China orders Bitcoin exchanges in capital city to close
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Re: China orders Bitcoin exchanges in capital city to close
#2Right now, I like anything that helps normalize the white-hot hype of cryptocurrencies. There's some real utility in this technology, and we won't get to see it until companies are forced to make sustainable business cases and serve real customers.
However,
> A website set up by the Chinese central bank warned that cryptocurrencies are "increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising".
That sounds a bit like lip service...are they really just protecting investors and citizens, or is it because the assets are much harder to seize? Recently, there has been a large crackdown on foreign real estate purchases[0].
What other incentives does the party have for this policy?
[0] https://www.forbes.com/sites/ellensheng/2017/07/31/chinese-o...
Re: China orders Bitcoin exchanges in capital city to close
#3But.. but.. an 'analyst' for CoinDesk said this was normal and the exchanges will just need to get a license and China welcome them back with open arms.
The bullshit artists that already 'invested' in this scheme will now tell you that China did not matter and the people under them will parrot it.
Anybody that disagrees simply doesn't understand Bitcoin or just mad that they could not get on the choo-choo train at the right time.
Re: China orders Bitcoin exchanges in capital city to close
#4Right now, I like anything that helps normalize the white-hot hype of cryptocurrencies. There's some real utility in this technology, and we won't get to see it until companies are forced to make sustainable business cases and serve real customers. However, > A website set up by the Chinese central bank warned that cryptocurrencies are "increasingly used as a tool in criminal activities such as money laundering, drug…
I think all governments hate the crypto part of the currencies. You can't tax what you can't track. You can't manipulate what you don't have.
I personally fall a little to the left of currencies. I think these monetary systems are far right Libertarian's dream seeds. I do realize I am probably wrong but this is how they make me feel.
Re: China orders Bitcoin exchanges in capital city to close
#5But.. but.. an 'analyst' for CoinDesk said this was normal and the exchanges will just need to get a license and China welcome them back with open arms. The bullshit artists that already 'invested' in this scheme will now tell you that China did not matter and the people under them will parrot it. Anybody that disagrees simply doesn't understand Bitcoin or just mad that they could not get on the choo-choo train at th…
"This is good news for Bitcoin."
Re: China orders Bitcoin exchanges in capital city to close
#6Right now, I like anything that helps normalize the white-hot hype of cryptocurrencies. There's some real utility in this technology, and we won't get to see it until companies are forced to make sustainable business cases and serve real customers. However, > A website set up by the Chinese central bank warned that cryptocurrencies are "increasingly used as a tool in criminal activities such as money laundering, drug…
The sustainable business case is permissionless nature of Bitcoin. Everything else comes down to it. This talk of blockchain technology being somewhat of a new wonderful invention that's supposed to magically make companies more profitable...? Not so.
The reason why Bitcoin exists is because governments want control over money. Bitcoin gives people freedom. Period. Everything else is noise.
Re: China orders Bitcoin exchanges in capital city to close
#7Bitcoin price impact is the best way to gauge the significance of any particular news (this? not much):
Re: China orders Bitcoin exchanges in capital city to close
#8I think this is a really good sign that it's a good idea to get out of crypto currencies. China is actually pretty good at making decisions to defend it's country from negative outside influence. Anywhere that hosts a bitcoin exchange is also hosting criminal activity. Consequently, Bitcoin exchanges are going to make areas more dangerous to live. It's just a bad business decision to allow it to exist in your country.
Re: China orders Bitcoin exchanges in capital city to close
#9This isn't news, it's been known for a couple of days.
Re: China orders Bitcoin exchanges in capital city to close
#10But.. but.. an 'analyst' for CoinDesk said this was normal and the exchanges will just need to get a license and China welcome them back with open arms. The bullshit artists that already 'invested' in this scheme will now tell you that China did not matter and the people under them will parrot it. Anybody that disagrees simply doesn't understand Bitcoin or just mad that they could not get on the choo-choo train at th…
>The bullshit artists that already 'invested' in this scheme will now tell you that China did not matter and the people under them will parrot it.
If you're so sure that it's bullshit you're free to put your money where your mouth is and short it.