts expect prices bottoming out later this month , but it does when we come to spend a few weeks in negative territory , literally .

This is not all bad news. Speculators can expect if they pounce at the right moment huge returns. In related news , the mountain. GOX is widely expected to miraculously "discovered" hundreds of thousands of Bitcoin once, they are worth very little .

Will we retest previous low?

We're not really that close to $400 

I could imagine that the next weeks may sound something like this:

http://www.musictory.com/music/Death+In+June/Kapitulation

Last year's reversal was far from clean, bears in denial kept showing their bear charts for months after the reversal had already happened. Only after the Silk Road flash crash and the quick price recovery the bears started to lose their confidence.

By the way, nice inverse head and shoulders forming on the 15m chart right now. Target $470-472 in 2-3 days.

I guess this doesn't looks too bad.  I was expecting exciting weekend but still this is better than worse.

We'll see. I have the feeling a few people are about to panic.

I sure hope you're right. I'm so extremely tired of all these people trying to take us down and the idiot panic sellers helping them every time.

Breakout is imminent. Good.

(If it goes up, it's about time. If it goes down, it still does not stop bitcoin adoption & infrastructure growth, just makes more coins go from unbelievers to believers and newcomers.)

Meaning?

So should I continue to even bother writing this donation-ware program for bitcoin? Or will bitcoin be dead by the end of the week?

Also a recap of why the drop happened would be nice.

My understanding is:
- China fud (even though they didn't lead this drop whatsoever and from what I can tell they still are not)
- ghash.io was close to 51% but is now 43%
-sr coins for sale by fbi. But isn't it a good thing criminals got cleaned out?

Am I missing something important? Or is this the weak hands shake down.

So I take it that I summed up what is going on. I know I'm new to the forum. Also wasn't the last major drop caused by china fud and the chinese exchanges lead that drop from 1k+ peak? This drop seems very much different in nature.

This is looking like a 2012 after 2011 bubble, while the infrastructure was not there for the last year valuation ($1200 bubble ) I thought somehow the price will hold for it to catch up..... but it seems that I was really wrong.

I also thought that there will be a bubble between May and the half of June so I kept holding, I bought most of my coins between $10-100 and did cash just small amount of it at the December bubble, bet hell I wont be greedy and watch the price fall even further, I sold Half of my holdings yesterday, This will give me a free couple of years vacation...

Yes, Bitcoin. I guess $5xx is history now 

I think about $1mm usd has to raise its bid by $18 in order to break the wall and rally past 627, which is a fib line.

Monkey tells me this is more likely to happen about 1 hour from now than it was earlier in the day, and if it doesn't, there is a ~.18 chance of fatigue dragging us toward 597 resistance before the next upward thrust.

Monkey says silver is just getting started.

FBI coins will prob get 90% of market value since their lots are ridiculously huge. At least they're doing it off the exchange.

The reason for the current downtrend are big mining companies constantly cashing out which is quite profitable atm.

Thailand just unbanned bitcoin

http://www.3-coin.com/2014-07-10/4301/

Pretty flatty is getting here ... 620 620 ...

Well it is more likely that my predictions about this week rally were wrong.

Sellers testing that trendline again. They must be trying to break it to wake the bulls up.

Bull run incoming

i hope so.. im shittin bricks here.. my coins are too tied up in other stuff to get out in any reasonable time frame.. :/

No-one knows. It looks unlikely to break 600 though, so bounce of that and then we take off?

1200 coins left to break 600. It seems likely.


EDIT.

Make that 900 coins.

The IPO was payed in BTC. The recipient could be dumping them all on an exchange. Seems unlikely though.

No one can ever tell why, but there were enough indications that we will be going down.... Why are people surprised ?

How exactly do you expect anyone to know the answer to this?

This recovery is pathetic. Market is totally out of buyers.

Probably waiting to see what happens on OKCoin, where it's undecided, will it go down one more time or not?

655 to be bought to $620

you nailed it  

People always try to think upside mostly that is why, they don't think market means both side and any side it will move.

there are few sellers, hence the lack of volume.

Far too few people seem to realize data.bitcoinity.org exists.

Try increasing the time increments to get a better picture:

https://data.bitcoinity.org/markets/volume/2y?c=e&r=month&t=a&volume_unit=btc

Only problem with their charts is the last point on the right side is always a bit distorted because the last interval is incomplete.

Did you sell below 600? No? the who cares where the price went ...

Well, at least I called it right last week when I voted that price would be $610 on 7/25. And once again, the bulls get slaughtered. Did anyone really think we would push past $720, or is that what they *wanted* to believe?

Two circulating rumor/explanations:

-people selling BTC to participate the Ethereum IPO. Ethereum directly cashing out BTC to fiat
-the 24th of July self-prophecy about the 234 days bubble rubbing the wrong side

I don´t buy that teories, I think it´s more due a random dump or another unexpected/unknowable reason

ok i see now, i'd be more into second option but it's not that obvoius to say that 234 days is a rule, but maybe it will be. it happend like 2 or 3 times so far, so that can't be a rule i guess. Can somebody provide some more info about that 234 days or maybe a graph or something?

so if i understand that thing right it's time for bitcoin to jump in price? Why would it jump without any news or any other events triggering it to ''jump'' ?

Are we seriously sitting here debating why we dipped less than 3%. Man I remember when no one even noticed 3% in either direction. Now it's cause for great debate and speculation.

A lot of people are concerned because their fully leveraged long positions on bitfinex come closer to their margin calls each day. Most people expect a bubble to happen magically as well.

Risto's thread is good, because he makes sure it's on topic and deletes stupid stuff. But I like this thread because it has everything, and is alive when bitcoin does nothing.

All this amazing news lately and this is the result.
Now imagine some bad news coming out today or tomorrow.
That won't be pretty.

This really looks like what i (and others) expected already. This are people who sell because the expected bubble didn't come. They are done waiting. Moving on.
And now ofcourse they will cause panic and drag other sellers down with them.

No new buyers. Clearly no new bubble. Good news does absolutely nothing.
I hate to say it but logically there is only 1 way to go at the moment and that is down.
It's only a matter of time now before panic breaks out and we see a huge dump. Either caused by all these random sellers, a whale smelling blood or nice piece of FUD. My bet is on some bad news. Been ages and i'm sure someone is brewing something.

 

I am in shock... this is Eeyore from Winnie the Pooh books ? (maybe showing my age)  the meme does not make much sense without the reference

Basically Eeyore is an adorable but manic depressive donkey and one of Winnie the Poohs good friends.


http://youtu.be/ZMDAY8H5yIw

You must be new here.

Check out the price behaviour from 2011-06-08 until 2013-03-01

As soon as that wall dissapears it could get ugly real quick.

575. Buckle up

Thought so and also warned before.

anyone else luvving the shape of this wall?

I haven't seen it look this good since before hit sub-40 when the epic run to 260 begun ...

lol, emotional tradin/selling/buying/betting always give you loss, no matter how much you control your emotion.

sexy 90 btc dump!!

It's still not full on panic. And i still expect that to happen.

It's sad though. There is no real reason to go down other than people's expections not happening.

Nice wall. We're not going down enough for someone

smells more and more like a bear trap.

I don't remember 1000 market buy for months...

It was a lot more fun back when you'd see 10K+ market buys during manias.

so far this is looking like a replay of june 27 to me.

monkey is ambivalent, but favors the upside overnight.

i'm thinking mid may

on the verge of another 40% increase in the coming weeks

targeting 820

I'd expect some stability at 590 - 610 for a few days.

I've been consistently wrong pretty much all year now.  

It's not moving in the opposite direction, but it's following China. There's a delay and it looks different on a small scale.

I subscribe to this theory as well.  Catalyst to change coming.

i think most of the arbitrage happens with bitfenix, which is currently lagging but moving in the right direction.

ya they only do USD/CNY arb.  and let the free market do the Stamps/Finex arb.

highly sophisticated systematic gambling, i'm sure they have a few tricks / number crunching to make it less of a gamble and more like scalping volatility across exchanges

why ? what is your logic?  Seems to me much the same in the big world of Bitcoin ?

I do not get it ... is the price only allowed to go up or "all is doomed" ?

what do you view as troubling times ahead?

The amount of bullshit coming out of your mouth, is just, WOW

Did you really expect to be set for life, by buying 1BTC last week???

Whoa, what happened last night? I haven't been looking at the charts the last couple days. But I had a bids fill in the 460s and 470s.... I guess some forced liquidations? Anyone know what started it? (Bitfinex)

its just impossible to say.

free market says the odds should be 5:1 ish so be it.

i think i'd place the bearish bet just cuz the odds are soo good, who the F knows what price will do. lol

Warren Buffet: http://www.youtube.com/watch?feature=player_embedded&v=idr6c8NHuWs
http://jlcollinsnh.com/2012/04/25/stocks-part-iii-most-people-lose-money-in-the-market/

“The Dow started the last century at 66 and ended at 11,400. How could you lose money during a period like that? A lot of people did because they tried to dance in and out.”

