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P. 13
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analyzed 16,000 Twitter and Facebook Tom Waters, Director of Sales at Bank Associates Merchant Services, told
posts; it concluded that while Best The Green Sheet last December that PBC's bitcoin prohibition seemed to be a
Buy's ad campaign resonated with precursor to the eventual regulation of bitcoin as a viable currency in China.
consumers, the ads did not convert Waters said Taobao's bitcoin restriction seems to be tied into China's previous
consumers into Best Buy shoppers. move, but that the latest development may be inconsequential in the long run.
Bitcoin's "I don't think it'll have much effect on the protocol at large," Waters said, noting
that the bitcoin marketplace has stabilized somewhat following China's bitcoin
influence prohibition last month. Bitcoin's rebound "could be used to indicate that China's
adoption and subsequent regulation bloated the valuation," he said. "But as it
creeps up again, I think that these prices reflect increased awareness, and the
grows regulations simply form roadblocks that eventually get run over or worked
around."
he travails of bitcoin might
make the cryptocurrency
star in its own soap opera
T one day. The price valua-
tion of bitcoin has fluctuated wildly
since China moved to ban its usage
in the Chinese economy in December
2013. And now bitcoin is experiencing
more turmoil as China's e-commerce
giant Alibaba Group moved to outlaw
bitcoin from its e-commerce platform With
Taobao Marketplace.
On Jan. 7, 2103, Taobao, which is
China's equivalent of Amazon Inc.
and eBay Inc. combined, said it would
ban the use of all cryptocurrencies on
its platform beginning Jan. 14. Taobao
also said it was banning the sale or
exchange of all data mining equipment
and mining tutorials, which are used
to "harvest" cryptocurrencies online.
Bitcoin is the chief virtual currency
recognized in the ban. But a host
of other cryptocurrencies are also
affected, including Litecoin, Beaocoin,
Quarkcoin, Infinitecoin, Colossuscoin,
CENT, PPCoin and Namecoin. Alibaba
reportedly made the move to protect
Taobao's consumers, which ostensibly
include vendors who sell products
and services on the marketplace.
Bitcoin shows resiliency
). &Ɋ , " (.Ɋ ,0# -xɊ&)3 &.3Ɋ ( Ɋ)ɂ ,-Ɋ*,)!, 'Ɋ ( & -Ɋ' , " (.-Ɋ.)Ɋ -#&3Ɋ
On Dec. 5, when China's central bank, , . Ɋ*,)').#)(-Ɋ ),Ɋ ))%yɊ 1#ɉ ,yɊ ' #&Ɋ ( Ɋ-' ,.*")( -IɊ ))-.#(!Ɋ( 1Ɋ
the People's Bank of China, notified the ( Ɋ 2#-.#(!Ɋ /-.)' ,Ɋ- & -~ɊɊ .x-Ɋ (Ɋ -3Ɋ1 3Ɋ ),Ɋ' , " (.-Ɋ.)Ɋ! .Ɋ /-.)' ,-Ɋ#(Ɋ
organizations comprising the country's ." Ɋ )),Ɋ1#.")/.Ɋ-* ( #(!Ɋ." Ɋ.#' Ɋ),Ɋ')( 3Ɋ)(Ɋ 0 ,.-#(!~ɊɊ " (Ɋ /-.)' ,-Ɋ
banking infrastructure that they were % *Ɋ )'#(!Ɋ %yɊ /-#( --Ɋ#-Ɋ!)) Ɋ ),Ɋ3)/,Ɋ' , " (.-~ɊɊ ( Ɋ /-#( --Ɋ#-Ɋ!)) Ɋ
no longer allowed to deal in bitcoin, ),Ɋ3)/~ɊɊ (.#)(Ɋ ('#( ,Ɋ ( Ɋ3)/,Ɋ )'* .#.),-Ɋ1)(x.Ɋ Ɋ & Ɋ.)Ɋ )'* . ~
the value of the alternative currency
plummeted on the open market
from over $1,000 per bitcoin unit to To learn more call
somewhere in the $600 range. Bitcoin's 877.498.2809
valuation has since rebounded, trading or visit totalpartnership.com
above $900 currently.
