Topic: BTC China will be closed. All Bitcoin chinese exchangers will be closed. - page 2. (Read 10063 times)
January 06, 2014, 10:19:02 AM
yes, that is what i mean. since it is hosted in the US it can't be seized by China. Sure there is issue of the office in China however that is on the road to being rectified and won't be very long at all before it is all sorted so can continue uninterupted
January 06, 2014, 10:11:29 AM
Now the price of bitcoin rise
January 06, 2014, 09:18:07 AM
BTC CHINA is based and hosted in the US for those who did not know, so no it will not close it may change hands as to who directs it but i very much doubt that, Bobby does a great job and is a really nice guy. do a quick search on youtube for some of his presentations which explain everything in full detail, they leave no questions unanswered
how is BTCChina based and hosted in US..? Do you mean only the computer servers are hosted in the US..? I'm member at BTCChina and have spoken with support and they told me that fiat can only be withdrawn into Chinese mainland banks. Also I've heard that you can personally walk into BTCChina office in China to deposit fiat, as you know that fiat cannot be deposited into BTCChina from Chinese banks.
January 06, 2014, 04:37:24 AM
BTC CHINA is based and hosted in the US for those who did not know, so no it will not close it may change hands as to who directs it but i very much doubt that, Bobby does a great job and is a really nice guy. do a quick search on youtube for some of his presentations which explain everything in full detail, they leave no questions unanswered
January 06, 2014, 03:09:19 AM
China still buy more than all world together 
January 06, 2014, 02:56:30 AM
Because until now the only way to get money into zhifubao was a traceable bank transfer (or a traceable sale on taobao)
They just banned zhifubao and similars (caifutong) to receive BTC, they didn't ban BTC
They just banned zhifubao and similars (caifutong) to receive BTC, they didn't ban BTC
But if the issue really was tax evasion, then they could have just banned Zhifubao / Caifutong transfers for larger amounts. Small scale users got up unnecessarily in this mess.
January 04, 2014, 12:25:35 PM
If so, then the fault was with Zhifubao, and not with BTC-China. I don't understand the logic in banning BTC, while allowing Zhifubao to operate freely.
Because until now the only way to get money into zhifubao was a traceable bank transfer (or a traceable sale on taobao)
They just banned zhifubao and similars (caifutong) to receive BTC, they didn't ban BTC
January 04, 2014, 10:58:12 AM
Step 4: go to countryside and pick up 100 random people saying "hey i give you 100 yuan if you help me"
Step 5: deposit from zhifubao and withdraw in their name
Step 5: deposit from zhifubao and withdraw in their name
If you can find such fools easily, you can evade taxes even without Bitcoin
January 04, 2014, 10:47:53 AM
I explain what was going on:
most chinese exchanges were allowing withdrawals on ANY zhifubao account (chinese paypal copy), meaning that money laundering was never this easy.
Think this: I transfer 10 bitcoins to my account (that could be registered with a fake name, since no verification is done) and then I could convert to chinese yuan and withdraw to unlimited different zhifubao accounts (difficult to track). At that point, could withdraw to a real bank account.
There's a limit to every chinese on how many dollars can receive every year (I think $50000).
Suppose there's a guy that wants to get $1 million to china without paying taxes.
Step 1: buy 1000 bitcoins
Step 2: convert them to 5 millions yuan
Step 3: withdraw them to 100 different zhifubao accounts
Step 4: go to countryside and pick up 100 random people saying "hey i give you 100 yuan if you help me"
Step 5: deposit from zhifubao and withdraw in their name
Step 6: Congrats: you transfered 1 million dollars illegally avoiding taxes
That's why china government got angry, any government in the world won't like this, not just china
In fact, now btc china is requiring id verification and will only do bank transfers in the same registered name of the account.
And at its peak, btc=>yuan rates were so high that you could make a very nice arbitrage and easy money if you bought bitcoins in dollars, then convert to yuan, then dollars again (make $20 every $1000)
Now the game is broken, you lose $40 every $1000 converted
most chinese exchanges were allowing withdrawals on ANY zhifubao account (chinese paypal copy), meaning that money laundering was never this easy.
Think this: I transfer 10 bitcoins to my account (that could be registered with a fake name, since no verification is done) and then I could convert to chinese yuan and withdraw to unlimited different zhifubao accounts (difficult to track). At that point, could withdraw to a real bank account.
There's a limit to every chinese on how many dollars can receive every year (I think $50000).
Suppose there's a guy that wants to get $1 million to china without paying taxes.
Step 1: buy 1000 bitcoins
Step 2: convert them to 5 millions yuan
Step 3: withdraw them to 100 different zhifubao accounts
Step 4: go to countryside and pick up 100 random people saying "hey i give you 100 yuan if you help me"
Step 5: deposit from zhifubao and withdraw in their name
Step 6: Congrats: you transfered 1 million dollars illegally avoiding taxes
That's why china government got angry, any government in the world won't like this, not just china
In fact, now btc china is requiring id verification and will only do bank transfers in the same registered name of the account.
