Firstly let me say I appreciate all those who contacted me via PM - most were legitimate ventures that aren't even Bitcoin related and as per my post in my other thread would suggest - I am not interested but good luck to you.
Secondly I've decided to share my good fortune and will be starting a free 100 BTC lottery thread soon. Conditions will be you must have at least 10 posts and an account over 30 days old. I'll be picking the winner on XMAS Day.
Now on to why I created this thread.
On Sunday evening the USA signed a nuclear deal with Iran that will effectively lift economic sanctions. The USA coming to the table and actually working out a deal probably had something to do with the fact that Iran was selling their oil for gold as much as suppressing or eliminating the nuclear threat.
Now this may very well be a long shot but I'm sure most are aware that a large portion of the demand is coming from China and surprisingly the Chinese Gov have been pro BTC. Why have they not stamped out BTC just like they did QQ coins? What incentive do they have to not to?
Sure we could theorize the elite bought up x amount before promoting BTC to their citizens but I think something else was afoot here.
To aid their ally Iran (they want to be to Iran what the USA is to Saudi Arabia) they drove the price up of a currency that Iran could easily use to sell oil and effectively get around the sanctions imposed on them. Sure a $10 billion market cap (
as I desired and requested in my other thread - thanks Bitcoiners) wouldn't allow significant trading at this point but it was the potential that China wanted the USA to be afraid of and notice.
I hope I'm wrong but just as QQ Coin was stamped out overnight, the same fate awaits BTC since their objective has been achieved. Some may agree QQ wasn't P2P and it won't be as easy to stamp out BTC but this is China we're talking about. They could shut down every exchange tomorrow without notice and stop their financial institutions doing business with any BTC centered business.
If you can afford a 50% dip in the price of BTC, then by all means hold. If not then think about selling. Even without China interfering, a 30-50% dip is coming very soon (bubble is definitely going to burst). BTC will recover but sell if you can't afford a short term hit.
Bitcoin as I suggested in my other thread will not survive as a currency but I believe it will remain a solid store of wealth. Consumer transactions will involve altcoins that are built for speed and more suited to compete with Visa, Paypal et al. Most will keep a large portion of their wealth in BTC and hold altcoins for purchases and day to day transactions.
