Silk Road couldn’t kill Bitcoin, can China?

It seems like the days of December all over again. After taking Bitcoin to spectacular highs, the government of China had finally stepped in to put the curfew to the party. Tomorrow in April (April 15), it looks to be an ongoing repeat telecast, except for a bitcoin battered from the collapse of mtgox (and an ongoing Neo & Bee saga) Gizmodo had last year put an article on What will kill Bitcoin first? Almost exactly two years ago, Wired published a feature about Bitcoin, comparing the cryptocurrency…
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Flash from the Past: Bobby Lee just 4 months ago

History repeats and rhymes? How times have changed, and not changed. Of the future, who knows ;utm_medium=rss&utm_campaign=bobby-lee-btc-china-explains-china-1-bitcoin These cultural factors have led to a herd mentality of buying Bitcoin at large volumes. Lee said that his exchange has reached 150,000 Bitcoins per day in trading volume and he is expecting a 100X increase next year.     China is also a nation of engineers. The leadership of China, from Jiang Zemin to Xi Jinping, all have educations in engineering from elite Chinese universities. Generally speaking, at the upper…
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China’s Credit Defaults and Tremors, and Bank Tech war fallout

The Default Blowouts CNY 3 B default: Shanxi largest steelmaker Overnight, Hong Kong's The Standard reported that in addition to the solar, coal and real-estate developer companies that are on everyone's radar as potential future bankruptcy candidates, one can also add steel makers to the list, with its report that Highsee Group, the largest private steel makers in Shanxi province has defaulted on CNY3 billion of debt, unable to repay its bonds on time. Dropping like flies now. Second Chinese Bond Company defaults: HYB when overnight Xuzhou Zhongsen…
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Foreigner in China (Ningbo) on Bitcoin and International Trade

Well, China's shadow banking issues will impede some of this for a The highlight: BTC has the potential of permanently disrupting international trade. (I could write an entire article on this subject alone.) BTC advocates like Andreas like to talk about migrant workers using BTC to go around international remittances companies like Western Union. That represents billions of dollars transferred every year. Great, fantastic. But international trade is a multi-TRILLION dollar/year industry. I work in a Chinese trading company and know full well the huge slice of the…
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Such a week for bitcoin, just a regular week for bitcoin, Bill Miller: Like a Venture Investment

Investment/Venture Capital/Finance Bill Miller "The thing about bitcoin that is so interesting is the addressable market here," said Miller, former chairman of Legg Mason Capital, on CNBC's Closing Bell. "Gold alone has an $8 trillion market value, bitcoin has about a $7 billion market value, so if it's only 10 percent as successful as gold you get 100 times your money." IRS says bitcoin is property rather than currency The noted stock picker said he started buying bitcoin personally after the exchange collapsed earlier this year. "When that…
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Backstory to the China’s Banking v Internet Tech Giants War?

An interesting article at zerohedge, reuters growing numbers of Chinese are using UnionPay - a state-backed bank card - to illegally funnell billion of dollars out of the country. As Reuters reports, its unclear why the PBOC has not clamped down on this as documents show they are well aware of and as one clerk noted "don't everyone's doing it." (The War going on between the internet tech giants and the banks in China) UnionPay dominates the card market in China thanks to a central bank decree that…
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Bullish for Bitcoin: China Central Banks go to War with China Internet Companies over Virtual Credit Card Payments and QR codes

Fireworks. Bitcoinz Looks like Yahoo, Tencent and Alibaba got Goxxed. 5% dumps and up in "non volatile" equities (CITIC going 10% there on zh) CITIC nerfs, they were one of the banks mentioned in the news about the vanilla default of Chaori weren't they HONG KONG/BEIJING (Reuters) - China's central bank demanded on Friday that payments made by scanning a bar code with mobile devices be halted, hitting the payment arms of Internet companies Tencent Holdings Ltd and Alibaba Group Holding, amid concerns over the security of their…
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Li Ke Qiang China Premier deems China Defaults Unavoidable

#axzz2vqebdLkd China is likely to see a series of bond and financial product defaults as the government accelerates financial deregulation and allows more private ownership in the state-dominated sector, Li Keqiang, Chinese premier, said on Thursday. Future defaults of financial products in China are “unavoidable” but the government will take steps to ensure they do not pose a threat to the wider financial system, Mr Li told journalists at his annual media conference. Chinese Premier Li Keqiang said that defaults may be unavoidable in some cases, after the…
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China’s Magic to Bitcoin’s Magictgox?

Magic (hmm the bloomberg ticker for maple tree greater china commercial trust is magic too) (so I guess you have to search the CITIC) "Magic" Collateral: A Frank Look At The Sheer Credit Horror About To Be Unleashed In China Recall that as we have repeatedly shown in the calendar of coming Chinese bond default, on March 31, a borrower named "Magic" (no comment) is set to default on a CNY196 million Trust. The default may or may not happen, as there is always a high likelihood it…
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China Copper

It would appear the fecal matter is starting to come into contact with the rotating object in China. Worrying headlines are beginning to mount on the back of real economic events (an actual default and a collapse in exports): *COPPER IN SHANGHAI FALLS BY 5% DAILY LIMIT TO 46,670 YUAN A TON *CHINA YUAN WEAKENS TO VS DOLLAR *YUAN DROPS MOST SINCE 2008 Aside from that Iron ore prices are crumbling, Asian stocks are dropping, Chinese corporate bond prices aee falling at their fastest pace in almost 4…
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