Just sell now kids

shorts approaching ATH.

duck and cover!

I can't see it holding these levels for long. We're going up or down soon. 

Shorts on Bitfinex almost up by 1000 BTC today and is now at 9960 BTC in total. Shorting 1000 BTC at this price level... talk about confident bears  

Haha. Has that happened before?  I know fonzie went the other way. It would require a rather big setback to make me think bitcoin will fail. I can't foresee any such setback other than the breaching of SHA256 or an unfixable flaw in the code - both of which seem ridiculously unlikely.
However, I don't think bitcoin will be the government-slayer I thought it was. I am even becoming concerned that it may turn into a tool of terrible oppression. I still love Madame Bitcoin but I suspect her of infidelity.

Ragnar

Every day, for weeks on end, all I see is bots trading back and forth.  When are we gonna get some real buyers again?

The trolls tried to destroy us & failed.

A momentum is always something to cheer for, no matter if you're a bear or bull. If I were you, at this point I'd ask myself: Is it safer to hold some BTCs or not to?

I got $6k getting fired into BTC, a friend with $20k firing into it and one more with $10k.

Small potatoes, but it all adds up I suppose... not bad for a Monday!!

If you don't hold the keys then yes, fictional, fractional, make-believe, whatever, they're not coins, they're just numbers. All these coins dumped in the last few days with no significant sign on days destroyed or transaction volume... some of them are nothing more than numbers and folks will only know which when (not if, when) there's another Goxing. Move to exchanges that operate transparently if you don't want it to be you getting Goxed.

No, bears aren't running out of time. Even if THE bottom was 3 months ago, considering that the market moves slowly, there should be another 1 - 2 months of relatively low prices.
So "buy now OR get burnt" may turn into "buy now AND get burned", in the bearish scenario. In the bullish one, plenty of time to buy, mega-rally only after the block halving in 2016.

Did y'all notice OKCoin dumped down to 1387 during the rise?

It all depends on what kind of headway it makes in the months to come. If it  finds some convincing mainstream usage we can kiss the sub thousands goodbye before the year is up.

OMG really people?  

To think that someone all of a sudden , being and early bird, would decide to offload all those coins right now is comical.

Plus any moron with half a brain knows that people are always watching, why create panic?

There is no shame on speaking a point of view and in time we will be able to reflect on past events and gloat.

And.. fail pump? Back to where we were.. and now even lower since starting to type..

Those that complain about the miners selling their bitcoins are the same ones that put their heads in the sand when it comes to the halving next year.

If all of the miners are selling all of their bitcoins right now and we are maintaining a stable price even with that happening...

what happens when that $800,000 per day being converted to fiat is cut down to $400,000?

Both are true.  GBTC is the only option for some classes of funds (so heavy premium), and bitcoin is underpriced.  This is a decent arbitrage opportunity.

It's a probing bot that pushes the market down on low volume to absorb selling, catch stops, etc. It puts big hidden orders right above the market so the price can't move up, market sells a bit to make the amateur traders nervous, catches what it can of the selling, then reverses. Very clever.

It's working on Bitcoinity, so I doubt that's the reason for any Bitcoinwisdom problems.

Why do people find this so hard to figure out? Todays GBTC trading volume has been 300 shares. That's roughly 30 bitcoins. Try going to Bitfinex and market buy 30 bitcoins. Does the moon time begin?

Problems with Bitfinex with the margin trading platform.  Some guy in Whale Club said he was automatically made to go short, then got margin called.  His account now reads -$17,000 so apparently he owes money.

Will we be above or below 230 in the next 6 hours? Opinions?

Give it a bit more time..
I have a feeling Btc-e will do something pretty stupid soon , no matter what direction

Yea strong stability. From here it is just waiting for the next big bitcoin rally basically.
Not a lot of margin to work with for the day traders.

One thing is for sure though: You do not want to get caught on the wrong side (short) when the rally kicks in.

Because they had no real dump in this time frame.
Because of the low volume somebody might want to make the btc-e the leader again.

300 coins  , all that it takes for BTCe to be above the startofdump price.

