Is this current crash related to this news? http://bitcoinwisdom.com/
It is impossible to definitively give a reason as to why something as uncontrollable as Bitcoin changes in price.
But yeah, probably.
Chinese government says Bitcoin cannot be used as currency
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Re: Chinese government says Bitcoin cannot be used as currency
#12Is this current crash related to this news? http://bitcoinwisdom.com/
It is impossible to definitively give a reason as to why something as uncontrollable as Bitcoin changes in price. But yeah, probably.
Well, if ever it were possible to definitively give reasons, this would be the time.
When you have, on the same day:
a) Greenspan's announcement saying bitcoin is a bubble, and using the "no intrinsic value" argument
b) China effectively banning bitcoin (not that we have the specifics to say that "ban" is the best term yet)
...it's not going to do wonders for the price.
Re: Chinese government says Bitcoin cannot be used as currency
#13Ummm...good luck with that China.
Re: Chinese government says Bitcoin cannot be used as currency
#14This was very much expected as China has strict financial liquidity controls and bitcoin was being used expressly to bypass the same and take money out of the system. The Chinese government isn't stupid.
Yeah, no sane person would have expected BTC to become legal tender in China soon. Very nice that they acknowledge BTC and say that trading it is fine. This is really good news and the article is just trying to make up a negative story.
Sure, they acknowledge it to be on par with WoW points. They can't stop people from bartering with it, just like they can't stop people from bartering with chickens or eggs. What the central bank has done is shut bitcoins out of the formal Chinese financial and banking system.
Which means it is an interesting digital phenomena but definitely not a currency.
Re: Chinese government says Bitcoin cannot be used as currency
#15I am still waiting for bitcoin to crash.. it going to be fucking epic.. so much fun
Schadenfreude?
Re: Chinese government says Bitcoin cannot be used as currency
#16Ummm...good luck with that China.
Good luck? It's a done deal.
Re: Chinese government says Bitcoin cannot be used as currency
#17Some people will sell, but in reality this is a great time to buy assuming the price slumps a little.
Re: Chinese government says Bitcoin cannot be used as currency
#18What exactly does that mean? Is it illegal to, say, pay for a house in eggs (I give you 1 million eggs for this house)? Any kind of barter is illegal?
>Any kind of barter is illegal?
Don't know the situation in China, but that already holds for some countries.
E.g in my country, any transaction over a certain amount of money (not very big), has to be done through a bank to be legal.
Re: Chinese government says Bitcoin cannot be used as currency
#19Re: Chinese government says Bitcoin cannot be used as currency
#20What exactly does that mean? Is it illegal to, say, pay for a house in eggs (I give you 1 million eggs for this house)? Any kind of barter is illegal?
Well, effectively, it means that banks are disallowed from treating it like a currency. So, you could still trade a house for bitcoins, just as you could eggs, in theory, but what you can't do (again, same as eggs) is go to the bank to take out a loan in bitcoin to buy the house.
You also can't make payments on a loan with bitcoin, store bitcoin in the bank or expect to accumulate interest (by the bank, disregarding proof-of-stake-type currencies), etc.