Lol everyone got scared yesterday because of these news, that's why the price dropped?
In my opinion it was actually only a matter of time until china will make an official statement about BTC
Topic: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction (Read 7662 times)
December 05, 2013, 09:06:09 PM
December 05, 2013, 08:33:09 PM
BREAKING: China bans financial institutions from Bitcoin transactions ...
http://inagist.com/all/408505176170184704/
http://inagist.com/all/408505176170184704/
LOL Bitsurprise, aka Fuddy McFudster, single-handedly caused a ~25% mini-crash in the bitcoin price last night by posting this thread with a ridiculous title.
December 05, 2013, 04:50:27 AM
Somebody is desperate to buy back in at a lower price...
December 05, 2013, 04:48:35 AM
Hahaha this isn't breaking news. This was announced a few days ago. They won't recognize it as a currency but you are allowed to be traded in the grey, which means at your own risk and therefore allowing bitcoin to be implemented the way it's creators intended... For now lol
Where was it published a few days ago? The chinese and western sites being referenced here and on reddit all say 5th December.
Yes this is the official announcement but all the details publicized were reported on in the news since nov 20 to dec 3 and now today the 5th.
Gordon G. Chang, Contributor
I write primarily on China, Asia, and nuclear proliferation.
OP/ED | 11/24/2013 @ 6:42PM |29,019 views
A China Triangle: Bitcoin, Baidu And Beijing
And if there were any doubts that the central government favored Bitcoin, Yi Gang on Wednesday erased them. The deputy governor of the People’s Bank of China, the central bank, said although Beijing would not recognize Bitcoin as a medium of exchange soon, people were free to participate in the Bitcoin market.
Yi’s words were significant because Chinese law actually forbids acquiring and using Bitcoins. The Ministry of Commerce and Ministry of Culture in 2009 jointly issued rules that outlawed the use of virtual currency in the real economy, specifically the exchange of such currency for goods and services, or the exchange of it for renminbi. The ban was imposed in response to the widespread acceptance of QQ, the virtual currency of Tencent, the Chinese social media giant. QQ, incredibly, had grown to about 13% of the Chinese cash economy. People traded QQ in public areas, and it was accepted in shops. Tencent itself brought QQ back under control “overnight” because Beijing ordered it to do so. The Bitcoin algorithm was released online just months after Tencent was forced to rein in its virtual currency.
This was a chit chat talk , doesn't matter that much , until the official announcement with the details , which was today 5/12/2013 :
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html
December 05, 2013, 04:42:27 AM
Hahaha this isn't breaking news. This was announced a few days ago. They won't recognize it as a currency but you are allowed to be traded in the grey, which means at your own risk and therefore allowing bitcoin to be implemented the way it's creators intended... For now lol
Where was it published a few days ago? The chinese and western sites being referenced here and on reddit all say 5th December.
Yes this is the official announcement but all the details publicized were reported on in the news since nov 20 to dec 3 and now today the 5th.
Gordon G. Chang, Contributor
I write primarily on China, Asia, and nuclear proliferation.
OP/ED | 11/24/2013 @ 6:42PM |29,019 views
A China Triangle: Bitcoin, Baidu And Beijing
And if there were any doubts that the central government favored Bitcoin, Yi Gang on Wednesday erased them. The deputy governor of the People’s Bank of China, the central bank, said although Beijing would not recognize Bitcoin as a medium of exchange soon, people were free to participate in the Bitcoin market.
Yi’s words were significant because Chinese law actually forbids acquiring and using Bitcoins. The Ministry of Commerce and Ministry of Culture in 2009 jointly issued rules that outlawed the use of virtual currency in the real economy, specifically the exchange of such currency for goods and services, or the exchange of it for renminbi. The ban was imposed in response to the widespread acceptance of QQ, the virtual currency of Tencent, the Chinese social media giant. QQ, incredibly, had grown to about 13% of the Chinese cash economy. People traded QQ in public areas, and it was accepted in shops. Tencent itself brought QQ back under control “overnight” because Beijing ordered it to do so. The Bitcoin algorithm was released online just months after Tencent was forced to rein in its virtual currency.
December 05, 2013, 04:41:02 AM
I actually like the news.
December 05, 2013, 04:28:47 AM
The CCB statement says crypto exchanges must register.
Obviously, not all exchanges will register, so the number of exchanges in China will go down, but at least only legitimate exchanges will stay. It should be a good thing. Bullish.
Obviously, not all exchanges will register, so the number of exchanges in China will go down, but at least only legitimate exchanges will stay. It should be a good thing. Bullish.
That is very good news. The only negative point I can think right now is that the fee is probably going to go up a bit (as there will be additional taxes and regulatory expenses).
December 05, 2013, 04:24:38 AM
Can anyone tell me how this is going to affect BTC-China and other Bitcoin exchanges which operate from China?
