China orders banks to shut Bitcoin exchange accounts

sweetgirl01

member

Activity: 66

Merit: 10

Quote from: TTM on March 28, 2014, 10:35:36 AM

Quote from: windpath on March 28, 2014, 09:31:39 AM

Quote from: vitarian on March 27, 2014, 05:50:51 PM

Now is the time to BUY BUY BUY!!!

UPDATE (28th March, 10:00 GMT): Sources in China have reported since this article appeared that the ‘rumors’ contained in the Caixin story appear to be true, though bitcoin exchanges still have received no official notice from the People’s Bank. The bitcoin price has continued to drop, now sitting just above $500.

There is a rumor on Reddit that the reporter of Caixin article is daughter of vice minister of finance, so it must be true.

This ban will cause much more damage than December ban. On December, China forbid all merchants to accept Bitcoin as payment, but traders are still buy and sell normally. However April ban will be different, exchanges now being forbidden from touching banking system, which mean at least 95% of trading volume would be killed.

I live in China, this matter is a rumor, does not have this thing. Angry

TTM

full member

Activity: 140

Merit: 100

Quote from: windpath on March 28, 2014, 09:31:39 AM

Quote from: vitarian on March 27, 2014, 05:50:51 PM

Now is the time to BUY BUY BUY!!!

UPDATE (28th March, 10:00 GMT): Sources in China have reported since this article appeared that the ‘rumors’ contained in the Caixin story appear to be true, though bitcoin exchanges still have received no official notice from the People’s Bank. The bitcoin price has continued to drop, now sitting just above $500.

There is a rumor on Reddit that the reporter of Caixin article is daughter of vice minister of finance, so it must be true.

This ban will cause much more damage than December ban. On December, China forbid all merchants to accept Bitcoin as payment, but traders are still buy and sell normally. However April ban will be different, exchanges now being forbidden from touching banking system, which mean at least 95% of trading volume would be killed.

windpath

legendary

Activity: 1258

Merit: 1027

Quote from: vitarian on March 27, 2014, 05:50:51 PM

Now is the time to BUY BUY BUY!!!

UPDATE (28th March, 10:00 GMT): Sources in China have reported since this article appeared that the ‘rumors’ contained in the Caixin story appear to be true, though bitcoin exchanges still have received no official notice from the People’s Bank. The bitcoin price has continued to drop, now sitting just above $500.

vitarian

full member

Activity: 150

Merit: 100

But this is countered by the GOOD NEWS that the US government is accepting bitcoin as legitimate "property", meaning they WILL indeed allow bitcoin transactions. I would think that the IRS news would trump all the other negative press surrounding bitcoin. Now is the time to BUY BUY BUY!!!

bananas

sr. member

Activity: 364

Merit: 257

Quote from: Azeh on March 27, 2014, 11:36:18 AM

Unfortunately, this is how things happen in China. Everything is presented as rumor to act as a warning before official announcements are released.

First, I feel sorry for the Chinese Bitcoin enthusiasts and I'm sure they will find away around the government meddling.

I don't feel sorry 'cause they are just gamblers, most of Chinese bitcoin traffic comes from Macau.

mr smith

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Activity: 182

Merit: 100

All the bad news from China has been factored in for a long time. I wish they would ban gold imports so i could buy a little on the cheap!!!!!!!!!

Arghhh

full member

Activity: 182

Merit: 100

How generous of them!

... More hoard for me.

TTM

full member

Activity: 140

Merit: 100

Quote from: bitluryz on March 27, 2014, 10:14:12 AM

http://fiatleak.com/

Fake ! Chinese are buying more cheap BTC now

I'm curious how does this site work ? If i'm a Chinese citizen who is buying 10 bitcoin on BTC-e, how do they know ? There is no way exchanges leak my personal information to this fiatleak.com

C10H15N

hero member

Activity: 811

Merit: 1004

Quote from: equinox9 on March 27, 2014, 12:28:58 PM

Quote from: C10H15N on March 27, 2014, 12:23:38 PM

Quote from: Lauda on March 27, 2014, 12:05:57 PM

Then we have a smart buyer here.

"Be fearful when others are greedy and greedy when others are fearful" - Warren Buffett

Time to shear the sheep. Cheesy

Bitcoin is a moneygram...a mirage - Warren Buffet

lol

Warren is great with making shitloads of money, but he's terrible with tech! Cheesy

equinox9

newbie

Activity: 40

Merit: 0

Quote from: C10H15N on March 27, 2014, 12:23:38 PM

Quote from: Lauda on March 27, 2014, 12:05:57 PM

Then we have a smart buyer here.

"Be fearful when others are greedy and greedy when others are fearful" - Warren Buffett

Time to shear the sheep. Cheesy

Bitcoin is a moneygram...a mirage - Warren Buffet

lol

C10H15N

hero member

Activity: 811

Merit: 1004

Quote from: Lauda on March 27, 2014, 12:05:57 PM

Then we have a smart buyer here.

"Be fearful when others are greedy and greedy when others are fearful" - Warren Buffett

Time to shear the sheep. Cheesy

TTM

full member

Activity: 140

Merit: 100

It remain unclear whether this rumor is correct or not. As far as i know, Caixin is reputable source about finance in China. If it is true, the price might be dropped even much lower, 300 or 400. We'll have to wait for official confirmation/denial from PBOC or commercial banks in China.

In communist or totalitarian states, authorities want to control everything. If there is something they can't control, they'll want to ban or block it.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: C10H15N on March 27, 2014, 12:04:32 PM

...and I'm taking advantage of it. Cheesy

Then we have a smart buyer here.

C10H15N

hero member

Activity: 811

Merit: 1004

...and I'm taking advantage of it. Cheesy

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

The opportunity to buy in has arisen.

C10H15N

hero member

Activity: 811

Merit: 1004

My educated response: Big F**king Woo! Cheesy

ebliever

legendary

Activity: 1708

Merit: 1035

Banks are as relevant to bitcoin as the U.S. Postal Service is to email, and they share pretty much the same relationship. So after the initial reaction to this news, I doubt it will have much long term impact even if true.

Lordoftherigs

sr. member

Activity: 313

Merit: 250

Quote from: Azeh on March 27, 2014, 11:40:08 AM

Centralised exchanges need to go the way of the dinosaur in order to prevent these huge panicks and price drops.

Hopefully, the bitcoin community will develop a solution to this problem soon. Decentralised exchanges?

Exchanges are certainly happy form all this fuzz, more than 11k BTCs traded in less than hour.

Azeh

sr. member

Activity: 441

Merit: 500

Centralised exchanges need to go the way of the dinosaur in order to prevent these huge panicks and price drops.

Hopefully, the bitcoin community will develop a solution to this problem soon. Decentralised exchanges?

Azeh

sr. member

Activity: 441

Merit: 500

Unfortunately, this is how things happen in China. Everything is presented as rumor to act as a warning before official announcements are released.

First, I feel sorry for the Chinese Bitcoin enthusiasts and I'm sure they will find away around the government meddling.

Secondly, Fuck the corrupt Chinese Government. They are doing everything in their power to prevent capital from fleeing the country in the face of an imploding economy as indicated by the increasing number of corporate defaults and the beginning of the end of their real estate bubble.

Corruption in China makes the USA look like paradise.

Topic: China orders banks to shut Bitcoin exchange accounts (Read 3369 times)