PBOC really wants to keep the price of BTC suppressed it seems

[HaXX0R1337]

It is not bad at all. The PBOC will try and prevent bubbles from occurring.
But they cannot really keep the price of BTC suppressed for long. This is a minor hiccup and we will resume our upward trend.

As long as the upward trend continues it is good.Suppose there is a bear market and when these sort of news comes what will be the state of the coin.It will nose dive to double digits ,it is quite evident that they are trying to manipulate the price of the coin.

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[pooya87]

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Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone! If Satoshi wanted 2 MB blocks he would have made it 2 MB. If he wanted 1 min confirmation times, he would have made it 1 minute. Double your fees or wait hours, it's that simple. Stealing money from the miners because you are impatient/greedy is not the solution.

Legendary?
just FYI bitcoin block size did not have the current limit of 1 MB, it was set by Satoshi a long time ago to prevent spam attack to increase the size of the block to a big number and because it was cheap to do so and there were no need for bigger blocks since 1 MB was almost empty back then. but today we need some solution for the block size, and it has nothing to do with confirmation time.
it is like having a 2 seat car but having a family of five wanting to drive everyone you obviously can only put only 2 person in the car!

[Kakmakr]

We have seen these regulating authorities using these stall tactics for several reasons. The PBOC picked up that some people might be using Bitcoin for capital flight, so they were send to the Chinese exchanges to monitor and control that. The SEC on the other hand, seem to have their own agenda < protecting the wealthy elite or creating a barrier to entry for Bitcoin investments >

We should actually blame the media for this negative attention and stall tactics that are being used, because most of that originated from bad reporting and/or shill posting that was done to push Bitcoin down. This fake news, put Trump in power and it is stalling Bitcoin's rapid progress. ^hmmmmmmm^

[deisik]

A bullish outlook for the future?

Just like any sort of pressure.. it continues to build.. and takes more and more force to keep it contained.  Two things can happen.

A) The pressure continues to build to the point no amount of physical force can stop the pressure from escaping and the Item under pressure escapes and expands insanely fast.

B) The pressure dies down and the item can easily be contained.

Very curious to how this will play out.  With enough buyers (pressure) no matter what PBOC does they are doomed to fail at keeping the price at $1000.. and eventually it overpowers them and skyrockets.  Wondering if there will be enough.. it is seeming more and more like PBOC is doomed to watch BTC blow up in their face but hey perhaps not

I guess you should first explain why exactly the PBoC tries to contain prices

What does it give them if they are really pursuing this end? As to me, they don't care so much about Bitcoin price as the price of the Yuan (say, in the US dollars). And even not so much about that price itself as control over their currency. What I mean is first of all control over inflation. Basically, they expect that their currency should be used, at least, inside China. But if folks start using Bitcoin (somehow I won't be surprised if ordinary people in China start using Bitcoin for real, as a means of payment), they will massively abandon the Yuan



Like it happened in Zimbabwe where the local dollar got eventually replaced with the American one

[alyssa85]

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone!

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

[Biodom]

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone!

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

no danger, buy/mine both btc and alts, but i doubt that btc will be replaced by an alt and digital fiat is a laughingstock.

[gentlemand]

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone!

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

no danger, buy/mine both btc and alts, but i doubt that btc will be replaced by an alt and digital fiat is a laughingstock.

If you're not using BTC to spend, then the only other thing is parking value/speculating on the future. If enough people do want to spend and start using XMR or LTC then their values will be firmly on the rise too. Most people here are speculators and they'll stay in the coin that gives them the rise they're looking for.

If Bitcoin does become a lumbering beast there's enough bright sparks looking to pick up the slack with other projects. Most of them are shit of course but there are a few solid ones.

There aren't enough people with a sentimental attachment to BTC to completely guarantee its ascendance. If something else offers utility and sexy rises then the balance might tip faster than anyone would expect.

It's an unlikely outcome but it becomes ever more possible the more stagnant and fractious Bitcoinland becomes.

[pereira4]

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone!

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

If people start using alts to move money, and if any amount of money starts being really moved with those alts... then guess what: those alts will have the same damn problems as bitcoin has.

Alts are fast BECAUSE NO ONE USES THEM!!!!!

See how it makes no sense? bitcoin is king and will not stop being king, because people know if they go to an alt, it will start having the same problems and you will not have the security of the bitcoin network.

[lionheart78]

Why does Bitcoin need to scale? There are plenty of alt-coins for quick/micro payments. Leave BTC alone!

The big danger is that if people start using alts to move money, they will switch permanently to the alt, and at that point, bitcoin will sink. A bit like how Facebook defeted MySpace even though it was the second-mover.

If people start using alts to move money, and if any amount of money starts being really moved with those alts... then guess what: those alts will have the same damn problems as bitcoin has.

Alts are fast BECAUSE NO ONE USES THEM!!!!!

See how it makes no sense? bitcoin is king and will not stop being king, because people know if they go to an alt, it will start having the same problems and you will not have the security of the bitcoin network.

Some altcoin have more than 1MB blocksize, for sure they will face the same problem with bitcoin but it will  take way longer than BTC.  Though I think that using altcoin to replace bitcoin usage in terms of micro transaction will greatly  affect  bitcoin economy.  So the best solution will be adjusting Bitcoin blocksize or something with the same effect.

[NUFCrichard]

I don't think the PBOC gives a tiny little rat's bottom about the price of BTC.
I think they want to be able to control their monetary supply, which they can do at the moment, but won't be able to do it Bitcoin really takes off.

That sounds like a good reason to hold bitcoin back, the price doesn't really matter to them, but if it starts to actually be used, then we can expect some sort of firewall!