Topic: BREAKING NEWS: Bobby Lee Confirms Bitcoin China Ban, It's finally Happened (Read 5718 times)

Okcoin just confirmed they will halt cny deposits from tomorrow

http://www.cryptocoinsnews.com/news/okcoin-fxbtc-btc38-announce-end-chinese-yuan-deposits-starting-april-3-2014/2014/04/02

Still in lala land trolls and haters?

Dear users of OKCoin:

Because our 3rd party payment card dealer (payment processor) just received notification to suspend our payment channel, Starting at 0:00 on April 3rd we will stop prepaid card recharges.  Bank transfer recharge cards for yuan withdrawals are not effected.  We apologize for any inconvenience.

OKCoin Bitcoin Trading Platform

No. The exchange is not "banned". It's still allowed to run and I'm sure they may try some loop-holes to get around this. For example, the chinese government have said nothing about depositing to the exchange via cash so that may be an option for them.

Admittedly my personal opinion is that this is a first step by the Chinese government towards dealing with the problems Bitcoin causes for their oppressive of currency controls, how exactly they are going to do that we don't know, but as of right now the Chinese government have shown no intention at all to "ban" or "shutdown" the Bitcoin exchanges.

Analogous to a ban, correct?

The rumors are that the Chinese government are going to shutdown the exchange. According to Lee this isn't whats happening, its that they are preventing people from depositing fiat to the exchange from a chinese bank account. The exchange is still allowed to run. Withdrawals to chinese bank accounts are still allowed and deposits and withdrawals in BTC are still allowed. You can still buy and sell Bitcoin, but you cant deposit money from your chinese bank account.

The rumors are that the Chinese government are going to shutdown the exchange. According to Lee this isn't whats happening, its that they are preventing people from depositing fiat to the exchange from a chinese bank account. The exchange is still allowed to run. Withdrawals to chinese bank accounts are still allowed and deposits and withdrawals in BTC are still allowed. You can still buy and sell Bitcoin, but you cant deposit money from your chinese bank account.

So there are rumours on the Internet, but these rumours were delivered to them by their third party providers and banks? Riiight

so OP is just FUD.

so OP is just FUD.

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

I do not get this. Are there exchange controls that prevent how much money one can bring into China? Otherwise someone holding BTC in China after the "ban" goes into effect can sell the BTC abroad and then repatriate the funds.

Most countries that have exchange controls aim to prevent funds in the form of local currency from leaving the country not the other way around.

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

yeah and whats surprising about that? this already happened 2 days ago? nobody really cares...

every time this FUD is confirmed the market cares less. the market is relatively stable now at 480.

Here is a small part of btc38 statement:

Upon request, we will also revoke the transfer of bankrenminbi

We will strictly comply with the notification provisions of the central bank and to suspend recharge the renminbi


So btc38 clearly received instructions from central bank to suspend their bank account for exchange purposes.

China money is coming in right now.

Institutional investors with millions/billions will not be buying on exchanges. They will go directly to KnC/BFL/Chinese and maybe that Washington mining company. They will not be buying from exchanges. That is the biggest fallacy with your otherwise balanced view.

"
OKCoin CEO Xu Mingxing said that if Chinese exchanges can't accept money into corporate accounts, they would likely have to incorporate themselves abroad and also move their servers overseas. "


No banks allowed to deal with exchanges = pretty much a fucking ban

Why else would okcoin CEO want to move overseas

I do not get this. Are there exchange controls that prevent how much money one can bring into China? Otherwise someone holding BTC in China after the "ban" goes into effect can sell the BTC abroad and then repatriate the funds.

Most countries that have exchange controls aim to prevent funds in the form of local currency from leaving the country not the other way around.

WE WILL GO DOWN! millions of dollars are leavin the market. no fresh chinese money comin in.~4000 new coins are mined everyday and have to be bought.

There is only one way.
DOWN

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

I scanned through this thread pretty well not reading any posts until I found someone with a track record of balanced and analytical posts. I found just you. I would like to inform you however that the panic is not over, and Bitcoin is not undervalued. I believe that the market is due another leg up where it will retest the long term descending right angled triangle, and for this reason, I am currently long Bitcoin. But looking further ahead, than the next few days, the news around about Bitcoin right now is horrible, and whilst I understand that MSM hype or negativity is the ultimate in contrarian indicators, there is also this issue of masses of stolen, Chinese, and newly mined coins that are looking to cash out.

Once $380 support fails, then this will instigate a massive psychological change in the market, turning formerly strong hands to weak hands. Then the Bitcoin market will get to know all about despair. I said before, I reckon the $200 range lies ahead in the not too distant future. Quote me for truth if you like.

finally Happened

I scanned through this thread pretty well not reading any posts until I found someone with a track record of balanced and analytical posts. I found just you. I would like to inform you however that the panic is not over, and Bitcoin is not undervalued. I believe that the market is due another leg up where it will retest the long term descending right angled triangle, and for this reason, I am currently long Bitcoin. But looking further ahead, than the next few days, the news around about Bitcoin right now is horrible, and whilst I understand that MSM hype or negativity is the ultimate in contrarian indicators, there is also this issue of masses of stolen, Chinese, and newly mined coins that are looking to cash out.

Once $380 support fails, then this will instigate a massive psychological change in the market, turning formerly strong hands to weak hands. Then the Bitcoin market will get to know all about despair. I said before, I reckon the $200 range lies ahead in the not too distant future. Quote me for truth if you like.