Some sort of government regulation is necessary, as we have seen scams recently (like GBL) in China.
Some sort of government regulation is necessary, as we have seen scams recently (like GBL) in China.
The CCB statement says crypto exchanges must register.
Obviously, not all exchanges will register, so the number of exchanges in China will go down, but at least only legitimate exchanges will stay. It should be a good thing. Bullish.
December 05, 2013, 04:24:03 AM
Can anyone tell me how this is going to affect BTC-China and other Bitcoin exchanges which operate from China?
http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html
Quote
“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.
New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.
New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.
December 05, 2013, 04:23:39 AM
Congratulations on the successful attempt to get some cheap coins.
Mods should edit the title:
Bloomberg :BREAKING: China bans warns financial institutions against use of Bitcoins
This is actually good news:
Mods should edit the title:
Bloomberg :
This is actually good news:
Quote
It said however that ordinary individuals were free to use bitcoin, so long as they took on the risk themselves.
Its breaking and its banned , financial institutions are not allowed to touch BTC period .
Exchanges in China are not considered financial institutions as far as I understand.
December 05, 2013, 04:22:12 AM
Can anyone tell me how this is going to affect BTC-China and other Bitcoin exchanges which operate from China?
Some sort of government regulation is necessary, as we have seen scams recently (like GBL) in China.
Some sort of government regulation is necessary, as we have seen scams recently (like GBL) in China.
December 05, 2013, 04:20:19 AM
Hatemongering Chinese authorities do not recognize heterosexual currency relationships!
Yea google translate always had sexist tendencies. Quote
the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property
December 05, 2013, 04:19:22 AM
Congratulations on the successful attempt to get some cheap coins.
Mods should edit the title:
Bloomberg :BREAKING: China bans warns financial institutions against use of Bitcoins
This is actually good news:
Mods should edit the title:
Bloomberg :
This is actually good news:
Quote
It said however that ordinary individuals were free to use bitcoin, so long as they took on the risk themselves.
Its breaking and its banned , financial institutions are not allowed to touch BTC period .
December 05, 2013, 04:18:17 AM
Hatemongering Chinese authorities do not recognize heterosexual currency relationships!
Quote
the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property
December 05, 2013, 04:17:06 AM
Congratulations on the successful attempt to get some cheap coins.
Mods should edit the title:
Bloomberg :BREAKING: China bans warns financial institutions against use of Bitcoins
This is actually good news:
Mods should edit the title:
Bloomberg :
This is actually good news:
Quote
It said however that ordinary individuals were free to use bitcoin, so long as they took on the risk themselves.
December 05, 2013, 04:13:23 AM
I just believe that for coming months, as soon as btc price has mini crashes, there are swarms of real dollars out there waiting to absorb it and push it back up. By the time the flush is over, the long term trend will be catching up. If btc ever drops below 300 again I'll be buying SOOoooo much to DCA my costs.
December 05, 2013, 04:11:55 AM
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html
Just a link I found about it...
Just a link I found about it...
Can you translate your findings for the rest of the group
In chrome is auto translates... my bad, didn't realize it until I loaded it on my smartphone.
No worries. Thanks for the link.
As a decentralized currency in a centralized world, this is fine, this is great because centralized governments are allowing Bitcoins to be integrated into the grey market.
December 05, 2013, 04:10:09 AM
This may be the last great opportunity to buy up a lot of bitcoin at the bottom. Hope you have your dollars ready! Only holdup is going to be the damn coinbase transaction limit.
22 Economy / Speculation / Re: Chances of $150 again on: November 28, 2013, 07:41:17 AM
These figure look dated from July and at that time
The price target of $100,000 IS POSSIBLE and one TREND graph suggests its 2016 but this graph shows we are AHEAD of the trend which means a pullback to $274- $300 around December 2013/Jan 2014 before rising again to $470 in March and $1000 by August 2014.
https://i.imgur.com/GOYWUMo.png
Is this likely to be correct? who knows but its a typical technical chart analysis.
What could send us down to $274 given the current China interest?
Here's a few scenarios.
- Solar flare or cyber attack knocks out internet
- China or USA ban (temporarily)
A perceived ban or restriction whether correct or not will have a similar but less pronounced effect. The next few days will tell us
- Large Chinese dealer or Mt gox/ Bitstamp folds up owing 10's of Millions (most probable scenario in my opinion)
- China and USA start war mongering over the Japanese/ Chinese disputed Islands
- Meltdown of financial markets run to PHYSICAL assets (gold silver)
- Governments start to introduce their own Crypto outlawing completely private Crypto's
There are others but those immediately come to mind.
NOT going to $150 again except for ability to purchase a few coins (within the next 12 months) in a worst case scenario in the MEDIUM term ( 5yrs)
December 05, 2013, 04:03:50 AM
good news for two reasons: china gov acknowledges current situation and weak hands no longer holds bitcoin 
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