China bans Bitcoin, the price go down

[crocko]

Hello  !

I think I found an explanation for the fall of the Bitcoin price:

The Chinese central bank took a hard line two weeks ago, banning the country’s financial institutions from handling Bitcoin transactions.
On Monday, China's central bank ordered third-party payment platforms to stop giving clearing services to bitcoin, litecoin and other crypto-currencies before the end of January.
Although the People’s Bank of China said individuals were still free to trade it at their own risk, the ban on third-party payment service providers from doing Bitcoin business effectively makes new purchases of the virtual currency impossible.
With its booming market for commerce, China had been seen by Bitcoin enthusiasts as fertile ground for the virtual currency. However, regulators were concerned that people could use Bitcoins to skirt the country’s capital controls. They also grew alarmed at the rampant speculative demand for Bitcoins, warning it had the makings of a bubble.
As result, the bitcoin prices  has lost almost 50% of its value overnight after  Shanghai-based exchange BTC China said it could no longer accept deposits in the Chinese currency (CNY) , sparking a major global sell-off.

What do you think ? When this will end ?

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[DrG]

10 seconds in BTCe Trollbox will give you all the news (and FUD) you will ever need.  Longterm no effect.  Short term volume retraction.

[crocko]

10 seconds in BTCe Trollbox will give you all the news (and FUD) you will ever need.  Longterm no effect.  Short term volume retraction.

Thank you for the reply, but I don't like the Trollbox. Not all the information from there can be trusted.

[Easy2Mine]

Do you understand that even small miners who start to mine in 2011 have a couple k bitcoins and that miners who start to mine now will also have a few hundreds bitcoins in a few years time.
If you do not know how bitcoin works and how btc/dollar is related in the future, you have to ask your money back from your primary school.

[nastybit]

Do you understand that even small miners who start to mine in 2011 have a couple k bitcoins and that miners who start to mine now will also have a few hundreds bitcoins in a few years time.
If you do not know how bitcoin works and how btc/dollar is related in the future, you have to ask your money back from your primary school.

It seems like Easy2Mine doesn't like you much crocko LOL

Anyway, the sell off has already finished, it didn't last much eh?
We are back at $700 on MtGox, say xièxiè for the cheap coins

[crocko]

Do you understand that even small miners who start to mine in 2011 have a couple k bitcoins and that miners who start to mine now will also have a few hundreds bitcoins in a few years time.
If you do not know how bitcoin works and how btc/dollar is related in the future, you have to ask your money back from your primary school.

you are so out of topic !