How many times does it need to be confirmed before the bears realise that the panic is over, and now the buying pressure has overcome all the pathetic selling forces that are left. Bitcoins are undervalued.

Lol what a douchebag, u wanna double post OK so will I


Another idiot  

Ever heard of sarcasm? I was joking and being sarcastic with sampy he's a nice dude

I won't even bother replying to ur other accusations I already address them before.

U need to find better things to do with ur time that try to defame me

Guys, this is just in fresh news from China and confirms the insider news i previously had, the Ban is REAL.

here you go:

http://www.theaustralian.com.au/business/latest/china-clamps-down-on-bitcoin/story-e6frg90f-1226871648275

BOB LEE ALSO CONFIRMS IT !

Quote:"There will definitely be a negative impact to the exchanges," said Bobby Lee

Get ready for the selling (slaughter) this week.

Here's the insider news (was heavily criticized) i had days earlier: https://bitcointalksearch.org/topic/cosmopolis-prepare-for-bitcoin-266-retest-549790

Don't expect any intelligent people to take you seriously until you start acting maturely.

One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to
Very Bullish indeed, thanks OP 

Guys, this is just in fresh news from China and confirms the insider news i previously had, the Ban is REAL.

here you go:

http://www.theaustralian.com.au/business/latest/china-clamps-down-on-bitcoin/story-e6frg90f-1226871648275

BOB LEE ALSO CONFIRMS IT !

Quote:"There will definitely be a negative impact to the exchanges," said Bobby Lee

Get ready for the selling (slaughter) this week.

Here's the insider news (was heavily criticized) i had days earlier: https://bitcointalksearch.org/topic/cosmopolis-prepare-for-bitcoin-266-retest-549790

So tell me, why do the markets say 'meh' at the moment? There is no sharp response whatsoever, which gives rise to the idea that at least most of the risk is already priced in. I believe we are gonna stay around 450-500 until the 15th, only to rise rapidly afterwards.

I like how today is April Fools so I just cautiously thought its a trap 

Wheel out sockpuppet num#2 account

The market knows everything ... and its says you are wrong

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave the market in a few days.

wonder why the OP didn't...
Perhaps OP is trying to deceive people?

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave the market in a few days.

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave the market in a few days.

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave the market in a few days.

From the article:

"One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk."

Bitcoin is not banned in China. China is now enforcing rules they put in place that say banks and similar institutions can not offer bitcoin accounts or transact in bitcoin.

The same rules apply for gold. Chinese banks can not open 'gold' accounts in the same manner as yen. Gold is a commodity and operates through that infrastructure. China is doing the same for bitcoin.

If you think bitcoin is "banned" in China, then you also would have to believe that gold is banned in China, which is absurd...

Edit: Impulse beat me to the exact same quote. That's two people that saw this right away, wonder why the OP didn't

The denial by bitcoiners here is amazing don't be so emotional. Read the damn article, the exchanges are seeking to move overseas even, if banks are banned how do people deposit money or withdraw money, of course bitcoin trading is legal they can't stop it but if u can't get ur money in or out what's the fucking use.

Read:

"Making it clear that domestic banks cannot provide clearing, account opening and other services for bitcoin exchanges, however, leaves exchanges with significantly less room to maneuver"

Now ur comparing Gold to bitcoin, yeah a gold store can still deal with banks but a bit coin exchange can't.

I'm not gonna argue with idiots anymore, the news is real take it or leave it.

From the article:

"One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk."

Bitcoin is not banned in China. China is now enforcing rules they put in place that say banks and similar institutions can not offer bitcoin accounts or transact in bitcoin.

The same rules apply for gold. Chinese banks can not open 'gold' accounts in the same manner as yen. Gold is a commodity and operates through that infrastructure. China is doing the same for bitcoin.

If you think bitcoin is "banned" in China, then you also would have to believe that gold is banned in China, which is absurd...

Edit: Impulse beat me to the exact same quote. That's two people that saw this right away, wonder why the OP didn't

The denial by bitcoiners here is amazing don't be so emotional. Read the damn article, the exchanges are seeking to move overseas even, if banks are banned how do people deposit money or withdraw money, of course bitcoin trading is legal they can't stop it but if I can't get ur money in or out what's the fucking use.

Read:

"Making it clear that domestic banks cannot provide clearing, account opening and other services for bitcoin exchanges, however, leaves exchanges with significantly less room to maneuver"

Actually, the article reaffirms the fact that bitcoin is NOT banned in China, but that they are clarifying their position as per the guidance they put forth in December:

They are just posting what others are spreading. I doubt bobby lee talked to that newspaper instead of chinese or american newspaper.

One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk.

He's only saying it will have a negative effect on exchanges

Wasnt this expected?? Not much will change

he only says it will have a negative effect on exchanges

wasnt this expected?? everything will be like before

I meant this thread, on this forum.. but you are right about the webpage itself.

I am just trying to think what this means for the price. Will China want out of bitcoin until the dust settles?

the article is actually April 2nd (check timestamp), It's morning (april 2) in Australia / China region right now.

this being posted on april 1st may delay people taking it seriously.

I saw a few postings about this article (on reddit and coindesk).
What do you think will result from this and will anything significant happend april 15th
Also, will price go up from here or stay similar?