Quote from: zimmah on June 04, 2016, 03:39:30 PM

Quote from: pariahbit on June 02, 2016, 02:33:54 PM

Quote from: zimmah on June 02, 2016, 02:10:23 PM

Quote from: clopoterian on June 01, 2016, 12:22:28 PM

Quote from: sandiman on June 01, 2016, 12:17:57 PM

I think that after chinese pushed the market last week, it's not the turn of western exchange, probably for the "same" reason (not a devaluation though, but weaknesse of the $)

Let me see if I get this: Chinese purportedly bought BTC due to yuan getting devalued rel. USD ($ too damn strong!)
now the westerners are gonna buy BTC because $ too damn weak?
You must'a been to some expensive universities....

CNY is being devalued on purpose, the Chinese government wants the yuan to be weak because it makes exports more attractive (china relies heavily on exports to make money). Good sold in CNY to countries who use stronger currencies will be cheaper, and therefore more people will import Chinese products, instead of products from for example eastern Europe.

Of course, rich Chinese aren't happy with a weakening CNY because their money will evaporate. They want to spend more (especially if they want to import luxurious goods, which will become more expensive as yuan devalues).

That's why some might cash out into USD. Either directly, or via BTC. Zero reason to be stuck in BTC.
That said, "rich people" don't store their wealth in ~~fiat~~ money. Because it's stupid, that's not what money's for. Rich people who think that keeping their money in a mattress is smart become poor people, with or without 0.5% yuan depreciation.

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The dollar can still be weak compared to other currencies though, such as euro and swiss frank.

Devaluation of yuan rel. USD & USD becoming weak rel. yuan are mutually exclusive.
Try logic.

Quote from: zimmah on June 02, 2016, 02:12:46 PM

...
From the ETH website:

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Ethereum would never be possible without bitcoinboth the technology and the currencyand we see ourselves not as a competing currency but as complementary within the digital ecosystem. Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else.

Can you guys stop it with all the ETH propaganda already?

Of course ETH would never be possible without Bitcoin, just like a Ferrari would not be possible without Grog inventing the wheel. Thanks, Gorg.

bitcoin is both money as well as an asset class, so it's a good investment right now. It's not the same as 'money in the mattress'.

Try reading.

Bitcoin may or may not be a good investment (it's more of a pyramid scheme), but that's not what's being discussed. Fixed your bold tags 4u