Bitcoin is now nearly off $700, from its all-time of $1,220, at $529. Bitcoin was dropping before overnight news that China has banned Bitcoin exchanges from taking new cash. So much for governments not being able to use its heavy fist against Bitcoin.
It should be noted that if the USG deems Bitcoin a threat, it can implement legislation here in the US that will accomplish the same thing as China, the only difference being that it wouldl be done in a less heavy handed manner, though it would accomplish the same thing.
I repeat, Bitcoin is a very dangerous speculation that has no edge that can not be defeated by strong arm government tactics.
China has blocked the country's Bitcoin exchanges from accepting new inflows of cash, a move that imperils the much-hyped virtual currency in its biggest market, writes the FT's Simon Rabinovitch in Shanghai.
The head of BTCChina, the world's largest Bitcoin exchange by trading volume, said he had received word at midday Wednesday that his platform would no longer be able to accept renminbi from would-be Bitcoin buyers, according to FT
"As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange," Bobby Lee, a former Yahoo developer who co-founded BTCChina earlier this year, told FT.
No comments:
Post a Comment