The Price of Bitcoin Just Topped $1,000
fortune.com
The Price of Bitcoin Just Topped $1,000
1–10 of 18 posts
Re: The Price of Bitcoin Just Topped $1,000
#2Unlikely to sustain as Chinese gov will announce bitcoin as illegal.
What's ironic is that the bitcoin pumpers have sold the myth that money is being snuck out of China through Bitcoin and some of the biggest miners and exchanges are in China.
Now it has the attention of President Xi and when they come down on bitcoin, they are coming down hard, along with the prices. It's unlikely to recover after this year's drop.
Re: The Price of Bitcoin Just Topped $1,000
#3Unlikely to sustain as Chinese gov will announce bitcoin as illegal. What's ironic is that the bitcoin pumpers have sold the myth that money is being snuck out of China through Bitcoin and some of the biggest miners and exchanges are in China. Now it has the attention of President Xi and when they come down on bitcoin, they are coming down hard, along with the prices. It's unlikely to recover after this year's drop.
How will they come down on it?
Re: The Price of Bitcoin Just Topped $1,000
#4Discussion: https://news.ycombinator.com/item?id=13297455
Re: The Price of Bitcoin Just Topped $1,000
#5So basically bitcoin is now used as yet another way for the corrupt to launder money out of China?
Re: The Price of Bitcoin Just Topped $1,000
#6Unless people really start using bitcoins for a lot of things fast I'm worried that bitcoins are just this generation's "tulip mania"
Re: The Price of Bitcoin Just Topped $1,000
#7Unlikely to sustain as Chinese gov will announce bitcoin as illegal. What's ironic is that the bitcoin pumpers have sold the myth that money is being snuck out of China through Bitcoin and some of the biggest miners and exchanges are in China. Now it has the attention of President Xi and when they come down on bitcoin, they are coming down hard, along with the prices. It's unlikely to recover after this year's drop.
How will they come down on it?
A lot of the mining happens there in quite big operations e.g. http://motherboard.vice.com/read/chinas-biggest-secret-bitco... (2015), which could conceivably be shutdown. But they could easily move on to other countries or just bribe the requisite officials.
Re: The Price of Bitcoin Just Topped $1,000
#8So basically bitcoin is now used as yet another way for the corrupt to launder money out of China?
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Re: The Price of Bitcoin Just Topped $1,000
#9Unless people really start using bitcoins for a lot of things fast I'm worried that bitcoins are just this generation's "tulip mania"
[deleted]
Re: The Price of Bitcoin Just Topped $1,000
#10Unlikely to sustain as Chinese gov will announce bitcoin as illegal. What's ironic is that the bitcoin pumpers have sold the myth that money is being snuck out of China through Bitcoin and some of the biggest miners and exchanges are in China. Now it has the attention of President Xi and when they come down on bitcoin, they are coming down hard, along with the prices. It's unlikely to recover after this year's drop.
Do we know if this surge is because bitcoin is being used to evade currency controls (and quickly converted into another currency) or if it's being used as a store of value?
It'll be interesting to see what happens if China cracks down on BTC while citizens are left with enormous wallets.