
Bitcoin price jumps 21 percent over 4 days, reaching a 21-month high - chewymouse
http://techcrunch.com/2016/05/30/bitcoin-price-jumps-21-percent-over-4-days-reaching-a-21-month-high/
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nikolay
China speculators are doing it again. Not particular reason, but this proves
again that Bitcoin is doomed. I think it's all orchestrated, though - people
know Bitcoin is going to be replaced by Ethereum, but there's still a lot of
money in BTC that needs to be converted to ETH, and having expensive Bitcoin
and cheap Ethereum is a dream come true! I just don't understand who are the
idiots buying Bitcoin at these prices!

~~~
meric
I don't they're speculating. They use it to smuggle money out of the country.
Spend CNY to buy bitcoin. Go overseas, spend bitcoin to buy USD. This process
may take weeks so during that they're holding hundreds of thousands of dollars
of bitcoin. Why they spike in people smuggling money out? The PBOC is sending
the CNY on a downwards trajectory, appearing to accelerate last week. [1][2]

[1]
[https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp2...](https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp27joDw)

[2] [http://business.inquirer.net/210705/china-fixes-yuan-at-
over...](http://business.inquirer.net/210705/china-fixes-yuan-at-over-five-
year-low-against-dollar)

~~~
nikolay
Also, I assume, you justify the illicit application? This makes Bitcoin smell
even worse and look more doomed than ever - its only application is to evade
taxes and governmental controls. Nice!

~~~
meric
I am an observer of financial markets, and am not attached to success or
failure of bitcoins.

~~~
nikolay
Didn't mean that, but it's more proof for the demise of this filthy thing.

