Just to clarify, coindesk has rumor for a source, and that rumor had a friend of a friend for a source. whereas when the chinese govt announced they banned govt owned/licensed banks and banking services from using bitcoin they did so via *4* different parts of govt, compared to coindesks 1 rumor.
most translations regarding the 'ban' are horribly wrong and being spread everywhere.
this one sums it up fairly well. Look for the others before believing this crap people are spreading.
http://www.coindesk.com/bitcoin-china-statement-interpretation/
Topic: Coindesk - China might have just killed BTC there. - page 2. (Read 8435 times)
private people can use bitcoins its only for bussines.. but they forgot to mention that haha what a nice speculation.. im taking a credit tomorrow in the bank, just need to wait untill it drops more muahahaha 
How can we spin this into being a good thing?
By making a giant circlejerk saying from one to the other that this is a good thing! It kind of works so far
seems like china believe the news
How can we spin this into being a good thing?
"The large group of chinese speculators will no longer be in the bitcoin market causing high volatility!"
BOOM, print and run with it tomatoman
"Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013"
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
It's an impolite move by BTCChina, especially for the many users who make use of their API with trade scripts while they sleep. I've been highly unimpressed with some of their performance today, actually. (Been trying them out.) Either way, sounds like bad news, looks like bad news, and the market is certainly reflecting that. Unfortunately, it's rather difficult to call where the price will stabilize until this plays out further. If it bounced now I'd say we could expect a new lower level of stability around $750 - $800 but that may be very different after the day ends. In China, I mean. It's 9:30 AM there, and their trade volume consistently peaks following the clock, so there will be movement, just unclear how much and in which direction.
There is another benefit with bitcoin: You can simply put your retirement savings into bitcoin each year and when you retire, move all those coins to another country and spend them there
Of course the government will be crazy, they could not charge you any capital gain tax because you never liquidated those coins domestically
Of course the government will be crazy, they could not charge you any capital gain tax because you never liquidated those coins domestically
I see no problem with that, who cares if Chinese can't buy Bitcoins, the price will go down, we'll buy more coins and they'll be late to the party. What do you expect from a dictatorial government anyway?
From what I can glean from a very bad google translate Bitcoin and the exchanges aren't being banned.
It is the third party payment comapnies - in other words if you withdrawing bitcoin from an exchange account it has to go into your bank account directly.
Though I might be wrong because of the wording about the spring festival - but in my unqualified opinion the chinese are still in Bitcoin quite legally as long as they don't use any stop gaps between the exchange and their bank...
How can you move bitcoins into a bank account?
Wiring funds to and from BTC China's bank account.
This rumor only affects the 3rd party payment companies, not the banks.
This rumor doesn't add anything that wasn't already in that official document from China. The 3rd party payment processors were already banned from Bitcoin in the recent official document from China.
This panic selloff is probably a buying opportunity.
I see no problem with that, who cares if Chinese can't buy Bitcoins, the price will go down, we'll buy more coins and they'll be late to the party. What do you expect from a dictatorial government anyway?
From what I can glean from a very bad google translate Bitcoin and the exchanges aren't being banned.
It is the third party payment comapnies - in other words if you withdrawing bitcoin from an exchange account it has to go into your bank account directly.
Though I might be wrong because of the wording about the spring festival - but in my unqualified opinion the chinese are still in Bitcoin quite legally as long as they don't use any stop gaps between the exchange and their bank...
How can you move bitcoins into a bank account?
you trade directly with other guys via an exchange, like at bitcoin.de (german "exchange") , that means, the exchange just connects you and an other guy.
its basically an escrow service
Regulators here State side are watching the repercussions very closely.
Will all this drive the China exchanges to another country or to find some loopholes?
Its all new uncharted territory.
Will all this drive the China exchanges to another country or to find some loopholes?
Its all new uncharted territory.
i just deposited some RMB in my BTCChina account.
it works well.
and the BTC price is in a rising trend,. i guess guys who sell under 4000RMB will cry a lot.
it works well.
and the BTC price is in a rising trend,. i guess guys who sell under 4000RMB will cry a lot.
People's Bank of China banned all the third party payment company doing business related to bitcoin, including bitcoin exchange platforms.
For those who is currently doing, they are required to completely cut off bitcoin related business by the Chinese new year, which is at the end of Jan 2014.
For the business held by entity outside of China, they haven't decide what to do, but very likely to be negative.
Btcchina is operated in the Shanghai's new pilot free trading zone. It is at a awkward spot. They has terminate the partnership with Tenpay(probably second largest third party payment company under Alipay). They are now using Yeepay, which is probably a random small company I have never heard of.
After Dec 5, small merchants or online shop owner could still accept bitcoin as payment and comfortably convert them to rmb through exchange like btcchina. In the future , this is going to be much harder and completely illegal after the Chinese new year. Basically, bitcoin is dead in China for the most part. People can only use it as speculative investment and store of value, but it is going to very hard for them to realize their potential profit legally in the future.
