For Fuck sake it went to $650 early. It is dropping like no tomorrow. I think China is selling their bitcoins since they can't use them.
What do you mean they can't use them
) It's not fiat
Unfortunately while you can still speculate in China it's not going to be able to take off as a viable currency in China because of this stupid ass ruling so until they change their mind it's pretty much prevented what was a very, very, promising start in China. What we need are Chinese folks who will do what the Bitcoiners here did before congress-lobby the hell out of their politicians to make Bitcoin work.
People should first understand that the hype was about what could China bring.
Bitcoins weren't even used as a currency , baidu subsidiary got 30 spam transactions in two month , that's all.
The whole picture wasn't affected by the ruling , just dream of what may happen.