Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)

Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.

Comments

Re:Eventually governments are going to crack down

[thechemic]

You can get a shift card, a bitpay card, and dozens of other debit style cards tied to your bitcoin. I mine bitcoin at home, and then I spend it EVERYWHERE AND ANYWHERE THAT VISA/MASTERCARD ARE ACCEPTED. I just bought lunch with bitcoin today. A couple days ago I bought a headset from best buy using bitcoin. I also paid my $1300 electric bill with bitcoin. I pay my car insurance with bitcoin.

Because mining produces FAR MORE money that the electricity costs, everything I bought with bitcoin was essentially free. If you truly believe that bitcoin is only for illegal things, you've got your head in the sand or otherwise somewhere where the sun don't shine.