And at its peak, btc=>yuan rates were so high that you could make a very nice arbitrage and easy money if you bought bitcoins in dollars, then convert to yuan, then dollars again (make $20 every $1000)
Now the game is broken, you lose $40 every $1000 converted
If so, then the fault was with Zhifubao, and not with BTC-China. I don't understand the logic in banning BTC, while allowing Zhifubao to operate freely.
January 04, 2014, 10:36:55 AM
Not all the chineese exchanges were closed I guess.
http://www.huobi.com/ is working fine.
Their volume is 400-800 BTC/hour.
http://www.huobi.com/ is working fine.
Their volume is 400-800 BTC/hour.
lets hope they will live long and increase they volume
January 04, 2014, 10:21:38 AM
Not all the chineese exchanges were closed I guess.
http://www.huobi.com/ is working fine.
Their volume is 400-800 BTC/hour.
http://www.huobi.com/ is working fine.
Their volume is 400-800 BTC/hour.
January 04, 2014, 04:06:32 AM
SO SAD
January 04, 2014, 04:05:37 AM
I explain what was going on:
most chinese exchanges were allowing withdrawals on ANY zhifubao account (chinese paypal copy), meaning that money laundering was never this easy.
Think this: I transfer 10 bitcoins to my account (that could be registered with a fake name, since no verification is done) and then I could convert to chinese yuan and withdraw to unlimited different zhifubao accounts (difficult to track). At that point, could withdraw to a real bank account.
There's a limit to every chinese on how many dollars can receive every year (I think $50000).
Suppose there's a guy that wants to get $1 million to china without paying taxes.
Step 1: buy 1000 bitcoins
Step 2: convert them to 5 millions yuan
Step 3: withdraw them to 100 different zhifubao accounts
Step 4: go to countryside and pick up 100 random people saying "hey i give you 100 yuan if you help me"
Step 5: deposit from zhifubao and withdraw in their name
Step 6: Congrats: you transfered 1 million dollars illegally avoiding taxes
That's why china government got angry, any government in the world won't like this, not just china
In fact, now btc china is requiring id verification and will only do bank transfers in the same registered name of the account.
And at its peak, btc=>yuan rates were so high that you could make a very nice arbitrage and easy money if you bought bitcoins in dollars, then convert to yuan, then dollars again (make $20 every $1000)
Now the game is broken, you lose $40 every $1000 converted
most chinese exchanges were allowing withdrawals on ANY zhifubao account (chinese paypal copy), meaning that money laundering was never this easy.
Think this: I transfer 10 bitcoins to my account (that could be registered with a fake name, since no verification is done) and then I could convert to chinese yuan and withdraw to unlimited different zhifubao accounts (difficult to track). At that point, could withdraw to a real bank account.
There's a limit to every chinese on how many dollars can receive every year (I think $50000).
Suppose there's a guy that wants to get $1 million to china without paying taxes.
Step 1: buy 1000 bitcoins
Step 2: convert them to 5 millions yuan
Step 3: withdraw them to 100 different zhifubao accounts
Step 4: go to countryside and pick up 100 random people saying "hey i give you 100 yuan if you help me"
Step 5: deposit from zhifubao and withdraw in their name
Step 6: Congrats: you transfered 1 million dollars illegally avoiding taxes
That's why china government got angry, any government in the world won't like this, not just china
In fact, now btc china is requiring id verification and will only do bank transfers in the same registered name of the account.
And at its peak, btc=>yuan rates were so high that you could make a very nice arbitrage and easy money if you bought bitcoins in dollars, then convert to yuan, then dollars again (make $20 every $1000)
Now the game is broken, you lose $40 every $1000 converted
January 04, 2014, 03:36:06 AM
it's closed as I stated 3 weeks ago. 
LIAR. LIAR. Pants on FIRE! 
January 04, 2014, 03:28:55 AM
Where is closed? I can log in, everything seems to work
it's closed as I stated 3 weeks ago.
One of you is lying. I wonder which one ... January 03, 2014, 09:36:18 AM
Where is closed? I can log in, everything seems to work
it's closed as I stated 3 weeks ago.
One of you is lying. I wonder which one ... January 02, 2014, 06:00:17 PM
Where is closed? I can log in, everything seems to work
January 02, 2014, 02:02:16 PM
it's closed as I stated 3 weeks ago.
December 20, 2013, 10:40:34 AM
Just saw this comment on reddit. Is this true? Sounds strange to allow deposits on some exchanges and not on others?
http://de.reddit.com/r/Bitcoin/comments/1tbjf3/btc_china_here_to_stay_bobby_lee_open_letter/ce6alj9
http://de.reddit.com/r/Bitcoin/comments/1tbjf3/btc_china_here_to_stay_bobby_lee_open_letter/ce6alj9
December 20, 2013, 02:47:36 AM
As I have said before in another topic, Chinese has foreign exchange controls. They limit the amount of CNY anyone can exchange in or out of the country. Bitcoins seems to be able to counteract that, and China doesn't like it. I believe they want to put an end to it, or at least be able to put a name on the bitcoins going in and out via logging direct transfers from bank to exchange, and vice versa. It seems assuring that they are not currently against owning and trading bitcoins on a local/regional level.
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