Bitcoin stable.. will it go up or down?

[Automatic]

Hopefully, in the long hall, it'll go up.

I don't really care about when, however.

[JimboToronto]

well bitcoin in china just had it's value reduced to purely speculation and novelty.  they're not allowed to spend it on goods/services.  so in the medium term id say we're going down when the chinese start selling.

This is extremely depressing, if so.

Ridiculous FUD usually is.

[mistress_magpie]

Is this possibly what's meant?

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

[GigaCoin]

well bitcoin in china just had it's value reduced to purely speculation and novelty.  they're not allowed to spend it on goods/services. 

  Link?

i think he's referring to the china central bank banking and financial institutions ban on bitcoin

[EvilPanda]

Come on stop the china bshit already. You're babbling about and in fact this meaningless.
1. There was no real commercial BTC use in China before this announcement.
2. Their central bank stated that it doesn't recognize BTC as currency (just like 99% of the world).

[JimboToronto]

Come on stop the china bshit already. You're babbling about and in fact this meaningless.
1. There was no real commercial BTC use in China before this announcement.
2. Their central bank stated that it doesn't recognize BTC as currency (just like 99% of the world).

Bingo.

[EvilPanda]

Come on stop the china bshit already. You're babbling about and in fact this meaningless.
1. There was no real commercial BTC use in China before this announcement.
2. Their central bank stated that it doesn't recognize BTC as currency (just like 99% of the world).

No real commercial BTC use in China before? What about buying real estate:
http://www.finextra.com/blogs/fullblog.aspx?blogid=8475

Didn't know about that, thx for posting.
From what they wrote here, real estate company priced appartments in CNY and also allowed BTC payments as part of a promotion. They don't state how many payments were made with BTC, only that they sold everything. It might've been exactly like with chinese telecom that allowed BTC but didn't manage to sell anything (I read somewhere that their address received less than 1,5 BTC).

[zendantom]

They don't state how many payments were made with BTC, only that they sold everything. It might've been exactly like with chinese telecom that allowed BTC but didn't manage to sell anything (I read somewhere that their address received less than 1,5 BTC).

I wonder why people preffer selling coins on exchange for fiat and withdraw instead of spending the coins directly buying the things they gonna buy anyway with the exchange fiat... Laziness or ignorance

[MatTheCat]

I wonder why people preffer selling coins on exchange for fiat and withdraw instead of spending the coins directly buying the things they gonna buy anyway with the exchange fiat... Laziness or ignorance

What planet are you living on?

The only thing I can buy with BTC (without bending over fkn backwards) is drugs.

[mistress_magpie]

@zendantom, because people STILL don't see it as a currency.  The very idea you can use anything except for your state's fiat is not a natural idea to most people!

[yomofo]

1. "but essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57s

2. Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow
that.
http://youtu.be/rBgQFzyg8pk?t=43m37s

3. Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17s

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

reposted that from reddit.

Bobby Lee (CEO of BTC China) was asked THREE times whether bitcoin could be used to purchase goods/services.  the answer is NO.  merchants can not even price their goods in btc.

several followed up asking if using a bitpay-like processor would be a possible loophole.  the answer according to a user that directly asked Bobby Lee was also NO.

I was at the Inside Bitcoin conference in Vegas and asked Bobby Lee this question after the session. He said that a solution like Bitpay wouldn't be allowed in China because it is still using bitcoin as a currency.

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/ce14xro


look when bitcoin got big, the department heads in china made an official statement banning bitcoin from banking/financial institutions.  that's already a negative.
the next day baidu/china telecom shutdown all btc payment options.  (baidu started this bubble)
the CEO of BTC China (largest btc exchange in the world) has explicitly stated btc can not be used to purchase goods/services.  Bobby Lee has absolutely nothing to gain by spreading FUD.


so what incentive does the average chinese citizen have to buy or use bitcoin?  
they can not spend it on goods/services.
they can not put it in their investment portfolio.



they CAN buy/sell btc on the exchanges.  however, now the utility of bitcoin in china has been reduced to a Tulip.  they only buy in order to sell to someone who's willing to pay more.  how much longer is that going to happen?  at  some point, the price is going to be so high that nobody's willing to pay for the novelty of owning a bitcoin.  then what's going to happen to the price?

