Author Topic: Beware of Bitcoin, Central Banks Warn  (Read 3784 times)

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Offline Pandaguy

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Beware of Bitcoin, Central Banks Warn
« on: December 05, 2013, 11:34:01 AM »
INFORMATION FOR BITCOIN PEOPLE!!!

Beware of Bitcoin, Central Banks Warn

by Mathew Schwartz  Dec 5th 2013 10:47AM
Updated Dec 5th 2013 10:51AM

Bitcoins RiseAP/Rick BowmerHere's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• France's central bank issued a warning Thursday: Beware of Bitcoin. The essence of the statement was fairly simple: The digital crypto-currency isn't backed by a government, and if people stop being willing to trade Bitcoins for "real" money, the whole concept could collapse like a house of cards. Coincidentally, China's central bank issued a similar warning Thursday, and banned its banks from trading in Bitcoin, which has recently seen a major surge in popularity in the world's most populous nation.

http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

http://www.reuters.com/article/2013/12/05/us-france-bitcoin-idUSBRE9B40IF20131205

Offline digbird

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #1 on: December 05, 2013, 12:19:15 PM »
BitCoin heist:

http://news.yahoo.com/bitcoin-heist-millions-vanish-online-175333383.html

Guess I'm too old school. Would rather have a gold backed dollar.

Offline Mirkkanen

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #2 on: December 05, 2013, 06:25:40 PM »
B of A Just tagged Bitcoin with a "fair value" estimate of $1300 each.  I read a story on it today at Google news. If banks are acknowledging Bitcoin, it won't be long before they 'll want to profit from the trend. Maybe there will soon be futures trading on Bitcoins.

Offline Pandaguy

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #3 on: December 06, 2013, 12:12:00 PM »
B of A Just tagged Bitcoin with a "fair value" estimate of $1300 each.  I read a story on it today at Google news. If banks are acknowledging Bitcoin, it won't be long before they 'll want to profit from the trend. Maybe there will soon be futures trading on Bitcoins.

Beware of the possibility of "pump & dump"! Yes, "pump & dump" of an intangible that could cost you to lose everything. Does anyone think this Bitcoin craze is a Ponzi scheme?

Offline KeyDate1/2ozPandas

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #4 on: December 06, 2013, 11:22:19 PM »
On October 14 BIDU announced it will accept bit coins for transactions, at the time price of bit coins was $140
http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/

On December 4 BIDO announced it no longer will accept bit coins for transaction and Beijing warned banks to avoid bit coin transactions, prior to announcement bit coins were at $1250
http://origin-www.bloomberg.com/news/2013-12-06/baidu-stops-accepting-bitcoins-after-china-ban.html

Today it traded down to $600 and now it is between $700-$800.  75% of all trading volume was coming out of china for the last two months.

Bottom-line is any market in which china gets involved with skyrockets and those they get out of crash. It will be interesting 1 month to see the shake out of bit coins now that vendors are suspending bit coin payments. In the US I am sure it is only a matter of time before regulations are put in place to prevent banks from transferring money to bit coin exchanges, similar to what happened for online gaming back in 2006. 

Arif

Offline poconopenn

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #5 on: December 07, 2013, 12:28:26 AM »
New York Times, 12/6/2013. First page article "in the murky world of Bitcoin, fraud is quicker than the law".



http://dealbook.nytimes.com/2013/12/05/in-the-murky-world-of-bitcoin-fraud-is-quicker-than-the-law/?_r=0

Offline Pandaguy

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #6 on: December 07, 2013, 01:14:00 AM »
Today it traded down to $600 and now it is between $700-$800.  75% of all trading volume was coming out of china for the last two months.

Bottom-line is any market in which china gets involved with skyrockets and those they get out of crash.
Arif

YEP! How very true, how very true indeed. That's it in a nutshell. Very-well spoken Arif.

Offline Mirkkanen

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #7 on: December 07, 2013, 01:18:36 AM »
How about US Dollars? I hear China no longer wants those . . .

