Skip to comments.Bitcoin Tumbles After PBOC Rumors Confirmed
Posted on 12/16/2013 7:20:59 PM PST by Errant
UPDATE: The earlier rumors have been confirmed: Peoples Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price.
(Excerpt) Read more at zerohedge.com ...
Looks like Bitcoin has finally gotten the attention of the central banks.
Trading 670.1 USD at the moment. I believe it was $20.00 lower an hour or so ago. Was at 850 earlier today. (I believe...)
Then it still hasn’t fallen as far as the other day, when it dropped to $640 on Mt. Gox, also on China news. Back up to $710 now. We’ll know more about where it’s going to settle after Europe wakes up. I guess the Chinese aren’t as free as we or they thought they were. They seem to be jumping out of Bitcoin into PMs now.
nobody ever accused the Chinese bankers of stupidity
Well, more than a few have been shot from time to time.
Life goes on...
I’ll admit to thinking about buying a coin and holding on to it.
Yeah, and maybe it’s just me because I don’t pretend to understand the Bitcoin, but it sure seems like a really great amusement park ride — until you discover there’s no one operating the controls. I can’t see how this will end well, but I may be wrong.
Lot of people are trading these crypto currencies like they were at the casino. I've traded stocks and commodities in the past and have learn there are easier and less stressful ways of making money.
I've found holding long term is the best way to invest in almost everything with few exceptions. One exception might be a changing climate for a particular investment. For example, there are rumors of 401K confiscation in the news.
That feller that supposedly threw the hard drive away that had millions of dollars of bitcoins on it. What happens to the bitcoins? Do they just disappear or can they be re-mined?
If he can’t find the drive or doesn’t have the numbers stored somewhere else, I’m afraid they are gone forever.
bit coin is backed by what?
So out of the fixed number of coins there will be an attrition over time adding to their scarcity.
“bit coin is backed by what?”
I think it’s backed by the same stuff that U.S. greenbacks are backed by. Still, I like money that can be held in your hand if you so choose, an attribute that almost all money has except for bitcoins.
In the spring, the mining "difficulty level" was 10 million. It is going reach a mining difficulty level of 1 billion in the next few days. Many ASIC machines are coming online and that is creating some serious competition for the remaining Bitcoins. On the plus side, all of this trading has increase the payoff for miners as they also process transactions.
I searched for “401K confiscation”. I did find this:
The suggestions at that time were, it seemed a way to sell gold.
Chinese banks never took Bitcoin.
In other news Derrick Jeter won’t be the Quarterback for the Dallas Cowboys next Sunday. Yawn~
Wall Street is going to jump into Bitcoin in a big way, They are a little slow on the uptake. By mid February 2014 the price will be $5000.00 for a Bitcoin.The more attacks by central governments the more viable Bitcoin becomes. Better get some as a hedge!
My advice: If you can retire early, retire early... ;)
Okay I have one more stupid question. A bitcoin is roughly worth $700. If I’m selling widgets for $70 and I accept bitcoins are you and I co-owners of the coin or do I have to give you $630 cash when you purchase my widget?
This pieces says they are now prohibiting some third-party payment service providers from providing clearing services to online Bitcoin exchanges.
Bitcoins are divisible by up to 8 digits. So the selling price for you widget would be 0.1 Bitcoin.
Btw, that was a very good question. You would be surprised how many people don't know this.
Will be looking forward to that! ;)
It wouldn't surprise me. First though, it will have trouble getting beyond what ever the price of gold is at the time and then the next hurdle will be 2k before 5k. I expect major setback at each level. Remember it touched gold prior to the last fall back. I was totally expecting that and was planning to take advantage, but it hit gold's price much faster than I was prepared for.