China bitcoin arbitrage ends as traders work around capital controls

Comments (6)
izrahim wrote:

Who ever invented Bit-Coin and those that now control it looks like that their intentions are to disrupt all other currencies in order to save the US dollar.

Dec 11, 2013 6:27am EST  --  Report as abuse

@izrahim – Bitcoin is open-source software, and transactions are managed on a peer-to-peer network, so no one person or organization controls it. By design, it has no middlemen or central authority. Payments go directly from person to person, and they are validated independently by the whole network.

Dec 11, 2013 7:56am EST  --  Report as abuse
DesiErasmus wrote:

BTC challenges all currencies based on centralized control of the payments system. Why one would consider USD exceptional in this respect is puzzling. BTC may or may not work out as a decentralized no-trust cryptocurrency, but it hardly singles out one state-based fiat currency over another.

Dec 11, 2013 9:19am EST  --  Report as abuse
KarimNNAss wrote:

Izrahim: As long as oil is sold in US dollar, and economies and people depend on oil, the dollar is safe, it’s not going anywhere.

Dec 11, 2013 10:52am EST  --  Report as abuse
jfoster wrote:

@KarimNNAss wrote: ” As long as oil is sold in US dollar, and economies and people depend on oil, the dollar is safe, it’s not going anywhere.”

Iran and soon Russia are selling oil in exchange for gold.

Lets face it the dollar is dying.

Dec 11, 2013 11:14am EST  --  Report as abuse
briand43 wrote:

Bit coins are pretty fun to collect and even if you dont have the mining tools you can get them free here every hour: http://freebitco.in/?r=124843

Dec 11, 2013 4:10pm EST  --  Report as abuse
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