Bitcoin Crashes To $800 On Report Baidu Has Stopped Accepting Bitcoin

  

ZeroHedge.

   Update December 7th, 2013:

  Bitcoin has crashed to $542 low at BitStamp overnight on reports that China Telecom has taken Bitcoin logo down from its web page. It is time to pick another Gold Substitute: Gold 3.0 - Litecoin Gold 4.0 Peercoin and others to chose from 43 listed here. The supply is limited ... only to  your  imagination and money invested in the technology and Pump.

   Bitcoin crashed to $800 on BitStamp today on report that Baidu has stopped accepting Bitcoin. The famous "Network Effect" which has propelled Bitcoin "Valuation" according to its pumpers is working now against the "Future of Money" backed by Satoshi Nakamoto, NSA, CIA, CFR or by somebody else - please chose according to your liking. China has banned financial institutions from working with Bitcoin and now the other market operators will follow the orders.
  Chinese move was crucial for the future of Bitcoin, the last vale was taken out from those behind. Who can benefit the most from Gold 2.0? China accumulating record amount of Gold this year or U.S. scrambling to return Gold to Germany? Bitcoin will be the last nail in the rampant Gold manipulation in the Western Fractional Gold Reserve System leveraged over 65 time now. Once people will realise that nobody can manufacture  "Gold 2.0" majority will return to the real value. 

  It always boils down to the question: what is it better - to look like idiot before the Bubble burst or after that? China is protecting its citizens and encourages them to accumulate Gold. Gold is holding well today after all positive economic news and Bitcoin bust will ignite the new Gold Bull Leg Up breaking its free of any snake oil competition. Next few days will place this experiment for distraction of 99% from the Real Value into perspective for all involved parties.

The Future Of Money: Gold, CIA And Bitcoin

  "All these discussions about the CIA and Bitcoin connections are still in the conspiracy theory category like LIBOR and FOREX manipulations before. After China has banned its financial institutions  from participation in Bitcoin the question about who is really behind the Bitcoin is getting more and more interesting.

  With Facebook we created for NSA all our profiles, with Bitcoin somebody is mapping our accounts, IDs and Networks. As the case with Silk Road shows Bitcoin transactions are public forever, can be mapped and build into evidence - so much for distribution and anonymity."

Bitcoin Crashes As China Bans Financial Companies From Bitcoin Transactions

"After Peter Schift, The Economist, Forbes and even Mr Bubble himself - Mr Greenspan - have called Bitcoin The Bubble it took the announcement from China to Crash it down from Double Top and parity level with Gold. It is important to note that China has been buying the record amount of Gold this year and has encouraged its citizens to accumulate it. Now China is explicitly warning its people about the dangers of Bitcoin speculative Bubble and effectively taking its out of official monetary system.

  Now position of FED and Congress on Bitcoin is getting more interesting: do we have the Mexican standoff between Gold backed China, FED backed US Dollar and ... NSA, sorry Satoshi Nakamoto backed Bitcoin?

  Gold should be waking up to the Bitcoin action after this Chinese move and its timing is very important as well: Gold is very close to retest this year low."

Business Insider:

Bitcoin Is Crashing On Report Baidu Has Stopped Accepting Bitcoin

Bitcoin prices on the Mt. Gox exchange have fallen 24% to below $900 after Baidu announced it would stop accepting Bitcoin for its music service users.

According to multiple reports, the Chinese search giant issued a statement saying:

Dear acceleration music users:

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

This follows the People's Bank of China's announcement announcement that it would not allow banks to handle the virtual currency.

There is also speculation China Telecom has stopped accepting Bitcoin, although we couldn't confirm this.

China had been a huge driver of Bitcoin's growth last month, accounting for the majority of Bitcoin trading.

Earlier, the Bank of France warned against using currencies not backed by central banks.

However, Bitcoin also seemingly stood to benefit from a fairly bullish outlook issued by Bank of America analyst David Woo."