Interesting decline. Funny how the Chinese were and are the bulk of BTC purchases and this seems to be happening there? One has to wonder with all the talk of the Chinese setting up so many ways around using the dollar why they would try to ban or discourage the use of BTC? I think this lil' set back if it can be called that will only fuel the fire and make the price run in the future. I mean what a great buying opportunity right?
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The Chinese and the Russians have recently launched the BRICS bank. They want to distance themselves from the petro dollar and base their currencies in hard gold backed currencies. Putin has often said that even though the ruble is weak against the dollar it is backed by the gold they have in their coffers. the Chinese have been shipping gold out of Africa and into China by the ton. the Indians recently paid millions of dollars worth of gold for oil from Iran. I think it''s not in the interest of BRICS or their plan to have competetion from another currency which they can not control.
Interesting point but it should be a free system not one anywhere where the gooberments of the world control them. We've had enough of that shit. I like tangible but not controllable. The CPU coins may have value out of belief but nothing else similar to paper but atleast they are free in their own right. I digress.
matdaniels , you nailed it bud I fully believe china is banning bit coin to protect their gold backed currency , what they should do is create a yuan backed crypto .