Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

bloomberg.com

Post reply on HN
Print view View original

111–120 of 122 posts

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#111

Post by CryptoPunk »

lawless123 wrote: post #94
CryptoPunk wrote: post #51

Earlier quoted context omitted.

I've seen the term fall out of usage. Years ago, when Bitcoin made up 90% of the cryptocurrency market cap, and nearly every other cryptocurrency was a fork of Bitcoin, with a name that was some variation of *coin (e.g. Litecoin, Peercoin, Dogecoin, Novacoin, BBQcoin) it made sense. Not so much now anymore, with Bitcoin's market cap under 50%, and original projects being its major competitors.

Market cap is a poor way to measure each coin. You can create your own coin premine 1 million of them. Sell a few for ~5 dollars and claim it has a market cap of 5 million dollars.

Market cap can be a totally valid way to measure total worth. In the case of a cryptocurrency with a large circulating and trading volume, like Ether, it's a reliable measure of total value.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#112

Post by WhiteOwlLion »

ortusdux wrote: post #32
Lerc wrote: post #17

Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…

This article from Business Insider has a better explanation. http://www.businessinsider.com/initial-coin-offering-china-b... Namely: "However, the wording of the PBoC edict also suggested that trading and usage of all cryptocurrencies, including bitcoin, could now be illegal in China. The PBoC said that virtual currencies that are "not issued by the monetary authorities... do not have legal status equivalent to money…

What does mean for AntMiner and people that sell the hardware for hashing power? SHA256 & scrypt hashers can't take cryptocurrency they are trying to mine with it? Not the end of the world, but ironic nonetheless.

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#113

Post by [deleted] »

bduerst wrote: post #54
maxerickson wrote: post #42

Earlier quoted context omitted.

Mining operations can convert Chinese electricity into bitcoin. So use RMB to purchase electricity for mining bitcoin, convert mined bitcoin to currency outside of China (or sell for RMB to someone that wants to do that and use RMB to buy electricity to mine more bitcoin).

Aren't the bitcoin miners in China siphoning electricity off the grid for free?

[deleted]

Re: Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal

#115

Post by subru »

subru wrote: post #114

Could be worth a gamble here to short BTC up to 4500 with a tight stop, good r:r. Be wrong quickly if wrong. The current environment looks good for trading.

Stay long at your own risk, imo. Selling rallies has been the regime for almost a week now.
Post reply on HN