China moving forward to shut down all Bitcoin exchanges

I suspect this is actually about North Korea. All the other reasons I can think of to stop the music are old reasons that have been around all along or for years now.

See also ~today's story about how the "US" has threatened to cut China off from the Swift payment system that underlies Western Banking if they allow NK to violate sanctions.

China is just prepping for official regulated trading. After that, sky is the limit. Shorters are already rekt today. Keep an eye out through October.

that noise you can hear, it's the butt hurt moans of the few that racked up a huge electricity bill in the hope of becoming a millionaire overnight.

(gets crystal ball) i see more threads proclaiming bitcoin is the way forward and how people should invest, i hear the word scheme and see pyramids...

governments can't have people making money and not being taxed now can they.

and lmao at the reasons in this thread why this is a good idea. *sigh*

Oh let us hail the new future of no drug trade and no cp. Thank the government for saving us.

a reply to: nOraKat

The block chain is like an open shared ledger.

Here's a better explanation.

What is a 'Blockchain'

A blockchain is a public ledger of all cryptocurrency transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. Each node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network. The blockchain has complete information about the addresses and their balances right from the genesis block to the most recently completed block.

Read more: Blockchain Definition | Investopedia www.investopedia.com...
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originally posted by: AugustusMasonicus

originally posted by: tribal
you guys are perhaps unwittingly using the same failed logical argument authorities are making for the end of cash, i.e., most criminal transactions use cash.

Not correct. Online transactions take place on platforms that are traceable, who uses cash for online purchases? Crypto-currencies do not which is why they are used by people like those engaging in child porn sales or other illicit behavior.

Crypto currencies are very traceable, which is why many people who would want to get up to illicit activity have to 'tumble' them (basically launder them) and swap them from wallet to wallet numerous times. They are traceable though, in fact due to their signatures, they are actually more traceable than cash.

originally posted by: growler
that noise you can hear, it's the butt hurt moans of the few that racked up a huge electricity bill in the hope of becoming a millionaire overnight.

(gets crystal ball) i see more threads proclaiming bitcoin is the way forward and how people should invest, i hear the word scheme and see pyramids...

This won't even be a minor blip. As for investing, if you invested say $100 a few years back, it would be now over 3000, if you invested a few years before that it'd be closer to 200,000. So that part is not incorrect.

People who speak negatively about Bitcoin and/or the Alt-Coins, probably don't know much about why people put so much value into them, and the importance of the technology behind them. The decentralization has begun.

This China business is just a bump in the road. It isn't the first time China has tried to ban Bitcoin. Cryptocurrencies aren't going anywhere. Despite some big bad moves from China, crytpo has gained more widespread acceptance this year. Everything from exchanges opening up to South Korea, to Japan recognizing them as a legal form of currency. Many governments, China included, are interested in blockchain tech.

Sure, Bitcoin could crash and burn.

That only means something like Ethereum would take its place.

Long live the Bitcoin.

originally posted by: Taggart

originally posted by: growler
that noise you can hear, it's the butt hurt moans of the few that racked up a huge electricity bill in the hope of becoming a millionaire overnight.

(gets crystal ball) i see more threads proclaiming bitcoin is the way forward and how people should invest, i hear the word scheme and see pyramids...

This won't even be a minor blip. As for investing, if you invested say $100 a few years back, it would be now over 3000, if you invested a few years before that it'd be closer to 200,000. So that part is not incorrect.

And that doesn't strike you as being a bubble?

originally posted by: AugustusMasonicus

originally posted by: nOraKat
Its not, but it cannot be created in mass at will. It is limited and can only be created at a limited rate which becomes more difficult over time.

Are you saying it's creation algorithm is hacker proof? That was rhetorical, we both know it isn't.

And the fact that most of it is created in China should give anyone purchasing it some pause, particularly if you have done business in or with China.

I think what is being said is if we outlaw bitcoin the pervs are still gonna get their child porn , like they did b4 bitcoin.

I like the idea of bitcoin .

originally posted by: Taggart
Crypto currencies are very traceable, which is why many people who would want to get up to illicit activity have to 'tumble' them (basically launder them) and swap them from wallet to wallet numerous times. They are traceable though, in fact due to their signatures, they are actually more traceable than cash.

I guess the point I am making is the people who want to avoid detection have avenues that if used properly enable them to engage in behavior that may be more difficult using standard exchange practices.

originally posted by: AugustusMasonicus

originally posted by: Revolution9
Bitcoin is subversive and is allowing some very vile people to do business globally.

You raise an interesting point. I read an article recently that said most child porn is now sold via crypto-currencies since they are harder for investigators to trace.

....and I'm sure you will see many more articles such as this in the coming months.

Whilst it is true that currently, Bitcoins appeal has been due to the associated anonymity and difficulty of tracing, that is also what would make it great as a bona fide currency, at least from the perspective of your average person.

Anonymity probably doesn't sound like much of a bonus right now, but wait until the government rolls out their own version of cyptocurrencies.

originally posted by: notsure1
I think what is being said is if we outlaw bitcoin the pervs are still gonna get their child porn , like they did b4 bitcoin.

I'm sure they will but it appears to make it more difficult from what I read previously.

This is dumb.

Anyone mining BTC for a good length of time will be rolling in it right now.

Oh no..... it's only worth $4,000 a coin now, what a travesty...

originally posted by: Dem0nc1eaner
....and I'm sure you will see many more articles such as this in the coming months.

Whilst it is true that currently, Bitcoins appeal has been due to the associated anonymity and difficulty of tracing, that is also what would make it great as a bona fide currency, at least from the perspective of your average person.

Anonymity probably doesn't sound like much of a bonus right now, but wait until the government rolls out their own version of cyptocurrencies.

I personally doubt there is any future to these as governments are not going to acquiesce to losing any type of financial control.

a reply to: AugustusMasonicus

If it were to be truly useful, it would need to be spendable.

If transaction times could be sorted out, all you would need is an app to pay with a modern phone. If this were to happen, it would be a game changer.

But I'm not sure why this hasn't already happened...

a reply to: Dem0nc1eaner


I'm sure there are various reasons but the hegemonic sovereign currency paradigm is the first that comes to mind. I truly don't see this changing.

a reply to: AugustusMasonicus

All it would take is a major government issuing their own, with control of all the nodes, thus being centralized, which while defeating the entire purpose and vision of Satoshi, and then a cryptocurrency with a blockchain would be a fiat.

When this happens, bitcoin or other alts would very likely remain around for channels of official corruption alone let alone actual positive things they offer.

a reply to: Dem0nc1eaner

This is happening already. Its just there are so many alts to sort through and so many different avenues being pursued.