Bitcoin crash

[SuB]

China's largest Bitcoin exchange, BTC China, has stopped taking orders in Chinese currency because of regulatory pressure from the government, which has ordered businesses to stop accepting the virtual currency.

Bitcoin, which approximates cash on the internet, was driven to an all-time high of more than $1,000, in part because of demand from China. The move by BTC China sent the price of the virtual currency down more than 50 percent.

BTC China will continue taking deposits in other currencies, the company said on the microblogging service Weibo.

As the virtual currency's popularity grows, governments around the world are paying more attention to it. In the US, the Treasury Department has started to pressure Bitcoin businesses to comply with the legal requirements for money transmitters, although many are resisting.

Source

knew it would happen sooner or later.. anyone get stung?

 

[SieB]

I have always been skeptical about bitcion and never thought it was much more than a bubble.

It's one of those things where if you're lucky and in it at the right time you can make a bit of money. But eventually and sooner rather than later your luck will come to an end and or you will end up with a big loss.

 

[WYP]

This was bound to happen eventually. not surprised at all.

playing the crypto-currency game is a tricky thing, these currencies have no real backing, the reason why I am not trying it.

 

[Cru]

 

[yassarikhan786]

The wild fluctuations put me off, but I know a few people who have recently invested in them.

 

[toby00001]

The idea of the cryptocurrencies is not to make money through short or long term investment. The idea is to facilitate peer-to-peer, decentralised trade, wrestling economic power from the large banking institutions and placing it firmly in the hands of the common man.

To date, the value of Bitcoin and other cryptocurrencies has been based solely on exchange to and from 'real-world currencies'. The real value of cryptocurrencies will come about when more and more individuals and businesses accept them as a form of payment for goods and services.

No real democratic system will be able to ban them any more than they can ban me from buying a haircut with 30 minutes worth of design services (provided I found a willing barber).

 

[akzy]

Go look at litecoins, they're really screwed now.

 

[d3rrial]

Finally.

Unfortunately it happened to a time when I was unable to buy in big, I could've made truckloads of profit otherwise

Well, gotta make due with what I have, to 10k and beyond!

 

[Zoot]

Bitcoin for me is for spending not saving.

If I want to pay for something without the government knowing, I'll buy bitcoins with some Fiat and then make the purchase through bitcoins. Same thing if I want to transfer a large amount of funds out of the country. That's where I see its true value, anonymity and no middle-man like Visa, Mastercard or some crony bank.

It's still very much in the price-discovery stage, give it time and it'll level out eventually.

Although, when it comes to long term saving, I'm still a gold-bug. ^_^

 

[Josh Weston]

Hmm. To buy now or not to buy now, that is the question.

 

[Xrqute]

Bitcoin for me is for spending not saving.

If I want to pay for something without the government knowing, I'll buy bitcoins with some Fiat and then make the purchase through bitcoins. Same thing if I want to transfer a large amount of funds out of the country. That's where I see its true value, anonymity and no middle-man like Visa, Mastercard or some crony bank.

It's still very much in the price-discovery stage, give it time and it'll level out eventually.

Although, when it comes to long term saving, I'm still a gold-bug. ^_^

Silver is where its at bro!

 

[Josh Weston]

Just bought one, will probs buy some more tomorrow.

 

[yassarikhan786]

Just bought one, will probs buy some more tomorrow.

How much did it set you back, if you don't mind me asking?

 

[Josh Weston]

£415
Need to verify my details so I can buy more in one day.

 

[yassarikhan786]

£415
Need to verify my details so I can buy more in one day.

That is quite a bit . I can definitely see the point in investing in them. You just have to wait for the right moment to cash out.

 

[Josh Weston]

Yeah. Now's good just because of what China did. Knowing when best to try and sell them is gonna be my biggest issue.
Still, i'm happy riding this one out for the long haul, might try and get some other people interested to invest in my family, too.

Just remember you can invest any amount, really, you want. You don't have to buy whole bitcoins, you can buy £20's worth if that's what you wish.

 

[yassarikhan786]

Yeah. Now's good just because of what China did. Knowing when best to try and sell them is gonna be my biggest issue.
Still, i'm happy riding this one out for the long haul, might try and get some other people interested to invest in my family, too.

Just remember you can invest any amount, really, you want. You don't have to buy whole bitcoins, you can buy £20's worth if that's what you wish.

Yeah, a friend of mine has spent £50 so far on a fraction of a bitcoin.