If you care about your friends, share this news with them. Bitcoin is going down, everyone claiming something else is going to sell BEFORE YOU DO, leaving you out in the cold with your worthless bitcoins!
SELL WHILE YOU CAN, THE BUBBLE IS GOING TO BURST! NEGATIVE NEWS FROM CHINA CONFIRMED!
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January 31st, the Downfall of BitcoinJanuary 31st, the Downfall of Bitcoin
On January 31st, a new law will be effective in China: third party Bitcoin payment processors will no longer be allowed to trade bitcoins. This means that the Chinese can no longer trade-in their bitcoins for fiat money (regular currency), or withdraw their money from the crypto-currency exchanges.
'Bitcoin' was a fun ride, and many people have made a nice profit out of crypto-currencies, but this will come to an end. Governments and established banks will not allow this threat to spread.
Overstock & TigerDirect have started accepting bitcoin. But is this really great news, or relevant to the value/adaption of bitcoin? These companies will probably sell their bitcoins as soon as there is a sign of a major threat. They will leave the small traders and miners out in the cold with their worthless bitcoins.
Let's say this is not about a law implemented by the Chinese government, but a law enforced by the European Union. After January 31st, crypto-currency exchanges in Europe are no longer allowed to deal in bitcoins. After this date, traders can not withdraw their money from European exchanges anymore.
The question we must ask ourselves is: What will the majority of the traders do on, or before January 31st? Will they sit tight and hold on to their bitcoins, or will they trade-in their bitcoins before everyone else does?
One can dream about the possibilities and future value of bitcoins, but these will remain dreams. The reality tells us that after January 31st, bitcoins and fiat money in Chinese exchanges will be as valuable as Monopoly money.
Source:
http://www.liveleak.com/view?i=21a_1390679748#qDSE3sRb5T4ElVDH.99
