4 ms·
>"It is not issued by a central monetary authority, it does not have the properties of legal currency and it is not a currency in the real meaning of the word."
by MattyRad 13y ago
>"It is not issued by a central monetary authority, it does not have the properties of legal currency and it is not a currency in the real meaning of the word."
Certainly an amusing quote, given the extensive actions to stop the spread of such a non-threatening non-currency.
By "ban", I assume they mean "made illegal." The former of course being a euphemism for the latter. A couple questions come to my mind as such.... How will China enforce such a ban? Can China physically or technologically bar access to Bitcoin deposits?
Regardless of the Chinese government's ability to effectively enforce such a ban, the price of Bitcoin has taken a noticeable dive.
- ekianjo 13y ago> the price of Bitcoin has taken a noticeable dive. Don't judge on one day. Wait for a week, 10 days before making conclusions on the price of Bitcoin. Bitcoin has shown to be pretty resilient to news that were considered bad by the media. We'll see.
- taspeotis 13y ago> Wait for a week, 10 days before making conclusions on the price of Bitcoin My conclusion is that it's pretty fucked up [1]. Nov 15 $US430 Nov 22 US$843 Nov 29 US$1137 Dec 6 US$552 Dec 13 US$869 Dec 18 US$584 Pick one of those dates before today and imagine saying "wait for a week ... before making conclusions on the price of Bitcoin". [1] https://coinbase.com/charts https://coinbase.com/charts
- ekianjo 13y agoInteresting, you already have the dec 18 value while the day is far from over. You have a strange way to pick up numbers.
- oe 13y agoThat price seems way high indeed. But I think the point still stands.
- taspeotis 13y agoIt's down to ~480 so it's lost $100 in 30 minutes. Let's just say that my strange way of picking numbers can be described as "flattering" ... at worst.
- BrokenPipe 13y agoToday I've seen it back at 530 and now at 520. Who knows, I wouldn't be surprised if by EOB we're back above 600. As parent said, with Bitcoin you have to look at things in a different way since it works in a very different way than anything else we've ever seen.
- ohashi 13y agoBut does it really? It looks like rampant speculation to me. I've seen that many times in markets.
- BrokenPipe 13y agoHave you seen before a functioning globally distributed ledger system being speculated on in the markets ?
- ohashi 13y agoHave you seen a <insert something that for some reason it will be different this time thing here> is generally a poor argument. But one speculators cling to and try to convince others of adamantly.
- ekianjo 13y agoNo, you should pick numbers on a daily average with an indication of the daily variation on the value if you want to be fair, not at a precise instant, because Bitcoin can have as much as 30% variation in a given day, so I too can make up numbers out of thin air by picking up a very biased time during the day.
- 13y ago
- gamblor956 13y agoIt doesn't matter what dates or time taspeotis picks; his point is that at any date and time Bitcoin is too volatile to meaningfully function as a currency. No major currency suffers from 30% intra-day volatility against other currencies. It would make pricing goods and services essentially impossible. Who would care about saving up to 5% on credit card fees if they're suffering 30% arbitrage losses because they set/update their prices at the wrong time of day?
- Aqueous 13y agoWait for a year. Two years. Three years.
- deleted 13y ago[deleted]