>"It is not issued by a central monetary authority, it does not have the properties of legal currency and it is not a currency in the real meaning of the word."
Certainly an amusing quote, given the extensive actions to stop the spread of such a non-threatening non-currency.
By "ban", I assume they mean "made illegal." The former of course being a euphemism for the latter. A couple questions come to my mind as such.... How will China enforce such a ban? Can China physically or technologically bar access to Bitcoin deposits?
Regardless of the Chinese government's ability to effectively enforce such a ban, the price of Bitcoin has taken a noticeable dive.
> the price of Bitcoin has taken a noticeable dive.
Don't judge on one day. Wait for a week, 10 days before making conclusions on the price of Bitcoin. Bitcoin has shown to be pretty resilient to news that were considered bad by the media. We'll see.
It's down to ~480 so it's lost $100 in 30 minutes. Let's just say that my strange way of picking numbers can be described as "flattering" ... at worst.
No, you should pick numbers on a daily average with an indication of the daily variation on the value if you want to be fair, not at a precise instant, because Bitcoin can have as much as 30% variation in a given day, so I too can make up numbers out of thin air by picking up a very biased time during the day.
Have you seen a <insert something that for some reason it will be different this time thing here> is generally a poor argument. But one speculators cling to and try to convince others of adamantly.
It doesn't matter what dates or time taspeotis picks; his point is that at any date and time Bitcoin is too volatile to meaningfully function as a currency.
No major currency suffers from 30% intra-day volatility against other currencies. It would make pricing goods and services essentially impossible. Who would care about saving up to 5% on credit card fees if they're suffering 30% arbitrage losses because they set/update their prices at the wrong time of day?
Certainly an amusing quote, given the extensive actions to stop the spread of such a non-threatening non-currency.
By "ban", I assume they mean "made illegal." The former of course being a euphemism for the latter. A couple questions come to my mind as such.... How will China enforce such a ban? Can China physically or technologically bar access to Bitcoin deposits?
Regardless of the Chinese government's ability to effectively enforce such a ban, the price of Bitcoin has taken a noticeable dive.