Khaoimon
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December 10, 2013, 01:27:18 AM |
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Miscommunication and media have the potential to be a strange type of insider trading. Want to buy in? Make bitcoin look bad and hype people to sell out. Want to sell high, release an article praising bitcoin and raising awareness. Not to say it is the case in this miscommunication but the potential is there. If bitcoin builds traction I think we will see some high level media driven pump and dumps.
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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tstang
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December 10, 2013, 01:36:29 AM |
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Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
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PenAndPaper
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December 10, 2013, 02:03:39 AM |
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Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
Because what if they don't stay clear of legal responsibilities? The people will not vote for them for another term?  |
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jones31
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December 10, 2013, 02:45:56 AM |
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Miscommunication and media have the potential to be a strange type of insider trading. Want to buy in? Make bitcoin look bad and hype people to sell out. Want to sell high, release an article praising bitcoin and raising awareness. Not to say it is the case in this miscommunication but the potential is there. If bitcoin builds traction I think we will see some high level media driven pump and dumps.
And the problem lies then with the people holding bitcoins. If they are so stupid to dump their bitcoins because they think the price will fail with the "bad" news , then we have a problem with the average Joe that invested his money. And I'm not talking about people who use bitcoins in daily life , cause most of them are sane enough not to believe that "bitcoin is dead" , Abandon ship!!!!! |
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unity100
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December 10, 2013, 02:48:01 AM |
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China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
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PenAndPaper
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December 10, 2013, 03:52:37 AM |
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China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
Isn't through banks the best way to control capital flaw? I don't get what you're saying. |
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QuestionAuthority
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You lead and I'll watch you walk away.
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December 10, 2013, 04:17:01 AM |
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China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
Isn't through banks the best way to control capital flaw? I don't get what you're saying. If you can't buy them with their money then you can't send that money out of the country. |
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usscfounder (OP)
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December 10, 2013, 09:09:14 PM |
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Bitcoin is not banned in China. The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:
So Baidu and China Telecom removed bitcoins as a payment option because they read the forbes article? I mean if anything else they don't need help to read their own language From what I understand they did so temporarily until they receive legal clarification and understanding of the gov announcment. This is what they said anyway. It is not supposed to be permanent. |
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qualia8
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December 10, 2013, 09:55:54 PM |
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It is not too late.
Send Dennis Rodman.
Wrong totalitarian East Asian country, but still not a terrible idea. Also, bad news out of S. Korea today. Maybe the foundation should have lobbied there as well? |
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tstang
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January 18, 2014, 10:06:53 PM |
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It may not be 100% to blame Bitcoin Foundation.
It would help to have them China Gov brief on the matters.
but please remember that China is a communist gov.
currently, it is very easy to bring money INTO China but very HARD to bring money out of China.
Most of the China People are using Bitcoin to bring out large amount of money which is causing the concern at the moment.
Unless the can control that, it's very hard to see the future of Bitcoin there in large commercial scale.
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