Topic: BTCchina IS BACK, bank deposits restored!!! - page 3. (Read 8450 times)

Really? I think it's good. I like that bitcoin can get into China easily, it's a tool for freedom. Don't wish oppression on others.

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

anybody can confirm this please? BTC price should sky rocket right?

Just enter any arbitrary information, it doesn't matter.  The only legit thing you need to enter is a mobile number - it sends you a text confirmation number which you enter and voila.  You can then see the bank fund/withdrawal area.

look at huobi

but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even if he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

smart investors in China bought Bitcoin because it cant be regulated. why would they let go now? every new law imposed against them makes it more valuable, and more proven, and more desirable.
smart investors and officials in America realise they have no better alternative than to back Bitcoin, and are going to make the best of it.
my 2 cents.

So nice of you to register today and confirm this bullish news.

 


Tried it as well. BTC China is not for Johnny Foreigner.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?