$1000 bitcoin



Coindesk: "While the central bank is telling the nation’s financial institutions not to deal with bitcoin, it said individuals are free to buy, sell and use the cryptocurrency, if they wish, but they must take on the risk themselves."

So this is almost irrelevant. They just don't want banks speculating/gambling with customers' money in something that is clearly a very high-risk investment. That's pretty reasonable. If anything, this will help to stabilize the price and encourage more people to use bitcoin.
 
o hai guyz said:
From the way it's phrased, it just means that the banks themselves can't deal with crypto, for example using it as an investment vehicle. It doesn't say anything about banks being blocked from wiring money to exchanges if customers choose to do that through online banking like they currently do.

If you look at some of the quotes you can also tell that not much research was done prior to this, ex "no intrinsic value" (same as fiat) and "virtual money is not currency" (so I should withdraw all the virtual fiat from my bank account?). Sounds like they just read a couple wikipedia articles, panicked, and slapped down some regulation, so in the future when they realize they were wrong the regulation could easily change to be even more favorable.

I'm planning to hold. If it dips under 700 on Coinbase I'll pick up some more, but doubt that will happen.
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I hope that is true. I just like to think of the worst case scenario sometimes..
 
o hai guyz said:
Coindesk: "While the central bank is telling the nation’s financial institutions not to deal with bitcoin, it said individuals are free to buy, sell and use the cryptocurrency, if they wish, but they must take on the risk themselves."

So this is almost irrelevant. They just don't want banks speculating/gambling with customers' money in something that is clearly a very high-risk investment. That's pretty reasonable. If anything, this will help to stabilize the price and encourage more people to use bitcoin.
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Coinbase has a vested interest in speculating the move is irrelevant. This single move squashes the idea of full integration of bitcoin (at least in china). So even if BTC is widely accepted, it will never be allowed to reach its full potential (at least in china). And that is not speculation or irrelevant.
 
dmnEPC said:
Coinbase has a vested interest in speculating the move is irrelevant. This single move squashes the idea of full integration of bitcoin (at least in china). So even if BTC is widely accepted, it will never be allowed to reach its full potential (at least in china). And that is not speculation or irrelevant.
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That quote should be from coindesk, not coinbase. It's not so much speculation as just clarifying exactly what was said, which is that banks themselves cannot invest customer funds into ultra high-risk vehicles like bitcoin, but that customers are still free to buy/sell bitcoin by linking their bank accounts, trading fiat for it, etc the same as they are already doing.

I think this is perfectly reasonable given that no one can argue against bitcoin's high volatility in relation to other investments that banks usually pick up.
 
definitely two perspectives to have here. the short-term and long-term effects. short-term? purely from a trader/speculator perspective, it's the first time i did a "daytrade thingy". sold some while it was crashing and bought them all back at a lower price. it's already back to over 1k so i made a few extra coins :xmas-smiley-016: so any big news like that you'd wanna consider what to do.

long-term effects? interesting to see what it does in china, if any. fwiw, seeing this about india starting to get involved. population over 1.2 billion ppl. (china has 1.35 bil) india with lot's of IT/techies who're into this sort of stuff:
Bitcoin is gaining currency in India and RBI is watching | Firstpost

bitcoins not gonna go away easily for sure.
 
sennin436 said:
definitely two perspectives to have here. the short-term and long-term effects. short-term? purely from a trader/speculator perspective, it's the first time i did a "daytrade thingy". sold some while it was crashing and bought them all back at a lower price. it's already back to over 1k so i made a few extra coins :xmas-smiley-016: so any big news like that you'd wanna consider what to do.

long-term effects? interesting to see what it does in china, if any. fwiw, seeing this about india starting to get involved. population over 1.2 billion ppl. (china has 1.35 bil) india with lot's of IT/techies who're into this sort of stuff:
Bitcoin is gaining currency in India and RBI is watching | Firstpost

bitcoins not gonna go away easily for sure.
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According to enthusiasts who follow every twist and turn in the fast-evolving Bitcoin story, there is a 50,000-strong Bitcoin community in the country, with at least 30,000 of them owning the virtual currency and having an online digital wallet for storing it.​

30,000 out of 1.2 billion you say? Fuck they're quick!
 
microphone head said:
According to enthusiasts who follow every twist and turn in the fast-evolving Bitcoin story, there is a 50,000-strong Bitcoin community in the country, with at least 30,000 of them owning the virtual currency and having an online digital wallet for storing it.​
30,000 out of 1.2 billion you say? Fuck they're quick!
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like i said - "starting to get involved". not nearly as involved like in china..not yet that is...
 
China's central bank is feeling threatened by bitcoins. This will either end very well or very bad.
 
^That's awesome. What a great kid...

Any of you still don't know your way around a wallet in here? Or just want a few free bitcoin shavings? Check this awesomesauce intro-to-bitcoin site out:


trybtc.com


Now THAT'S how you introduce a concept to people correctly.
 
dmnEPC said:
Coinbase has a vested interest in speculating the move is irrelevant. This single move squashes the idea of full integration of bitcoin (at least in china). So even if BTC is widely accepted, it will never be allowed to reach its full potential (at least in china). And that is not speculation or irrelevant.
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The Chinese authorities purposely block/sideline all kinds of things that are doing very well elsewhere in the world.

Facebook is blocked in China - so they can't see true worldwide adoption, but they're still doing pretty well every else in the world.

China is a highly restrictive country and doesn't operate in the same way as the rest of the world market - they can't even hold foreign stocks/shares above $50,000 easily.

Even if Bitcoin was limited to North America and Europe and blocked elsewhere for the next 10 years it doesnt mean it cant succeed.

The internet itself was effectively limited to North America and Europe for the first couple of decades.
 
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