This doesn't even deserve being called speculation.
When do we get a random babbling sub-forum?
When do we get a random babbling sub-forum?
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Topic: China just made Bitcoin pretty useless within China - page 3. (Read 12562 times)
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive.
Yes, regulations can do exactly that. Please join reality...it's nice here.Something to remember. People are fickle, greedy, selfish and fearful. If they want a change then you know that governments and "profit" driven institutions will pander to the masses.
As far as monetary policy and global reserve currency, we are due to a shift soon.
I wouldn't say no one is spending bitcoins...
http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
That does look good but what % of those merchants are keeping coins?http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
What does that matter?
Ever since I first joined this forum I've seen bears complain that Bitcoin was held up only by speculation and hoarding. Now we see the opposite complaint?
Welcome to my ignore list OP.
I should try to market my ignore list to newbies...maybe a CMMPro's ignore list subscription...just .01 btc per month to relieve all the forum stupidity with one button press.
I should try to market my ignore list to newbies...maybe a CMMPro's ignore list subscription...just .01 btc per month to relieve all the forum stupidity with one button press.
Do you take Feathercoin?
To OP:
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
If you can't buy stuff with bitcoins as some believe is the new regulation, then I stand by what I said: that Bitcoin has been rendered pretty useless within China. I never said this would kill Bitcoin or anything of that sort. I do believe it should have a profound effect on the current price (which I'll admit hasn't really materialized to this point) because the catalyst for moving from 120$ to 1200$ was in one word, China.
There was this premise building (started by the Winklevoss twins) that the USA was forced to accept Bitcoin because otherwise it would push innovation to China - that premise has now fallen flat on its face. The US could take similar action against Bitcoin, perhaps even go a bit further, and Bitcoin's progress will have been pushed back considerably. I imagine many nations following in the footsteps of both China and the US if they take a similar stance on BTC.
So now Bitcoin is once again highly reliant on the US government to stay afloat and possibly thrive. That is a highly dangerous place to be in considering the implications of what a successful Bitcoin adoption means to the USD. Unless large institutional money enters its way into BTC, I foresee a drawn out correction in BTC back into the mid hundreds.
To OP:
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive.
Yes, regulations can do exactly that. Please join reality...it's nice here.Regulations can do exactly this: move Bitcoin business to other countries.
Please join the Blockchain. It's nice here.
Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive.
Yes, regulations can do exactly that. Please join reality...it's nice here. 
I wouldn't say no one is spending bitcoins...
http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
That does look good but what % of those merchants are keeping coins? http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
I wouldn't say no one is spending bitcoins...
http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
http://www.economicpolicyjournal.com/2013/12/bitpay-transactions-soar.html
Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
Just thought this should be quoted again. Kinda makes the other comments irrelevant
Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
People believe in bitcoins because they believe that its value will appreciate forever against fiat money (thus become an inflation resistant store of value), and luckily it is true, see my signature
Even everyone has acquired bitcoin, its value will still rise continuously due to forever rising population and productivity of the world, and its limited supply nature. Everyone join the game will win. This is fundamentally different than a bubble, while some people win and some people lose
This is actually quite interesting. Wordpress made a comment that not many people are using Bitcoin to pay for their service.
It appears that people are afraid to spend their Bitcoins, as they could be so much more worth tomorrow. On the other hand, vendors are scared to accept them because of the volatility.
Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
From a personal experience, I had quite a few people buying bitcoins from me during the last a few years. Interestingly I have recently not found one person who was willing to pay $1000 or more to have one. Almost everyone I speak to have heard about bitcoin till now, but no one wants to buy them at at current prices. Not even a fraction of a bitcoin.
Those who bought from me then at prices between 5-12 USD, are now asking me to help them to sell, as they rather want a shiny new smartphone for their bitcoin. (They have not found a store who would take their bitcoin and exchange it for an Phone....)
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
If everybody switches to bitcoin, it's the fiat holders that lose... It appears that people are afraid to spend their Bitcoins, as they could be so much more worth tomorrow. On the other hand, vendors are scared to accept them because of the volatility.
Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
From a personal experience, I had quite a few people buying bitcoins from me during the last a few years. Interestingly I have recently not found one person who was willing to pay $1000 or more to have one. Almost everyone I speak to have heard about bitcoin till now, but no one wants to buy them at at current prices. Not even a fraction of a bitcoin.
Those who bought from me then at prices between 5-12 USD, are now asking me to help them to sell, as they rather want a shiny new smartphone for their bitcoin. (They have not found a store who would take their bitcoin and exchange it for an Phone....)
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
The only thing to worry about short term is if banks in China stop working with exchanges. But the whole point of bitcoin is to not have to use banks and financial institutions.
A Chinese friend of mine who owns a small restaurant in Jinan will begin accepting bitcoin and litecoin payments as of today. Prices will be fixed in btc/ltc, not pegged to the yuan.
It has been stated before by some shop owners.
When bitcoin rise in price , their sales go down.
People are not getting it the right way.
Buy in bitcoins , and exchange back in bitcoins the usd you would have spent on the item.
When bitcoin rise in price , their sales go down.
People are not getting it the right way.
Buy in bitcoins , and exchange back in bitcoins the usd you would have spent on the item.
Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
Well you may pretty much keep refreshing that page http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/
If the bitcoin address disappear then sell.
You mean this 37 transactions , 20 of them spam thingy?
https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg
This is actually quite interesting. Wordpress made a comment that not many people are using Bitcoin to pay for their service.
It appears that people are afraid to spend their Bitcoins, as they could be so much more worth tomorrow. On the other hand, vendors are scared to accept them because of the volatility.
Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
From a personal experience, I had quite a few people buying bitcoins from me during the last a few years. Interestingly I have recently not found one person who was willing to pay $1000 or more to have one. Almost everyone I speak to have heard about bitcoin till now, but no one wants to buy them at at current prices. Not even a fraction of a bitcoin.
Those who bought from me then at prices between 5-12 USD, are now asking me to help them to sell, as they rather want a shiny new smartphone for their bitcoin. (They have not found a store who would take their bitcoin and exchange it for an Phone....)
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
Well you may pretty much keep refreshing that page http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/
If the bitcoin address disappear then sell.
You mean this 37 transactions , 20 of them spam thingy?
https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg
Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
Well you may pretty much keep refreshing that page http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/
If the bitcoin address disappear then sell.
Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
Baidu is not affected by the recent ruling.
nothing was affected, because no banks in china offered financial service in BTC.
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