– Bitcoin Tumbles After China Central Bank Bans Financial Companies From Using Digital Currency (ZeroHedge, Dec 5, 2013)
The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– Bitcoin Tumbles After China Central Bank Bans Financial Companies From Using Digital Currency (ZeroHedge, Dec 5, 2013)
China has five times the debt level of the US, and much worse unemployment and unrest. Nobody believes them, either. They can ban what they want, but……….people are moving away from the so-called banks because they are even more crooked than their government. In the US, many have moved to credit unions, and it must be hurting the banks, they are lobbying to force credit unions to become banks….
It has not tumbled much. Its still trading for over $1000.00. This option is not dead. People need a way of keeping out of the fractional reserve collapse. With gold and silver being fixed, this might still be one option.
To John: My problem with Bitcoin is the lack of regulation. One need only look at the US dollar and economy to see why strong regulation is essential to a stable banking system. Until 1998, the US had outstanding regulations, look how it has fallen since.
Hi Marilyn, my gut feels that is the very reason why it has a chance. This is one of the few things that is completely decentralized, no borders, no bankers, no governments, just the people. This would mean the people in power can’t control it. As volume increases, the Bitcoin value will stabilize. The people that control of all the wealth, were centralized and in controlled of all the banks long before they deregulated. Leaving them in a controlling position when it was deregulated. Bitcoin does not give this control to any one group but to the group as a whole. Decentralizing beyond the banker, beyond borders. As the fractional reserve system continues to erode, people will keep looking to something that they can keep there hard earned savings away from the heartless greedy, government miss spending and a system that is skewed against the poor. The only way to take this system down (Bitcoin) is to end the internet (This could be part of the plan.).