DOJ cracking down on Bitcoin exchanges

Such a bunch of fucking chicken littles in this thread... At least Jon knows what's up.

First of all, OP: BTCKing isn't an exchange, he's a dude. 2nd, BitInstant isn't even a working exchange anymore; it voluntarily closed its' doors last july.

Shrem's only really being busted here for buying drugs anyway... The rest of the charges are pure trumping.

The only reason the price was affected at all today was sheer emotional panic by the underinformed... And just like the day they caught DPR, the price will recover quickly.

Now go look at what happened on any chart in the following weeks and months after they nabbed DPR on Oct 1st last year. There's little reason to think that won't happen again now.

SELL SELL SELL!!!
Lulz... Moar cheap coins for me and mpbiz.
 


You guys are wrong, its different.

The market is in fear about the 31.01. and what happens to chinas exchanges - it does not count that nothing will happens. Its a pure psychological point and a technical one too because then all restrictions in china are official (beside its a long holiday in china where many short traders will go out of coins to secure their investments).

Thats the base of all actions in the last 2 weeks after the january rally of crypto coins crashed down around the 7.01. after some more bad news from china. Many people are in fiat now or are to careful. They sell by every "bad" news ignoring the good ones (and there was some).

The news about the 2 guys arrested was posted in btc-e trollbox and invoked a small dump.

But the current correction comes from the 2nd news - this one:

Russia Backs Bitcoin Curbs as Central Bank Snubs Sberbank Plan - Bloomberg

It seems that the russian banks/authorities are going in the direction to handle bitcoins as currency and apply the anti laundering and anti terror (money) rules to it.

No idea how that will work out but its for sure a bad news, against how all other countries and even china is dealing with bitcoins and how people can deal with it.

In this market situation, that kind of news is good enough for a mini crash 10% to 20% down.
 
When i say "you are wrong" i mean the impact of the news to the bitcoin market and the dump yesterday of course.
 
I don't understand most things bitcoin but I do know if it does take a massive dive I will probably buy a shitload of it and I'm guessing I'm not the only one who feels that way.
 
its a difficult market atm, very volatile. The tricky point will be the hit a good buy in point for the next coming month, after chinese new year.
 
I wouldn't be investing in bitcoin right now. I was actually on the phone with my dad earlier, and he was thinking of throwing some money at bitcoin. Whether or not he does it up to him, but I advised against it.

I don't see the upside right now. Markets have already been tapped, and its found its price point. I think best case scenario, it hovers around the $1000 mark for the next year. Worst case scenario, US govt passes a similar law like China did, and bitcoin plummets to $100 overnight.

I think the next big increase will be when your average soccer mom is buying their kids Christmas presents online with bitcoin, and we're unfortunately still a long ways from that happening, mainly due to the inherent security issues that come along with bitcoin.
 
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