Don't panic, China is NOT banning bitcoin - page 4.

Abdussamad

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Quote from: franky1 on December 05, 2013, 05:27:54 AM

i know, but richard branson also only accepts bitcoins for limited amount of virgin galactic flights. all this news means that bitcoin is going to grow. the only thing that is happening is the standard first week of the month sell off. which has happened every month since april. and may become especially apparent in december as people prepare to buy FIAT paid christmas presents. do not think this is a crash that will cause long term suffering. its just a 'blip' in the grand scheme of things

What?? Did you sell your account to someone else? You've always been the biggest cynic in this forum. I can't believe you are being optimistic.

CIYAM

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Ian Knowles - CIYAM Lead Developer

Quote from: matt608 on December 05, 2013, 06:16:13 AM

So can ordinary businesses (not banks) accept bitcoin as payment in China? It looks like they can't from the translation.

Just checked with my wife - basically it is not clear from the Chinese (and most likely this is on purpose).

matt608

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So can ordinary businesses (not banks) accept bitcoin as payment in China? It looks like they can't from the translation.

Libin

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会解读的人看不懂中文，会中文的人却解读错误。
哈哈，全仓抄底，等老外慢慢反应。

franky1

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Quote from: lindatess on December 05, 2013, 04:36:35 AM

Quote from: franky1 on December 05, 2013, 04:35:42 AM

in other china news. baidu. the chinese search engine accpeting bitcoin. has now reported the CEO is now worlds richest man. exceeding google and other bompany values too

http://www.bloomberg.com/video/meet-china-s-new-richest-man-0SlX524KSa~jqmYkejBlZw.html

if he buys more bitcoins. he will become even more richer in the long term, as will we all.

so dont panic

Careful, Baidu only accepts bitcoin's for their anti-ddos software... You can't use it to shop on baidu or purchase anything else.

i know, but richard branson also only accepts bitcoins for limited amount of virgin galactic flights. all this news means that bitcoin is going to grow. the only thing that is happening is the standard first week of the month sell off. which has happened every month since april. and may become especially apparent in december as people prepare to buy FIAT paid christmas presents. do not think this is a crash that will cause long term suffering. its just a 'blip' in the grand scheme of things

escrow.ms

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Quote from: AuroraHF on December 05, 2013, 05:04:39 AM

Quote from: TheButterZone on December 05, 2013, 05:02:50 AM

Apparently there needs to be an intelligence test for BTC.

"How many fucks would you give if any government said that holding BTC is a capital offense, or made any less severe statement?
A) Zero fucks
B) All the fucks

You chose B: you're too fucking stupid to use bitcoin, this software installation will now self-destruct."

I didn't gave a fuck. I just made a few hundreds selling prior the crash and then rebuying it when it crashed to 900 on BTC-E. Now I'll just sit and wait for it to rise again, idiots panic selling. Cheesy

Agreed

AuroraHF

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Quote from: TheButterZone on December 05, 2013, 05:02:50 AM

Apparently there needs to be an intelligence test for BTC.

"How many fucks would you give if any government said that holding BTC is a capital offense, or made any less severe statement?
A) Zero fucks
B) All the fucks

You chose B: you're too fucking stupid to use bitcoin, this software installation will now self-destruct."

I didn't gave a fuck. I just made a few hundreds selling prior the crash and then rebuying it when it crashed to 900 on BTC-E. Now I'll just sit and wait for it to rise again, idiots panic selling. Cheesy

TheButterZone

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RIP Mommy

Apparently there needs to be an intelligence test for BTC.

"How many fucks would you give if any government said that holding BTC is a capital offense, or made any less severe statement?
A) Zero fucks
B) All the fucks

You chose B: you're too fucking stupid to use bitcoin, this software installation will now self-destruct."

lindatess

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Activity: 140

Merit: 100

Where did the old posts disappear to?

http://www.coindesk.com/commonwealth-bank-closes-coinjars-business-and-founders-personal-accounts/

Quote from: whatthesith on December 05, 2013, 04:47:49 AM

As Bitcoin is treated as goods, there is no reason for banning banks from deposit and withdrawal money from the registered bitcoin exchanges.

No where does it explicity state that and I don't see how you can draw that inference from what is written there...

It is a great arbitrage opportunity for you, if you believe it. Just fly over to China tomorrow and you can make thousands.

Martijnvdc

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We all knew things like this would happen eventually.
We'll get a lot more resistance in the future.

Bitsurprise

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Quote from: whatthesith on December 05, 2013, 04:47:49 AM

Quote from: lindatess on December 05, 2013, 04:38:05 AM

Quote from: ?? on ??

Quote from: eb3full on December 05, 2013, 04:34:17 AM

Why would anyone in China still want to buy bitcoins when this announcement demonstrates there is little hope for them there?

AFAIK, there are no restrictions on who can create an account on BTCCHina.

We don't know whether the selloff was actually caused by Chinese traders.

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore. That breaks the idea of an online exchange. Only localbitcoins china would work.

Really?

BTC-China is already a legitimate exchange. You can see the link on the bottom corner of the site "

You can also enquiry the official "Ministry of Industry and Information Technology" of China government.

http://i.imgur.com/Ibysq9d.png

As Bitcoin is treated as goods, there is no reason for banning banks from deposit and withdrawal money from the registered bitcoin exchanges.

