I didnt mean we'd all be hiring hit men to murder each other
FOR the obsessive followers of the volatile virtual currency bitcoin, the price of a single bitcoin at the time their fixation began holds undue significance. I know one bitcoin cost around $9 when I first stumbled on it in the summer of 2011. That was before I single-handedly sent the price of bitcoin soaring.
I wasn’t trying to manipulate an underground economy. I was just doing my job as a blogger for the website Gawker when I broke the story of the online underground illegal drug market Silk Road, on which bitcoin was the only accepted currency because of its relative anonymity. The article went viral and introduced hundreds of thousands to bitcoin.
Senator Charles E. Schumer, Democrat of New York, helped, too. During a news conference a couple of days after my article was published, he called bitcoin “an online form of money laundering.” I suppose a lot of people thought that sounded pretty cool. The price of bitcoin surged to $14.
Huh, I thought, maybe I should buy some bitcoin.
But I didn’t, and as of this writing, one bitcoin is worth around $880. Senate hearings held to discuss regulating bitcoin earlier this month were “lovefests,” according to The Washington Post. Abroad, Chinese investors are flocking. Bitcoin seems on the brink of respectability.
Techblog => http://eclectriq.blogspot.com
The People's Bank of China (PBC) has warned financial institutions they should be “on guard” against the cryptocurrency bitcoin because of risks of fraud and money laundering.
The statement, issued Thursday jointly by PBC and five other ministries and available on the bank’s website, said the virtual currency has “no legal status or monetary equivalent”. The increasingly popular commodity doesn’t yet pose a threat to China’s financial system, but the action was taken as a precaution.
At this point, financial and payment institutions are urged not to use bitcoin pricing for products or services, may not trade or sell bitcoins, sell bitcoin-related insurance, provide customers with Bitcoin registration, trading or other services, conduct bitcoin storage, issue mortgages in bitcoin, or set up investment funds or trusts based on the currency, the statement said.
Individuals however, are free to buy and use Bitcoin at their own risk, and PBC cannot be held accountable for any losses, as the digital currency is not tied to any government or central banking institution.
Bitcoin has gained enormous popularity in China, a nation famous for its currency pegging as well as its saving ethics.
The yuan is under strict government control to keep economic risk low and control currency flow between borders.
Image from btcchina.com
From the point of view of the bank and the ministries, bitcoin should not be in market circulation, but can be traded as a commodity on the internet.
The rise of Bitcoin has been spectacular, and hit new heights last week when its value surpassed $1000 last week. The quick rise has investors asking if it is a bubble.
Bitcoin traded at $956.00 at 12:38 MST on BTC China, the world’s largest Bitcoin trading floor. Access to Bitcoin trade on BTC China is currently limited to Chinese traders.
A central concern the bank has is the ties the currency has with unofficial criminal, drug, and firearms markets, such as the website ‘The Silk Road’, which was shut down in October, but has re-emerged with a new site. Millions of bitcoins also have gone missing when websites shut down, leaving no trace.
The central bank doesn’t trust the platform on which bitcoin is traded, as some sites are illegally registered, were shut down, and are prone to hacking.
The Ministry of Industry and Information Technology, the Chinese Banking Regulatory Commission, China Securities Regulatory Commission, and the China Insurance Regulatory Commission released the statement in cooperation with PBC.
Though it has no intrinsic value and isn’t backed by a government or bank, Bitcoin has become a hot commodity to trade, similar to gold as it’s a way to save and hedge against normal FOREX currencies.
Since its inception in 2008 by a man using the alias “Satoshi Nakmoto”, Bitcoin has gone mainstream and can be used to buy coffee, pay for online dating services, and can even be retrieved from an ATM. According to Bitcoincharts, which follows the anonymous currency, there are more than 12 million Bitcoins in circulation.
http://rt.com/business/bitcoin-china-fi ... ution-754/
Yeap they dunni f@ck about the Chinese eh
That's not good.
Bitcoin fell from a high of $1,079 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash.
Currently, Bitcoin is back to the $700 level. This is still down a whopping 35%.
The sharp moves come in the wake of China's clampdown on the controversial digital currency.
Earlier this week, the People's Bank of China announced it was barring the country's banks from handling the Bitcoin. (That Thursday announcement was followed by a 30% intraday crash.)
That was followed by this announcement from Baidu, aka "the Chinese Google":
Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.
Horrific price volatility has been one of the biggest criticisms.
This week, Bank of America Merrill Lynch currency strategist David Woo initiated coverage of Bitcoin, assigning a $1,300 fair value.
"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," wrote Woo in a 14-page note to clients. "As a medium of exchange, Bitcoin has clear potential for growth, in our view."
Here's a Bitcoin price chart from Clark Moody:
http://www.businessinsider.com/bitcoin- ... 76-2013-12
Personally with the post Ima made above yours Ima would have sold 95% of my stock
But Ima dunni have lol
Tjahzi wrote:But if it wants to be a real currency, it's got to have something real backing it up imo.
I think that's what adds to its legitimacy. I read an interview with Greenspan who couldn't see the value of bitcoin. I had to laugh. The man presiding over the biggest fiat ponzi scheme in history wont recognize competition. That's when you know that something's there
Also, that fact may help people wake the fuck up to what fiat currencies are all about
Digital Currencies Everywhere Are Plummeting On China Report
http://www.businessinsider.com/digital- ... rt-2013-12
I am mining Litecoin.
And tries to prove these assertions/claims with scientific facts.
…and now, nothing more,
I want to be alone with my essential sea…
I don’t want to speak for a long time,
Silence! I want to learn,
I want to know if I exist.
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