Bitcoin Forum

Is is generally accepted that this is one of the reasons BTC is dropping in value to USD yesterday and today?  IF so, why?  because there is no longer a large demand for it?

If so, what happens if the US bans it?  Could we expect it to drop more?

Despite the doom and gloom headlines, China did not ban Bitcoin. It simply categorized it as a "commodity" not currency (similar to precious metals). Individuals are still free to hold and trade Bitcoin.

Of course, negative state intervention will temporary drive the price down.

Exactly. Plus, the US is highly unlikely to ban bitcoin at this time.

Can we ban OP?

/yawn.  Day late.  Misinterprets what actually happened.  Spreads FUD. 

Actually OP is 100% right. This is the reason why the price drops.
Because people think that china banned bitcoin. That is not the case of course.

Everyone can make all the laws they want, maintaining them is another thing altogether. Bitcoin is unbannable. Fighting back only makes it stronger ;)

What doesn't kill me makes me stronger!

nuff said

I don't even understand how anyone could be so dense as to "think" that that is what China did.  It has to be an intentional attempt to spread misinformation.  Are there really people out there with such poor reading comprehension and low intelligence as to not really know what happened?  

Yes.  Many.  Unfortunately.

I'm baning bitcoin in my house, that's why my mining rig is in my garage  ;D ;D ;D

Seriously though, banning something that using the internet is next to impossible. Proxy servers are available everywhere to bypass laws and restrictions. Just because Google had to restrict things in China doesn't mean someone won't use a proxy to still search for it.

With satellite internet available, you can shut down the hubs in your city but all it takes is one person with satellite.

Yes I just went on a rant about this.

I banned the OP yesterday.

If USA bands btc there will be a short drop then a rise through the roof that will make the past look like cookie cuttings

So what you're saying is it's totally ok that China can't use BTC as a currency because it's only a commodity anyway?  I actually agree, that's just not what everyone was saying as Baidu and others were signing on.  Now that they've dumped BTC, it's a different story.   ???

Baidu was never anything else but speculation, their volume was always laughing. But they did bring lot of China's awareness and buys, and they did help Bitcoin to hit mainstream media again.

So, China did it's job, it would be better if this government thing didn't happen but most important country for Bitcoin is USA and news from there are much better.

So, as much as China news are hit, it's mostly a hit in short term, other news are great and we'll be up soon ;)

The US doesn't ban it uses chilling effects. This gives flag wavers room to brag about how free they are.  In a way, this may be what China has done. 

Yes and also there are some people that understand exactly what happened and take advantage or it. In any case so far the price looks pretty stable given all the doomsday headlines.

Oh?! Baidu accepting 1.5 BTC for preorders on a single cell phone drove this market here?  Wow, never thought that 1.5 btc could have such an effect, I had better sell all now while there is still hope!

Ignoring the fact that baidu helped the price explode is as ridiculous as thinking that bitcoins are banned in china.

There is a difference between a catalyst and a reason though.

Why spreading the FUD "China banning BTC" when it is not true.

Of course Baidu stopped accepting BTC and it means some Chinese wants to sell BTC, but China is not banning BTC, only making BTC not so much usable