Hey,
I'm just jumping into this so let me know if these points (
http://www.macrobusiness.com.au/2014/03/bye-bye-bitcoin/ ) have been refuted elsewhere.
This would be a serious blow, since roughly 60% of global Bitcoin trading occurs in China. Bitcoin prices fell by almost 10% today.
Do we have these figures? How credible is this?
The IRS ruled that Bitcoin and other virtual currencies are property, not currency... they are subject to capital gains taxation ... This means Bitcoins are not fungible, and that makes it unworkable as a currency. If I have to figure out which particular Bitcoin in my wallet I want to spend and what the tax treatment will be, Bitcoin just doesnt work as a commercial medium of exchange. Bitcoin still works as a speculative medium, but Bitcoins claim has always been to being more than the latest iteration of the trading sardinesit aspired to be a commercial medium.
Assuming BTC is no longer a viable medium of exchange, what future utility can be offered by bitcoin. Are we banking on future stability? I still haven't seen an argument underlying the fundamental utility of BTC assuming continued volatility. I know the primary focus here has been short term technical analyses, e.g. user adoption. I want to continue investing during these lows but based on the [little] information gathered, the political and legal landscape seems to be growing more turbulent. These are being considered? Are you figures being updated to account for these things? Do they not matter? Can someone summarize the current view/data contributing to the long term bullish sentiment?
I'm a noob to the forums so any help/guidance is appreciated.