Lets see if I got this right.
China releases announcement.
Everyone circle jerks over how this is actually good news (
http://imgur.com/3TAAoon)
I come on here and make the first real thread saying why this is bad news and implications.
Here's the thing. Everybody already knew, from the very start, that governments would ban Bitcoin.
It was designed to operate rebelliously, and independent governments. That's the entire point.
This is why everyone here "circle jerked" that this was good news. Because Its Exactly. What. They've. Been. Expecting.
You however, have been shortsighted.
You are the guy who sees only "right now", and doesn't understand the big picture.
You're correct that its very possible the bans may adversely affect Bitcoin for periods of time.
However you completely fail to see the entire purpose of Bitcoin, which kind of blows me away.
Are you really that unaware that it was designed to be fought, tooth and nail, by governments and banks?
You act like you just thought this up last week, and therefore you should be congratulated for your vast wisdom.
Nothing has happened that is unexpected.
And the market has responded by retaining Bitcoins value at a number that was considered *unfathomably high* just four weeks ago ($720).
Of course the Chinese news is bad news from the amateur's perspective.
For those who actually understand Bitcoin, and the steps it will need to take for growth, this is nothing but an indicator that we've moved into the next phase of growth.
I will be the first to admit that if all countries banned Bitcoin commerce at once, Bitcoin very well could be rendered impotent.
However just like the internet, every day that passes, it grows bigger, and bigger.
Every day that passes, more and more companies begin to build infrastructure around it.
More and more money pours in (millions and millions per day).
The longer they wait .... the harder it will be for it to ever be stopped.
The internet could have been stopped at some point too. Very early on.
But could any single (or even group of) countr(ies) bring down the internet today?
There are too many banks, corporations, multi-trillion dollar companies invested in it. Relying on it.
So will be the process with Bitcoin, I believe.
I have significant confidence that governments will not move quickly enough to have any permanently destructive effect on Bitcoin in the long run.
Chinese govt moves fast because Chinese govt does whatever the fuck it wants.
US government is so bogged down in special interest and "protecting freedoms" ... and red tape ... that it will be a long ... long time before anything is done here.
And by then ... it will probably be too late.
Not to mention, they just approved our politicians to receive campaign funds in Bitcoin, so now you have government officials heavily biased in favor of it, from top to bottom.
Growing pains. Expected. Good news.
-Burger-