Bitcoin’s value tumbles in half after China forces top exchange to stop trading
2013 12 18
By Alex Hern | The Guardian
The price of bitcoin has plummeted following an announcement from China’s largest bitcoin exchange that it would no longer be accepting new yuan deposits.
BTC China said that due to action by a third-party payment provider, YeePay, it could no longer accept deposits in the Chinese currency, although it would still be able to process withdrawals. BTC’s chief executive, Bobby Lee, said that YeePay gave notice on Wednesday morning Shanghai time that it would no longer provide services.
Lee blamed government regulation for the decision. China’s central bank warned in early December that bitcoin was not legally protected and had no "real meaning", and barred financial institutions from using the currency.
On Tuesday, the central bank extended that ban to payment companies like YeePay, and gave them until Chinese New Year, which begins on 31 January, to comply.
At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.
On 18 November, BTC China raised $5m in a funding round from institutional investors Lightspeed. Until then, it had been self-funded by its three co-founders, who opened the site in June 2011.
Bitcoin remains legal to use in China, and the central bank is standing by an announcement that individuals are free to trade it at their own risk. But without third party payment providers, new purchases of the currency are virtually impossible.
Read the full article at: theguardian.com
Tune into Red Ice Radio:
Clif High - Hour 1 - Bandwidth Caps, Bitcoin, ISON & Nummo Origins
Jason Erb - Hour 1 - Economic History & Alternative Currencies
John Perkins - An Economic Hitman on Predatory Capitalism & Corporate Monopoly
Catherine Austine Fitts - Swine Flu, Vaccination & The Economy
Bill Still - Hour 1 - Fixing Greece, The Crumbling EU & Monetary Reformation
Walter Block - Hour 1 - Libertarian Philosophy & Anarcho-capitalism
Tracy Twyman - Alconomics, Money & Magic
Russia’s Largest Bank Proposes Bitcoin Alternative
(NOOOOOOOO!) JPMorgan files patent for Bitcoin-style payment system
Bitcoin Was Created By DARPA?
Stefan Molyneux - The Truth About Bitcoin
UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins
Bitcoin site is hacked, with $1million of the virtual currency stolen
Meet Dark Wallet – How Crypto-Anarchists Will Store Their Bitcoins
Latest News from our Front Page
Sand Pirates: ISIS Are America’s 21st Century Terrorist Privateers
2014 11 01
What is ISIS? If you believe govt and corporate propaganda, you still think that ISIS is a grassroots Islamic ideological movement ¨C and with no connection to intelligence agencies like America¡¯s CIA, Britain¡¯s MI6, Turkish (NATO) intelligence, Saudi intelligence, Israeli intelligence, or Pakistan¡¯s ISI.
The reality of ISIS is something altogether different¡
On closer inspection, these marauding paramilitary ISIS gangs are nothing ...
Ancient Stone Circles in Mideast Baffle Archaeologists
2014 11 01
Huge stone circles in the Middle East have been imaged from above, revealing details of structures that have been shrouded in mystery for decades.
The Big Circle called J1 is about 390 meters (1,280 feet) in diameter, with an open area created by bulldozing in its interior.
Credit: David L. Kennedy, copyright is retained by the Aerial Photographic Archive for Archaeology ...
Sweden Recognizes Palestinian State; Israel Upset
2014 10 31
Sweden on Thursday became the biggest Western European country to recognize a Palestinian state, prompting a strong protest from Israel, which swiftly withdrew its ambassador from Stockholm.
The move by Sweden’s new left-leaning government reflects growing international impatience with Israel’s nearly half-century control of the West Bank, east Jerusalem and its blockade of the Gaza Strip. It also comes during increased ...
Fed-Backed Study: How to Brainwash Public into Fearing “Climate Change” Like Ebola
2014 10 31
$84K study seeks ways to make public fear "climate change and overpopulation"
The National Science Foundation is funding a study to determine how to brainwash the public into fearing “climate change and overpopulation” as if they were Ebola.
The NSF awarded an $84,000 grant to researchers at the State University of New York at Buffalo yesterday to figure out how to make ...
Brain decoder can eavesdrop on your inner voice
2014 10 31
As you read this, your neurons are firing – that brain activity can now be decoded to reveal the silent words in your head
TALKING to yourself used to be a strictly private pastime. That’s no longer the case – researchers have eavesdropped on our internal monologue for the first time. The achievement is a step towards helping people who cannot ...
|More News » |