\[news\] Chinese recognise Bitcoin
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Oh dear this is not good.
Does this mean the chinese government is trying to make it illegal to take payment in bitcoin or to show goods or services with a price shown in bitcoin?
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I’m glad (maybe the wrong word) of the hours I keep for times like this (its 5:15 am in New York). What will be even better is seeing the legacy media response to BTC’s price drop - $300 in the past hour. I’m not particularly worried, and I’m sure most here aren’t either, but the implications for the Chinese consumer should definitely be kept in mind.
Anybody in China want to weigh in?
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In China,Bitcoin price is 937$ now. We’ll have it cleared up soon.
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Very interesting lizhi… can you post the source of the article?
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I thought it was just the central bank that declared it could not be traded by banks, I don’t think citizens are being stopped from using it. Perhaps a US diplomat put pressure on someone to make a statement because they saw a risk with money laundering. I think this news is being misrepresented at the moment.
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[quote name=“sas” post=“40047” timestamp=“1386245984”]
Very interesting lizhi… can you post the source of the article?
[/quote]It comes from Chinese state television
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This news may be bad for the longterm growth of coins, but who knows - Is it really any different than me walking into HSBC and expecting them to handle transactions in Euros? It actually surprises me that China hasn’t gone a step further to ban its citizens and businesses from using it all together, which seems like the type of move a tightly controlled government would make.
Either way, this is probably [b]very good[/b] news for most short term speculators.
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Chinese government to allow Chinese citizens to participate. However, official institutions, banks, securities companies, insurance companies, fund companies do not participate.Banking services are not provided.
We play us, they play their :P ;)
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hello ,
there was also a warning from the French Central Bank
please find the link under[url=http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/publications/Focus-10-stabilite-financiere.pdf]http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/publications/Focus-10-stabilite-financiere.pdf[/url]
and related article in French …
[url=http://bourse.lefigaro.fr/devises-matieres-premieres/actu-conseils/les-mises-en-garde-des-banques-centrales-freinent-l-envolee-du-bitcoin-666535]http://bourse.lefigaro.fr/devises-matieres-premieres/actu-conseils/les-mises-en-garde-des-banques-centrales-freinent-l-envolee-du-bitcoin-666535[/url]
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Another words, we keep our banking system, you do whatever you want with Bitcoin.
(=There is no way how we can regulate it)Good news, very good news.
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Looks like the Chinese Bitcoin news hasn’t affected the market much. Gox back at 1090 right now.
Quite interesting.
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[quote name=“mnstrcck” post=“40195” timestamp=“1386269307”]
Looks like the Chinese Bitcoin news hasn’t affected the market much. Gox back at 1090 right now.Quite interesting.
[/quote]We have seen this pattern of rapid recovery ever since Silk Road. I think once the market saw how resiliant Bitcoin could be in the face of such bad news every time someone tries a scare tactic in the media the market bounces right back.
When the volatility hits strong hands enter. I think all that time
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People have such short memories…
China crash == silk road crash.
Just give it a few hours, it’ll recover 80% of what it lost.
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I didn’t have enough data to compare to Silk Road crash.
What’s the best charts tool to use for historical Bitcoin prices?
One thing I’ve sort of noticed is what I call the “bouncy ball” effect. If you throw a bouncy ball from a height it will bounce back very high and stay in the air for longer before it comes down again. With each progressive bounce the height and length between bounces shortens. Except with BTC the floor moves up each time.
Height = Low to High % Increase
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[url=http://bitcoincharts.com/]http://bitcoincharts.com/[/url] works great for me.
Favorite chart: 4 year MtGox, check “Log scale” and “percent scale”.
See that straight line? Linear growth on a logarithmic scale. I tell you it’s a thing of beauty.
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[quote name=“Tuck Fheman” post=“40218” timestamp=“1386271488”]
[img]https://24.media.tumblr.com/cdcd47e7b44ee52e4a7e532c378cca6f/tumblr_mxclttEeA21rtef2wo1_500.gif[/img]
[/quote]fantastic!!
;D
;D
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Wait a minute, wait a minute, WAIT A MINUTE!!!
The Chinese goverment stopped large BANKS from using their massive buying power to snatch up the currency out of the hands of the people and prevent a major disaster, namely the hoarding of Bitcoins at a time when it’s still not distributed enough yet, and this is somehow bad news?
What am I missing?
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If the government is putting obstacles, it is because they feel the power of virtual currencies.
I think even “Alibaba” is now accepting Bitcoins, and that’s saying something Alibaba is international market.!! :o -
[quote name=“Kevlar” post=“40221” timestamp=“1386272154”]
Wait a minute, wait a minute, WAIT A MINUTE!!!What am I missing?
[/quote]That Godzilla is Japanese and not Chinese?
[quote author=Kevlar link=topic=5441.msg40221#msg40221 date=1386272154]
The Chinese goverment stopped large BANKS from using their massive buying power to snatch up the currency out of the hands of the people and prevent a major disaster,
[/quote]BTW, you must have found a better translation than I did. I had no idea that’s what it meant.
