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Quite poor financial reporting from AJ to be honest. BTC is highly volatile but it has generally stuck around $1,000 for the past couple of weeks, the upward sp

by javindo 13y ago

Quite poor financial reporting from AJ to be honest. BTC is highly volatile but it has generally stuck around $1,000 for the past couple of weeks, the upward spike to $1,200 was just one of many fluctuations which has once again levelled off at $1,000. China telling large banks they can't handle BTC will not have any impact on the currency because everyone buying/selling BTC in China weren't using the banks anyway. The "dive" was potentially a slight overreaction to the news from China but it's also a fairly uninteresting fluctuation in a highly volatile resource.

bilbo0s 13y ago
If you don't mind me asking... how are average people in China buying bitcoins without the use of a bank??? How do they get the cash to the seller of the bitcoin I guess is my question? Do they walk into a brick and mortar "bitcoin store" and make a deposit (with cash)... and then they can trade from that "bitcoin store"? (Provided they accept all the risk). Is there some other user friendly way this happens that doesn't require the use of cards that flow through financial institutions? Or is the trade really complex currently and relegated to just "people in the know" so to speak? Just trying to get an idea of how these new rules would affect the average Chinese.
- 300bps 13y ago
  In the U.S., I use: https://localbitcoins.com/ https://localbitcoins.com/ I imagine they use that or something similar.
  - TrevorJ 13y ago
    This wouldn't explain how Bitcoin gets into China in the first place though.
    - Myrth 13y ago
      1. someone in China downloads bitcoin client or opens online wallet, and someone from another country sends them bitcoins for service or anther reason. 2. mining.
- waterlesscloud 13y ago
  They move their money from their bank to an exchange and then buy bitcoins. The announcement says nothing about not allowing banks to deal with bitcoin exchanges, only that banks can't deal in bitcoin directly. This "news" (which is really just the official announcement of something announced unofficially a couple weeks ago) changes nothing whatsoever about the status quo.
  - bilbo0s 13y ago
    Wait... can't they just tell the banks that they can't deal with bitcoin businesses in the future???
    - gokhan 13y ago
      In that case, they would tell it today rather than telling that the public should deal with the Bitcoin's risks themselves, wouldn't they?
      - bilbo0s 13y ago
        Just playing Devil's Advocate... but I wouldn't. Those transfers to the exchanges from the banks are currently one of the few reliable monitors of this activity. So I would first put the tech in place to monitor the bitcoin network... then I would say that you can't use banks to get to the exchanges anymore. (Monitoring blockchain changes on that scale is non trivial). Anyway, if I was serious about impeding bitcoin usage... that would be the order I'd do things in.
- deleted 13y ago
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by javindo 13y ago

bilbo0s 13y ago

If you don't mind me asking... how are average people in China buying bitcoins without the use of a bank??? How do they get the cash to the seller of the bitcoin I guess is my question? Do they walk into a brick and mortar "bitcoin store" and make a deposit (with cash)... and then they can trade from that "bitcoin store"? (Provided they accept all the risk). Is there some other user friendly way this happens that doesn't require the use of cards that flow through financial institutions? Or is the trade really complex currently and relegated to just "people in the know" so to speak? Just trying to get an idea of how these new rules would affect the average Chinese.

300bps 13y ago
In the U.S., I use: https://localbitcoins.com/ https://localbitcoins.com/ I imagine they use that or something similar.
- TrevorJ 13y ago
  This wouldn't explain how Bitcoin gets into China in the first place though.
  - Myrth 13y ago
    1. someone in China downloads bitcoin client or opens online wallet, and someone from another country sends them bitcoins for service or anther reason. 2. mining.
waterlesscloud 13y ago
They move their money from their bank to an exchange and then buy bitcoins. The announcement says nothing about not allowing banks to deal with bitcoin exchanges, only that banks can't deal in bitcoin directly. This "news" (which is really just the official announcement of something announced unofficially a couple weeks ago) changes nothing whatsoever about the status quo.
- bilbo0s 13y ago
  Wait... can't they just tell the banks that they can't deal with bitcoin businesses in the future???
  - gokhan 13y ago
    In that case, they would tell it today rather than telling that the public should deal with the Bitcoin's risks themselves, wouldn't they?
    - bilbo0s 13y ago
      Just playing Devil's Advocate... but I wouldn't. Those transfers to the exchanges from the banks are currently one of the few reliable monitors of this activity. So I would first put the tech in place to monitor the bitcoin network... then I would say that you can't use banks to get to the exchanges anymore. (Monitoring blockchain changes on that scale is non trivial). Anyway, if I was serious about impeding bitcoin usage... that would be the order I'd do things in.
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