Rumour: China bans payment companies dealing with Bitcoin exchanges

https://localbitcoins.com/country/CN

 

I've traded purchased Bitcoins for cash/fiat on the street, Peer to Peer/Face to face.
This happens all across the world.
Third-party payment service providers are not required.
You obviously don't utilise Bitcoins.
People within the silver stacking community remind me how young and poorly understood Bitcoin is.
This makes me more bullish about Bitcoin.
I've got so much to learn.

China may create a real Bitcoin black market.
Good luck to the Govt if they try to stop Bitcoins crossing the borders.

 

I still think this thing has lower to go. We may see sub $500 again.
The trend hasn't turned back up yet...

 

It's a risk you take. You could also be left standing with fiat in your hand and btc back up past $800 before you can say "huh?!"

 

Sod it - to hedge my BTC position I took a view...

And bought $100's worth of US Mega Millions lotto multidraws

SMH December 18, 2013 - 7:46AM

US Mega Millions jackpot 'may hit $1 billion'

A flurry of last-minute ticket buying pushed a Mega Millions lottery jackpot in the US to $636 million ($A711 million) on Tuesday, putting it just shy of the all-time record, lottery officials said.

With the majority of Mega Millions tickets typically purchased the day of the drawing, lottery officials had expected a surge of activity. That frenzy now has the Tuesday drawing within striking distance of the record $656 million ($A733 million) haul set in March 2012. Under the Mega Millions system, winners can take that amount over a set time, or a cash payout option which now stands at $341 million ($A381 million).

Paula Otto, Virginia's lottery director, who heads the multi-state Mega Millions game, told CBS that if no one won the draw, the jackpot could very well pass the $1 billion ($A1.1 billion) mark by Christmas Eve.

"We had predicted last week that if we are still on the same roll on Christmas Eve," she said, "we'll definitely be over a billion."

At Dick's Liquor in Koreatown, Los Angeles, clerk Jose Bachez said many of his customers had caught the Mega Millions fever. One spent about $50 alone.

But the fantasy of hitting it big is too much for some to resist.

"The dream of winning is fun you know, until you don't match any of the numbers," Phill Kaplan, 30, of Denver told the Los Angeles Times. "But then again, the chance that you could win is the reason I buy tickets."

The game is played in 43 US states as well as the District of Columbia and the US Virgin Islands.

 

I doubt it.
If anything, investing in silver has taught me that those who jump in impatiently for fear of "missing the boat" get burned or get dudded out of a better deal.
If you look at the trend, BTC shpould really be hitting about $500 - $550 before trending back up.
But I don't know ****, so don't take that as advice.

 

Is it trending down or back up? Very hard to tell ...

 

:lol:

 

These are very early days for Bitcoin. There are a lot of really smart people within the realm. There is tons of innovation to come. A lot of people are holding.
We are very young in the game. Bitcoin has seen massive inclines and this includes 2013. I'm looking forward to 2014 and beyond.

 

Double bottom is very bullish.

 

No banster manipulation is an incredbly good thing for China to oversee... this is the best possible outcome for us as holders.. otherwise Bnksters can just screw investors.. aka Silver and gold..

1. Create money as debt.
2. Buy Crypto..
3. Float or sink the price as they wish.
4. Screw everyone

I for 1 am happy ... maybe america should pretend less about not being a dictatorship.. drop the charade and go full centralist like China.. yeah unashamed transparent Centralized State Power

 

Update

BTC is at:

476 on BTC China
582 on BTC-E

So yes, this thing isn't going to stop any time soon, as far as I can see.
Good luck to the guys that bought at $650!

 

I've purchased at all sorts of prices. Weak hands need to leave the market.
Bitcoin has had numerous rises and plunges.
This week I purchased at about some at $850 and I'm fine with that.
Admittedly, I'm no where near 'underwater' when it comes to crypto currencies.
My aim is to obtain a decent position.
Bitcoin is young and volatile.
Prices are falling now, but will surely rise again in the coming weeks, months and years.
Do the Chinese understand anything much about Bitcoin beyond the speculation aspect?.
Populations in countries with seriously faltering currencies will catch on real quick.

 

Touched $420 on btcchina not long ago

 

A currency pegged to silver and gold would also potentially suffer a deflationary scenario.
People will argue various positions.blah blah.
Personally, I regard that my silver, gold and BTCs represent a deflationary currency above anything else. It depends on what the rest of the economy is doing I guess.
Bitcoin is used as currency. On this forum alone, there are plenty of exchanges in BTC. Obviously it is not used as widely as more established currencies.
Bitcoin may provide people with a safer haven to store currency, depending on their situation. Take Cyprus for example.
Arguments have been made back and forth regarding the deflationary aspect and spending attitudes. In theory, people will be rewarded for saving rather than spending.
I've purchased a phone with Bitcoin. I certainly plan to utilise Bitcoin for future transactions. People do need to spend.

Bitcoin is not perfect, nor is it competing with perfect.

 

BTC China have temporarily halted CNY deposits

Edit: ANX aswell...

 

It just broke thru that support.

So time to panic?

 

Time not as hell to be buying, that's for sure.
We thought Chinese money had been drained out of the market with the first two "shocks" but it was the third one that's done it.
People who hold BTC now are just losing money.

 

I'm sure in the future bitcoin will be displayed along side this page; http://en.wikipedia.org/wiki/Tulip_mania