billyjoeallen
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billyjoeallen
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May 06, 2014, 09:34:56 AM

I do not have a strong sense of the meaning of this last announcement, but if it means that the big exchanges are actively going to discourage BTC from being used as a Chinese gambling chip then it's most popular current use in China will cease to exist. The PBoC does not apparently want BTC to be used for transactions, so what justifications could the exchanges give the PBoC for operating at all?

I am surprised that the price is as high as it is. It's actually starting to diverge from the pattern of March. Does that mean the drop were were expecting won't happen, will happen later than expected, will be greater or less than expected? I don't know. All I know is that I'm not going to trade in an environment where I don't have an edge. That means I have to wait until this China crap blows over or until the price is so low I can price in my uncertainty. There's prolly opportunities for people with more understanding of China, but I'm not going to fool myself into thinking I can sit in the pilot seat and teach myself how to fly in real time by watching youtube videos.