Bitcoin

[Seoul_lasers]

You guys seriously got to read this article.
I saw something similar while in Thailand on CNTV.cn (CCTV) (China Central News Agency)
around the end of November basically linking bitcoin to all recent corruption/organized crime problems within China.
China will do anything to spin this story to get rid of the competition.
This is just the beginning of something truly massive. Backlash coming against the Yuan?
China btw, leads in bitcoin transactions so, China eagerly is trying to rid itself of competition or market destabilization. That I can see.

Bitcoin’s value took a tumble this week after the People’s Bank of China issued an official statement about its stance on the digital coin, knocking the cryptocurrency’s value down into the $800s after lofty $1200 highs. China has been largely responsible for Bitcoin’s dramatic 500% rise in value over the last month, with yuan dominating the trading markets, according to the Genesis Block. China’s government evidently felt that the cryptocoin was getting too hot to ignore. In a statement Thursday, the People’s Bank of China and four other ministries and agencies announced that banks and payment companies were prohibited from dealing with the coin, but that the country’s citizens are still free to buy and sell it. So what does that mean for Bitcoin, and Bitcoin businesses, in China?

Notice on Bitcoin, as translated by Perkins Coie: “itcoin is a specific virtual merchandise, which does not have the same legal status as currency, and cannot and should not be used as currency in circulation in the market.”


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The notice says that financial institutions and payment institutions can’t start using bitcoin, or exchange it for RMB, or act as a middleperson for bitcoin payments. That means you won’t be able to deposit bitcoin into a Chinese bank anytime soon. It also forbids the development of a business like Bitpay, a popular service here that allows merchants to take cryptopayment and immediately convert it into fiat. This is likely to slow the already tortoise-like development of a bitcoin ecosystem for real goods there; no one in China will be buying a Tesla Model S with bitcoin anytime soon.

China made it very clear that it doesn’t consider Bitcoin a currency or legal tender, and that it shouldn’t be used to pay for real goods and services. Shortly after the statement came out, Baidu (a.k.a. China’s Google) which was famously accepting bitcoin for its Jiasule security services, announced it would no longer accept the virtual currency as payment.

Notice on Bitcoin, as translated by Perkins Coie: “No financial institutions and payment institutions should conduct business associated with bitcoin… nternet websites providing bitcoin-related services such as registration and transaction should record with the telecommunications regulatory agencies.”

There wasn’t a whole lot of real economic activity going on via bitcoin in China, though. The big question is how the Chinese government sees China’s bitcoin exchanges, such as BTC China and OKCoin, which are seeing the highest volume of bitcoin trading in the world. Are they financial institutions or are they simply “internet websites providing bitcoin-related services”? Most experts think it will be the latter, and BTC China itself greeted the news as welcome, with CEO Bobby Lee telling Bloomberg News they were happy to see the government regulating Bitcoin.

“My personal view is that this is a step in the right direction that they are going to regulate this industry,” says Ron Cao, a partner at Lightspeed China, which invested $5 million of venture capital into BTC China. “The market has been too hot. There’s too much activity. I think they wanted to put a halt on the speculative phenomenon.”

Now these websites are required to register with China’s “telecommunications regulatory agencies.” This will hopefully prevent scams like the one in Hong Kong, where an exchange shut down overnight taking $4 million worth of investors’ money. They are responsible for educating users about the risks of bitcoins and for preventing money laundering by forcing users to provide identification and reporting suspicious transactions to authorities. Businesses are reacting quickly. BTC China already had a “trade at your own risk” disclaimer on its site, but it is now also requiring users to provide credentials.

China Bans Financial Companies From Bitcoin Transactions - Bloomberg

Baidu Stops Accepting Bitcoins After China Ban - Bloomberg

 

[csshih]

Dogecoin

 

[Grix]

You guys seriously got to read this article.
I saw something similar while in Thailand on CNTV.cn (CCTV) (China Central News Agency)
around the end of November basically linking bitcoin to all recent corruption/organized crime problems within China.
China will do anything to spin this story to get rid of the competition.
This is just the beginning of something truly massive. Backlash coming against the Yuan?
China btw, leads in bitcoin transactions so, China eagerly is trying to rid itself of competition or market destabilization. That I can see.



