Meltdown: Bitcoin crashes to $576

[Unltd]

 

wah lau eh, u don't get it ah?

 

u collect the source code and then your great great grand children will show the source code to others to mock humanity's silliness.

 

During that time, human beings will have microchips implanted in their brains and scanners in their eyes to decipher the code and understand where the bit coin travelled and all the transactions that took place.

 

Then they will admire and laugh at the bit coin at the same time

 

hope this clears your doubt

 

So it becomes a collectible? That means it is a collectible?

[Manmaster]

 

Ok, so got it. So what is the definition of collectible? Bitcoin can become collectible? Can you enlighten and define collectible? You mean all the dictionaries online are not "move with time"?

 

So how to define that bitcoin can become a collectible?

http://dictionary.reference.com/browse/collectible?s=t

 

Bitcoin can be collected as you can download it into your hard disk or thumbdrive, just like animated GF. Animated GF is a big thing in Japan even though it is just a virtual item. Some japanese men even married their animated GF. Pls go and google about this.

[Unltd]

http://dictionary.reference.com/browse/collectible?s=t

 

Bitcoin can be collected as you can download it into your hard disk or thumbdrive, just like animated GF. Animated GF is a big thing in Japan even though it is just a virtual item. Some japanese men even married their animated GF. Pls go and google about this.

 

Ok, I learn something new. You are indeed GREAT! now i can see in the definition that it does not refer to virtual item/s.

 

Totally in point!

[Baal]

They have never allowed the popularity game to determine what they do, just look at the ADIZ, the spokeperson can actually said they are not being aggressive and are following international law without batting an eyelid.

 

PRC will do things on their own terms and convince themselves of things no one else will believe. Bitcoin is nothing to them in the grand scheme of things.

 

For all its ills (except all the disgusting QE), I'm glad the US is still on top, the day the PRC is on top is the day the rest of the world should be very very worried.

 

Ya man. And I get the feeling that our guys are actually hoping for this.

[Manmaster]

As expected, the death knell of bitcoin is getting a step closer. China has banned buying & selling of bitcoins in yuan currency. US has demanded bitcoins operators to register as money transmitters. Denmark will impose capital gain tax on bitcoins. More will come!

Edited December 19, 2013 by Manmaster

[Mrkopi]

Anything that contains potential monetary value, governments all over the world will make sure that it is either regulated or get a share of the fatty juicy meat.

[Bystander50]

As expected, the death knell of bitcoin is getting a step closer. China has banned buying & selling of bitcoins in yuan currency. US has demanded bitcoins operators to register as money transmitters. Denmark will impose capital gain tax on bitcoins. More will come!

 

I doubt this put an end to virtual currency.

 

Shut down 1, many others will sprout up, learn from the mistakes and overcome it in the next version. There are many other smaller ones like Litecoin.

 

In the late 90s, there's Napster for sharing music freely. They were sued and turned into a commercial service offering paid downloads. Music sharing is also stopped at mIRC. Did it stop music piracy with the shutting down? Answer is no. Now there is Pirate Bay and many other sites offering free downloads other than music.

[Manmaster]

 

I doubt this put an end to virtual currency.

 

Shut down 1, many others will sprout up, learn from the mistakes and overcome it in the next version. There are many other smaller ones like Litecoin.

 

In the late 90s, there's Napster for sharing music freely. They were sued and turned into a commercial service offering paid downloads. Music sharing is also stopped at mIRC. Did it stop music piracy with the shutting down? Answer is no. Now there is Pirate Bay and many other sites offering free downloads other than music.

I doubt you understand economics at all.

 

No matter what napster did, it won't affect the monetary policies of a nation. However, a digital currency will affect the monetary policies of a nation. China wants to internationalize its own currency at its own pace and won't allow anything to affect it. Therefore, china banned bitcoin trading in yuan currency. No country will allow digital currency to flourish. China likes to do currency swap pacts with other countries but if digital currency is allowed to flourish, other countries won't see the need to do currency swap pacts with china as they can use digital currency. US can't even control the pace of yuan internationalization.

 

Like i said before, baidu banned bitcoins as its founder knew what china would do to bitcoin. There are many ways to skin a cat and every nation has many ways to make bitcoins unpopular. Nobody is capable to fight a nation. Google can't fight china, not to mention bitcoin.

[Bystander50]

I doubt you understand economics at all.

 

No matter what napster did, it won't affect the monetary policies of a nation. However, a digital currency will affect the monetary policies of a nation. China wants to internationalize its own currency at its own pace and won't allow anything to affect it. Therefore, china banned bitcoin trading in yuan currency. No country will allow digital currency to flourish. China likes to do currency swap pacts with other countries but if digital currency is allowed to flourish, other countries won't see the need to do currency swap pacts with china as they can use digital currency. US can't even control the pace of yuan internationalization.

 

Like i said before, baidu banned bitcoins as its founder knew what china would do to bitcoin. There are many ways to skin a cat and every nation has many ways to make bitcoins unpopular. Nobody is capable to fight a nation. Google can't fight china, not to mention bitcoin.

