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China Bans Financial Companies From Bitcoin Transactions

bloomberg.com

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Re: China Bans Financial Companies From Bitcoin Transactions

#71

Post by Grue3 »

olalonde wrote: post #61

According to someone on Bitcointalk.org, it might not be as bad as it seems ( https://bitcointalk.org/index.php?topic=358341.msg3832549#ms... ): No. You Western guys completely misunderstood the news. To me, this is actually BULLISH! TL;DR, the document says: 1. Bitcoin is a virtual commodity, not a real currency 2. People have the freedom to trade bitcoin, but they need to take their own risk 3. At this stage, finan…

When is anyone at bitcointalk not BULLISH about bitcoin? It's not like they have a financial incentive to let it tank.

Re: China Bans Financial Companies From Bitcoin Transactions

#73

Post by rplnt »

olalonde wrote: post #61

According to someone on Bitcointalk.org, it might not be as bad as it seems ( https://bitcointalk.org/index.php?topic=358341.msg3832549#ms... ): No. You Western guys completely misunderstood the news. To me, this is actually BULLISH! TL;DR, the document says: 1. Bitcoin is a virtual commodity, not a real currency 2. People have the freedom to trade bitcoin, but they need to take their own risk 3. At this stage, finan…

Similar what (some?) countries in EMU were saying. It's not a currency, you can use it at your own risk. Also you can't print/create physical representation IIRC, i.e. money.

Re: China Bans Financial Companies From Bitcoin Transactions

#76

Post by dgregd »

olalonde wrote: post #61

According to someone on Bitcointalk.org, it might not be as bad as it seems ( https://bitcointalk.org/index.php?topic=358341.msg3832549#ms... ): No. You Western guys completely misunderstood the news. To me, this is actually BULLISH! TL;DR, the document says: 1. Bitcoin is a virtual commodity, not a real currency 2. People have the freedom to trade bitcoin, but they need to take their own risk 3. At this stage, finan…

So in China Bitcoin status is equal to World of Warcraft goods (swords, shields, etc)? I mean WoW goods one can buy on eBay.

Re: China Bans Financial Companies From Bitcoin Transactions

#77

Post by ashray »

sickpig wrote: post #75
[deleted] wrote: post #74

[deleted]

no exchanges? really?

Not sure if you're being sarcastic but just incase.. Exchanges are not banned. They are being regulated with KYC/AML for customers. They also need to register with the telecom authority.

Re: China Bans Financial Companies From Bitcoin Transactions

#79

Post by [deleted] »

w0utert wrote: post #37
molf wrote: post #29

Earlier quoted context omitted.

Intrinsic value (in the context of finance) usually refers to the value of something when not used as investment or money. Gold has intrinsic value because you can use it for jewellery and electronics. A bitcoin has no intrinsic value because you only have it to get something else in return later. Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical mo…

>> Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical money valuable and I am equally confused by that quote. USD/EUR/JPY currency (either physical as bank notes and coins, or electronic) has intrinsic value because it is almost universally accepted, taxable, and backed by debt that (at least in theory) will have to be repaid at some point in time. B…

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