Bitcoin's value halves overnight as China tightens restrictions on new deposits, most other cryptocu - Polidicks

[quote]The price of bitcoin has plummeted following an announcement from China's largest bitcoin exchange that it would no longer be accepting new yuan deposits. BTC China said that due to action by a third-party payment provider, YeePay, it could no longer accept deposits in the Chinese currency, although it would still be able to process withdrawals. BTC's chief executive, Bobby Lee, said that YeePay gave notice on Wednesday morning Shanghai time that it would no longer provide services. Bitcoin remains legal to use in China, and the central bank is standing by an announcement that individuals are free to trade it at their own risk. But without third party payment providers, new purchases of the currency are virtually impossible. That raises doubts about the future of bitcoin. The large boom in value that the currency has seen this autumn is [URL="http://marginalrevolution.com/marginalrevolution/2013/11/china-and-the-soaring-price-of-bitcoin.html"]widely thought[/URL] to be a result of Chinese users adopting it. As Chinese support has since waned, so too has the price. Bitcoin's supporters have consistently argued that the currency is impossible to fully ban, since it exists as a decentralised network of transactions. But if it can be rendered useless to merchants and customers, an actual ban may be unnecessary.[/quote] [URL="http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency"] http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency[/URL] Also you can see most other cryptocurrencies are down a few dozen percent as well. [t]http://i.imgur.com/eZWXEh0.png[/t] [URL]http://coinmarketcap.com/[/URL] Bitcoin is currently up about 15% from the low 6 hours ago. Dogecoin didn't go down though...

[I]"For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade." -Nassim Nicholas Taleb[/I]

Top post of r/bitcoin is the suicide hotline number...

and dogecoin of all things goes up 30-odd per cent

just goes to show that the real space to be in with electronic currency is [I][U]cyber beans[/U][/I]

This pleases me, these pseudo currencies are getting annoying. Its like a stock for nothing.

Why not just trade gold? Similar price right now, or was, and mining it is just as effective.

Thank god i didnt buy any last night, like i was thinking of doing so....

Bitcoin has little use as an actual currency as long as it's being used almost entirely to buy and sell the bitcoins themselves as it goes up and down like it is now.

So is it time to move your Buttcoins to doge coins?

Oh wow. The mod's on Reddit's bitcoin board stickied a thread for a suicide hotline because of this. I'm dumb ctrl+F "Reddit" Oh nobody knows about this yet. How wrong was I.

[QUOTE=YouWithTheFace.;43224400]So is it time to move your Buttcoins to doge coins?[/QUOTE] i still cringe every time i open up my Dogecoin wallet its written in fucking [I]comic sans[/I]

Crypto currencies are a joke.

[QUOTE=HellSoldier;43224452]i still cringe every time i open up my Dogecoin wallet its written in fucking [I]comic sans[/I][/QUOTE] good

It's just a voluntary semi-high risk market, if you are smart about it you could make some money.

[QUOTE=Aman;43224583]It's just a voluntary semi-high risk market, if you got luck you could make some money.[/QUOTE] FTFY

[QUOTE=Aman;43224583]It's just a voluntary semi-high risk market, if you are smart about it you could make some money.[/QUOTE] Semi-high risk? It's insanely high risk. It isn't even a good short term investment because of how volatile the damn thing is.

[QUOTE=Aman;43224583]It's just a voluntary semi-high risk market, if you are smart about it you could make some money.[/QUOTE] Anything that halves in value overnight and then goes up 15% cannot be classified as semi high risk.

The only people harmed by this are bad investors. Hopefully they'll learn to invest better in future.

[QUOTE=SCopE5000;43224670]The only people harmed by this are bad investors. Hopefully they'll learn to invest better in future.[/QUOTE] I think the issue with this is that (I'm assuming) bitcoin is the first time a lot of people even thought about speculating in anything, so it's not "bad" investors, just people who were new hoping to make some quick cash.

[QUOTE=Fetret;43224633]Anything that halves in value overnight and then goes up 15% cannot be classified as semi high risk.[/QUOTE] Is Bitcoin the first investment in history to react negatively to a black swan event or what

[QUOTE=sloppy_joes;43224709]I think the issue with this is that (I'm assuming) bitcoin is the first time a lot of people even thought about speculating in anything, so it's not "bad" investors, just people who were new hoping to make some quick cash.[/QUOTE] Pigs get slaughtered.

[QUOTE=sloppy_joes;43224709]I think the issue with this is that (I'm assuming) bitcoin is the first time a lot of people even thought about speculating in anything, so it's not "bad" investors, just people who were new hoping to make some quick cash.[/QUOTE] Hence why I said 'harmed' by it. As in, people who put in more than they could afford to lose/ all their money. AKA no intelligence, may as well have put it all on one horse. Super-high risk investments like startups are fine as long as you're investing an amount you're comfortable to treat as if you lost it outright - say 10% of your wealth (or more if you're not bothered if it suddenly ceases to exist). [QUOTE=Bentham;43224734]Is Bitcoin the first investment in history to react negatively to a black swan event or what[/QUOTE] Bitcoin itself has the potential to be a black swan.

[QUOTE=Bentham;43224734]Is Bitcoin the first investment in history to react negatively to a black swan event or what[/QUOTE] No, I'm simply saying that viewing Bitcoin as anything but a very high risk investment is delusional.

[QUOTE=Fetret;43224832]No, I'm simply saying that viewing Bitcoin as anything but a very high risk investment is delusional.[/QUOTE] Viewing a safe investment as anything but a high risk investment is delusional due to the existence of black swans.

What if Dogecoin some how becomes the most used currency

[QUOTE=person11;43225201]What if Dogecoin some how becomes the most used currency[/QUOTE] I don't know what you're on, guy. Everyone knows beanie babies are the currency of the future.

[QUOTE=HellSoldier;43224452]i still cringe every time i open up my Dogecoin wallet its written in fucking [I]comic sans[/I][/QUOTE] That's it, I am fucking making a dogecoin wallet and mining the shit out of them.

[QUOTE=BaguetteThug;43223695]Top post of r/bitcoin is the suicide hotline number...[/QUOTE] at first I didn't believe you and then [img]http://i.imgur.com/JYz5Kje.png[/img]

I wonder how long before cryptocurrencies are banned across the board under pyramid scheme laws.