 

It's not whether I understand economics.

 

You can consider this as an underground currency. In the underground currency, who cares about the real economy? It is more as an alternative form of payment. There'll be some problems in the initial introduction, and these should be addressed when one dies and another comes up. The future may be there for the next generation of currency, it's just in what form it'll be in. When credit cards were first introduced, people also wonder how can a piece of plastic hold credibility. With more being done, credit cards become more credible and widely accepted by merchants, despite that there's credit card frauds.

 

There is no way to block them. If you can't use real currency to purchase virtual currency, you still can make use of your credit cards to get them. If the US$ and Yuan collapses, somehow another form of currency will be used as a benchmark. Don't ask me what, I don't know either. But definitely something will be coming up and it can't be stopped.

 

Last time downloads from Napster is only direct 1-1, then came BitTorrent which is more efficient in mass distribution of large files using peer to peer technology. Some video streaming is also adopting peer-to-peer streaming. We don't know what technology will be coming up next.

 

Baidu can ban bitcoin, but that does not mean that other online retailers will ban bitcoin. It still can be used elsewhere. There's no way to stop 2 parties from using it as barter trade.

 

 

Edited December 20, 2013 by Bystander50

[Manmaster]

 

It's not whether I understand economics.

 

You can consider this as an underground currency. In the underground currency, who cares about the real economy? It is more as an alternative form of payment. There'll be some problems in the initial introduction, and these should be addressed when one dies and another comes up. The future may be there for the next generation of currency, it's just in what form it'll be in. When credit cards were first introduced, people also wonder how can a piece of plastic hold credibility. With more being done, credit cards become more credible and widely accepted by merchants, despite that there's credit card frauds.

 

There is no way to block them. If you can't use real currency to purchase virtual currency, you still can make use of your credit cards to get them. If the US$ and Yuan collapses, somehow another form of currency will be used as a benchmark. Don't ask me what, I don't know either. But definitely something will be coming up and it can't be stopped.

 

Last time downloads from Napster is only direct 1-1, then came BitTorrent which is more efficient in mass distribution of large files using peer to peer technology. Some video streaming is also adopting peer-to-peer streaming. We don't know what technology will be coming up next.

Underground currency? I think you've underestimated the resolve of the government to protect its national interest. Government will do its utmost to destroy your so called underground currency. Like I said, nobody can fight a nation.

 

I already told you that the music industry won't affect the monetary policies. You're using the wrong example as you're not comparing apple to apple.

 

Your credit card can't be used to buy virtual currency if the government bans it. It won't even get passed the verification process. You can't use china credit card to buy bitcoins now as china government has banned it. Nobody is allowed to use yuan currency for bitcoins now. That's the law unless you want to contravene the law and be jailed.

[Bystander50]

Underground currency? I think you've underestimated the resolve of the government to protect its national interest. Government will do its utmost to destroy your so called underground currency. Like I said, nobody can fight a nation.

 

I already told you that the music industry won't affect the monetary policies. You're using the wrong example as you're not comparing apple to apple.

 

Your credit card can't be used to buy virtual currency if the government bans it. It won't even get passed the verification process. You can't use china credit card to buy bitcoins now as china government has banned it. Nobody is allowed to use yuan currency for bitcoins now. That's the law unless you want to contravene the law and be jailed.

 

There are many creative ways to sell something.

 

Just like NDP tickets are not meant to be sold, but how about if someone advertise that he is selling a pen $1 pen for $100, but it comes with 2 free NDP tickets. Does that means he is selling the ticket? You can blame the buyer for being stupid for buying an overly overpriced pen.

 

Same for bitcoin. You can't buy from the exchange, but it does not mean you can't buy elsewhere where it is disguised as some other items. Possession of bitcoin is not an offence. Moreover, only the bitcoin exchange in China is shut, but not the other exchanges worldwide. It can still be traded elsewhere. There are definitely ways to get around.

 

Anyway, I have no involvement in bitcoin.

[Manmaster]

 

There are many creative ways to sell something.

 

Just like NDP tickets are not meant to be sold, but how about if someone advertise that he is selling a pen $1 pen for $100, but it comes with 2 free NDP tickets. Does that means he is selling the ticket? You can blame the buyer for being stupid for buying an overly overpriced pen.

 

Same for bitcoin. You can't buy from the exchange, but it does not mean you can't buy elsewhere where it is disguised as some other items. Possession of bitcoin is not an offence. Moreover, only the bitcoin exchange in China is shut, but not the other exchanges worldwide. It can still be traded elsewhere. There are definitely ways to get around.

 

Anyway, I have no involvement in bitcoin.

NDP also won't affect the monetary policies. That's why our govt won't go all the way to stop it. Please quote me an example whereby the monetary policies get affected and the govt doesn't do anything to stop it.

