Topic: January 31st, Will China ban exchanger's bank transfers funding methods? (Read 3270 times)

I cannot confirm. Using the ignore function is for fascists only.

Using the ignore function is for fascists only.

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.

The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

I think you highlighted the wrong text.

This:
  looks more relevant.

may not act as a central counterparty in Bitcoin trading

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...

Man, we will be dead by then. You need to shotr now and enjoy your profits during these last years.

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/

If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...

did you guys read the quotes from the miami conference? what do you think? is that all bullshit?

This forum is becoming a joke..

...10th post of spouting crap...

ABANDON THE SINKING SHIP PEOPLE!

BITCOIN WAS A FUN RIDE, BUT DON'T FOOL YOURSELF! THE BITCOIN PROPAGANDA HAS BEEN SPREAD SUCCESSFULY, BUT THIS IS THE BEGINNING OF THE END!

Governments and banks will NOT allow bitcoin! It will ALWAYS be associated with criminal activities! The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

The limited supply doesn't mean anything! When bitcoin drops, all interest in this currency will be lost! Bitcoin was an extremist, and some people have become FILTHY RICH out of it. Now it is time to dump because they have milked the last bit of drops out of this cow!

Don't say nobody warned you! Don't come crying here and say ''I should have listened to you!'' in a few days! Because that won't help, you won't be able to undo your actions!

SELL NOW, BEFORE EVERYONE ELSE DOES.

When the panic selling starts - anytime now - you are already lost! By the time you have entered your sell order, the price will already be $50 USD lower, and it will continue to plummet until you realize that you have lost HUNDREDS of dollars in a matter of SECONDS.

SELL NOW!

I have so many relentless doomsters on ignore that I've absolutely no idea of what's going on in this thread. I'm sure everything'll work out fine in the end.

ABANDON THE SINKING SHIP PEOPLE!

BITCOIN WAS A FUN RIDE, BUT DON'T FOOL YOURSELF! THE BITCOIN PROPAGANDA HAS BEEN SPREAD SUCCESSFULY, BUT THIS IS THE BEGINNING OF THE END!

Governments and banks will NOT allow bitcoin! It will ALWAYS be associated with criminal activities! The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

The limited supply doesn't mean anything! When bitcoin drops, all interest in this currency will be lost! Bitcoin was an extremist, and some people have become FILTHY RICH out of it. Now it is time to dump because they have milked the last bit of drops out of this cow!

Don't say nobody warned you! Don't come crying here and say ''I should have listened to you!'' in a few days! Because that won't help, you won't be able to undo your actions!

SELL NOW, BEFORE EVERYONE ELSE DOES.

When the panic selling starts - anytime now - you are already lost! By the time you have entered your sell order, the price will already be $50 USD lower, and it will continue to plummet until you realize that you have lost HUNDREDS of dollars in a matter of SECONDS.

SELL NOW!

bitcoinlitcoinbtcltc,

this is NOT a confirmed ban on chinese exchange/bank transfers.  it is from a speaker at the miami conference who logically is vetted by the organizers and unlikely to be FUD.  however, to be a full confirmation we need to see action or explicit statements from chinese authorities.  

that said, this information is barely 2 hours old.  so in time, we will find out.

Thanks for the information

so we are losing China now

After January 31st, Chinese can no longer do anything related to bitcoins.
They can not withdraw money from Chinese exchanges. So the bitcoins they have on Chinese exchanges, are ''dead''. They can not trade those bitcoins in for real money, or withdraw that money. It's like that money doesn't exist anymore.

They can not make deposits anymore, and they can not withdraw money from their bank accounts to purchase bitcoins (online or offline).

I will try to explain it better:

- If you live in China and you have 10 bitcoins in your account, those bitcoins could be worth $10 or $1,000,000. It doesn't matter how much they are worth after January 31st. You will never be able to get that money into China. Chinese banks will not process any transactions from/to bitcoin exchanges. You can try to work around it, but questions will be asked and they will find out how you got that money. Nobody in China just makes 1 million dollars.

So after January 31st, you don't want to have bitcoins in China. In China, they can not spend their bitcoins, or trade them in for money.

And most bitcoins are in China, so they WILL BE DUMPED.

Chinese are gamblers. Everyone is saying ''if they wanted to dump, they would have done it already.''

They just don't understand the Chinese. They have until January 31st to withdraw their money. And the big bag holders will try to push up the price a little bit more. By waiting, they are creating trust in the West. Everyone will think ''If they wanted to dump, they would have done it already.'' So nobody is expecting a crash, and they are buying more bitcoins because the price is ''so stable''. The price goes up a little bit more, and then, when everyone is sleeping: BAM!

DUMP DUMP DUMP, BITCOIN PRICE PLUMMET, PANIC PANIC PANIC, BITCOIN DOWN TO $100 USD, PEOPLE CRYING, COMMITTING SUICIDE.
NEGATIVE BITCOIN NEWS ALL OVER THE PLACE

CNN HEADLINE: ''OH JOLLY, BITCOIN DID IT AGAIN!''
BBC HEADLINE: ''THE JAPANESE WOULD BE JEALOUS, MASS SUICIDE IN NEW YORK CITY!''

The bitcoin propaganda is going to get you if you listen to the liars who want you to hold & buy. Most of the people who are preaching ''hodl'' will sell before you do .

This has cost me money!

Or rather getting involved in emotional arguments with tons of posters attacking me for simply stating that I think the price is going down, has clouded my judgement and cost me money.

First time I encountered it, was with Piramida. Someone who bought in on the July 2011 low at $2, telling someone who had been trading since the Nov $700, and had bought a big load of coins at over $1000, that he should hold or cry when he buys back in at $1300. But this sort of shite is just par for the course around here. In the end, I never listened to him, sold at a loss, and bought back in at $640 on average, selling at $880 on average.

Since then I have been ultra hyperphobic against bulltards giving advice or dishing out ridicule on this forum. When you end up supporting a price direction in order to get one up on some bulltard who has been dishing out shite on a forum, it clouds the judgement and cost's me money!

It´s okay if you want to apologize for calling me a scammer?

Since then I have been ultra hyperphobic against bulltards giving advice or dishing out ridicule on this forum. It clouds the judgement and cost's me money!

is Eric turner a China bitcoin business insider? did he show any official documents to prove what he said?

It´s nice that you think i´m spamming and FUD. As a bear i´m used to be insulted, so it´s okay.
But this came just in from the North American Bitcoin Conference that is happening right now.

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

http://imgur.com/c6NANbM  (screenshot)

http://www.linkedin.com/in/malcolmcasselle   (profile of speaker at Miami bitcoin conference 1/26/14)

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

This just came in:

“They also said that Banks could not perform withdraws for the purpose of Bitcoin purchases, [...] that sent a chill through the bitcoin ecosystem”.

Malcom: “So that’s the current state in china – you’re not allowed to use 3rd party payment provider, you’re not allowed to deposit money into your Bank account for Bitcoin.”

could you provide any sources to back your point?

As far as i am informed this will not be possible.

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit/Withdraw from/to 3rd party payment processors and switched funding methods to "China bank account transfers" two months ago

So the only question is, can traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers?