CHINA BITCOIN TRADES DROP 90%

Is that the sound of a bubble popping?
Can you hear the air coming out?
Last night, the PBOC forced Chinese bitcoin exchanges to introduce transactions fees and trading volume collapsed by 90%
Can anybody explain what this will do to the price of BTC?

Make it stable

Wouldnt it make it fall instead?

Well volatility will presumably decrease, which may lead to a decrease in volume on western exchanges too as "traders" see less opportunity to profit. This might have a knock on effect on the profitability of exchanges.

No more bogus transactions manipulating the price therefore less volatility which is a good thing.

F

Probably a drop.

One of the reasons I could see BTC gaining so much is the potential to profit from HFT across other cryptocurrencies and price disparities. If this is potentially removed as a reliable source of income, people who were pumping money in to gain from it may exit and sell off. It will be interesting. Considering the market cap increased by 9B with the unit price going up 80% in less than 3 months, I think it's safe to say it gathered attention from "real" money.

to these idiots in denial `stable` doesnt include the 80% drop which will happen slowly but surely over the coming months.

back when btc was $200, THAT was the genuine price. before every Du Lin and Yung Lo and their 15 kids set up buy/sell orders.

honestly, i have faith in btc, however even if dropped 50% tomorrow it would still be overvalued. nobody, and i mean NOBODY, knows how much bitcoin is actually `worth`, and thats the problem.

decentralized currency my ass. might as well rename it to ChinaCoin

lol, they've just made BTC more valuable

any barrier to access it makes mainstream currencies less trust worthy and reasonable alternatives, in general, to bank/monetary system more attractive to smart people

>to these idiots in denial `stable` doesnt include the 80% drop which will happen slowly but surely over the coming months.

Ok, so you calculated wisely that BTC will fall to about 200$ in the next months? Great! I think it is time to short it on leverage and become a multi millionaire. Are you doing it already?

>honestly, i have faith in btc, however even if dropped 50% tomorrow it would still be overvalued. nobody, and i mean NOBODY, knows how much bitcoin is actually `worth`, and thats the problem.

If you say it is overvalued, then you know how much it is worth and will be shorting heavily I assume?