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Started By
Message
re: China bars banks from bitcoin transactions
Posted on 12/9/13 at 10:33 am to Blakely Bimbo
Posted on 12/9/13 at 10:33 am to Blakely Bimbo
quote:
The dealer just said on CNBC that he NEVER held the Bitcoins.
Was just about to come post this... Just heard it.
He said that if he would have had to "Hold" the bitcoins for any amount of time, he wouldn't have done the deal.
1
Posted on 12/9/13 at 11:37 am to Lsut81
I wonder what sort of fees were charged for the conversion from Bitcoins to U.S. dollars?
Posted on 12/9/13 at 12:49 pm to Blakely Bimbo
quote:He was very smart to do that. But someone got left with a LOT of exchange risk.
The dealer just said on CNBC that he NEVER held the Bitcoins. He was paid in US Dollars by a program that converts. He only accepts US dollars for payment.
And the bitcoinistas can tout all the exchanges they want to with their "you don't have to hold the bitcoins, you can guarantee a price in fiat at any time." That doesn't remove the exchange risk. It only transfers the risk to someone else.
When the price crashed 50% between Thursday of last week and Saturday, I kept waiting for one of the exchanges to announce they were insolvent or one that would start delaying USD payments. MtGox went down for a while on Saturday, so it may have had some liquidity problems.
With the BTC China exchange cut off from lines of credit (loans) from Chinese banks, it will be the most likely one to shut down from a liquidity squeeze.
Posted on 12/9/13 at 4:04 pm to LSURussian
Heads up, one of the heads of a Chinese Bitcoin exchange is about to be on CNBC...
Just thought yall may be interested
Just thought yall may be interested
Posted on 12/9/13 at 4:20 pm to LSURussian
quote:
He was very smart to do that. But someone got left with a LOT of exchange risk.
I was wondering who the counterparty might be. All the headlines about this deal very very misleading. The Lamborghini dealer who made the Tesla sale was explicit. He said if someone who came to him offered gold he would make them exchange it first. "I only deal in US dollars." Dealer said money was wired.
Posted on 12/9/13 at 4:35 pm to Blakely Bimbo
Wow, Bobby Lee just got destroyed by the CNBC anchors...
Didn't have an answer for the question of "Gold can be used for something, other currencies are backed by central banks, what about Bitcoin?"
Didn't have an answer for the question of "Gold can be used for something, other currencies are backed by central banks, what about Bitcoin?"
Posted on 12/10/13 at 6:19 pm to LSURussian
Funny, you don't seem to be posting about it when the price goes up
Posted on 12/10/13 at 11:13 pm to Pankins
I leave that to you.
Posted on 12/11/13 at 8:12 am to LSURussian
Sometimes you eat the bar...
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