This price dip isn't because of some poorly translated document; there are folks who can translate in 2013.
BitCoin really needs to shine here; show the people on the sidelines it can really weather a storm from some central government and still come out as a viable currency.
Wasn't that the whole point?
Topic: CHINA DID NOT BAN BITCOIN EXCHANGES & BANKS FROM USING IT - page 2. (Read 6001 times)
The official statement was that people can freely trade bitcoin in China. I would listen to Chinese official statements only, not some rumor sites. Whoever sells their bitcoins now will be crying about this decision a few weeks later.
I'm calling FUD on these rumors. If it were true that all Chinese btc exchanges were closing, the Chinese section of this forum would be freaking out. I don't see them talking about it at all.
Ok, so nobody has links to anything other then reports that say they have a source or multiple sources.
when china made the initial announcement they did so with 4 different agencies, this announcement itself was widely miss translated and interpreted incorrectly.
but none of them provide a source and the 'sources' themselves havent written anything publicly or provided any type of proof for what they supposedly said, only rumor. there has still been no official word or report from anyone in a position to give one within the chinese gov't.
We all know that the markets are linked. what one does they all do. You could also take into account that BTC china had no fees prior to this, so people from all over the world that dont speak chinese are likely trading on that exchange. these people reacted to rumor, taking the resulting price dip as evidence that the rumors were right is just silly. We also know that there are groups of people that sell and buy bitcoins to speculate and likely sold bitcoins after hearing this news knowing that there would likely be a dip in price, especially considering what happened last time with the miss translation and the resulting 200$~ price dip.
As a person that uses sound judgement, who cant read chinese and doesnt live in china i cant possibly believe any of this knowing how people reacted previously to false information and knowing that this time there is no information at all to base anything on.
The rumors themselves only seem to mention companies similar to paypal. while the original announcement by the govt explicitly gave the exchanges the OK to continue to operate. if exchanges could not receive funds in any way, then how would they operate? are we to believe that china has made a complete 180 degree turn? i find this unlikely. Even in the event the rumor is true and companies like paypal cant do business with the exchanges, it wouldnt make much difference as the banks still would be able to, and bitcoins could still be traded locally via meetups.
There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
when china made the initial announcement they did so with 4 different agencies, this announcement itself was widely miss translated and interpreted incorrectly.
but none of them provide a source and the 'sources' themselves havent written anything publicly or provided any type of proof for what they supposedly said, only rumor. there has still been no official word or report from anyone in a position to give one within the chinese gov't.
We all know that the markets are linked. what one does they all do. You could also take into account that BTC china had no fees prior to this, so people from all over the world that dont speak chinese are likely trading on that exchange. these people reacted to rumor, taking the resulting price dip as evidence that the rumors were right is just silly. We also know that there are groups of people that sell and buy bitcoins to speculate and likely sold bitcoins after hearing this news knowing that there would likely be a dip in price, especially considering what happened last time with the miss translation and the resulting 200$~ price dip.
As a person that uses sound judgement, who cant read chinese and doesnt live in china i cant possibly believe any of this knowing how people reacted previously to false information and knowing that this time there is no information at all to base anything on.
The rumors themselves only seem to mention companies similar to paypal. while the original announcement by the govt explicitly gave the exchanges the OK to continue to operate. if exchanges could not receive funds in any way, then how would they operate? are we to believe that china has made a complete 180 degree turn? i find this unlikely. Even in the event the rumor is true and companies like paypal cant do business with the exchanges, it wouldnt make much difference as the banks still would be able to, and bitcoins could still be traded locally via meetups.
There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
Words of wisdom
Whatever the official meaning of the PBOC announcement may be, BTCChina has suspended all CNY deposits citing regulatory reasons.
Ok, so nobody has links to anything other then reports that say they have a source or multiple sources.
when china made the initial announcement they did so with 4 different agencies, this announcement itself was widely miss translated and interpreted incorrectly.
but none of them provide a source and the 'sources' themselves havent written anything publicly or provided any type of proof for what they supposedly said, only rumor. there has still been no official word or report from anyone in a position to give one within the chinese gov't.
We all know that the markets are linked. what one does they all do. You could also take into account that BTC china had no fees prior to this, so people from all over the world that dont speak chinese are likely trading on that exchange. these people reacted to rumor, taking the resulting price dip as evidence that the rumors were right is just silly. We also know that there are groups of people that sell and buy bitcoins to speculate and likely sold bitcoins after hearing this news knowing that there would likely be a dip in price, especially considering what happened last time with the miss translation and the resulting 200$~ price dip.
As a person that uses sound judgement, who cant read chinese and doesnt live in china i cant possibly believe any of this knowing how people reacted previously to false information and knowing that this time there is no information at all to base anything on.
The rumors themselves only seem to mention companies similar to paypal. while the original announcement by the govt explicitly gave the exchanges the OK to continue to operate. if exchanges could not receive funds in any way, then how would they operate? are we to believe that china has made a complete 180 degree turn? i find this unlikely. Even in the event the rumor is true and companies like paypal cant do business with the exchanges, it wouldnt make much difference as the banks still would be able to, and bitcoins could still be traded locally via meetups.
