Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
Topic: China just made Bitcoin pretty useless within China - page 4. (Read 12562 times)
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100?
So far China Bitcoin exchanges works, so how can be Bitcoin pretty useless within China ?
Well I didn't say entirely useless - they're still good for sitting at exchanges and collecting
The Notice clarify the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of money, it is not money in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with money, and it cannot and should not be used as money on the market. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
Thanks for the link, very helpful.
My read of the above is actually very possitive. All China is saying is BTC is not an official currency and so banks can not offer services around it, set markets, offer BTC accounts, etc. However individuals are free to use it as a commodity provided they are willing to accept the risks.
This places Bitcoin in the exact same situation as Gold. Banks do not offer gold "accounts" or act as gold market makers or list prices in oz of Gold. Instead gold is treated as a commodity.
OP is factually correct. This is obviously the "fight you" phase.
Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Dutch central banker had something to say too http://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker
China, France, US, Holland all in one day. When it rains it pours.
could they all be working to together to try and buy cheap coins?
lol
So far China Bitcoin exchanges works, so how can be Bitcoin pretty useless within China ?
Dutch central banker had something to say too http://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker
China, France, US, Holland all in one day. When it rains it pours.
All this FUD did was create a nice buying opportunity. 
Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down.
It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you?
China was a great hype and momentum source for Bitcoin. The upside potential has been severely hampered now. Sure the Chinese nerds and rogue speculative investors might hold on to their coins, but forget about Chinese housewives getting in on the fun. Without China, what development can now take Bitcoin to the $10k people have been predicting would happen within few months or a year? Have to hope for a major bit of luck from somewhere.
Bitcoin doesn't need Chinese housewives to get to $10K.
All this FUD did was create a nice buying opportunity.
Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down.
It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you?
China was a great hype and momentum source for Bitcoin. The upside potential has been severely hampered now. Sure the Chinese nerds and rogue speculative investors might hold on to their coins, but forget about Chinese housewives getting in on the fun. Without China, what development can now take Bitcoin to the $10k people have been predicting would happen within few months or a year? Have to hope for a major bit of luck from somewhere.
Wow people getting mad and going all spastic when someone mentions facts. Have fun folks.
facts... I don't think that word means what you think it means. 
Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
+1
Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
The Notice clarify the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of money, it is not money in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with money, and it cannot and should not be used as money on the market. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
Thanks for the link, very helpful.
My read of the above is actually very possitive. All China is saying is BTC is not an official currency and so banks can not offer services around it, set markets, offer BTC accounts, etc. However individuals are free to use it as a commodity provided they are willing to accept the risks.
This places Bitcoin in the exact same situation as Gold. Banks do not offer gold "accounts" or act as gold market makers or list prices in oz of Gold. Instead gold is treated as a commodity.
All this FUD did was create a nice buying opportunity.
Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down.
It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you?
I think most people are missing the point. And, more importantly, the point of bitcoin itself.
Bitcoin is an *alternative* currency. So governments like China (that want to control everything) would naturally *hate* alternative currencies.
*BUT* the people of China who strongly distrust the official fiat currency, *LOVE* alternative currencies. Hence why many Europeans and Chinese are using Bitcoin to move money, and protect their money.
This certainly won't stop people from moving money into and out of bitcoin.
Additionally, countries insisting that Anti-Money-Laundering laws be adhered to when banking is involved is a no-brainer. They have to assert those laws (via international trade laws). So it's not a shocker either.
Have fun, and control your risk!
: )
cj
Bitcoin is an *alternative* currency. So governments like China (that want to control everything) would naturally *hate* alternative currencies.
*BUT* the people of China who strongly distrust the official fiat currency, *LOVE* alternative currencies. Hence why many Europeans and Chinese are using Bitcoin to move money, and protect their money.
This certainly won't stop people from moving money into and out of bitcoin.
Additionally, countries insisting that Anti-Money-Laundering laws be adhered to when banking is involved is a no-brainer. They have to assert those laws (via international trade laws). So it's not a shocker either.
Have fun, and control your risk!
: )
cj
All this FUD did was create a nice buying opportunity.
Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down.
All this FUD did was create a nice buying opportunity.
+1Also if if they are using bitpay on a website but have bitpay pay the merchant in RMB would that be prohibited?
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