13
analyzed 16,000 Twitter and Facebook Tom Waters, Director of Sales at Bank Associates Merchant Services, told
posts; it concluded that while Best The Green Sheet last December that PBC's bitcoin prohibition seemed to be a
Buy's ad campaign resonated with precursor to the eventual regulation of bitcoin as a viable currency in China.
consumers, the ads did not convert Waters said Taobao's bitcoin restriction seems to be tied into China's previous
consumers into Best Buy shoppers. move, but that the latest development may be inconsequential in the long run.
Bitcoin's "I don't think it'll have much effect on the protocol at large," Waters said, noting
that the bitcoin marketplace has stabilized somewhat following China's bitcoin
influence prohibition last month. Bitcoin's rebound "could be used to indicate that China's
adoption and subsequent regulation bloated the valuation," he said. "But as it
creeps up again, I think that these prices reflect increased awareness, and the
grows regulations simply form roadblocks that eventually get run over or worked
around."
he travails of bitcoin might
make the cryptocurrency
star in its own soap opera
T one day. The price valua-
tion of bitcoin has fluctuated wildly
since China moved to ban its usage
in the Chinese economy in December
2013. And now bitcoin is experiencing
more turmoil as China's e-commerce
giant Alibaba Group moved to outlaw
bitcoin from its e-commerce platform With
Taobao Marketplace.
On Jan. 7, 2103, Taobao, which is
China's equivalent of Amazon Inc.
and eBay Inc. combined, said it would
ban the use of all cryptocurrencies on
its platform beginning Jan. 14. Taobao
also said it was banning the sale or
exchange of all data mining equipment
and mining tutorials, which are used
to "harvest" cryptocurrencies online.
Bitcoin is the chief virtual currency
recognized in the ban. But a host
of other cryptocurrencies are also
affected, including Litecoin, Beaocoin,
Quarkcoin, Infinitecoin, Colossuscoin,
CENT, PPCoin and Namecoin. Alibaba
reportedly made the move to protect
Taobao's consumers, which ostensibly
include vendors who sell products
and services on the marketplace.
Bitcoin shows resiliency
). &Ɋ , " (.Ɋ ,0# -xɊ&)3 &.3Ɋ ( Ɋ)ɂ ,-Ɋ*,)!, 'Ɋ ( & -Ɋ' , " (.-Ɋ.)Ɋ -#&3Ɋ
On Dec. 5, when China's central bank, , . Ɋ*,)').#)(-Ɋ ),Ɋ ))%yɊ 1#ɉ ,yɊ ' #&Ɋ ( Ɋ-' ,.*")( -IɊ ))-.#(!Ɋ( 1Ɋ
the People's Bank of China, notified the ( Ɋ 2#-.#(!Ɋ /-.)' ,Ɋ- & -~ɊɊ .x-Ɋ (Ɋ -3Ɋ1 3Ɋ ),Ɋ' , " (.-Ɋ.)Ɋ! .Ɋ /-.)' ,-Ɋ#(Ɋ
organizations comprising the country's ." Ɋ )),Ɋ1#.")/.Ɋ-* ( #(!Ɋ." Ɋ.#' Ɋ),Ɋ')( 3Ɋ)(Ɋ 0 ,.-#(!~ɊɊ " (Ɋ /-.)' ,-Ɋ
banking infrastructure that they were % *Ɋ )'#(!Ɋ %yɊ /-#( --Ɋ#-Ɋ!)) Ɋ ),Ɋ3)/,Ɋ' , " (.-~ɊɊ ( Ɋ /-#( --Ɋ#-Ɋ!)) Ɋ
no longer allowed to deal in bitcoin, ),Ɋ3)/~ɊɊ (.#)(Ɋ ('#( ,Ɋ ( Ɋ3)/,Ɋ )'* .#.),-Ɋ1)(x.Ɋ Ɋ & Ɋ.)Ɋ )'* . ~
the value of the alternative currency
plummeted on the open market
from over $1,000 per bitcoin unit to To learn more call
somewhere in the $600 range. Bitcoin's 877.498.2809
valuation has since rebounded, trading or visit totalpartnership.com
above $900 currently.
13
