Topic: CHINA DID NOT BAN BITCOIN EXCHANGES & BANKS FROM USING IT (Read 6001 times)

tacoman71 I know last few days were really hard ones for bitcoin as many news channel caused misunderstanding that china has totally banned bitcoin use due to which it tumbled to approximately $500. Well thanks for sharing your information and showing an intention of helping people who heard unclarified news in recent times

But it looks like you are confusing 3rd party services (e.g. YeePay) with Banks. The confusing thing is that BTC China suspended deposits period, but the "suspended" them in their own words.
Still between clear answers but it looks like banks will be the ONLY method of depositing money.

This young guy does a bit of research and came up with the same thing (though time will tell):

http://www.youtube.com/watch?v=DcL991lTA0Q&feature=em-uploademail

if u look at this quote form http://www.theguardian.com/ then it clearly states that the chinease exchanges will have big problems getting fiat in and out :
BTCchina uses this method and therefore this means that the exchanges cant get money in and out after 31 january.
source: http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency

Wow, looks like the Chinese are leading things again! What happened?

Exchanges can continue but btcchina stopped accepting deposits. This is something big, btc will crash a whole lot more coming weeks. Even below $180 is possible.

http://www.bloomberg.com/news/2013-12-18/btc-china-says-it-can-t-accept-new-deposits-for-bitcoin-trading.html

Yep, it looks like everyone else has been had.

Am I reading those stats right? For a country that supposedly put a halt to Bitcoin/fiat trading with its native currency, the Chinese sure are buying up a lot of BTC still.

http://fiatleak.com/

Watch the amount going into China and weep

I think that is the BIG thing. This change is about NO 3rd party services being used and apparently NOT about banks. But it looks like, for whatever reason, BTC China temporarily suspended deposits.
It will take a few days for this to play out I think...

Interesting post.  How about this:  China thinks their yuan is on its way to becoming the major currency so they want to stop anything that might stop that.  On the other hand,  the US thinks the dollar is waning so if they can regulate and take charge of the BTC market the US can maintain a grip on currency.

Or another view is that someone WANTS China to be misinterpreted. Corruption is rife, I have to wonder which chinese officials were holding BTC, and which ones sold just before the announcements (And for that matter which ones are buying back as we speak!).

Another cynical view would be that it is well recognised that wall street was reaching acceptance of and looking for an entry point into BTC, so is this a manufactured entry point?

Judging from the rate of BTC buying in US http://fiatleak.com/ I would suggest the latter is happening.

Unfortunately the type of tracking we have in the stock market that helps prevent these kind of activities, is completely absent by design in BTC. I believe if governments want to regulate this market (for the greater good of BTC) that would be a good place to start, at the exchanges.  

Is this sarcasm? If not, why on Earth are you posting in a Bitcoin forum? Interesting choice for a handle, btw. May I suggest watching the documentary series Money as Debt?

Nothing new in my opinion, china isn't a free country, what did you expect? Freedom? Lol.

This is great for the people with a clue, who have money waiting. Buy in low.
I would not be surprised if the gang's in China whom have great influence, are pushing this so they can buy in low. Than push to legalize it and sell high.

Anyone in a position to move the market like this, are set to make a crap load. Hold on for the ride.

It's like a yoyo going to a staircase. still going up!

Originally I was on the side of thinking the happenings in China weren't too serious and people were overreacting (I still think they are overreacting) but I would now also say that it is pretty serious.  No one being able to depoist funds into the largest exchange in China (and the world for that matter) is a huge bummer.  Companies supposedly no longer being allowed to accept bitcoin for services (hence why baidu and china telecom decided to opt out and not accept bitcoin) is a really huge blow if you ever want bitcoin to continue to expand into the mainstream.

Hopefully things turn around someday in the future. But as of right now I'd say things are pretty bad for China if you wanted bitcoin to continue to grow and expand to the point where it's common place to see it accepted at businesses.

From https://vip.btcchina.com/account (requires login)

They say it's temporarily. 

What real economic trading? Trading goods in Bitcoin is directly tied to BTC/fiat price. At least what's gonna happen is people will stop doing escrow, or will stop selling for Bitcoin at all, until price cools of.

It'll probably hit the speculation market hard (read: pump/dump), but for day to day real economic trade it's business as usual.

I think the market reaction seeing this

http://www.scmp.com/business/banking-finance/article/1384688/bitcoin-price-slump-after-beijing-bans-clearing-services

Is giving an indicator at least that the next step maybe stopping deposits from bank accounts into exchanges and vice versa.

Bitcoin will survive just fine, thats a given. however that announcement was translated and summarized in a point of view that the translator favored. it was also widely spread and quoted by people and news agencies. the problem with that is it doesnt leave room for other people to interpret. There were other translations later that highlighted this and gave their own interpretation alongside a realistically accurate translation.

The current situation goes back to that document and seems to counter things that were said. If the chinese govt were changing their position, why didnt they just state it clearly when they made the initial announcement or with subsequent announcements? they gave the OK for exchanges to buy and sell bitcoins as long as they signed up with the govt and followed the rules, if they were going to block the movement of funds into exchanges then why didnt they say so then? If bitcoin has been labeled as a commodity that is legal to own then why is it that exchanges cant accept money so that it can be bought and sold as one? there doesnt seem to be any consistency from the first announcement to these actions. Im thinking people may just be reading too much into the cautionary actions exchanges are taking, possibly based on the uncertainty of the current situation. Even the banks themselves may be stopping payments to the exchanges just to be safe. similar to how banks in US act regarding bitcoin. it was one of the first large companies in china that accepted bitcoin that said they would not be accepting bitcoin as payment for the time being due to legal uncertainties(this last part being neglected in the news and translations).

I only wish i had some money in a place where i could buy some bitcoins.(525$~)(heck even ignoring all the news, you could look at the exchanges value as being normal bitcoin behavior; Price surge, price crash, price stability well above where it started.

Which brings me to how i ended my last post...

...There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.