Topic: January 31st, the Downfall of Bitcoin - page 8. (Read 12760 times)
Seek information from those who actually have any.
Quote
third party Bitcoin payment processors will no longer be allowed to trade bitcoins.
can Exchanger <-> Bank wire work after January 31st?
Another bull in a bear suit who wants you to sell him your coins at a discount.
Gosh. Will you save me? I think I need to be held right now after reading that.
January 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.
Read more at http://www.liveleak.com/view?i=21a_1390679748#qDSE3sRb5T4ElVDH.99
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.
Read more at http://www.liveleak.com/view?i=21a_1390679748#qDSE3sRb5T4ElVDH.99
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