SoylentNews is people
SoylentNews
The People's Bank of China started spot checks on major Bitcoin exchanges starting a dip in the digital currency value for fears of a crackdown. China's central bank inspections of BTCC, Huobi, and OKCoin were conducted to find any potential regulatory breach. The news caused at least a 12 percent dip in the price of Bitcoin against the US dollar. Bitcoin was trading around $910 early-Wednesday and by late-Thursday.was down to $759.
In a separate announcement, its Shanghai unit said its officers visited BTCC to check on the exchange's operations and assess if it functioned within regulatory policies on financing, forex business, and anti-money laundering, among others.
Bitcoin's value last year climbed 125 percent, becoming the best-performing currency globally against other currencies issued by central banks.
(Score: 0) by Anonymous Coward on Friday January 13 2017, @04:54PM
If you get large and sudden drops in the value of the currency whenever it is put under real scrutiny, does that say about the stability of the currency? Or, is that more a commentary on the types of people who hold that currency?
(Score: 1, Insightful) by Anonymous Coward on Friday January 13 2017, @07:58PM
It says that it's a very small market.
(Score: 0) by Anonymous Coward on Saturday January 14 2017, @04:15AM
I want to sell you things in bitcoin but I have no idea what to charge you. Yeah. Makes sense.
(Score: 2) by maxwell demon on Saturday January 14 2017, @07:28AM
Buy Bitcoin put options, and then demand the amount of Bitcoins that allows to get the desired amount of dollars using those options, plus the cost of the options. Just as is done in other volatile markets.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2) by Bot on Saturday January 14 2017, @12:09PM
not a BTC expert nor investor, but IIRC the biggest mining pools are in China. If the authorities go knocking at the door there, seize them, they would end up controlling the transactions, even if IIRC a 50%+1 attack might take a bit to succeed depending on luck.
If they seize and gag the investors are faced with a done deal, but even if news of the seize get out of china, the panic will make the rest.
Anyway, that is exactly what happens with the rest of financial products. Good until enough people believe that.
Account abandoned.