Confirmed Bad News Sources Thread - No FUD, Just Facts!!!1

[proudhon]

Please use this thread to only post confirmed news from confirmed sources to help everyone understand what is obvious - bitcoin is in a downtrend to oblivion.  

My latest find comes, of course, from official sources in China and details how the Chinese government is planning a massive 99% attack on the blockchain.  I'll put the main points below, but anyone can check the facts from the source:

1.  Chinese offials delcare bitcoin a global financial virus
2.  Officials from other nations are in agreement with china China, including the US
3.  The Chinese government has millions of petahashes ready to deploy on the blockchain to destroy the protocol
4.  In addition to attacking the blockchian, China will sell all their mined bitcoins on MtGox

It's obvious bitcoin has gone as far as it can go, but any other thoughts about this devastating news?

[1713486568]

1713486568

[1713486568]

1713486568

[CIYAM]

Really?

Do you actually *know* Chinese?

I thought you'd stopped trying to "short" Bitcoins way back - the recent news in China has brought back out your "uber inner Bear"?

[freet0pian]

Maybe a serious thread on this subject would be in order?

And CIYAM Open you forgot your /sarc detector somewhere?

[farfiman]

Is this satire?

[Kungfucheez]

Please use this thread to only post confirmed news from confirmed sources to help everyone understand what is obvious - bitcoin is in a downtrend to oblivion.  

My latest find comes, of course, from official sources in China and details how the Chinese government is planning a massive 99% attack on the blockchain.  I'll put the main points below, but anyone can check the facts from the source:

1.  Chinese offials delcare bitcoin a global financial virus
2.  Officials from other nations are in agreement with china China, including the US
3.  The Chinese government has millions of petahashes ready to deploy on the blockchain to destroy the protocol
4.  In addition to attacking the blockchian, China will sell all their mined bitcoins on MtGox

It's obvious bitcoin has gone as far as it can go, but any other thoughts about this devastating news?

I think China is intending to send assassins across the world to steal peoples hard drives and get everyone addicted to Ping Pong again

[F-bernanke]

4.  In addition to attacking the blockchian, China will sell all their mined bitcoins on MtGox

HHAHAHA, good luck with that

[freet0pian]

What's up with all these people thinking Proudhon is serious? You might want to try use that excessive growth between your shoulders...

[CIYAM]

And CIYAM Open you forgot your /sarc detector somewhere?

You missed the "uber inner Bear" comment.  

(should have used a smiley - my bad)

[T.Stuart]

A day in the life of a Bitcoin short trader...  

[freet0pian]

And CIYAM Open you forgot your /sarc detector somewhere?

You missed the "uber inner Bear" comment.  

Yeah, wasn't 100% sure about your comment, good one

[YoYa]

Please use this thread to only post confirmed news from confirmed sources to help everyone understand what is obvious - bitcoin is in a downtrend to oblivion.  

My latest find comes, of course, from official sources in China and details how the Chinese government is planning a massive 99% attack on the blockchain.  I'll put the main points below, but anyone can check the facts from the source:

1.  Chinese offials delcare bitcoin a global financial virus
2.  Officials from other nations are in agreement with china China, including the US
3.  The Chinese government has millions of petahashes ready to deploy on the blockchain to destroy the protocol
4.  In addition to attacking the blockchian, China will sell all their mined bitcoins on MtGox

It's obvious bitcoin has gone as far as it can go, but any other thoughts about this devastating news?

Yup, I've heard from some well placed friends in HK that there are mentions of PLA Unit 61398 already working on ways to cripple bitcoin. They'll likely attack the network aspect of BTC instead of attempting double spend. A vast chunk of btc's value would vaporise on the basis of it being vulnerable to delay even though it wasn't breached. The attack will begin any day now, I feel sorry for anyone who hasn't sold yet.

[proudhon]

Here's some terrible English language bad news.  Summary below:

1.  Overstock.com started accepting bitcoin
2.  They did $100,000+ sales in 24hours

The bad news is that despite this, the bitstamp price is below $1000.  This just demonstrates that bitcoin has reached its saturation point.  Even without governments planning large scale attacks on bitcoin, it would likely die this year anyway.

[proudhon]

Why would China invest in destroying Bitcoin, when they can (or have) banned it?

Millions of petahashes? LOL have you put that into perspective ?!?!

