Topic: Latest "China" *announcement* carefull "FUD"...& coindesk continued it?? - page 2. (Read 8578 times)

http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12

Agreed. A big part of the motivation is probably to stem potential capital flight out of China via bitcoin. Not there was likely much of that going on, but the gov probably wants to get out ahead of matters. Which means eliminating layers of financial intermediaries that could obscure identity (hence why "payment processors" might not be allowed to interact with bitcoin exchanges, but banks are ok).

All in all, it will probably indeed dampen the mania to some degree, but it's by no means as hostile as many are making it out to be.

For the record, we can fully expect governments everywhere to demand the equivalent of AML/KYC, which is more or less what this China action likely amounts to (though more rigidly). That AML/KYC status-quo permeates the global financial system; not just the US.

Financial institutions deal with currency, and the Chinese government wants to keep it that way.

Bitcoin Exchanges and related companies deal with Bitcoin, and the Chinese government wants to proceed this way.


It's only clarification of separation between THESE businesses, not Bitcoin in general.

It isn't FUD. 

It's real, alipay and the other payment providers and financial institutions are not allowed to deal with the bitcoin exchanges anymore.

I told you guys the legal document was open for interpretation.

https://bitcointalk.org/index.php?topic=358368.0;all

Deep pockets are buying all the coins on GOX.

I'm actually surprised where all the fiat came from..... it must be from US exposure and real investors come it.

Ppl will find who those big players are.... just like how they're shocked to hear Richard Branson has millions worth of BTC.

Looks like someone noticed the immense information gap between China and the rest of the world, based on how much confusion the PBOC announcement caused, and is exploiting it to manipulate the market during this slow holiday season. Yet another round of cheap coins for those astute enough not to fall for it. Enjoy!

I think what we all need to remember is that WE practically run this thing. Obviously this is an exaggeration, but Bitcoin is STILL so new, and the people here on this forum are at the forefront of it all, AND the miners. Mass media will be mass media, but I guarantee that we the people will not let this thing fail...

I totally agree that it could be a noob trap to get panic selling going. This is what has been happening for centuries in the traditional financial markets so as long as Bitcoin is primarily another speculation coin it is going to happen here so the Rich can hoard even more coin and fleece the inexperienced panic sellers yet again.

In Las Vegas last week, the CEO of BTC China - BOBBY LEE - was talking to everyone and explained that the Chinese Government has determined that the financial banking institutions in China will not get involved in Bitcoin. Banking institutions in China will stick to banking local currency, period.
Banks will not get involved in Bitcoin transactions.

OK! But what does it REALLY mean?

China recognizes Bitcoin as a "virtual asset" (which it is), not a currency (which it really isn't), and is allowing this new virtual asset economy to grow with new and upcoming companies, like BTC CHINA.
It is not banning Bitcoin.
SO what Bobby Lee was explaining, was how great this is because it will allow new types of companies to fill this void and business space, that the banking institutions cannot get involved with.

YES, this makes it a little bit more challenging to become involved with Bitcoin in China, RIGHT NOW-TODAY, but not forever, and not for very long...
This is the real opportunity in China, because new companies and technologies will be developed and created to fulfill these needs and new services.

If the financial institutions control the Bitcoin economy in any country, this whole thing has failed....so THIS IS REALLY A GOOD THING.

People are just panicking because there is so much disinformation being generated by these blogs that have zero credibility. Furthermore, Bitcoin is bigger than China, and this whole fiasco is only temporary...

I sense a buying opportunity.  

http://www.reddit.com/r/Bitcoin/comments/1s61x1/what_the_actual_chinese_notice_not_summary_says/

If the rumours are untrue, then this almost qualifies as the biggest panic since the broadcast of "War of the Worlds" in U.S. 1938

Aside from that article on coindesk and their "sources" what proof is there that anything has actually happened?

Its been hours now. Either those sources are being very tightlipped or its all fabricated.

You have any proof? Other than 2 deleted messages and a bunch of blogs referring to those 2 deleted messages and "friends" as sources?

People on here still think it's just a rumour? lol denial

In my opinion it's a good thing that a small baseless rumor can cause panic amongst all the uninformed people for a short while... gives us the chance to buy up some cheap bitcoins. I'll wait maybe another day or two to make sure the price doesn't drop anymore, then I'll pick up some coins for a 20-30% discount. Since the rumor probably won't follow through, the price will hopefully climb back up to 1000USD before long 

As much as techology is a blessing, it's also a bitch.

Just like the news media. Everyone wants to be first to break a story, so rather than gain credible information, they just blindly throwing it up as fact, and as soon as that happens, it's all over twitter, facebook, whatever. And people, rather than thinking for themselves and verifying information, believe that because a website posted it, it HAS to be true so they turn around and keep spreading mis-information.

As great as there is no centralization or "rule book", it also sucks because one small baseless rumor can spread like wildfire and panic ensues.

Was kinda hoping Asia would have woken up this morning and seen the results of the fire sales and started buying up quickly. But who knows. Probably half of the people over there woke up, saw the huge dip and immediately went and started selling as well.
 
Oh the vicious cycle.

Either way, glad I was able to scoop up a few other ALT coins at a low price today to add to my portfolio. Maybe now these wannabe get-rich-quick folks will stay out of the damn game and let the true believers take back control.

Sad to see how easy it is to cause panic. Imagine somebody saying on TV the country went bankrupt and their property is seized. The mob would hit the streets in seconds fighting and stealing from each other. Damn, I invested all my spare fiat in the first crash wave and couldn't buy anything today

It's been around 12 hours since I woke up to something happening and some information about how the Chinese government is treating bitcoin from some sources, and I still have no clue what's going on.  LOL