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China bans new Bitcoin deposits

ft.com

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Re: China bans new Bitcoin deposits

#111

Post by rwallace »

pontifier wrote: post #16
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…

I know what you mean. I never did buy into Bitcoin because when I became aware of it in 2012, I looked at the historical price chart and thought the bubble had come and gone in 2011 and I'd already missed my chance to get rich.

Ended up pointing out to myself, hey if I had the power to go back in time, I wouldn't spend it going back to 2011 to get rich, I'd spend it going back to 1920 to kill Hitler. If I don't feel bad about not being able to do that, there's no point feeling bad about not getting rich on Bitcoin either.

As you say, it's a crazy and interesting time to live in.

Re: China bans new Bitcoin deposits

#112

Post by kappaknight »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

You're probably not a good candidate for day trading.

I'm in a similar boat as you though so... dem feels.

Re: China bans new Bitcoin deposits

#114

Post by kappaknight »

mdemare wrote: post #106
ra wrote: post #98

Earlier quoted context omitted.

Stop watching the price, make sure your private key is backed up somewhere safe, and forget about BTC for a few months / years. The worst thing you can do is sell now. BTC is extremely volatile, it might go down to $100, but one day it'll be $1,000 again.

You don't know that.

We just need to get more businesses to accept it. If Amazon accepted Bitcoin, HELLO BUBBLE 2!

Re: China bans new Bitcoin deposits

#115

Post by rwallace »

rahimnathwani wrote: post #55
seanmcdirmid wrote: post #41

Earlier quoted context omitted.

> Bitcoin might topple the dollar hegemony if popularized, which might be what China wants Why would China want this? The current system works in their favor, even they admit RMB isn't ready to be a world currency yet by disallowing full convertibility. > but central banks lose their power to control the money flow in the system Exactly. Also, this is a big loophole over the RMB's non-convertibility limitation/featur…

Who is taking the other side of the trade with these Bitcoin/RMB exchanges? I mean, I often come across people who have RMB but want USD. Far less often do I come across people who have USD but want RMB.

Every time an American buys a widget made in China - a rather frequent event - that causes someone somewhere in the supply chain to have dollars and want RMB.

Re: China bans new Bitcoin deposits

#116

Post by dobbsbob »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

You're not supposed to 'invest' in bitcoin. I just use it to buy/sell goods and services online and cash them out immediately. Btw your coins are worth 2-3x the USD price in Argentina so go there on vacation.

Re: China bans new Bitcoin deposits

#117

Post by retube »

gabemart wrote: post #91
retube wrote: post #79

Earlier quoted context omitted.

Yeah I don't know how they get away with breaking Google's sacrosanct rule of not sticking content behind a paywall that they make visible to Google.

Anyone visiting from Google sees the full article with no paywall. You can test this yourself: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...

Doesn't work for me. Get the sign up prompt. It may work the first time or two but after that....

Re: China bans new Bitcoin deposits

#118

Post by omegant »

gokhan wrote: post #51
omegant wrote: post #40

Now with this temporary crash what will happen to the farms that heavily invested in ASICS, and that with difficulty will be mining at a loss in weeks? (honest question)

What makes you say temporary?

I guess that bitcoin´s price will continue to rise steadily and reach 1000$ again in some time. Maybe years, maybe months, I don´t know.

Re: China bans new Bitcoin deposits

#120

Post by marvin »

pontifier wrote: post #16
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…

Don't kick yourself for not trying to speculate yourself out of economic difficulties. Things can just as well go the wrong direction if you try to do that.
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