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Bitcoin Exchange Value Halves After Chinese Ban

Posted by ryuzaki0 on from the newton's-law-of-should-have-gotten-out-last-week dept.

An anonymous reader writes with news of the latest major fluctuation in the price people are willing to pay for Bitcoins. From the article: "China's ban on its financial institutions handling bitcoin causes world's largest exchange to cease trading, halving the value of the currency from $1,000 to less than $500 in a matter of days. The country's central bank took a hard line on Bitcoin in early December when it banned financial institutions from handling the decentralized crypto-currency, and as a result BTC China, the world's largest bitcoin exchange, has stopped accepting deposits from its users." Just watch that line trend downward.

4 of 475 comments (clear)

  1. This is just a clever trick by China . . . by PolygamousRanchKid+ · · Score: 5, Funny

    Now that they have driven the price of bitcoins down, they will now buy up all of them at low prices . . . and then . . . announce that the will accept them as currency . . .

    Profit!

    --
    Schroedinger's Brexit: The UK is both in and out of the EU at the same time!
    1. Re:This is just a clever trick by China . . . by Anonymous Coward · · Score: 3, Funny

      Okay, great, so why don't you buy some now and profit too?

      Buying bitcoins seems a lit like buying drugs or hookers. I may want to, but if I haven't done it before, I don't have the slightest idea how to go about it without getting screwed. Or not, in the case of the hookers.

  2. Re:Darn! by sunsurfandsand · · Score: 5, Funny

    silly me thought my 5GH miner was going to make me stupid rich...

    One out of two ain't bad.

  3. Re:Buttcoins! by larry+bagina · · Score: 3, Funny

    I prefer ass quarters -- they're ribbed for your pleasure!

    --
    Do you even lift?

    These aren't the 'roids you're looking for.