It may not be 100% to blame Bitcoin Foundation.
It would help to have them China Gov brief on the matters.
but please remember that China is a communist gov.
currently, it is very easy to bring money INTO China but very HARD to bring money out of China.
Most of the China People are using Bitcoin to bring out large amount of money which is causing the concern at the moment.
Unless the can control that, it's very hard to see the future of Bitcoin there in large commercial scale.
Topic: THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT (Read 5377 times)
It is not too late.
Send Dennis Rodman.
Send Dennis Rodman.
Wrong totalitarian East Asian country, but still not a terrible idea.
Also, bad news out of S. Korea today. Maybe the foundation should have lobbied there as well?
Bitcoin is not banned in China. The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:
So Baidu and China Telecom removed bitcoins as a payment option because they read the forbes article? I mean if anything else they don't need help to read their own language
From what I understand they did so temporarily until they receive legal clarification and understanding of the gov announcment. This is what they said anyway. It is not supposed to be permanent.
China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
Isn't through banks the best way to control capital flaw? I don't get what you're saying.
If you can't buy them with their money then you can't send that money out of the country.
China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
Isn't through banks the best way to control capital flaw? I don't get what you're saying.
China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.
Miscommunication and media have the potential to be a strange type of insider trading. Want to buy in? Make bitcoin look bad and hype people to sell out. Want to sell high, release an article praising bitcoin and raising awareness. Not to say it is the case in this miscommunication but the potential is there. If bitcoin builds traction I think we will see some high level media driven pump and dumps.
And the problem lies then with the people holding bitcoins. If they are so stupid to dump their bitcoins because they think the price will fail with the "bad" news , then we have a problem with the average Joe that invested his money. And I'm not talking about people who use bitcoins in daily life , cause most of them are sane enough not to believe that "bitcoin is dead" , Abandon ship!!!!!
Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
Because what if they don't stay clear of legal responsibilities? The people will not vote for them for another term?
Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.
They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.
Miscommunication and media have the potential to be a strange type of insider trading. Want to buy in? Make bitcoin look bad and hype people to sell out. Want to sell high, release an article praising bitcoin and raising awareness. Not to say it is the case in this miscommunication but the potential is there. If bitcoin builds traction I think we will see some high level media driven pump and dumps.
Bitcoin is not banned in China. The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:
So Baidu and China Telecom removed bitcoins as a payment option because they read the forbes article? I mean if anything else they don't need help to read their own language
Bitcoin is not banned in China. The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:
https://bitcointalksearch.org/topic/bitcoin-is-not-banned-in-china-forbes-article-incorrect-364556
The Forbes article is very erroneous and is one of the causes of the crypto market crash. The correct interpretation of the Chinese announcement is here:
http://siliconangle.com/blog/2013/12/08/bitcoin-china-meaning/
Quote:
https://bitcointalksearch.org/topic/bitcoin-is-not-banned-in-china-forbes-article-incorrect-364556
The Forbes article is very erroneous and is one of the causes of the crypto market crash. The correct interpretation of the Chinese announcement is here:
http://siliconangle.com/blog/2013/12/08/bitcoin-china-meaning/
Quote:
Quote
Many folks, like Bloomberg and Forbes, have erroneously asserted that China has “banned” Bitcoin in a statement on December 5th.. This isn’t, in fact, the case. I used to be a vice president for a large investment bank based in Hong Kong, so I can provide a little better insight than most on what’s going on with.
The People’s Bank of China has basically given the green light for Bitcoin trading and exchanges. They are trying to keep Bitcoin trading “separate” from the other parts of the financial system so that if Bitcoin blows up, then nothing bad will happen. The thing that I think they are worried about is a Lehman Brothers-style situation in which something blowing up in derivatives brings down the rest of the economy.
The strategy of creating a ring fence around new markets is a very standard one in China. Hong Kong is an entire city that is ring fenced.
Outside of financial institutions covered by the People’s Bank of China regulation, there is no other legal restriction for using Bitcoins as the medium of transactions.
People aren’t prohibited from using Bitcoin to purchase things (like a currency), but I don’t want to use the word “currency” since legally speaking Bitcoin is not a currency in either Hong Kong or Mainland China. The fact that Bitcoin is not a currency means that it can be used for transactions in Mainland China. If it was a currency you couldn’t legally use it for a transaction in Mainland China, so the fact that the Chinese authorities consider bitcoin a commodity and not a currency is extremely important.
The same thing goes for Hong Kong. You can use anything for a transaction, but if you convert currencies, you need a money broker license.
One good thing about the Chinese announcement is that by declaring bitcoin to be a “commodity” that creates legal certainty for how it is to be regulated.
The People’s Bank of China has basically given the green light for Bitcoin trading and exchanges. They are trying to keep Bitcoin trading “separate” from the other parts of the financial system so that if Bitcoin blows up, then nothing bad will happen. The thing that I think they are worried about is a Lehman Brothers-style situation in which something blowing up in derivatives brings down the rest of the economy.
The strategy of creating a ring fence around new markets is a very standard one in China. Hong Kong is an entire city that is ring fenced.
Outside of financial institutions covered by the People’s Bank of China regulation, there is no other legal restriction for using Bitcoins as the medium of transactions.
People aren’t prohibited from using Bitcoin to purchase things (like a currency), but I don’t want to use the word “currency” since legally speaking Bitcoin is not a currency in either Hong Kong or Mainland China. The fact that Bitcoin is not a currency means that it can be used for transactions in Mainland China. If it was a currency you couldn’t legally use it for a transaction in Mainland China, so the fact that the Chinese authorities consider bitcoin a commodity and not a currency is extremely important.
The same thing goes for Hong Kong. You can use anything for a transaction, but if you convert currencies, you need a money broker license.
One good thing about the Chinese announcement is that by declaring bitcoin to be a “commodity” that creates legal certainty for how it is to be regulated.
Well China is rebounding at the moment so lets all just calm down Mr. Caps lock.
While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.
What does the foundation have to do with this? 
there is no problem in china, the only problem is so many people misinterpret the news.
Did baidu misinterpret the news also? Because baidu was one of the main factors that the price has skyrocketed.
Don't forget China Telecom. I thought people being about to buy their smart phones with bitcoins was going to be a huge thing for the bitcoin community since so many people need/want smart phones.
I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.
That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.
That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.
this +10
We need other foundations from other nations! We should have direction from other perspectives.
While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.
LOL
While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.
Nothing is stopping a bunch of Chinese bitcoiners from starting their own foundation.
I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.
That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.
I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.
That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.
I do think the Bitcoin Foundation could have done more. Why should the Chinese start their own? Instead, they should have Chinese members and also global members of other nationality in the Bitcoin Foundation.
If Bitcoin Foundation went into China, and explain the benefits of Bitcoin, and how it is already making China the Bitcoin's Number 1 power, they could make a different decision. No ass kissing necessary.
But from reading what the China government is up to. They are going to make their currency stronger, and stop using US Dollars. So they might have other plans.
i agree, the foundation does need its ass kicked
its carrying on like its the fed of the btc community, too much silence ...
at least open its executive up a bit to more global representation, get all continents involved, that is the way to drive mainstream adoption and help counter any panics, when people dont fully understand btc and its potential
its carrying on like its the fed of the btc community, too much silence ...
at least open its executive up a bit to more global representation, get all continents involved, that is the way to drive mainstream adoption and help counter any panics, when people dont fully understand btc and its potential
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