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Nov 22 - Bitcoin plummets to a six-month low on China crackdown


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 2 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x5
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Nov 22 - Bitcoin plummets to a six-month low on China crackdown
 

 
LONDON (Reuters) - Bitcoin slumped to a six-month low on Friday after Chinaís central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin BTC=BTSP, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.

The Peopleís Bank of Chinaís Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the worldís second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40% in two days after Xiís remarks, with investors betting that Beijingís backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallized a growing sense among crypto investors that Chinaís embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

ďItís the realization that the positivity over Xiís blockchain announcement was exaggerated,Ē he said. ďIt may not include bitcoin at this point.Ē

visit this link https://www.reuters.com/a .. -idUSKBN1XW1CO
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 2 weeks ago '18        #2
Eyesofchaos 
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Crpyto is the future but its good to have hands in both the crypto world and still keep a few investments here and there to diversify
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 2 weeks ago '16        #3
Negusis 
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 Eyesofchaos said
Crpyto is the future but its good to have hands in both the crypto world and still keep a few investments here and there to diversify
What's funny is that you will notice the people who criticize crypto the most are investing in it. Cause they know as well.

I dont listen to what an investor says, I look at their portfolio.
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 2 weeks ago '06        #4
Skateboard T 
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Lol was just saying this in a crypto thread weeks ago.

Cryptocurrency is NOT a good long term investment. The adoption has largely stalled as it’s been seen to be at best a quick prospecting investment and at worst full on pump and dump fraud.

Honestly the Facebook libra is the best thing to happen to crypto in a while because if it does launch it would create the simplest, most accessible cryptocurrency to date, something like that is necessary if this crypto-utopia that crypto advocates talk about is actually going to happen. Until then, as the scholars have said, it’s just “magic internet money” that derives it’s value solely from prospecting.

People are way too focused on the ROI to actually look at the tech behind these things practically.

Blockchain tech is incredible, cryptocurrency less so, at least until we achieve a critical mass of users. I’m not saying it won’t happen, I’m just saying as of right now it doesn’t look like it has much momentum.
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 2 weeks ago '18        #5
niruggg 
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 Skateboard T said
Lol was just saying this in a crypto thread weeks ago.

Cryptocurrency is NOT a good long term investment. The adoption has largely stalled as itís been seen to be at best a quick prospecting investment and at worst full on pump and dump fraud.

Honestly the Facebook libra is the best thing to happen to crypto in a while because if it does launch it would create the simplest, most accessible cryptocurrency to date, something like that is necessary if this crypto-utopia that crypto advocates talk about is actually going to happen. Until then, as the scholars have said, itís just ďmagic internet moneyĒ that derives itís value solely from prospecting.

People are way too focused on the ROI to actually look at the tech behind these things practically.

Blockchain tech is incredible, cryptocurrency less so, at least until we achieve a critical mass of users. Iím not saying it wonít happen, Iím just saying as of right now it doesnít look like it has much momentum.
its the exact opposite and libra will fail
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 2 weeks ago '06        #6
Skateboard T 
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 niruggg said
its the exact opposite and libra will fail
Libra isn’t perfect and it certainly flies in the face of everything that cryptocurrency was created for, but the primary issue with cryptocurrency as a practical medium of exchange is the fact that there simply aren’t enough people using it in the right ways for it to actually be used as a practical medium of exchange.

Libra would solve that problem, honestly I think if facebook created an exchange it would be better. Setting aside all the privacy concerns. I agree though, I don’t think people are going to be willing to invest USD in Facebook money unless there’s some sort of incentive.

As of right now cryptocurrency has no value beyond a speculative risky quick turnaround investment. Essentially it’s only as valuable as people think their ROI is going to be. I know that the underlying tech and functionality of blockchain transactions are useful, I just did a massive research paper on the fourth amendment and crypto and work with a leading privacy and tech scholar. Pseudonymous blockchain tech like crypto is incredibly useful, but not if there’s nobody willing to accept it as payment. Until a critical mass of people start using it there won’t be any stability and the only reason to trade in crypto is going to be for short term gains in USD.

My main point is that until crypto is independently valuable and not contingent on the dollar, it’s nothing but a get rich quick gamble.


Last edited by Skateboard T; 11-22-2019 at 12:42 PM..
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 2 weeks ago '18        #7
niruggg 
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 Skateboard T said
Libra isnít perfect and it certainly flies in the face of everything that cryptocurrency was created for, but the primary issue with cryptocurrency as a practical medium of exchange is the fact that there simply arenít enough people using it in the right ways for it to actually be used as a practical medium of exchange.

Libra would solve that problem, honestly I think if facebook created an exchange it would be better. Setting aside all the privacy concerns. I agree though, I donít think people are going to be willing to invest USD in Facebook money unless thereís some sort of incentive.

As of right now cryptocurrency has no value beyond a speculative risky quick turnaround investment. Essentially itís only as valuable as people think their ROI is going to be. I know that the underlying tech and functionality of blockchain transactions are useful, I just did a massive research paper on the fourth amendment and crypto and work with a leading privacy and tech scholar. Pseudonymous blockchain tech like crypto is incredibly useful, but not if thereís nobody willing to accept it as payment. Until a critical mass of people start using it there wonít be any stability and the only reason to trade in crypto is going to be for short term gains in USD.

My main point is that until crypto is independently valuable and not contingent on the dollar, itís nothing but a get rich quick gamble.
Whose gonna use Facebook moneys company that already sells everyones info
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 2 weeks ago '06        #8
Skateboard T 
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 niruggg said
Whose gonna use Facebook moneys company that already sells everyones info
Come on son facebook normies are gonna be all over it if Facebook incentivizes it enough through promos. Go look in the comments of any news article on Facebook lol. I donít think people who actually follow crypto or use crypto for anonymity are going to use it at all. But investors might bet big on it.


If they can actually get the tech working lol. I was speaking more from a practical perspective, not as much from a financial perspective regarding Libra.

I still donít think any cryptocurrency is a secure long term hold yet. Not even bitcoin until regulators stake their claim.

 2 weeks ago '19        #9
zzxxccvvbb 
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Personally stopped believing when I saw the power required.

Good luck to any remaining bulls though

 2 weeks ago '08        #10
thisguymush 
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lol that is crazy that Bitcoin was a whole phenomenon. That sh*t came and went fasters than an hourly wh*re. smh I still have $2 invested thru cash app.. maybe it will come back to me lol


 2 weeks ago '18        #11
BrooklynDamien  topics gone triple plat - Number 1 spot x1
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When that Facebook coin dropping though? Any airdrops popping???

 2 weeks ago '18        #12
niruggg 
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 Skateboard T said
Come on son facebook normies are gonna be all over it if Facebook incentivizes it enough through promos. Go look in the comments of any news article on Facebook lol. I donít think people who actually follow crypto or use crypto for anonymity are going to use it at all. But investors might bet big on it.


If they can actually get the tech working lol. I was speaking more from a practical perspective, not as much from a financial perspective regarding Libra.

I still donít think any cryptocurrency is a secure long term hold yet. Not even bitcoin until regulators stake their claim.

 2 weeks ago '06        #13
Darell_ftb  topics gone triple plat - Number 1 spot x2
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Lol but you know what China backed? Vechain you know who's been telling y'all about vechain? Me lol.

Bitcoin isn't dead tho

 2 weeks ago '19        #14
925 
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China, Russia, Iran etc will eventually start trading digital currencies backed by gold for cross border payments. Domestically they won't let their citizens obtain the gold they'll probably have separate cryptos for trading within their borders/ taxes.



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