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Author Topic: China banning BTC, what if USA does  (Read 2292 times)
opticalcarrier (OP)
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December 06, 2013, 06:55:16 PM
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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?
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Shneebly
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December 06, 2013, 07:28:21 PM
 #2

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.
antimattercrusader
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December 06, 2013, 10:13:57 PM
 #3

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.

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Nolo
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December 06, 2013, 10:14:53 PM
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Can we ban OP?

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

Charlie Kelly: I'm pleading the 5th.  The Attorney: I would advise you do that.  Charlie Kelly: I'll take that advice under cooperation, alright? Now, let's say you and I go toe-to-toe on bird law and see who comes out the victor?  The Attorney: You know, I don't think I'm going to do anything close to that and I can clearly see you know nothing about the law.
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pand70
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December 06, 2013, 10:17:51 PM
 #5

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.

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December 06, 2013, 10:18:38 PM
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Everyone can make all the laws they want, maintaining them is another thing altogether. Bitcoin is unbannable. Fighting back only makes it stronger Wink

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December 06, 2013, 10:22:15 PM
 #7

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.


nuff said
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December 06, 2013, 10:22:49 PM
 #8

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.

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?  

Charlie Kelly: I'm pleading the 5th.  The Attorney: I would advise you do that.  Charlie Kelly: I'll take that advice under cooperation, alright? Now, let's say you and I go toe-to-toe on bird law and see who comes out the victor?  The Attorney: You know, I don't think I'm going to do anything close to that and I can clearly see you know nothing about the law.
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NorbyTheGeek
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December 06, 2013, 10:27:26 PM
 #9

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.

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.

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December 06, 2013, 10:33:21 PM
 #10

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

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.
antimattercrusader
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December 06, 2013, 10:35:47 PM
 #11

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.

Yes I just went on a rant about this.

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ablewasiereisawelba
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December 06, 2013, 10:37:05 PM
 #12

I banned the OP yesterday.

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December 06, 2013, 11:02:24 PM
 #13

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
Coinseeker
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December 06, 2013, 11:07:27 PM
 #14

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.

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.   Huh

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December 06, 2013, 11:18:00 PM
 #15

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 Wink

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pertranex
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December 06, 2013, 11:28:42 PM
 #16

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. 
pand70
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December 06, 2013, 11:34:10 PM
 #17

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.

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 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.

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December 06, 2013, 11:40:30 PM
 #18

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.

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.   Huh

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!
pand70
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December 06, 2013, 11:59:51 PM
 #19

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.

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December 07, 2013, 12:06:19 AM
 #20

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.
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