Topic: January 31st, Will China ban exchanger's bank transfers funding methods? (Read 3256 times)
January 29, 2014, 08:04:21 PM
Relax. Mining Btcs is a $1 Billion dollar per year industry and will be dominated by the Chinese. This thing is far from being banned by the Chinese government. They'll say: "Unbelievable, we actually control seigniorage for digital gold, which no one can duplicate. Woohoo!"
January 29, 2014, 06:54:52 PM
The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!
I doubt you have even the slightest shred of evidence to back this up. Like many others, I too am tired of your BS. I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.
I cannot confirm. Using the ignore function is for fascists only.
And your assumption about the chinese holding 65% to 80% is completely off...
(ok, I can't counter proove this, you got me there) 
January 29, 2014, 06:53:28 PM
Using the ignore function is for fascists only.
Another fascinating opinion from one of the world's great minds.
Believe it or not, this forum actually used to have some intelligence to it.
January 29, 2014, 06:47:55 PM
The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!
I doubt you have even the slightest shred of evidence to back this up. Like many others, I too am tired of your BS. I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.
I cannot confirm. Using the ignore function is for fascists only.
January 29, 2014, 06:45:36 PM
The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!
I doubt you have even the slightest shred of evidence to back this up. Like many others, I too am tired of your BS. I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.
January 29, 2014, 03:53:25 PM
Here's the real reason why China is suspending bank withdrawals from Jan. 31st - Feb. 7th :
http://finance.fortune.cnn.com/2014/01/29/shadow-banking-chinas-wobbly-house-of-cards/
"Among the many issues raised by this episode, two deserve special attention. The first is the hitherto undisclosed risks in China's shadow banking sector, which is estimated to have $6 trillion in outstanding loans. The second is the increased likelihood of a major default in the very near future."
The PBOC is saying they are suspending bank and ATM operations due to "system maintenance." Yeah, riiiight. Just like in June 2013, and Dec. 2013.
So they are having a liquidity crisis. Yes, it will affect Chinese wanting to buy bitcoin during that time. No, it really has nothing to do with bitcoin per se. When you have a chinese Shadow banking system that is basically one big Ponzi Scheme, bad things are going to start happening. January 31st marks the start of when banks have to start "paying the piper", i.e. the Chinese investors. And the Chinese government has known about this upcoming crisis since last year.
http://finance.fortune.cnn.com/2014/01/29/shadow-banking-chinas-wobbly-house-of-cards/
"Among the many issues raised by this episode, two deserve special attention. The first is the hitherto undisclosed risks in China's shadow banking sector, which is estimated to have $6 trillion in outstanding loans. The second is the increased likelihood of a major default in the very near future."
The PBOC is saying they are suspending bank and ATM operations due to "system maintenance." Yeah, riiiight. Just like in June 2013, and Dec. 2013.
So they are having a liquidity crisis. Yes, it will affect Chinese wanting to buy bitcoin during that time. No, it really has nothing to do with bitcoin per se. When you have a chinese Shadow banking system that is basically one big Ponzi Scheme, bad things are going to start happening. January 31st marks the start of when banks have to start "paying the piper", i.e. the Chinese investors. And the Chinese government has known about this upcoming crisis since last year.
January 29, 2014, 07:26:57 AM
Bitcoin will survive and the price will rise with or without China! Who cares about China? They banned it before and the prices are still high! Bitcoin is the future and China now that! At first they will ban it, than they will accept it. i'm sure this will happen soon or later.
Until the 5th February the price of BTC will be the same or higher. Mark my words...
Until the 5th February the price of BTC will be the same or higher. Mark my words...
January 26, 2014, 10:52:39 PM
I think you highlighted the wrong text.
This:
This:
Quote
may not act as a central counterparty in Bitcoin trading
looks more relevant.That just means banks cannot themselves be an exchange.
Edit: Actually, you may be right as far as clarity goes, perhaps "not act[ing] as a central counterparty" is more clear; banks cannot act as a "middleman" between exchanges and customers.
Great point, thanks.
January 26, 2014, 10:40:58 PM
I think you highlighted the wrong text.
This:
This:
Quote
may not act as a central counterparty in Bitcoin trading
looks more relevant. January 26, 2014, 09:27:37 PM
Technically banks already can't provide services to exchanges.
According to the People's Bank of China Official Bitcoin Notice:
"Financial and payment institutions may not use Bitcoin pricing for products or services, may not buy or sell Bitcoins, may not act as a central counterparty in Bitcoin trading, may not offer insurance products associated with Bitcoin, may not provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, escrowing, and mortgaging in Bitcoin; issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds."
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html
Good English Translation here
https://vip.btcchina.com/page/bocnotice2013
According to the People's Bank of China Official Bitcoin Notice:
"Financial and payment institutions may not use Bitcoin pricing for products or services, may not buy or sell Bitcoins, may not act as a central counterparty in Bitcoin trading, may not offer insurance products associated with Bitcoin, may not provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, escrowing, and mortgaging in Bitcoin; issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds."
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html
Good English Translation here
https://vip.btcchina.com/page/bocnotice2013
January 26, 2014, 06:25:26 PM
I bought more today, I bought yesterday, and the day before as well...
I have no intention of selling, if BTC goes to $100 I will buy as many as I can afford as quickly as I can.
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
I have no intention of selling, if BTC goes to $100 I will buy as many as I can afford as quickly as I can.
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
Me too. If Bitcoin gets near $50-$100, I will buy in bulk.
Bitcoin today is more stable then many other currencies.
Bitcoin cannot be printed in bulk to masquerade huge debts and other problems.
