Bitcoin flounders in Australia as regulatory worries bite

Bitcoin flounders in Australia as regulatory worries bite

From reuters.com

Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency's mainstream appeal is fading. Concerns about bitcoin's potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks' move last month to close the accounts of 13 of the country's 17 bitcoin exchanges. The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 percent of the currency's $3.5 ... (full story)

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Comment #1
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Oct 4, 2015 8:19am Oct 4, 2015 8:19am

Inceptionist
| Joined Jun 2014 | Status: Member | 17 Comments

They could've regulated the Bitcoin exchanges instead of closing them...Fear is man's worst enemy.

Simplicity is the key to brilliance.

Comment #2
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Oct 4, 2015 9:52am Oct 4, 2015 9:52am

sidhujag
Joined Apr 2009 | Status: Non-Member | 930 Comments

Quoting Inceptionist

Disliked

They could've regulated the Bitcoin exchanges instead of closing them...Fear is man's worst enemy.

Ignored

Hackers pretty much did the job for them, next exchanges running on bitshares will be unhackable and decentralized.. Rules are about to change.

Comment #3
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Oct 4, 2015 9:53am Oct 4, 2015 9:53am

sidhujag
Joined Apr 2009 | Status: Non-Member | 930 Comments

Also this to me means aus is actively trying to fud price down to try to acquire more beforee it explodes

Comment #4
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Oct 4, 2015 10:35am Oct 4, 2015 10:35am

glenngie
| Joined Nov 2009 | Status: Member | 1308 Comments

Stopping free trade? If they were trading goats, the regulators would find a way to shut that down too

Comment #5
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Oct 4, 2015 5:02pm Oct 4, 2015 5:02pm

Exodus
Joined May 2012 | Status: checkout the weblink | 4720 Comments

Quoting Inceptionist

Disliked

...Fear is man's worst enemy.

Ignored

Other men is man's worst enemy!

Carbon-Dioxide: the gas of life!

Comment #6
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Oct 5, 2015 6:13am Oct 5, 2015 6:13am

Guest
| IP XX.XXX.86.57

who is that delusional to think that central banks , private banks and governments would allow and accept a world wide decentralized currency to bridge all economies together?'are we kidding?
It could help eliminate poverty by creating a truly fair trading system!nah who would be so stupid?

Comment #7
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Oct 5, 2015 8:14am Oct 5, 2015 8:14am

gat
| Joined Dec 2009 | Status: Member | 1010 Comments

Yes, BTC with it's massive 3.5 BILLION in world wide value is going to take over the world's financial markets. This is not even a dent in the drug trade. After all the drug dealers do what with a stinking BTC after their deal? They want dollars, pesos, whatever, to buy stuff. BTC is a joke. Congrats to the Australian's for shutting the non sense down (almost).

Story Stats

Posted: Oct 4, 2015 6:17am
Submitted by:
Newsstand

Category: Entertainment News

Comments: 7 / Views: 3,078