Bitcoin question? | Bitcointalksearch.org

Pony789

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Quote from: PilotofBTC on May 03, 2014, 11:57:11 AM

Correct, however several (all? seen many in the news) banks have closed their accounts with China based exchanges. So, it just makes it a bit harder for Yuan fiat to be traded to/from BTC, but it's still possible I'm sure.

FYI: http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

Quote

China-based bitcoin exchange FXBTC has announced that it will shut down on 10th May.

In its announcement, FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

You can find some discussion here. https://bitcointalk.org/index.php?topic=593086.0;all

Pony789

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Quote from: PilotofBTC on May 03, 2014, 11:59:24 AM

Quote from: Farmer17 on May 03, 2014, 04:48:51 AM

Quote from: thecoinjournal on May 03, 2014, 04:42:51 AM

Please just ignore China.

Or even better: CEO of Bitcoin Officially Bans China
http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

But too bad, it was made on 1 Apr.

HA HA! Funny. Although, I'm not sure I approve of this joke. Many people who are new to Bitcoin of just hearing about it have no idea there is no "CEO of Bitcoin, etc." I'm not sure what the market did on Apr 1 though and I'm too lazy to go look at the charts for that day.

IIRC, bitcoin did pretty good that day. Probably because people are too busy with the "Pokemon Challenge" on google map lol. Tongue

PilotofBTC

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Quote from: Farmer17 on May 03, 2014, 04:48:51 AM

Quote from: thecoinjournal on May 03, 2014, 04:42:51 AM

Please just ignore China.

Or even better: CEO of Bitcoin Officially Bans China
http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

But too bad, it was made on 1 Apr.

HA HA! Funny. Although, I'm not sure I approve of this joke. Many people who are new to Bitcoin of just hearing about it have no idea there is no "CEO of Bitcoin, etc." I'm not sure what the market did on Apr 1 though and I'm too lazy to go look at the charts for that day.

PilotofBTC

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Quote from: byt411 on May 03, 2014, 04:27:51 AM

Quote from: lynn_402 on May 02, 2014, 06:35:33 PM

Quote from: byt411 on May 02, 2014, 05:49:31 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Bitcoin has never been banned in China. Never.

It is not banned, nor it is allowed. Ambiguous bollocks.

Who says it isn't allowed? It's the PBOC putting pressure on banks to stop them dealing with bitcoin exchanges, but using bitcoins is perfectly fine in China.

Correct, however several (all? seen many in the news) banks have closed their accounts with China based exchanges. So, it just makes it a bit harder for Yuan fiat to be traded to/from BTC, but it's still possible I'm sure.

byt411

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Quote from: Farmer17 on May 03, 2014, 04:48:51 AM

Quote from: thecoinjournal on May 03, 2014, 04:42:51 AM

Please just ignore China.

Or even better: CEO of Bitcoin Officially Bans China
http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

But too bad, it was made on 1 Apr.

I actually think that that article was too misleading for some retards, and they read it the wrong way round.

Farmer17

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Quote from: thecoinjournal on May 03, 2014, 04:42:51 AM

Please just ignore China.

Or even better: CEO of Bitcoin Officially Bans China
http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

But too bad, it was made on 1 Apr.

thecoinjournal

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Please just ignore China.

byt411

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Quote from: lynn_402 on May 02, 2014, 06:35:33 PM

Quote from: byt411 on May 02, 2014, 05:49:31 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Bitcoin has never been banned in China. Never.

It is not banned, nor it is allowed. Ambiguous bollocks.

Who says it isn't allowed? It's the PBOC putting pressure on banks to stop them dealing with bitcoin exchanges, but using bitcoins is perfectly fine in China.

lynn_402

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Quote from: BunsenBurner on May 02, 2014, 09:58:39 PM

Quote from: hulk on May 02, 2014, 07:52:56 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Where did you get that news? I heard its total ban after may 10..

I heard of that "May 10 deadline" as well.

Btw, I keep hearing those Chinese "bans" and "deadlines" since last Decemeber.
Were they true? Probably not.
Will there be a ban in the end? Who knows?

Beside, there's no way to stop people from trading bitcoins on the black market.
No government can stop it Cheesy

BunsenBurner

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Quote from: hulk on May 02, 2014, 07:52:56 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Where did you get that news? I heard its total ban after may 10..

I heard of that "May 10 deadline" as well.

Btw, I keep hearing those Chinese "bans" and "deadlines" since last Decemeber.
Were they true? Probably not.
Will there be a ban in the end? Who knows?

BunsenBurner

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Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

There is no "ban" in China, at least up till now. There are restriction of ways to deposit money in exchanges though.

BunsenBurner

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Quote from: BitcoinNewbie15 on May 02, 2014, 03:05:49 PM

Sorry I hate to sound like a huge noob, but why should one buy bitcoin when the price is stable?

So that you can pay people around the globe with extremely low fee and almost instant transfer.

dogec

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Quote from: carpe on May 02, 2014, 09:34:33 PM

Thats just china talking out of their ass. They never really ban bitcoin despite the news.

I heard this countless times.

Yup that news was awhile back.

The exchange said their accounts were closing and they re-open like wtf? Roll Eyes

If anything they need btc more then ever.

carpe

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Thats just china talking out of their ass. They never really ban bitcoin despite the news.

I heard this countless times.

hulk

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Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Where did you get that news? I heard its total ban after may 10..

lynn_402

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Quote from: byt411 on May 02, 2014, 05:49:31 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Bitcoin has never been banned in China. Never.

It is not banned, nor it is allowed. Ambiguous bollocks.

byt411

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Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Bitcoin has never been banned in China. Never.

PilotofBTC

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Quote from: jinjuro on May 02, 2014, 03:59:34 PM

Why would they unbanned bitcoin? So that they can ban it again and manipulate the price?

So, you think the Chinese government is pumping and dumping?

PilotofBTC

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Quote from: BitcoinNewbie15 on May 02, 2014, 03:05:49 PM

Quote from: PilotofBTC on May 02, 2014, 02:46:54 PM

Quote from: BitcoinNewbie15 on May 02, 2014, 02:41:23 PM

I hear that bitcoin will be unbanned after may 10 in China. Does that mean bitcoins price will go up? Should I buy now? Thanks guys.

Why would China say... Banks aren't allowed to transaction money for BitCoin exchanges, then a month later change their mind? While China is a big bitcoin market, there is more to bitcoin than China.

But, that answer to your question, is yes, buy more Bitcoin! It has stabalized at it looks like there is ton's of support at the $400+ level. It has been pretty stable around $450 for quite a while now, if you look at that charts. But, the trend recently took an upturn. I am quite bullish on bitcoin as are many.

Sorry I hate to sound like a huge noob, but why should one buy bitcoin when the price is stable? i thought you where supposed to buy low; sell high? will bitcoin ever go up to the $500 mark again?

Stable means it isn't jumping from 500 to 300 to 800 to 120 to 950 in a matter of days any more. Of course, if you are day trading it, you hate the stable price.

However, due to the design and the growing popularity I think going long on bitcoin as "part" of your more speculative portfolio is the way to go. At least, that is how I am treating it. I think it has a chance to beat quite a few investments over a 2-3 year period. Some people have predicted 1 BTC = $10,000 USD by the end of the year. I'm not THAT bullish on it, but I guess it's possible. If it is $650 or a bit higher by the end of the year, I'd be very happy I got into it and will continue to buy and hold.

BitcoinNewbie15

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Bitcoin isn't a bubble. It's the pin!

Quote from: jinjuro on May 02, 2014, 03:59:34 PM

Why would they unbanned bitcoin? So that they can ban it again and manipulate the price?

Thats what i figured. Also, people on another thread on this site are the ones that said it would be unbanned after may 10th...

Topic: Bitcoin question? (Read 1137 times)