21–30 of 122 posts
Earlier quoted context omitted.
That's crypto's primary use case already.
...until China bans bitcoin, which might happen soon, after the october national congress
why does it feel like every time bitcoin goes up, the chinese government has some sort of announcement to bring it back down? see: last time when they prohibited banks from buying/selling cryptocurrencies. does someone there hope to earn some quick $$$ from shorting bitcoin (profit motive), or are they doing it to cool down a bubble (protect chinese investors motive)?
Apart from this ICO ban, how has the Chinese government acted against Bitcoin? If anything, the large presence of Chinese miners in the blockchain space should suggest that they have the government's blessing.
"Exchanges", though, are iffy. Those are financial institutions, and the PBOC can regulate them if they want. They've done a little regulation, clamping down on margin and accepting credit cards to buy Bitcoin.
Bitcoin used to be down in the noise as a way to get money out of China, and was tolerated in the way that putting all your relatives on the train to Hong Kong loaded up with 20,000 RMB each is tolerated. The numbers for Bitcoin are getting bigger, though, making PBOC action more likely.
A few years ago, it looked like yuan convertibility was on the horizon, but that didn't happen.
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…
It doesn't. The title is clickbait. Nobody knows why Bitcoin goes up and down, but people listen to whoever talks authoritatively on the subject. China's announcement was probably a trigger that caused people to sell, rather than being directly responsible for people selling.
So you're agreeing with the title - the announcement (directly or indirectly) is what caused the fall in price.
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…
It doesn't. The title is clickbait. Nobody knows why Bitcoin goes up and down, but people listen to whoever talks authoritatively on the subject. China's announcement was probably a trigger that caused people to sell, rather than being directly responsible for people selling.
https://www.youtube.com/watch?v=Ry6PpRXk0dQ
This is from 2014! (I know the link goes to content not typically found on HN, I'm doing it for the purposes of illustrating that this is such a seemingly common occurrence.)
Earlier quoted context omitted.
...until China bans bitcoin, which might happen soon, after the october national congress
I think China likes Bitcoin because money flowing into it does not strengthen the dollar thus putting pressure on their foreign reserves. If people are sneaking their money out of the country, they'd rather be trading it for Bitcoin than dollars.
Earlier quoted context omitted.
Because Bitcoin and ICO are the main mechanism to get money out of China, with overseas cash withdraw very limited for Chinese citizens, with 50% of millionnaires in China wanting to leave ( http://bit.ly/2uzYLyu ) (and the other 50% already having left probably), and with Chinese government cracking down on real estate/insurance tactics to move money out. But it's really doubtful they can prevent bitcoin from transf…
btw if you want to make real money, figure out how to help Chinese millionnaires move money out of China
Earlier quoted context omitted.
...until China bans bitcoin, which might happen soon, after the october national congress
I think China likes Bitcoin because money flowing into it does not strengthen the dollar thus putting pressure on their foreign reserves. If people are sneaking their money out of the country, they'd rather be trading it for Bitcoin than dollars.
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…