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chrismorgan
on Dec 5, 2013
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China Bans Financial Companies From Bitcoin Transa...
So it went down from 6979 to 6200.01 quite quickly. That's about 11%, not the utter plummet that ignoring the scale on your picture would suggest.
steveklabnik
on Dec 5, 2013
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If an actual currency was devauled 11% from a news article...
user24
on Dec 5, 2013
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parent
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What do you think would happen to the XAU/CNY rate if China announced that gold was no longer accepted in banks?
steveklabnik
on Dec 5, 2013
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root
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parent
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... which is why they wouldn't do that, because it would be catastrophic.
user24
on Dec 6, 2013
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so in other words, XBT behaved exactly as you expected XAU would in the same situation, yet somehow to you that reflects badly on XBT but not on XAU.
steveklabnik
on Dec 6, 2013
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No my point is that the Chinese government can control things so that this never happens. BTC cannot.
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