In the future, if bitcoin still managed to success internationally without China market, people in China would still be able to own it and sell it in a similar way how people deposit and withdraw money from Pokerstars. But it probably wouldn't be a hot topic as it was months ago.
Btcchina is the only exchange located in the Shanghai's free pilot trading zone, it could possibly survive. But the best case scenario is that btcchina is going to the only one left.
For those who is currently doing, they are required to completely cut off bitcoin related business by the Chinese new year, which is at the end of Jan 2014.
For the business held by entity outside of China, they haven't decide what to do, but very likely to be negative.
Btcchina is operated in the Shanghai's new pilot free trading zone. It is at a awkward spot. They has terminate the partnership with Tenpay(probably second largest third party payment company under Alipay). They are now using Yeepay, which is probably a random small company I have never heard of.
After Dec 5, small merchants or online shop owner could still accept bitcoin as payment and comfortably convert them to rmb through exchange like btcchina. In the future , this is going to be much harder and completely illegal after the Chinese new year. Basically, bitcoin is dead in China for the most part. People can only use it as speculative investment and store of value, but it is going to very hard for them to realize their potential profit legally in the future.
In the future, if bitcoin still managed to success internationally without China market, people in China would still be able to own it and sell it in a similar way how people deposit and withdraw money from Pokerstars. But it probably wouldn't be a hot topic as it was months ago.
Btcchina is the only exchange located in the Shanghai's free pilot trading zone, it could possibly survive. But the best case scenario is that btcchina is going to the only one left.
I see no problem with that, who cares if Chinese can't buy Bitcoins, the price will go down, we'll buy more coins and they'll be late to the party. What do you expect from a dictatorial government anyway?
From what I can glean from a very bad google translate Bitcoin and the exchanges aren't being banned.
It is the third party payment comapnies - in other words if you withdrawing bitcoin from an exchange account it has to go into your bank account directly.
Though I might be wrong because of the wording about the spring festival - but in my unqualified opinion the chinese are still in Bitcoin quite legally as long as they don't use any stop gaps between the exchange and their bank...
How can you move bitcoins into a bank account?
you trade directly with other guys via an exchange, like at bitcoin.de (german "exchange") , that means, the exchange just connects you and an other guy.
No kidding. China's stance against bitcoin has just moved from 'firm' to 'outrageous'. This is going to have a serious effect for a few months. But who cares? Can't stop bitcoin with these stupid laws. You'll just disadvantage your country's economy. Bitcoin is coming whether they like it or not. The rest of the world will carry on without china for a while. I didn't like the dominate position they were working themselves into last month anyway. I for one am glad they put that fire out.
Next week I am going to buy some bitcoin on heavy discount. All those Chinese who paid $1,200 are going to be taking $400 from me. By March, we'll all be right back up to $1,000!!! What a steal.
Next week I am going to buy some bitcoin on heavy discount. All those Chinese who paid $1,200 are going to be taking $400 from me. By March, we'll all be right back up to $1,000!!! What a steal.
I seriously couldn't have put it better myself.
Let the weak hands panic in the meantime. Give us bigger discounts ladies.
"Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013"
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
Yes there is no way that is just a coincidence. It came out the same day and they aren't even giving any notice as to the change.
Chinese gov't has decided to kill BTC there and they are going at it in a clear and systematic fashion.
I see no problem with that, who cares if Chinese can't buy Bitcoins, the price will go down, we'll buy more coins and they'll be late to the party. What do you expect from a dictatorial government anyway?
From what I can glean from a very bad google translate Bitcoin and the exchanges aren't being banned.
It is the third party payment comapnies - in other words if you withdrawing bitcoin from an exchange account it has to go into your bank account directly.
Though I might be wrong because of the wording about the spring festival - but in my unqualified opinion the chinese are still in Bitcoin quite legally as long as they don't use any stop gaps between the exchange and their bank...
How can you move bitcoins into a bank account?
"Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013"
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
The reintroduction of a fee at short notice seems to indicate that this is true.
BTC took on funding from investors recently and cut the fee to zero, except for a withdrawal fee. Reintroducing the fee at short notice and tied to this possible move by the regulators, plus the fall in BTC value, increase in transactions - sounds like bad news?
today it's China, but tomorrow another big country could do the same. Who knows really? Nobody can be sure this will not happen. So the future is really uncertain.
Truth is bitcoin has grown into a bubble last weeks, and now the bubble is blasting. I wouldn't be surprised if it went down to 200/300 dollars and stayed there for a few month or even years. Just like the Internet companies in the early 2000's. What can you buy with bitcoins? Drugs, and maybe a gun, that's about it.
Truth is bitcoin has grown into a bubble last weeks, and now the bubble is blasting. I wouldn't be surprised if it went down to 200/300 dollars and stayed there for a few month or even years. Just like the Internet companies in the early 2000's. What can you buy with bitcoins? Drugs, and maybe a gun, that's about it.
No true. I purchased an iPad and will soon be purchasing a Macbook Air.
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