Offline Pandaguy

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #8 on: December 07, 2013, 02:03:32 AM »
How about US Dollars? I hear China no longer wants those . . .

China banks would have no issues with accepting my US dollars. However, the exchange rate has slightly declined (in favor of RMB)over the past 5 months. I am in no hurry to convert my RMB into USD, as I feel that additional declines in the exchange rate will continue, thus affording me more USD upon conversion. However, I am in a hurry to get back to US for holiday vacation in order to breathe cleaner air, drink safe tap-water from the faucet, and enjoy clean streets and healthy environment, among other things. Sorry, but IMHO and actual life experiences, the REAL China ain't so pretty!!!!

Offline jc888888888

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #9 on: December 07, 2013, 07:27:50 AM »
Beware of the possibility of "pump & dump"! Yes, "pump & dump" of an intangible that could cost you to lose everything. Does anyone think this Bitcoin craze is a Ponzi scheme?
I dont claim to know very much at all about bitcoin and what I fully don't understand I try to stay away from ........... but the way the United States is printing money you have to start to wonder if the dollar is not a Ponzi scheme:)

Offline ghostrider80811

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #10 on: December 08, 2013, 06:29:15 AM »
B of A Just tagged Bitcoin with a "fair value" estimate of $1300 each.  I read a story on it today at Google news. If banks are acknowledging Bitcoin, it won't be long before they 'll want to profit from the trend. Maybe there will soon be futures trading on Bitcoins.

Its already in the pipeline.  Also 2014 is going to be the year wall st gets into bitcoins.

Offline ghostrider80811

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #11 on: December 08, 2013, 06:46:37 AM »
Beware of the possibility of "pump & dump"! Yes, "pump & dump" of an intangible that could cost you to lose everything. Does anyone think this Bitcoin craze is a Ponzi scheme?


No way.  Digital currencies are here to stay.  IMHO this is the natural evolution of finance.  .Gov hates anything and everything that's stands in their way of their agenda.  Their agenda is more debt and death.  Nein danke.. I'm sure the status quo is working well for majority of the people all over thus economic oppression, subjugation, exploitation, and revolution partially driven by fallacious monetary policy that mainly serves to benefit the super rich and their ilks. 

Keep working harder, get along, and .gov will take care of you is what I'm seeing and quite frankly I'm tired and not going to take it anymore.  If everything works out I could retire before Jim Rogers.  Hell I even have enough to buy a house now with these digital currencies even with the correction. 


2014 is either going to be a hopeless or fantastic year.  I'll stick with the latter.  Moreover, I highly encourage everyone to research with an open mind.  This industry is still in its infancy with innovations that will have far-reaching ramifications for all.  Please don't get it twisted.  I still treasure my MCC and bullion, cheers.   N39 N31


Offline ghostrider80811

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #12 on: December 08, 2013, 06:52:21 AM »
BitCoin heist:

http://news.yahoo.com/bitcoin-heist-millions-vanish-online-175333383.html

Guess I'm too old school. Would rather have a gold backed dollar.

Me too but my research shows the elite will and does control it too then we will suffer from deflation if not implemented correctly.  He'll I'm sure one-day they will control bitcoins too.  Maybe they a ready control it?   These people already control the COMEX price of PM but that didn't stop people putting their money in PM either but who knows, right?  If anyone reading has a accurate crystal ball I'll pay you 6 figures to borrow it in bitcoins of course with confirmation through the blockchain, hehe.


Offline Hippanda

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Re: Beware of Bitcoin, Central Banks Warn
« Reply #14 on: November 30, 2017, 12:44:48 AM »
Amazing - it is totally "unbacked", yet still advances - does that tell us it is near the top?  Or not ?
Craziness begets craziness ?

Most of us here tend to prefer "hard assets" and squirm watching this crazy unbacked idea charge from .50 to $10000 ?  Is this the end or the beginning ?  Are hard assets obsolete? Or will there be
 a shakeout of all shakeouts to reconcile the craziness ?
"He who speaks without modesty will find it difficult to make his words good."

Confucius