China Bans Financial Companies From Bitcoin Transactions - Bloomberg

Baidu Stops Accepting Bitcoins After China Ban - Bloomberg

It will be interesting to see how the chinese bitcoin market develops in the next few months. In 2011 most westerners also connoted crime with bitcoin, but a lot happens in two years. I think china will have a hard time fighting against bitcoin, it's P2P functionality is quite robust.

 

[ARG]

The BFL stuff I ordered on black Friday actually shipped the following monday and I got the stuff on Thursday - it's a damn miracle :friend:

Wow! I'm jealous of all that hardware.

 

[Atomicrox]

Have you guys heard about Zerocoin?

Might solve the privacy issues for once and for all!

 

[Dr_Evil]

I'm still not quite sure about this litecoin. While I was mining less bitcoin per day, the actual value was higher. That would change if it's value dropped quite a bit though.:undecided: The bitcoin mining also didn't cause as many problems. I could hardly use my computer while litecoin mining. I'm not sure why though. Bit mining was using 99% of the GPU vs 93% for lite mining. There wasn't any difference between the two as far as CPU and RAM goes.

 

[Atomicrox]

I'm not convinced Litecoin has any advantages either. AFAIK it's just BTC with a different mining algorithm.

 

[FlutterPie]

What crypto currency to mine for?

I have been interested in mining for over a year now. Every time I looked into actually mining. I would be losing money instead of profiting. Now their are so many crypto currencies out there to choose from.

Obviously Bitcoin and Litecoin are the biggest ones currently. I will not even attempt to mine for those with my setup. So what is the most profitable coin to mine for now?

I was looking into

royalcoin
s excoin
anoncoin

I need advise on what I should mine. I will be using my nvidia 780m to mine.

 

[Grix]

Re: What crypto currency to mine for?

I have been interested in mining for over a year now. Every time I looked into actually mining. I would be losing money instead of profiting. Now their are so many crypto currencies out there to choose from.

Obviously Bitcoin and Litecoin are the biggest ones currently. I will not even attempt to mine for those with my setup. So what is the most profitable coin to mine for now?

I was looking into

royalcoin
s excoin
anoncoin

I need advise on what I should mine. I will be using my nvidia 780m to mine.

Sorry to say but I don't think any coin would be worth it to mine with such a setup. That's a laptop, right?

Still, if you really want to, you can check here to see which coin is the most profitable:
Cryptocoin Mining Information, Profitability and Calculators

I'm not convinced Litecoin has any advantages either. AFAIK it's just BTC with a different mining algorithm.

I agree. Redundancy is good I guess but as of now there is no real reason to use litecoin or any other altcoin over bitcoin.

 

[FlutterPie]

Re: What crypto currency to mine for?

Sorry to say but I don't think any coin would be worth it to mine with such a setup. That's a laptop, right?

Still, if you really want to, you can check here to see which coin is the most profitable:
Cryptocoin Mining Information, Profitability and Calculators

Yeah, you are probably right. I figured since some of these currencies are worth less than a penny it would be easy to mine. I guess not though.

 

[Grix]

Re: What crypto currency to mine for?

Yeah, you are probably right. I figured since some of these currencies are worth less than a penny it would be easy to mine. I guess not though.

Yeah they are easy to mine but as you say they are worth proportionally less so it's equally (un)profitable.

 

[MarioMaster]

[DOGE] DogeCoin

very scrypt such random

much profit wow

many coin

 

[Things]

Could probably mine dogecoin at this difficulty on a laptop fairly quickly

 

[csshih]

Could probably mine dogecoin at this difficulty on a laptop fairly quickly

not anymore you're not

 

[ARG]

Re: What crypto currency to mine for?

I agree. Redundancy is good I guess but as of now there is no real reason to use litecoin or any other altcoin over bitcoin.

Diversity is good, it's better to have more than one core cryptocurrency.

 

[Atomicrox]

Why? It's not like a normal product where prices will lower because of competition.
IMHO it would be better if everyone used just one currency, that way all buyers and sellers would be "compatible".