[Harley997]

1. "but essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57s

2. Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow
that.
http://youtu.be/rBgQFzyg8pk?t=43m37s

3. Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17s

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

reposted that from reddit.

Bobby Lee (CEO of BTC China) was asked THREE times whether bitcoin could be used to purchase goods/services.  the answer is NO.  merchants can not even price their goods in btc.

several followed up asking if using a bitpay-like processor would be a possible loophole.  the answer according to a user that directly asked Bobby Lee was also NO.

I was at the Inside Bitcoin conference in Vegas and asked Bobby Lee this question after the session. He said that a solution like Bitpay wouldn't be allowed in China because it is still using bitcoin as a currency.

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/ce14xro


look when bitcoin got big, the department heads in china made an official statement banning bitcoin from banking/financial institutions.  that's already a negative.
the next day baidu/china telecom shutdown all btc payment options.  (baidu started this bubble)
the CEO of BTC China (largest btc exchange in the world) has explicitly stated btc can not be used to purchase goods/services.  Bobby Lee has absolutely nothing to gain by spreading FUD.


so what incentive does the average chinese citizen have to buy or use bitcoin?  
they can not spend it on goods/services.
they can not put it in their investment portfolio.



they CAN buy/sell btc on the exchanges.  however, now the utility of bitcoin in china has been reduced to a Tulip.  they only buy in order to sell to someone who's willing to pay more.  how much longer is that going to happen?  at  some point, the price is going to be so high that nobody's willing to pay for the novelty of owning a bitcoin.  then what's going to happen to the price?

is that not already factored into the price at Chinese exchanges?

[windjc]

1. "but essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57s

2. Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow
that.
http://youtu.be/rBgQFzyg8pk?t=43m37s

3. Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17s

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

reposted that from reddit.

Bobby Lee (CEO of BTC China) was asked THREE times whether bitcoin could be used to purchase goods/services.  the answer is NO.  merchants can not even price their goods in btc.

several followed up asking if using a bitpay-like processor would be a possible loophole.  the answer according to a user that directly asked Bobby Lee was also NO.

I was at the Inside Bitcoin conference in Vegas and asked Bobby Lee this question after the session. He said that a solution like Bitpay wouldn't be allowed in China because it is still using bitcoin as a currency.

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/ce14xro


look when bitcoin got big, the department heads in china made an official statement banning bitcoin from banking/financial institutions.  that's already a negative.
the next day baidu/china telecom shutdown all btc payment options.  (baidu started this bubble)
the CEO of BTC China (largest btc exchange in the world) has explicitly stated btc can not be used to purchase goods/services.  Bobby Lee has absolutely nothing to gain by spreading FUD.


so what incentive does the average chinese citizen have to buy or use bitcoin?  
they can not spend it on goods/services.
they can not put it in their investment portfolio.



they CAN buy/sell btc on the exchanges.  however, now the utility of bitcoin in china has been reduced to a Tulip.  they only buy in order to sell to someone who's willing to pay more.  how much longer is that going to happen?  at  some point, the price is going to be so high that nobody's willing to pay for the novelty of owning a bitcoin.  then what's going to happen to the price?

Who cares??!! Really. Like. Who. Cares.

Chinese are looking at BTC as a commodity - an investment vehicle. Bitcoin can be used as currency in the United States. We are the leader of the free world and the supplier of the worlds leading fiat. So, if bitcoin is used in most places in the world, its value will rise and Chinese investors will make money.

How many Chinese are buying things with gold and silver? Yeah, right. None. They still invest in it.

To expect that every country would allow bitcoin right away, ESPECIALLY communist China, is nuts.

But guess what? Even communist China allows Chinese to invest in digital currency DRIVING UP THE PRICE of digital currency. That. Is. Amazing. Reality.

[Syke]

The only thing I can buy with BTC (without bending over fkn backwards) is drugs.

Buy some gift cards.

www.gyft.com