For one million petahashes you need 40000000000 25 GH/s BFL Miners.
For one million petahashes you need 4347000000 230 GH/s Rack Mount Bitcoin Miners from BFL which don't exist yet.
For one million petahashes you need 1667000000 600 GH/s Mining cards from BFL which don't exist yet.

Or in the range of 999810000000 videocards

LOL stop with the FUD!


@anyone: Correct me if my calculations are off.

Calculations don't matter when we can check the facts from the confirmed sources.  Just read the link I provided.  It's all there in plain Chinese.

[Wilhelm]

Since US companies and wallstreet are investing in Bitcoin would a chinese attack on bitcoin protocol be an act of war against the US?

[Wilhelm]

Why would China invest in destroying Bitcoin, when they can (or have) banned it?

Millions of petahashes? LOL have you put that into perspective ?!?!

For one million petahashes you need 40000000000 25 GH/s BFL Miners.
For one million petahashes you need 4347000000 230 GH/s Rack Mount Bitcoin Miners from BFL which don't exist yet.
For one million petahashes you need 1667000000 600 GH/s Mining cards from BFL which don't exist yet.

Or in the range of 999810000000 videocards

LOL stop with the FUD!


@anyone: Correct me if my calculations are off.

Calculations don't matter when we can check the facts from the confirmed sources.  Just read the link I provided.  It's all there in plain Chinese.

I took back my post since someone said they we're attacking the network and not gaining >51% of the mining rate network.
Anyway millions of petahashes is rediculous.

[NamelessOne]

Proudhon knows what he is talking about. Heed his warnings and be saved.

[proudhon]

In case anyone questions my authority on these matters, you can check out an endorsement here.

[Wilhelm]

When I click the link from the OP I get this.... Bitcoin isn't even mentioned....


Notice of the General Office of the People's Bank of China 2014 payment and settlement system operation and maintenance arrangements
    
Source: communication   2014-01-06 17:23:08

China PBOC Shanghai headquarters, branches, business management department, the provincial capital (capital) city center Branch, Shenzhen Central Sub-branch; national development banks, policy banks, state-owned commercial banks, joint-stock commercial banks, China Postal Savings Bank; China Foreign Exchange Trading Center, Central Depository Clearing Company Limited, China UnionPay Co., Ltd., the inter-bank market Clearing Corporation, clearing center city commercial bank funds:

Now in 2014 the People's Bank payment and settlement system operation and maintenance notice of the matter as follows:

First, for the good operation of payment and settlement systems and institutions involved in the maintenance of front-end, with good promotion of second-generation payment system and central bank data centralized accounting system, payment and settlement system in 2014 will total 13 maintenance window opens , respectively, on January 18, February 15, February 22, March 22, April 26, May 24, June 28, July 26, August 23, September 20, October 25, November 22, beginning at 00:00 on December 13, 08:00 before the end. During the maintenance window opens, micro-payment systems, online payment interbank clearing system and the national check image exchange system to stop receiving business.

Second, during the 2014 Spring Festival arrange payment and settlement system outage 1, specific time: at 16:00 on January 30 to at 18:30 on February 2, suspended running micro-payment systems, online payment interbank check clearing system and the national image exchange system; at 20:00 on January 30 at 20:00 on February 2 to suspend the operation of the electronic commercial draft system.

Third, please arrange banking financial institutions whereby each system operation and maintenance plan in advance to inform customers and make relevant explanation.

Please People's Bank branches will be forwarded to the notice within the jurisdiction of the payment and settlement system of each participant and to urge them to make proper arrangements for payment and settlement systems and related maintenance windows open during business processing outage.

Payment and settlement system maintenance outage windows open and the implementation of case problems, please contact with the total liquidation of the People's Bank Center, Tel :400 -920-0988.

[T.Stuart]

[farfiman]

Here's some terrible English language bad news.  Summary below:

1.  Overstock.com started accepting bitcoin
2.  They did $100,000+ sales in 24hours

The bad news is that despite this, the bitstamp price is below $1000.  This just demonstrates that bitcoin has reached its saturation point.  Even without governments planning large scale attacks on bitcoin, it would likely die this year anyway.

Actually Peter Schiff said exactly that!  That overstock accepting bitcoin as payment is bad news for the price because HODLERS  ( he didnt use that word) will spend their coins and will flood the market...