Isn't a Chinese markets news post completely irrelevant if p2p currency is officially banned in China?
Not if it's an anonymous currency, or any currency for that matter. News is still news. Although that would be illegal if it were banned . . not something anyone's looking to associate with . . but not everything that's illegal is inherently a bad thing.
Did you think a cryptocurrency revolution would be met with no resistance? You tell the world to move enough and eventually it will.
Just need enough voices.
Plus it's not officially banned.
Well said but the BTC price is looking like its not welcome at China banks!
Yeah I know it looks bad, but China has just stopped being an isolationist country in the 1970's.
It's no surprise to me that that same country would take as many steps as possible .. without going too far .. to subvert the impact of cryptocurrencies to its economy.
They're looking to protect themselves economically, while staying in the game from what I'm seeing.
By preventing their money from being legally exchanged for digital currency (if they were to do so completely) . . they would be keeping value inside their country, while also capitalizing on the fact that people in other countries will be ultimately spending the actual fiat.
It seems like a good strategy . . but this also causes someone else across the world to spread the lost wealth because of it (assuming fiat and crypto are separate bubbles)
For example . . someone in China buys an Ipad or something with only digital currency. Assuming this Ipad was bought with digital currency that was never bought with Chinese currency (and mined/traded for instead) . . they are isolating their economy from the loss . . while adding a net value to their country.
Maybe that's an oversimplified explanation . . but for the most part I just see a country preparing for something big.
When the price hits the right number, someone will step in and buy it up . . that I'm sure about.
