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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.

1 of 475 comments (clear)

  1. Re:Comparison: Bitcoin is like 'Abortion' in the U by Captain_Chaos · · Score: 5, Informative

    "No one governing" the Euro is what almost caused the collapse of the EU over one small state having credit difficulties.

    Wow. It's been a long time since I've seen such a high concentration of ill informed bullshit in one sentence...

    1. The Euro is not "not governed". It is governed by a very strong and independent central bank, namely the European Central Bank
    2. The EU did not "almost collapse". A few countries have received some large loans, all of which still look like they will be paid back in full. At no point was the "EU" in danger, nor even the Eurozone (despite wild speculation in the media), which is what you probably meant
    3. The Euro was not "dramatically volatile" at any point. It's been trading for about $1.20 to $1.40 consistently for the last ten years