Slashdot Mirror
Bitcoin Exchange BTCChina Says To Stop Trading, Sparking Further Slide (reuters.com)
Several Slashdot readers have shared this Reuters story: Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month. China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand. But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year. Just hours after BTCChina announced its closure, Chinese news outlet Yicai reported that the country plans to shut down all bitcoin exchanges by the end of September, citing financial sources in Shanghai.
>The transaction costs are a tiny fraction of what a bank or credit card processor charges to send Monopoly bank money.
Sure, as long as you're buying a car. Of course, you also have to find someone selling a car for bitcoin... Now tell me what it costs to buy your groceries, go to the movies, or get a cup of coffee?
>And you keep your coins in cold storage.
Uh-huh. And your average person keeps their keys where? On a computer, because nobody's going to write their access keys down on paper and lock them in a fire safe. In fact, they'll keep their keys in a wallet on their smartphone, where they'll be stolen by hackers. Or they'll use a web wallet, where - in the event they're not defrauded by the wallet provider - a keylogger steals their access codes. Hence the very popular Bitcoin phrase "Sorry for your loss".
>and even then the blockchain will show exactly who did that to you.
HAHAHHAHHAHAHA. Yep, you can trace the coins to the current keys with authority. Now match that to a person without the power of a major government to help you. And if the coins are tumbled, or even just cashed out in a different legal jurisdiction, what are you going to do? Bitcoin transactions are irreversible, it's in the design.
>It's a technologically better form of money, far more efficient for moving large sums across borders.
If you find someone willing to accept it on the far side.
>imagine what it will be like in a few years when millions more people grok the tech.
If millions more ADOPTED bitcoin, it'd crash instantly, since it's totally unscalable.
>Most Slashdotters will miss the boat. Not my problem.
Well, your ignorance and stupidity aren't mine, but here we are. Maybe you'll get lucky and BLASH. Maybe you'll hold on to your 'store of value' as it all crashes. But you've got your blissful ignorance and faith to make you feel superior, so you've got that going for you.
Maybe move out of mom's basement and get a real job. Sunlight's good for you.