 

Economists will advise any government to stop digital currency. That's why china instructed its banks not to deal in bitcoin and also stopped bitcoin trading in yuan currency. Other countries are also starting to stop bitcoin from getting popular. Just look at US, EU & Denmark latest announcements. Why are so many countries doing the same thing to make bitcoin unpopular? The answer is simple. Digital currency will affect monetary policies. The last resort will be to ban digital currency totally but many people will suffer losses. Don't doubt the resolve of the govt to protect its national interest. National interest always comes first!

[Unltd]

Bystander50, don't need to argue with the great one. In the end bitcoin will become a collectible.

 

The great one is an expert in currency, economics, virtual items, bitcoin, coding, national policies and can speak on behalf of the different governments.

 

Shhh don't tell him that Finland and Vancouver installed bitcoin ATM machines....

[Manmaster]

Bystander50, don't need to argue with the great one. In the end bitcoin will become a collectible.

 

The great one is an expert in currency, economics, virtual items, bitcoin, coding, national policies and can speak on behalf of the different governments.

 

Shhh don't tell him that Finland and Vancouver installed bitcoin ATM machines....

When people talked about atm, they would assume it belonged to a bank. However, the bitcoin atm was set up by the bitcoin exchange, not any bank. Trust me, the authority would put a stop to it soon when digital currency starts to affect its monetary policies.

 

Insofar, nobody can quote me an example that a government won't do anything to stop something that will affect its monetary policies especially its currency.

[Unltd]

When people talked about atm, they would assume it belonged to a bank. However, the bitcoin atm was set up by the bitcoin exchange, not any bank. Trust me, the authority would put a stop to it soon when digital currency starts to affect its monetary policies.

 

Insofar, nobody can quote me an example that a government won't do anything to stop something that will affect its monetary policies especially its currency.

Insofar, you have many assumptions and some things you claim as facts are not. Insofar you have many assumptions and it's ok for you but you can't accept others opinions.

 

Assuming ATM belongs only to banks is your own assumption, to each his own. I am not the great one and do make mistakes, when I make them I admit and apologise. That is the making of a weak person like me.

[Manmaster]

Insofar, you have many assumptions and some things you claim as facts are not. Insofar you have many assumptions and it's ok for you but you can't accept others opinions.

 

Assuming ATM belongs only to banks is your own assumption, to each his own. I am not the great one and do make mistakes, when I make them I admit and apologise. That is the making of a weak person like me.

I've no recollection that other private institutions used ATM before except the banks. Bitcoin exchanges seemed to have the intention to mislead people that bank had endorsed bitcoins by naming its vending machine as ATM. ATM is a misnomer and the proper term should be vending machine as bitcoin ATM is just a sale vending machine which is just another sale channel. We don't see coke vending machine as coke ATM.

 

Instead of trying to put things in the right perspective, you just regurgitate everything from the internet.

[Bystander50]

Bystander50, don't need to argue with the great one. In the end bitcoin will become a collectible.

 

The great one is an expert in currency, economics, virtual items, bitcoin, coding, national policies and can speak on behalf of the different governments.

 

Shhh don't tell him that Finland and Vancouver installed bitcoin ATM machines....

 

Let's see what's his response to my next post.

 

 

 

Edited December 24, 2013 by Bystander50

[Bystander50]

Source : http://sg.news.yahoo...-083150100.html

 

Singapore government decides not to interfere with Bitcoin

By Terence Lee | Tech in Asia – Mon, Dec 23, 2013

 

 

The Monetary Authority of Singapore (MAS), the country’s central bank, has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services.

 

“Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” it told Singapore-based Bitcoin trading platform Coin Republic in an email. Singapore is one of the world’s top finanacial hubs that is increasingly seen as a challenger to Switzerland’s private banking dominance.

The Singapore government has long maintained that the MAS does not regulate virtual currencies, so this latest statement is consistent with its stand. Depending on who you ask, this could be good or bad, since some Bitcoin proponents argue that the right regulations could give the currency legitimacy in the eyes of the public.

 

The last time MAS issued a statement on Bitcoin was in September, when it warned speculators about the risks of trading the cryptocurrency.

 

“If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse,” said a spokesperson.

 

MAS’ announcement follows China’s recent crackdown on Bitcoin and revelations that BTC China, the world’s largest Bitcoin exchange by transaction volume, has ceased trading in RMB. These developments have sent prices tumbling down to below $500 before recovering to above $600. However, some observers believe that the resilience is an indication that Bitcoin is no flash in the pan.

 

Countries around the world have reacted to Bitcoin in a variety of ways. According to David Moskowitz, founder of Coin Republic, Germany is very open to Bitcoin and has ruled that the currency is private money, Norway has deemed it not a currency but taxable, while the United Kingdom has chosen not to regulate it although tax rules apply (that policy might be reversed however).

 

Meanwhile, Japan is also leaving it unregulated, Canada maintains a low regulatory environment and open posture, and the United States is open to the currency but has issued exchange and tax guidance and wants strict regulations in place.

 

(Editing by Josh Horwitz, image credit: Antana)

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