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Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation

from ZeroHedge:

Yesterday it was the US Treasury’s Financial Crimes Enforcement Network that tightened its grip on businesses that accept Bitcoin. Today, it is China, where the world’s largest Bitcoin exchange by trading volume, BTCChina announced that he had received word from “above” that his platform would no longer be able to accept renminbi from BTC buyers. “As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange,” Bobby Lee, a former Yahoo developer who co-founded BTCChina this year, told the Financial Times.  The result, not surprisingly, is an overnight crash in BTC, which crashed by 50% from $900 two days ago to just $455 hours ago.

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6 comments to Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation

  • Wayne

    Buying opportunity. If you think (thought) that Bitcoin would go straight to $2000.00 then you are naive. The establishment will do everything they can do to pummel the revolutionary idea of the people. Their stranglehold will tighten, but the techno-generation will figure it out. So too, will the Chinese exchanges and people. There is I am sure, one more good idea from 1.2 billion people out there in China. I personally (as a Canadian) am more concerned as to how and when the US Government will move its Police State into place to try to take down Bitcoin. Silence is NOT golden. But, with start up companies being funded by Venture Capitalists, ETFs being considered, and Wall Street I am sure thinking up something to capitalize on Bitcoin, there will be a brighter future. The kinks need to be worked out, and the banksters and Government need to stay the f**k out!!

    • jonathan

      I am not sure Bitcoin is an idea from the people, as far as I know only super computers will be solving blockchains in the future. Which means large corporations will get all the newly created Bitcoin first then disseminate their Bitcoins into the market as they choose just like they do right now with the fractional reserve currencies.

  • Eric B

    I’m SHOCKED! Bit coin down 50%? Now I have to sell all my bullion on Craigslist to the buyer from Nigeria who is sending me a certified check after he receives my shipment…..

  • Randa

    Bitcoin is a ponzi scheme. I can’t believe how anyone could buy into this. A new currency very much like the old one!

    They’re playing with your heads, guys.

  • The Truth

    This should be called BITCRIME! Like I said a few weeks ago, this is good programming to get the sheeple ready for the new digital currency. Anyone who is part of this kind of mechanism is part of the problem since you are being programmed to accept the new digital currency. If you don’t Own it, you don’t Control it. How will you pay for your goods and services when the grid goes down or the internet has a blackout period? Are you going to write an IOU? Who will take it? Will your Bitcrime wallet be there when the internet comes back up? Every fool always gets caught in their folly. The real war is for your minds and looking at this article, many sheep are still going to get slaughtered and their meats waisted! Why? Because they fall for anything that is an illusion as long as it is in line with their current paradigm. This is just a good example of how the Indicies will come down. I know by spring the rot will begin to show now that the fed is talking about tapering 10 Billion. What a joke!

  • Dissolution

    Welp, didn’t see that one coming. Er, wait…



    NUDGE (*cough* government-backed alternative, stability, cashless society, etc etc)

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