No. You're not wrong.
Wise old bulls are usually smart enough to see through the fud and grasp the truth of what's going on.
Foolish young bears, on the other hand are often so full of adolescent angst and negativity that they'll grasp at anything that can be taken the wrong way.
Indeed, China did not "ban" Bitcoin. They merely affirmed that it is not legal Chinese tender. Gold, USD and euros are not legal tender there either, and it hasn't affected them negatively.
As for Baidu and China Telecom no longer accepting payments in Bitcoin, do they accept payment in gold, euros or dollars?
Don't sweat it. The Chicken Littles can have their tantrum, and the more focused can profit from it.
Topic: China did not "Ban" Bitcoin - Stop with this FUD (Read 1033 times)
Good post, we need to stop the propaganda!!!
They could have done far worse things than regulate their banks. I would have expected China to ban bitcoin by default.
All governments are giving bitcoin a chance to succeed which is a good thing!
They could have done far worse things than regulate their banks. I would have expected China to ban bitcoin by default.
All governments are giving bitcoin a chance to succeed which is a good thing!
Yes, it's absolutely nothing to worry about.
But, unfortunately, we have too many silly people around who judge situation by just looking at titles in press without reading the whole article.
The only good thing - we can buy dirty cheap coins at the expense of stupid panic sellers.
But, unfortunately, we have too many silly people around who judge situation by just looking at titles in press without reading the whole article.
The only good thing - we can buy dirty cheap coins at the expense of stupid panic sellers.
Bump. Because this truth needs to be on the screen to help provide a little measure to all the "OMG THE SKY OF FALLING" "OMG I AM GOING TO PISS MYSELF" "CHINA BANNED BTC" crap.
Why is everyone focusing on this FUD? China, per my understanding, has not banned anything. They have:
Placed restrictions on banking partaking in bitcoin and pricing their services in bitcoin
In reality, who gives a shit? I don't really want the banks finding a way to obtain 95% of the BTC and gain total market contorl anyway. That said, I understand why this may be considered a negative in the short term, but it is not equal to China "Banning" BTC.
Have stated that there will be regulation in the future to prevent money laundering (Similar to US FinCEN)
Yes, this sucks, same in the US, and EU. But - did we really not expect this? Bitcoin, by design, is going to piss off some governments, to be honest, I am quite surpised we have not seen a more widespread/harsh crackdown. Government worldwide seem to be taking a pretty level headed view on this - it's in their nature to want to control things, it's the nature of hte beast. They're going to do what they're going to do. We are going to do what we're going to do. In the end, the people, freedom will previal, hopefully supported by bitcoin. In anycase, this is not equal to China "Banning" bitcoin - which in reality, they could do more easily than many other places if they saw fit. (EDIT: If anything, this shows they're NOT going to ban bitcoin, they've reacted to it, and are not attacking)
Have NOT restricted individuals from purchasing/selling/owning Bitcoin
Seems they're taken the stance than Bitcoin is more of a commodity, not a currency. While this is semi-unfortuente for those wanting to pay for anything and everything in bitcoin, it does not equal China "banning" bitcoin, and should not spell an end to Chines speculation - which is most of what this pump was anyway. Most Chinese probably don't understand the concept behind bitcoin anyway, they just want to invest. Nothing has changed here. I am under the impression BTCChina is already liceansed/approved and such. China has reasonably strict currency controls, it's natural to expect they're not going to want something to come along and undermine thier control. I am all for total freedom, and openness - but lets be honest, that's not going to happen in most of the world (especially China) at this time, and we shouldn't expect it to. That is the point of bitcoin, to force the subject, so we must expect at least some resistance. Anyway, AGAIN... none of these has equaled China "banning" bitcoin.
It wasn't long ago that we were dreaming up conspiracy theories saying that everyone (Banks/government/etc) is going to try to stop/destroy/whatever bitcoin, and we say how it will survive, how they network is unstoppable and now we have ONE minor setback, and I see threads like "Bitcoin is going to zero." What? Are you shitting me? I don't even know what to say to that. Even if they decided to execute everyone in China who has bitocin, that's not going to end this experiment. There are going to be challenges, there are going to be places that are not BTC friendly, are our ideals so easily damaged? Come on. While this is the 1st negative news we've had in a while, I don't even see a significant genuine negative in reality - just in perception and speculation. Not to say I am having a turbo bull wet dream here, I expect this is going to cause a further price drop, but why all the incorrect copy/paste FUD about China banning bitcoin and we're going to zero and what not? Maybe I need to get my facts straight, but I *think* they so must say, get YOUR facts straight. This actually is more recognition of bitcoin without a severe response.
Feel free to correct if I am wrong.
Placed restrictions on banking partaking in bitcoin and pricing their services in bitcoin
In reality, who gives a shit? I don't really want the banks finding a way to obtain 95% of the BTC and gain total market contorl anyway. That said, I understand why this may be considered a negative in the short term, but it is not equal to China "Banning" BTC.
Have stated that there will be regulation in the future to prevent money laundering (Similar to US FinCEN)
Yes, this sucks, same in the US, and EU. But - did we really not expect this? Bitcoin, by design, is going to piss off some governments, to be honest, I am quite surpised we have not seen a more widespread/harsh crackdown. Government worldwide seem to be taking a pretty level headed view on this - it's in their nature to want to control things, it's the nature of hte beast. They're going to do what they're going to do. We are going to do what we're going to do. In the end, the people, freedom will previal, hopefully supported by bitcoin. In anycase, this is not equal to China "Banning" bitcoin - which in reality, they could do more easily than many other places if they saw fit. (EDIT: If anything, this shows they're NOT going to ban bitcoin, they've reacted to it, and are not attacking)
Have NOT restricted individuals from purchasing/selling/owning Bitcoin
Seems they're taken the stance than Bitcoin is more of a commodity, not a currency. While this is semi-unfortuente for those wanting to pay for anything and everything in bitcoin, it does not equal China "banning" bitcoin, and should not spell an end to Chines speculation - which is most of what this pump was anyway. Most Chinese probably don't understand the concept behind bitcoin anyway, they just want to invest. Nothing has changed here. I am under the impression BTCChina is already liceansed/approved and such. China has reasonably strict currency controls, it's natural to expect they're not going to want something to come along and undermine thier control. I am all for total freedom, and openness - but lets be honest, that's not going to happen in most of the world (especially China) at this time, and we shouldn't expect it to. That is the point of bitcoin, to force the subject, so we must expect at least some resistance. Anyway, AGAIN... none of these has equaled China "banning" bitcoin.
It wasn't long ago that we were dreaming up conspiracy theories saying that everyone (Banks/government/etc) is going to try to stop/destroy/whatever bitcoin, and we say how it will survive, how they network is unstoppable and now we have ONE minor setback, and I see threads like "Bitcoin is going to zero." What? Are you shitting me? I don't even know what to say to that. Even if they decided to execute everyone in China who has bitocin, that's not going to end this experiment. There are going to be challenges, there are going to be places that are not BTC friendly, are our ideals so easily damaged? Come on. While this is the 1st negative news we've had in a while, I don't even see a significant genuine negative in reality - just in perception and speculation. Not to say I am having a turbo bull wet dream here, I expect this is going to cause a further price drop, but why all the incorrect copy/paste FUD about China banning bitcoin and we're going to zero and what not? Maybe I need to get my facts straight, but I *think* they so must say, get YOUR facts straight. This actually is more recognition of bitcoin without a severe response.
Feel free to correct if I am wrong.
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