Dam it! We need to employ Chinese translators this whole episode is so confusing.
we have 3 issues
1: OK coin in some kind of meeting with regulators
2: BTCCHINA now charging .3% is it because there is going to be a run and they finally want to make a profit?
3: BTCCHINA withdrawl issues but this seems to be a browser bug in IE and firefox. google chrome working?
Whats going on?
Topic: [FUD] China prohibits banks providing settlement services to Bitcoin Exchange - page 2. (Read 18499 times)
December 16, 2013, 11:53:59 AM
December 16, 2013, 10:59:47 AM
I think that the [FUD] prefix added to the topic is a good call for now.
December 16, 2013, 10:55:41 AM
It would seem this might have more to do with it:
http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
This seems more probable to me. http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
Either way it is interesting watching the market, not to mention worrying about my minuscule investment.
December 16, 2013, 10:40:02 AM
It would seem this might have more to do with it:
http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
This seems more probable to me. http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
December 16, 2013, 10:38:29 AM
Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).
So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?
as long as you had enough liquidity it wouldn't do anything, the only problem is if they shut down the exchange and confiscated everything
China has specifically said it ok to trade on the exchange, just not buy sell food
technically that means they should also enforce large speedy capital exchanges to allow you to quickly sell your coin to make large cash purchases
once again if you can't confuse them with brilliance baffle them with ....
December 16, 2013, 10:33:04 AM
It would seem this might have more to do with it:
http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular
December 16, 2013, 10:32:21 AM
So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?
I am not sure about the rules in terms of westerners (I am not personally trading on btcchina but am in close touch with Chinese people that are).
Arbitraging is never as easy as it appears in any case as there are always problems of delays (for a start the 6 confirmations to transfer BTC and then normally daily fiat withdrawal limits).
December 16, 2013, 10:28:42 AM
Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).
So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?
December 16, 2013, 10:28:15 AM
the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China
i got it translated from a friend from China
I think the one key point they're hinging on is whether the People's Bank of China is going to try to cut off money from moving into and out of the chinese exchanges.
Part of me fears the worst, but if they do then I suppose good riddance for now. If it turns out to be no big deal after all, then sheesh people here have some trigger happy sell fingers.
Or people with inside information are selling early.
December 16, 2013, 10:20:46 AM
Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).
I think we have seen some FUD and opportunism but will not know if any change has actually happened until we get a more "official" statement.
I think we have seen some FUD and opportunism but will not know if any change has actually happened until we get a more "official" statement.
December 16, 2013, 10:19:55 AM
the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China
i got it translated from a friend from China
I think the one key point they're hinging on is whether the People's Bank of China is going to try to cut off money from moving into and out of the chinese exchanges.
Part of me fears the worst, but if they do then I suppose good riddance for now. If it turns out to be no big deal after all, then sheesh people here have some trigger happy sell fingers.
December 16, 2013, 10:16:12 AM
the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China
i got it translated from a friend from China
December 16, 2013, 09:58:17 AM
If have to say the following: It is really great news, that there are finally fees on BTCChina. This will be VERY good for the market as it will calm it down immensly and attract more serious investors.
This. After the dust settles, it will be quite interesting to see the trade volumes. December 16, 2013, 09:51:52 AM
If have to say the following: It is really great news, that there are finally fees on BTCChina. This will be VERY good for the market as it will calm it down immensly and attract more serious investors.
December 16, 2013, 09:48:36 AM
Is there any legit english coverage on this?
In the meantime my orders are waiting around $550ish..
In the meantime my orders are waiting around $550ish..
yeah but its never going to get that low, never seen anything trade with so many death defying drops that seems to hits a springboard everytime
December 16, 2013, 09:41:10 AM
Is there any legit english coverage on this?
In the meantime my orders are waiting around $550ish..
In the meantime my orders are waiting around $550ish..
December 16, 2013, 09:33:55 AM
Weibo : http://e.weibo.com/okcoin
Terrible translation: "We still do not quote, and wait for the end of today's meeting of the third party payment."
If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.
Or could make price inflate like Gox
Here is what started it all: http://tieba.baidu.com/p/2763806115
Can someone explain in English for those of us who don't understand Mandarin?
Google translate it
Terrible translation: "We still do not quote, and wait for the end of today's meeting of the third party payment."
Now let's see what the 'real' volume is like (IF they report the correct numbers)..
If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.
Or could make price inflate like Gox
Here is what started it all: http://tieba.baidu.com/p/2763806115
Can someone explain in English for those of us who don't understand Mandarin?
Google translate it
doesn't help. Shows english words, but mandarin meaning.
December 16, 2013, 09:32:03 AM
It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin
What reasons do they give when they do that? Is it legal?
Why is it legal or not?
Its their service they can terminate bank acct as they want.
doubt it they are governed by pretty strict rules and if the government isn't out there
with loudspeakers blaring bitcoin is illegal which they would never do, then the bank is at fault and
very liable, even in the China case the statement was almost totally contradictory
"not money continue to trade as money"
December 16, 2013, 09:31:39 AM
December 16, 2013, 09:28:12 AM
Now let's see what the 'real' volume is like (IF they report the correct numbers)..
If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon (hopefully the truth is just website bugs and some rather poor timing followed by some rather clever FUD).
thats the bitcoin world, haha
one guy posted something and alot of people get crazy but nobody knows anything. we are in the very early phase of bitcoin
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