Bitcoin hits $1,100 USD

[Charmonium]

This is so comical. The Chinese govt knows this shit is going on. And not just with bitcoin. Fake invoices, money laundering by gangs, illegal gambling, the list is endless. They're all ways for people to funnel money out of the country and into overseas investments. The govt probably even encourages it since it gives China power and credibility in foreign countries. The only time they actually give a shit is when it's so rampant that it weakens the currency. That's when they roll up the newspaper and smack all of the bad dogs that have been pissing on the rug. But as soon as things calm down it's back to business as usual.

 

[ultimatebob]

Chinese government at it again and Bitcoin now down to the $700 range. Anyone who bought over $1000 now down about 25% in about a week.

http://www.bbc.com/news/business-38591929

What, you're telling me that the pundits who said that Bitcoin is going to be at $10,000 by the end of the year might have been a wee bit optimistic? You don't say...

 

[Dr. Zaus]

What, you're telling me that the pundits who said that Bitcoin is going to be at $10,000 by the end of the year might have been a wee bit optimistic? You don't say...

10,000 is a number bitcoin will hit

 

[Imp]

Ahead of the market crash, <Someone's Son> had borrowed 995 million yuan from Huobi by pledging a principal consisting of the 409 bitcoins he already owned. He then bought a further 1,228 bitcoins with the loan.

I think it should be 9.95 million yuan. It's fixed at ~6.9 yuan per 1 USD, IIRC. So, he had 409 Bitcoins and borrowed 1228 Bitcoins. That's an asset-debt ratio of 1 to 3 then?

http://www.scmp.com/business/bankin...inas-bitcoin-market-another-ticking-time-bomb

This bit is actually the most interesting...

Data provider Bitcoinity shows trading volume in China accounted for more than 98 per cent of the global total during the past 30 days amid more pronounced price fluctuations.

Man, the Chinese really love their leverage. The stock market crash of 2015 obviously was no big deal, their property bubbles keep getting re-inflated, I think a commodities mini-bubble or two have crashed in the past two years. But fuck yeah, the Chinese published "solid" economic numbers the past month or something.