Friday, December 6, 2013

Bitcoin Crash on News Major Chinese Web Site Has Stopped Accepting Bitcoin

Major Chinese search and web services provider Baidu is no longer accepting bitcoin for service payment, , reports NewsBTC.com. The following is the service’s message to music users today (roughly translated using Google):

Dear acceleration music users:

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

As of 11:00 ET, the price for a bitcoin at Mt Gox was $774.00, the low was $650.00. Earlier in the day the price was $1,118.98.

The real translation: The Chinese government is cracking down on the use of Bitcoin.

9 comments:

  1. Didn't you hear. Government's not liking it only makes it more valuable!

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  2. Didn't you hear?? When you pay your rent or utilities in Bitcoin it constantly is going down!

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    1. Yes, because my most recent purchase of bitcons was 30 days ago when they were under $400. My average purchase price is much lower though. :)

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  3. Yes, we go through one of these "crashes" every few months or so only to rise to a higher level soon after. I've been through a half-dozen of these already. What's nice is I get to pick up cheap coins on the pullbacks.

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  4. So what happens at Mt Gox with Bitcoin prices when the Japanese Yen goes into its death spiral ?
    Could the recent surge in Bitcoin prices be the leading edge of that trade ?
    Is the surge in China based Bitcoin trading caused by international Asian buyers hedging against MT Gox as a trading vehicle ?

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  5. Every time the price drops Wenzel calls it a "crash". How come he never calls gold going down a "crash"? Inquiring minds are wondering at this obvious inconsistency.

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    1. Wenzel and Gary north are not very good at math and physics. If they were, they would understand that light, wether its dim or bright, travels at the same speed. If the price of Bitcoin is low or high, its utility remains the same, and it can transport value anywhere in the world, without a bank, at the same speed, no matter what its quoted price is.

      Concepts like this are very hard for Wenzel and North to get their heads around. No matter. The young and mobile using public will embrace Bitcoin and make use of it according to its nature, and will reap the benefits.

      Thinking about Bitcoin like its a stock or a commodity is stupid. It betrays a lack of imagination on the part of the people who obsessively follow charts that quote its price as if it was a 20th century object listed on the NYSE.

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    2. because it is basically illegal to use gold as a currency now and yet, low and behold, it's still over $1000 an ounce.

      if bitcoin is replaced by a different cryptocurrency or captured/destroyed by the state through regulations on the bricks and mortar side of things you will be left with it's commodity value which was let's see....zero.

      tulips were worth more you dimwits. currency is not the same thing as money. bitcoin is a very risky gamble.

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  6. If you were a subscriber to the EPJ Daily Alert, you would know that since the first of the year RW was warning about a falling gold price. No inconsistency, other than in your poorly informed mind.

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