There is a thread in reddit with multiple reports of Bitfinex users watching a malfunction occur, with massive long and short orders which they did not issue, and far exceeding the size of their account. It is being rapidly downvoted, and reddit is lagged.
http://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/

If confirmed, I think there will be a bit of a holding pattern in the market until Bitfinex announces how they are going to clean up the mess.

Even Gox couldn´t manage to fuck up their trading engine that bad. Impressive, but one thing is for sure, this is bullish as fuck.This small incident will soon give us another moonshot!

"I had a few hundred trades executed in my account within a couple of minutes. At one point I was long over 2000 BTC, a minute later short 707 BTC. Currently long 808BTC. My account started with only 6.5BTC and is currently reporting losses of $15,000"

"Yep samething. Except i didnt get a screen shot in time showing 1700 coins. I am now showing 97 coins long. Mind you i only had about 7 btc in the act. Screen shot posted below. http://postimg.org/image/ejfsyas2b/"

Honestly right now I would actually ROFL if it will be confirmed that there was no real dump and just a trade engine malfunction .

Have you seen the BitGo integer overflow error? (BitGo gave to a lucky user a javascript tool to recover BTC from an old-format wallet.  The tool had an integer overflow bug that would send at most 2³² - 1 satoshi (~40 BTC) to the destination output, leaving everything else as transaction fee.  Fortunately the miner was nice and returned the ~80 BTC fee to the user.)

I trade very sparingly. But i do have about forty coins on finex to gamble with. I buy once a week on circle and have done for months.

Depressingly for all concerned 40 coins is a speck compared to what the big specs are playing with

Oh, what are their weaknesses? I was not aware that a trezor had any ?

or the device can simply be tempered with during delivery or afterwards (in a way that was not foreseen by satoshilabs).

or steal the thing, replace it with a fake to get the PIN and voilá

Chartbuddy telling the story today. Look at that finex orderbook

Edit: back over 230. Off to the gym.

I have not been following that issue on Reddit close enough to comment. Watching the events unfold last night it just looked like selling/shorting into solid support. What specifically are people saying happened?

Been a while since I saw this old chessnut, reminds me how much I miss Shroomskit who'd probably say something along the lines of: "yeah right, we've been shaking out the weak hands for 14 months now".

But with a lot more venom.

Cos someone felt like it just like all the million other times?

Weekends are never fun.

Haha!
Come on Elwar, fuel up your rocket.
We are moon bound, CCMF (trains, rockets, moon memes etc etc)

Faulty solenoid I reckon

Because its just a long bulltrap before the final long squeeze and the real reversal.
https://www.tradingview.com/chart/BTCUSD/6S9Si6F7-BTCUSD-STILL-REMAINS-IN-OVERALL-BEARISH-CYCLE-UPDATE/

Dumpdy dump

On your drawing it has crossed the line.

That 1k bid wall on bfx was eaten in a few seconds in 2 trades !

If I were you, I'd admit it publicly that you fell in love with this community, regardless of your academic interest. Chances are you are already in possession of -at least- a small amount of coins. C'mon. Admit it.

btc swap rates now higher than usd..

edit: only 400 coins left to borrow..

bottom is in..

Is the price crashing because were on a fork? Somebody said we were being forked by some guy named Gavlin? Is that true?

People certainly don't like how developers are unable to find consensus and there's still no sign of a BitLicense.

It doesn't look good at the moment, but I wouldn't bet my money on either direction.

Although initially it appears that markets are truly moving sideways; when you track the correlating changes between ltc/btc, you see a slightly different picture. Before the significant drop in BTC recently, LTC made some moves. More recently, ltc has been climbing from .0072 to .0075. I think you could easily see a significant drop again in ltc followed by a significant move in btc. Whether that move is up or down is unclear. However, it's June and the bitlicense is coming soon. I would guess a sharp downward trend when it is announced followed by steady sharp rise. this is however, all speculation afterall...

Fake walls from shorters.

Downtrend log line approaching.

That seems excessively optimistic...

that crossing 270 means the bear market is over.. that part is doubtful.. you should know by now we could be at $300 and right back to $200 in a couple days.

bitcoin is like a girl, its wired different.

if you trying to understand how the bitcoin market is then you already messing up. don't try to understand what adam gubereuz said about "the roller coaster that makes the previous roller coaster nothing."

$753 is reasonably decent

I sure am glad I don't use online exchanges. Learned my lesson with Gox. It's paper wallets for me.

Okay, we can go up now.