Quote:
Originally Posted by BigNumbers
Bitcoin's only major use has been for Chinese to move their money. Now that that's being hamstrung their value will never again reach the levels we saw. I expect the $300 range will be more likely the new ceiling, as this currency is only actually used (eg: exchanged for stuff as a fiat should be) for the following purposes:
Chinese money laundering (not in the illicit sense)
Drugs
Guns
The Chinese factor was the biggest driver, and now that it's be cracked down on, I don't expect we'll see a recovery to previous levels ever again.
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Why does everybody say this? Did Chinese banks actual transact in Bitcoins at any point? Bitcoin transfers are not facilitated by normal banking systems. Isn't all this panic selling a product of misinterpreting remarks out of China?
The government/banks said they would not handle Bitcoin transactions. That's pretty much what I read. Bitcoins are handled by private exchanges, not banks. We should still be at the status quo.