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China Slams Bitcoins: What's Next?
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User Rank: Apprentice
12/8/2013 | 9:03:50 AM
Re:value of bitcoins
@virsiingh211 even at $680, it is still over quadruple what it was this past summer, so anyone who bought it back then still has a most impressive return on the investment. 
User Rank: Apprentice
12/8/2013 | 1:32:23 AM
Re:value of bitcoins
I would not say threat to democracy but yes its increasing popularity has made Bitcoin, a kind of universal currency due to which China think that this can disturb image of natural currency. Also due to this act of China Bitcoin Price Index has dropped i.e. now the price of each bitcoin is just about $680.
User Rank: Apprentice
12/7/2013 | 11:37:26 PM
Re:value of bitcoins
I dont understand why but is it that China feels, Bitcoin is threat to democracy, on other part Baidu (local serach engine) has stopped accepting Bitcoins, is it time for Google to join the Market.
User Rank: Apprentice
12/7/2013 | 6:47:04 PM
Re:value of bitcoins
I'm surprised that Greenspan would assert, "It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can." The basic definition of money is that it is a medium of exchange, a meaure of value, and a store of value. Intrinsic value has nothing to do with it. 
User Rank: Apprentice
12/7/2013 | 3:13:03 PM
Well of course BITCOINS can be secured.  Diamond Circle offers a complete solution for obtaining and disposing of them.  Like any financial system security controls are essential and the methods of ensuring control require a form of centralisation from a trusted authority.

The decision by the Chinese Government is responsible because it seeks to force parties like ours to put in the right types of controls such as identifying and recording transactions.  Excluding the Banking system means that costs will be lower for our Merchants that accept Bitcoins for trade and exchange.

Our NFC readers allow our merchants to charge customers in Bitcoins, and to provide Bitcoin ATMs that can be used to issue new wallet tags as well as top up and withdraw funds from Bitcoin accounts.

The NFC tags can be affixed to the back of a mobile phone and are used to store the owner's Bitcoin balance and their private key. They are encoded using our proprietary technology which prevents a 'man in the middle' attack — where vital data is stolen or manipulated during transfer.

Merchants can then use a standard NFC reader attached to a PC to read a tag's balance and transfer the cost of a purchase from a customer's Bitcoin tag to their own account.

The software will automatically adjust the amount of Bitcoins the customer pays For example, if a coffee costs $3.50, the system works out how much $3.50 is in Bitcoins immediately and in your currency.

The NFC reader can also be used to load credit onto a tag. In this scenario a consumer may present their cash or credit card to a merchant, who transfers bitcoin to the consumer's tag.

The Bitcoin ATMs are designed to be installed in shopping centres as standalone units, enabling users to purchase NFC tags pre-loaded with their choice of Bitcoin balance as well as top up the balance on their existing tag by tapping it to the machine. The ATMs will accept payment for Bitcoins via debit or credit card and will also allow customers to withdraw Bitcoins stored on their NFC tag in the form of a cashier's cheque.

By using NFC devices which are low cost and flexible, we are able to offer users a simple and safe way of storing and transacting Bitcoin. In the case of a lost or stolen tag our web portal can be used by a consumer to cancel and transfer the balance to another tag.  The readers can be used at home also. 

Using Banking Level Security means that the issue of loss is negated.  It is unfortunate that Banks are excluded from this process, however non-banking organisations like ours are able to offer innovations which make dealing with bitcoins safe and secure. 



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