And now..?

[fra55]

As reported on coindesk (http://www.coindesk.com/btc38-suspends-trading-cites-china-central-bank-guidance/), the Chinese btc bank BTC38 has suspended its activities due to the request of the Chinese central bank.
It seems like the Chinese will no more buy/sell electronic currency, and this could be the reason for the price drop in the latest days.
What do you think? Could this be a threat also for Darkcoin?

 

[mahowi]

As long as nearly all of the altcoins are traded in BTC this is a threat for all alt currencies, IMHO. Darkcoin is more or less stable at about 0.0014 BTC/DRK. So if price for BTC goes down, DRK will also loose worth against Fiat.

 

[fra55]

Yes since China own the biggest part of BTC, if they are no more willing to trade BTC, electronic currencies will simply loose all their value

 

[LazarusLong10]

I get the impression that China is still actively debating what to do about bitcoin, so there's probably more to come from them soon.

 

[the_darkness]

I get the impression that China is still actively debating what to do about bitcoin, so there's probably more to come from them soon.

Agreed although their current movements are not encouraging. I can easily see why an autocratic, centralized government might fear something like cryptocurrency that would allow citizens to easily transfer money out of the country or hide it away.

 

[fra55]

Agreed although their current movements are not encouraging. I can easily see why an autocratic, centralized government might fear something like cryptocurrency that would allow citizens to easily transfer money out of the country or hide it away.

That's the point, in my opinion. BTC and cryptocurrency look like a threat to a centralized government like the Chinese one

 

[the_darkness]

That's the point, in my opinion. BTC and cryptocurrency look like a threat to a centralized government like the Chinese one

In some ways Darksend might perversely benefit from this as it would make it that much harder for government snooping to follow transactions within China. It obviously would be preferable to have government support for crypto but if this is how it's going to be, it might put Darkcoin in a good place relative to other cryptos.

 

[LazarusLong10]

My hope is they'll decide they'd have more control if they keep Bitcoin in the hands of a few small exchanges rather than totally decentralized.

 

[fra55]

In some ways Darksend might perversely benefit from this as it would make it that much harder for government snooping to follow transactions within China. It obviously would be preferable to have government support for crypto but if this is how it's going to be, it might put Darkcoin in a good place relative to other cryptos.

Or maybe someone could decide to fight against Dark just because of that feature

 

[the_darkness]

Or maybe someone could decide to fight against Dark just because of that feature

Very true, it's going to be interesting to see how things play out.

 

[Sub-Ether]

Other countries and exchanges will take their place and when they do, China will have to reconsider for fear of losing trade. Probably a good buying in point methinks.

 

[vertoe]

That's the point, in my opinion. BTC and cryptocurrency look like a threat to a centralized government like the Chinese one

this proves the success of cryptocurrencies at all.

 

[fra55]

this proves the success of cryptocurrencies at all.

Very true, at least cryptocurrency got a point