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 Post subject: Re: Bitcoin
PostPosted: Mon Sep 04, 2017 7:08 pm 
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ixus wrote:
China not only bans new local ICOs but orders liquidation of existing ones. Order issued Sept 2. ETH -10% since then

https://www.bloomberg.com/amp/news/arti ... re-illegal


In fairness some commentators say that it was probably more to do with traders looking to sell just before the 5K point. Bitcoin is not a ICO based coin like so many others afaik.

Plus when Bitcoin goes down all the other coins seem to follow suit and vice versa therefore, is typical market behaviour.

Well that's my 2 bits worth. XD

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 Post subject: Re: Bitcoin
PostPosted: Wed Sep 06, 2017 10:37 pm 
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:D John McAfee, bitcoin for 500K in 3 years - http://www.zerohedge.com/news/2017-07-1 ... ses-eat-hi

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 Post subject: Re: Bitcoin
PostPosted: Sun Sep 10, 2017 1:33 am 
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Bitcoin and some other crypto currencies took a hammering yesterday on reports than China plans to ban crypto currency exchanges. Quite possible it's fake news though.
Quote:


Quote:
Regulators in China are said to be considering a move to close all domestic bitcoin and cryptocurrency exchanges.

According to a report from business media Caixin, sources close to China's internet financial risk rectification work group, have said the decision has not only been reached, but delivered and deployed to local authorities.

The work group was first launched by China's State Department in 2016 to tackle market risks in the country's financial technology industry such as p2p lending. Located in the People’s Bank of China, it also consists of representatives from China’s banking and securities commissions.

As of now, no official announcements from regulators have been seen. However, there are reasons to believe the report may be authentic.

For example, on September 2, Caixin revealed that the same central work group had delivered internal documents to local authorities regarding the ban on token fundraising activity including the ICO, two days before the official announcement.

In a latest Tweet, People's Daily, the official newspaper of the Chinese Communist Party, said that "Chinese supervisory authority has decided to close local virtual currency exchanges." However, the news outlet did not link to any more information for elaboration.

Such a move, if true, may further tighten the regulation in China regarding cryptocurrency activities, as by aiming at major exchanges, it may put restrictions on how bitcoin and ether can be traded for traditional currency in the country.

"That is to say, there will not be any so-called platforms in China that offer exchange service among tokens, cryptocurrencies and fiat currencies," the source said.

However, at press time, local exchange operators are said to be pushing back on the claims.

When reached, Huobi said it was operating normally, and that it has not received any notification from authorities on the matter. Other exchanges including OKCoin, BTCC and Binance did not respond to inquiries.

"BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators," the exchange said on reddit.

According to the data from CoinMarketCap, major China-based cryptocurrency exchanges are among the world’s top 20 by trading volume.


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 Post subject: Re: Bitcoin
PostPosted: Sun Sep 10, 2017 10:49 pm 
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HouseBuyer wrote:
ixus wrote:
An interesting look at it :

MY GREAT BITCOIN BUNGLE
http://themacrotourist.com/macro/my-gre ... oin-bungle

I think he's being too kind to bitcoin.

Unlike all the 20 something year old gamblers who are piling into bitcoin these days, when I first bought some three years ago, I actually tried to use it as intended (maintaining my own wallet and using it for transactions). As a payments system it's a complete joke. As your article points out, transaction speeds are impossibly slow. The system is already at maximum capacity and crawls based on 10's of millions of occasional users. If we ever get to 100's of millions of people using it day to day, then the entire thing falls apart completely. The next issue is the cost of transactions, the transaction fees for small payments mean you could never use bitcoin to buy a sandwich and drink for your lunch. Also, there is the issue of fraud. If I buy something with my MasterCard and am defrauded, chargebacks mean I can get my money back. With bitcoin, if you're scammed, the bitcoin is gone. These significant issues are before I even touch on the fact that as a currency, it's totally unregulated and unrecognised by any government.

My impression is that bitcoin and all the other alt coins is that it's all just the Dot-Com crash, but for millennials this time. It will end badly for those holding the bag.


Its not a payments system anymore, its a holder of value. There are multiple "alts" that do payments in seconds like Ripple or XRP, BTC is a gold standard, with little inherent value..other than a holder of value..a bit like gold.

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 Post subject: Re: Bitcoin
PostPosted: Mon Sep 11, 2017 3:51 am 
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Some holder of value the way it gyrates around.

A speculative digital commodity I guess.


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 Post subject: Re: Bitcoin
PostPosted: Mon Sep 11, 2017 9:07 pm 
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taipeir wrote:
Some holder of value the way it gyrates around.

A speculative digital commodity I guess.


It's been pretty good thus far, since the long term trend has been more or less gyrating around a steady upwards slope.