Can be mined only slowly and in predictable quantity. USD and EUR can be printed infinitely. Increase money supply by 20% overnight? No problem. Government can dump tons of money to market when you do not expect it. They can even steal your money. Like bank "taxation" on Cyprus.
Bitcoin is bit less stable than major fiat currencies.
USD is held by military power, but Russia and China and India is growing stronger. Not defensible in the long term.
EUR has problems with weak and bankrupting countries (Greece, ...). Not stable in the long term.
USD and EUR may become less stable than Bitcoin soon. Then lot of people in USA and EU will prefer bitcoin over USD and EUR. Everybody wants bitcoin and not EUR or USD. Demand of bitcoin rises, price also.
Dependent on point of view, the bitcoin value would skyrocket, or EUR and USD value would plummet to the ground.
Same thing, just viewed diferently.
January 26, 2014, 06:07:37 PM
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
Man, we will be dead by then. You need to shotr now and enjoy your profits during these last years.
You never know...
You can't control everything in life. An asteroid could hit the Earth for all we can predict.
I'll enjoy the ride wherever it takes me. The way I see it; even in the worst case I've only lost USD which is about to be worthless in a few years anyways. To me the risk is nearly equal that one may collapse as opposed to the other. Let's face it, the US military can't hold up the dollar forever. The playing field is just too large and it's been a fool's errand from the start.
January 26, 2014, 06:03:04 PM
So in relation to the question posed by the thread the title the answer is yes, China will ban transfers to Bitcoin exchanges. However they're also banning all types of transfers everywhere for at least three days 
January 26, 2014, 06:00:39 PM
stop joking people, it becomes miserable
price will recover soon with china or not
price will recover soon with china or not
January 26, 2014, 05:58:13 PM
CHINA IS BANNING ALL TRANSFERS TO EVERYWHERE ON JANUARY 31!!!
Who wants to be left holding renminbi that can't be transferred???
At least Bitcoin transfers are not going to halted after January 31st
Quote
China Halts Bank Cash Transfers
The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
This notice, for instance, appears on the online portal for Citigroup's C -2.74% Citibank unit for its China customers:
Important Notice:
1. Due to the system maintenance of People’s Bank of China, Domestic RMB Fund Transfer through Citibank (China) Online and Citi Mobile will be delayed during January 30th 2014, 16:00pm to February 2nd 2014, 18:30pm. As to the fund availability at the receiving bank, it depends on the processing requirements and turnaround time of the receiving bank. We apologize for any inconvenience caused.
2. During Spring Festival, Foreign Currency Transfer Transaction through Citibank (China) Online and Citi Mobile will be temporally not available from January 30, 2014 18:00pm to February 7, 2014 09:00am. We apologize for any inconvenience caused.
If you have any enquiries, please reach us via our 24-hour banking hotline at 800-830-1880 or credit card hotline at 400-821-1880. If you are calling from other parts of the world, please reach us at 86-20-38801267 for banking services or 86-21-38969500 for credit card services.
In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.
The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
A better explanation is that the country’s banking system is running dry. Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor. After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations. Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.
So what’s really going on? This crunch follows similar incidents in June and December of last year. In June, for instance, the central bank used the excuse of a “system upgrade” to allow banks to shut down their ATMs and online banking platforms. As a result, they conserved cash and thereby avoided a nationwide meltdown.
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/
The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
This notice, for instance, appears on the online portal for Citigroup's C -2.74% Citibank unit for its China customers:
Important Notice:
1. Due to the system maintenance of People’s Bank of China, Domestic RMB Fund Transfer through Citibank (China) Online and Citi Mobile will be delayed during January 30th 2014, 16:00pm to February 2nd 2014, 18:30pm. As to the fund availability at the receiving bank, it depends on the processing requirements and turnaround time of the receiving bank. We apologize for any inconvenience caused.
2. During Spring Festival, Foreign Currency Transfer Transaction through Citibank (China) Online and Citi Mobile will be temporally not available from January 30, 2014 18:00pm to February 7, 2014 09:00am. We apologize for any inconvenience caused.
If you have any enquiries, please reach us via our 24-hour banking hotline at 800-830-1880 or credit card hotline at 400-821-1880. If you are calling from other parts of the world, please reach us at 86-20-38801267 for banking services or 86-21-38969500 for credit card services.
In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.
The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
A better explanation is that the country’s banking system is running dry. Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor. After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations. Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.
So what’s really going on? This crunch follows similar incidents in June and December of last year. In June, for instance, the central bank used the excuse of a “system upgrade” to allow banks to shut down their ATMs and online banking platforms. As a result, they conserved cash and thereby avoided a nationwide meltdown.
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/
Who wants to be left holding renminbi that can't be transferred???
At least Bitcoin transfers are not going to halted after January 31st
January 26, 2014, 05:34:25 PM
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
Man, we will be dead by then. You need to shotr now and enjoy your profits during these last years.
January 26, 2014, 05:29:06 PM
I bought more today, I bought yesterday, and the day before as well...
I have no intention of selling, if BTC goes to $100 I will buy as many as I can afford as quickly as I can.
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
I have no intention of selling, if BTC goes to $100 I will buy as many as I can afford as quickly as I can.
If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...
January 26, 2014, 05:08:57 PM
I know a lot of people that are ready to make some money on jan 31. 
January 26, 2014, 04:51:55 PM
did you guys read the quotes from the miami conference? what do you think? is that all bullshit?
It is not bullshit. It's already been confirmed and it is bad news. This is way the price is crashing today.
January 26, 2014, 04:51:12 PM
did you guys read the quotes from the miami conference? what do you think? is that all bullshit?
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