Bitcoin in China is in the same positions as the Nazi's were in 1945.
Some fanatics (SS) are still trying to save their dream (Third Reich) by trying to bypass laws and regulations enforced by the dominant player (Soviet-Union, it's just a coincidence China used to be/is Communist just like the S-U).
The fanatics in this case are, of course, the Chinese bitcoin fanatics, and/or those who have invested a lot in bitcoin and can not afford to lose. You could view the investors as the Nazi SS Death-Squads who were responsible for massacres. They could not surrender, it was either victory, or death.
They are hopelessly trying to bypass the laws and regulations enforced by the Chinese government. For example by trying to get money into the exchanges by using vouchers. The Nazi's, for example, used the Hitler Jugend (children) and the Volkssturm (grandpa's) as their last resort to fight off the Soviets. They, naturally, failed. It was just a temporary measure to extend the existence of the Third Reich by a few more weeks/months.
You could basically say this about the entire bitcoin network. It was very powerful in the beginning, it gained a lot of momentum, and it looked unstoppable. Until it faced the wrath of the Allied Forces. Ironically, the same countries which opposed the Nazi's during World War 2, are currently oppossing bitcoin:
- Russia (Soviet-Union) is extremely anti-bitcoin. They even mentioned that bitcoin users could face jail time.
-China (Japan & Nazi-Germany were part of the Axis forces. Japan fought China, making China & Nazi-Germany enemies) has banned Bitcoin.
-The United States isn't really positive about bitcoin either. The NY hearing was dominated by the anti-bitcoin speakers. The pro-bitcoin speakers did have some good arguments, but it was obvious that the only reason they were pro-bitcoin, was because they had some kind of interest in the survival of bitcoin (investments). Those who were anti-bitcoin, analyzed bitcoin from a neutral point of view, and explained the risk of bitcoin very well. A currency which can not be trusted because:
- The founder is unknown
- It could be dominated by a foreign nation / terrorist group (51% attacks)
- It is extremely volatile
- It is not backed by anything
- Transactions are public, but you can not trace the people behind the transactions
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This is the downfall of bitcoin, unfortunately. World War 2 started between 1939-1941, let's take September 1941 (Attack on Pearl Harbor). It ended +/- 4 years later. I expect bitcoin to be in the single digits by June 2014 (Operation Overlord).
-- Oh my gawd. This can not be a coincidence anymore. Too many similarities with World War 2. June 2014 - June 2014: 70 years since Operation Overlord started. This is it people, this is a confirmation that Bitcoin is going down. --
It was a nice experiment, but the First Bitcoin Reich will be destroyed by the world leaders. It is too great of a risk for the established institutions and governments.
Wow, my first impression was: What does this guy smoke.
But then it resulted in a serious LOL experience
Entertaining, at most.