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 Post subject: Re: Bitcoin
PostPosted: Tue Sep 12, 2017 3:51 am 
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Well yes it has been pretty spectacular.
I think btc will hold its own, it's days of exponential value growth are done.

As a `store of value` it gyrates too much for something like a pension fund to put in significant investment.

Most of the other coins will result in near total loss for investors .

Similar to dot-com there will be a few mega stars that dominate in the end.


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 Post subject: Re: Bitcoin
PostPosted: Thu Sep 14, 2017 12:10 pm 
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China all over this, and a few rumours on twitter of a Chinese Crypto as I suggested.


Zerohedge: Bitcoin Crashes 35% In Chinese Trading: Second Largest Exchange To Halt All Trading

Comment robbed from Polemic's Pains blog: https://polemics-pains.blogspot.ie/

"Hugely good idea for state to launch their own.
benefits of blockchain, pegged to local curr so no FX vol, issuance counted in money supply data.
And state can see who is doing what - losses anonymity which is exactly what governments are anti - re crie and money laundering

US should get on and issue theirs first because first major curr to do so will have a reserve currency advantage.

time to find the next money laundering tool. "


ixus wrote:
The perfect vehicle to encourage us to move to a cashless society. Government and central banks are to watch this play out and learn. When it suits them, regulation, taxation and banning will come.

US govt will introduce their own crypto as will others. They will only recognise these versions. And that's how we reset.

Spent a bit of time in the past looking at the ledger technology but no interest in the gold rush.



An interesting look at it :

MY GREAT BITCOIN BUNGLE
http://themacrotourist.com/macro/my-gre ... oin-bungle

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 Post subject: Re: Bitcoin
PostPosted: Thu Sep 14, 2017 12:14 pm 
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ixus wrote:
"Hugely good idea for state to launch their own.


State owned blockchain = wildly inefficient database.

Misses the point of the endeavour entirely.


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 Post subject: Re: Bitcoin
PostPosted: Thu Sep 14, 2017 12:18 pm 
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tinneym wrote:
ixus wrote:
"Hugely good idea for state to launch their own.


State owned blockchain = wildly inefficient database.

Misses the point of the endeavour entirely.


No, it doesn't. It takes the endeavour, crushes it and moulds it to the desires of government.

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 Post subject: Re: Bitcoin
PostPosted: Fri Sep 15, 2017 12:48 pm 
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Beijing cryptocurrency exchanges told to announce trading halt: source, - Reuters.
Quote:
SHANGHAI (Reuters) - Chinese authorities have ordered Beijing-based cryptocurrency exchanges to cease trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks.

Exchanges were also told to stop allowing new user registrations as of Friday, according to a government notice signed by the Beijing city group in charge of overseeing internet finance risks that was circulated online and verified by a government source to Reuters.

Platforms should also tell the government by Wednesday Sept. 20 how they will allow users to make withdrawals in a risk-free manner and handle funds to ensure that investors’ interests are protected, according to the notice that was also reported by state newspaper Securities Times.

“All trading exchanges must by midnight of Sept. 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations,” the government notice said.


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 Post subject: Re: Bitcoin
PostPosted: Mon Sep 18, 2017 4:37 am 
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There is a rapid change afoot. Now I'm really interested.

India May Issue Its Own Bitcoin-like Cryptocurrency As Legal Tender

http://www.zerohedge.com/news/2017-09-1 ... gal-tender

https://www.bis.org/publ/qtrpdf/r_qt1709f.htm

Central bank cryptocurrencies
by Morten Linnemann Bech and Rodney Garratt
17 September 2017
New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC - retail and wholesale - and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options.1

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 Post subject: Re: Bitcoin
PostPosted: Tue Sep 19, 2017 7:49 am 
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"The amount of energy currently being used by Bitcoin miners is equal to the energy consumption of Lebanon and Cuba (see http://digiconomist.net/bitcoin-energy-consumption). For a detailed description of proof-of-work, see https://en.bitcoin.it/wiki/Proof_of_work"

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 Post subject: Re: Bitcoin
PostPosted: Tue Sep 19, 2017 5:30 pm 
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Looks like China have decided having rival currencies is not in their best interests.

Quote:
http://www.bbc.com/news/business-41320568
China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities.
All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September.
The move follows the Chinese central bank's decision to ban initial coin offerings in early September.
Top exchange BTCC said it would stop trading at the end of the month.
Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks.

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 Post subject: Re: Bitcoin
PostPosted: Tue Sep 19, 2017 9:39 pm 
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It's hardly too big an effort for traders to move to exchanges in other jurisdictions. Japan has seen a big increase for instance.
If they start shutting down the miners, things will get really interesting.


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