So its not a currency ?

whatthesith

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simply getting the job done

Quote from: lindatess on December 05, 2013, 04:38:05 AM

Quote from: ?? on ??

Quote from: eb3full on December 05, 2013, 04:34:17 AM

Why would anyone in China still want to buy bitcoins when this announcement demonstrates there is little hope for them there?

AFAIK, there are no restrictions on who can create an account on BTCCHina.

We don't know whether the selloff was actually caused by Chinese traders.

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore. That breaks the idea of an online exchange. Only localbitcoins china would work.

Really?

BTC-China is already a legitimate exchange. You can see the link on the bottom corner of the site "

You can also enquiry the official "Ministry of Industry and Information Technology" of China government.

As Bitcoin is treated as goods, there is no reason for banning banks from deposit and withdrawal money from the registered bitcoin exchanges.

coins101

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Quote from: bryant.coleman on December 05, 2013, 04:25:11 AM

Quote from: coins101 on December 05, 2013, 04:21:51 AM

Have been keeping a track on transaction volumes and China was doing around 90,000 - 100,000 BTC currency transactions every 24 hours, vs the second biggest market in the USA which was doing around 1/3 the volume.

Today China is down to zero.

I don't think its panic selling. There doesn't seem to be any selling.

What are you saying? I have just logged in to BTC-China. For the last 60 mins alone, the trade volume stands at 23,264.58 BTC.

http://fiatleak.com/

Bitsurprise

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Quote from: lindatess on December 05, 2013, 04:41:56 AM

Quote from: justusranvier on December 05, 2013, 04:40:24 AM

Quote from: lindatess on December 05, 2013, 04:38:05 AM

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore.

Is that really the case?

I wouldn't have expected Bobby Lee's statement to be as upbeat in that case.

http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

Quote

“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.

New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.

said today in a phone interview before the PBOC announcement was made

Who cares about what Bobby Lee thinks ? he's the CEO of the exchange , his opinion is irrelevant to me ...

Bitsurprise

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Quote from: boombes on December 05, 2013, 04:40:32 AM

I work for an international company and i asked a chinese colleague to translate it for me. *(No literal translation at this moment)*

The bank is not supporting bitcoins, the risk has to be taken by the user if he decides to enter the bitcoin market. No guarantees are given for the losses made (as other investment most of the time have).

So it;s basically the same as it is in the netherlands for me with rabobank, they state: we do not support bitcoins use at own risk. we will not be liable for the damage made.

I don't think it's bad news just a warning for the general public by the bank of china.

If people want the literal translation a donation will be appreciated for the time the colleague needs to spend on it

At this stage, financial institutions cannot denominate services and products in bitcoin, cannot trade bitcoin, cannot run bitcoin exchange, cannot provide bitcoin related services, cannot store bitcoin for clients, cannot establish bitcoin trust or fund, etc.

lindatess

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Quote from: justusranvier on December 05, 2013, 04:40:24 AM

Quote from: lindatess on December 05, 2013, 04:38:05 AM

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore.

Is that really the case?

I wouldn't have expected Bobby Lee's statement to be as upbeat in that case.

http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

Quote

“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.

New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.

said today in a phone interview before the PBOC announcement was made

boombes

member

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I work for an international company and i asked a chinese colleague to translate it for me. *(No literal translation at this moment)*

The bank is not supporting bitcoins, the risk has to be taken by the user if he decides to enter the bitcoin market. No guarantees are given for the losses made (as other investment most of the time have).

So it;s basically the same as it is in the netherlands for me with rabobank, they state: we do not support bitcoins use at own risk. we will not be liable for the damage made.

I don't think it's bad news just a warning for the general public by the bank of china.

If people want the literal translation a donation will be appreciated for the time the colleague needs to spend on it

justusranvier

legendary

Activity: 1400

Merit: 1013

Quote from: lindatess on December 05, 2013, 04:38:05 AM

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore.

Is that really the case?

I wouldn't have expected Bobby Lee's statement to be as upbeat in that case.

http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

Quote

“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.

New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month.

lindatess

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Quote from: ?? on ??

Quote from: eb3full on December 05, 2013, 04:34:17 AM

Why would anyone in China still want to buy bitcoins when this announcement demonstrates there is little hope for them there?

AFAIK, there are no restrictions on who can create an account on BTCCHina.

We don't know whether the selloff was actually caused by Chinese traders.

Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore. That breaks the idea of an online exchange. Only localbitcoins china would work.

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: lindatess on December 05, 2013, 04:31:45 AM

China’s central bank barred financial institutions from handling Bitcoin transactions. That includes all transactions involving bitcoin. The banks won't process it. The same has happened with CBA, ANZ, WBC in Australia. The same has happened in the United States with many of the larger banks as well.

I saw this happen to Western Union and many of the money transmitters in the USA many years ago. Many were shutting down because they couldn't get bank accounts. The ones that could did ok.

Western Union's online service is through Western Union International Bank GmbH - its own bank.

Who wan't to set-up a co-op bank to licence exchanges and transmitters?

Topic: Don't panic, China is NOT banning bitcoin - page 4. (Read 31723 times)