A new, short-lived circuit breaker system closed the Chinese stock market on 7 January 2016 after a 7 per cent drop in 29 minutes. Image Source: Slate.
Today, David Seaman of Coinbase, a Bitcoin wallet and exchange startup, hosted a chat on Youtube about falling Chinese stocks and the related Bitcoin rally, including a general assessment of the future of the global economy from a Gen Y perspective. The participants in the chat promote their various projects and tools developed to implement Bitcoin as an alternative asset, in ways that are quite different from fiat currencies; Bitcoin's challenge to central banking contrasts starkly with the People's Bank of China's efforts to stabilize the yuan. A Convex backgrounder on the Chinese economy confirms that its negative trend began in 2014, as initially mentioned in this 2014 post, although Goldman Sachs predicts that these are just growing pains en route to the establishment of a consumer-based economy in China. For a very different opinion of events, go to Zero Hedge, here. The Bitcoiners' discussion is below the jump.
Bitcoin Open Markets Committee chat on Chinese markets (7 January 2016). Video Source: Youtube.
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