Bitcoin Exchange Value Halves After Chinese Ban

Posted by ryuzaki0 on Wednesday December 18, 2013 @03:20AM 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.

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This is just a clever trick by China . . . by PolygamousRanchKid+ · 2013-12-18 03:41 · 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!
Re:Darn! by sunsurfandsand · 2013-12-18 04:02 · Score: 5, Funny

silly me thought my 5GH miner was going to make me stupid rich...
One out of two ain't bad.