
The Price of Bitcoin Just Topped $1,000 - btcboss
http://fortune.com/2017/01/03/bitcoin-price-1000-three-year-high/
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brilliantcode
Unlikely to sustain as Chinese gov will announce bitcoin as illegal.

What's ironic is that the bitcoin pumpers have sold the myth that money is
being snuck out of China through Bitcoin and some of the biggest miners and
exchanges are in China.

Now it has the attention of President Xi and when they come down on bitcoin,
they are coming down hard, along with the prices. It's unlikely to recover
after this year's drop.

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CyberDildonics
I see that you know the future. How much money do you have on a short
position?

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brilliantcode
I'm bitter that I got out at 744 USD resulting in net loss of $500 USD. $100
USD was the commission fee to sell around 2 bitcoins worth $1400 USD.

$100 comission folks. On buy AND when I closed my positions.

I don't know how to short bitcoin, poloniex didn't offer it? Curious to know
more...wait no...I don't think I want to get into cryptocurrency
anymore...will get into trading REAL regulated financial instruments.

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CarolineW
Discussion:
[https://news.ycombinator.com/item?id=13297455](https://news.ycombinator.com/item?id=13297455)

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tdb7893
Unless people really start using bitcoins for a lot of things fast I'm worried
that bitcoins are just this generation's "tulip mania"

~~~
_coldfire
[https://blockchain.info/charts/n-transactions-
total?timespan...](https://blockchain.info/charts/n-transactions-
total?timespan=all)

~~~
tdb7893
How many of those are actual business transactions and how many are people
buying/selling bitcoins or just moving coins around? While we are seeing more
transactions as far as I know the only people buying with bitcoins are people
buying illegal things and bitcoin hobbyists. With gold at the end of the day
you have a precious metal and fiat currency you can always use to pay your
taxes, but bitcoin has the potential to leave you with nothing of any value if
it crashes, just like tulips. I'm not saying it definitely will crash but it's
a worrying possibility and I personally would never have any large amount of
net worth in bitcoins unless something changed

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DoodleBuggy
So basically bitcoin is now used as yet another way for the corrupt to launder
money out of China?

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CyberDildonics
If your country restricted the way you could use your money, would it be
corruption to get around it?