There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
when china made the initial announcement they did so with 4 different agencies, this announcement itself was widely miss translated and interpreted incorrectly.
but none of them provide a source and the 'sources' themselves havent written anything publicly or provided any type of proof for what they supposedly said, only rumor. there has still been no official word or report from anyone in a position to give one within the chinese gov't.
We all know that the markets are linked. what one does they all do. You could also take into account that BTC china had no fees prior to this, so people from all over the world that dont speak chinese are likely trading on that exchange. these people reacted to rumor, taking the resulting price dip as evidence that the rumors were right is just silly. We also know that there are groups of people that sell and buy bitcoins to speculate and likely sold bitcoins after hearing this news knowing that there would likely be a dip in price, especially considering what happened last time with the miss translation and the resulting 200$~ price dip.
As a person that uses sound judgement, who cant read chinese and doesnt live in china i cant possibly believe any of this knowing how people reacted previously to false information and knowing that this time there is no information at all to base anything on.
The rumors themselves only seem to mention companies similar to paypal. while the original announcement by the govt explicitly gave the exchanges the OK to continue to operate. if exchanges could not receive funds in any way, then how would they operate? are we to believe that china has made a complete 180 degree turn? i find this unlikely. Even in the event the rumor is true and companies like paypal cant do business with the exchanges, it wouldnt make much difference as the banks still would be able to, and bitcoins could still be traded locally via meetups.
There is too much miss information... im going to just sit back and watch the show. not like id pull out of bitcoin anyway.
Hopeful tacoman misinterpreted thing himself. Or was just being delusional.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
Um, last time I checked the only major bank to come out in support of virtual currencies is Sberbank - Russia's largest bank.
http://www.coindesk.com/ceo-russian-sberbank-endorses-virtual-currencies/
The largest exchange by volume is now BTC-E in Bulgaria.
Personally I hope the US does come around.
The writing's on the wall for fiat, I know they're all hoping to be able to switch over to SDR's, but that hope just shows how out of touch TPTB are with Milennials - the generation that will be shaping the future of the world. The US is still the base for so much talent. If the government implemented some major spending reforms and got behind Bitcoin, they would be centre of the world again, but TPTB are so afraid of losing control.
Damn forgot to add russia to the list
I have little to no qualms about Russia, only that they need to get most of their criminal activities under informal state umbrella one way or another. If they endorse the crypto, they are welcome in my book.
Their paranoia and drastic actions are actually perfectly understandable if you consider their history and life as people in that particular region of the world.
US will come around. We, and our government, do like to make most of opportunities such as these. I am skeptical of all the apocalyptic, 'I am the next prophet' bullshit going on with people ideologically endorsing crypto, but I have little doubts about its practical usage and importance in the world, if only as a stepping stone towards a new uncharter ground in financial means in the future.
Hopeful tacoman misinterpreted thing himself. Or was just being delusional.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
Um, last time I checked the only major bank to come out in support of virtual currencies is Sberbank - Russia's largest bank.
http://www.coindesk.com/ceo-russian-sberbank-endorses-virtual-currencies/
The largest exchange by volume is now BTC-E in Bulgaria.
Personally I hope the US does come around.
The writing's on the wall for fiat, I know they're all hoping to be able to switch over to SDR's, but that hope just shows how out of touch TPTB are with Milennials - the generation that will be shaping the future of the world. The US is still the base for so much talent. If the government implemented some major spending reforms and got behind Bitcoin, they would be centre of the world again, but TPTB are so afraid of losing control.
Hopeful tacoman misinterpreted thing himself. Or was just being delusional.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
China is severely curtailing bitcoin. FACT.
Maybe india will save it?
Or, just maybe, those EBIL Americans and American government and West in general might actually wind up being the only place where you can use cryptocurrency in a relatively free manner.
LOL @ all the ignorant, 'revolutionary' fucks who made US out to be the ultimate evil tyranny then getting assfucked by other governments like this.
How's that ignorant, childish anti-US thing working out now? Funny how people run back to US when they actually start getting into trouble.
Just going to clarify, this announcement you're referencing from PBOC is dated December 5th.
What everyone seems to be up in arms about is a more recent news development that's arrived around December 16th. It has not been well received in China: http://tech.sina.com.cn/it/2013-12-18/01299015304.shtml
What everyone seems to be up in arms about is a more recent news development that's arrived around December 16th. It has not been well received in China: http://tech.sina.com.cn/it/2013-12-18/01299015304.shtml
Ok for the past few days, everyone has been talking about the situation in China. From what you hear, financial institutions are banned from using or dealing with Bitcoin, as well as not dealing with Bitcoin exchanges. For the record, those news articles have been exaggerated. If you read the official statement (not a news article from a company whose business is to lure you in with exciting headlines to sell you ads) here The People's Bank of China, you will see that it has only ADVISED banks not to deal with Bitcoin. It's not law or anything, just a statement. (NOTE: Link is in Chinese.)
Jump to: