Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28263. (Read 26686339 times)

Only banks are forbidden from doing this right?

I agree that it is likely that the largest volume of CNY inflow to BTC in China was via bank transfer.
I do not know whether that is true today.  
I do not know whether it will be true again after the regulatory environment and business practices have stabilized.  
Indeed, not only do I not know, but the distribution is without informative priors.  
Moreover, anyone with the ability to estimate the latter on the basis of informative priors is an official of the PBoC or one of the big 4 SOE banks in China.
Whenever anyone has a view on this, who is not in such a position, the probability of the view being correct is essentially noise.
It is precisely this condition of ignorance which is used by bear trolls to inflame fearful sentiment.
That is the very essence of FUD.

Most govs want to keep their hand on everything. They want to control us and bitcoin  makes their control less powerful :-)
That is why theu want regulations over bitcoin.

They are cutting the (by volume) most /relevant/ links.

Happy now?

Because they want to control the money flowing in and out of China. One of the major benefits of Bitcoin is that it is almost anonymous, which ofcourse the Chinese government does not like very much.

This is another, more subtle falsehood.  It is perfectly legitimate, legal and feasible in china to purchase BTC with CNY.

I can't wait to see the transaction spam they will get - "TIANANMEN SQUARE TIANANMEN SQUARE TIANANMEN SQUARE" etc

Just wait until the PBoC opens a wallet address of its own.  Ka-boom.

I do not see Chinese exchanges will be closed by deadline of April 15, or 18th.

Why is that? We must read pboc properly. The director of pboc says bitcoin is a kind of asset. This implies they have no right to ban bitcoin. Indeed, how one can ban an asset, which is claimed legimatated to own?

However, the pboc has right to forbid his currency, rmb yen to link with bitcoin. This what they are doing.

They are doing links cut, not bitcoin ban. The deadline is for links cut, not for bitcoin ban. This is important to read, methinks.

Because of above, the Chinese exchanges won't be closed, they can legally operate, as far as I see. Indeed, what excuse the Chinese government would generate to close the exchanges, while bitcoin is claimed a legal asset for own and trade?

This is something like, I have no right to kill you, but I have right not to supply you water, as this is my water.

It would be interesting to see how the exchanges operate with rmb yen link cut.

From the claim of Huobi and okcoin of today, they both have same solution.

One,  due to links cut through banks, they can do prepaid card. I read such prepaid card is like Q coin. One buys the card, which give you a code. With the code, one can input his money into the exchange. For withdrawal, the other way round. Stricketly speaking, I feel it is still a third party pay? It's difficult for me to read but I know when we Chinese say third party pay, we mean  payment processor like Alipay, which is of course different from Q coin. Can anyone give further explanation of the Huobi and okcoin's prepaid card?

Two, for the last solution, both Huobi and okcoin has registered oversea exchanges. Both claim if prepaid card doesn't work, or exchanges has to be closed, all the coins they have now will be moved to the new oversea exchanges. This is indeed a comfor for their clients.

Can anyone tell me why pboc cut the links between rmby yen and bitcoin, while they confirm bitcoin is a legal asset for own and trade? Wired, isn't it?

It settling quicker cause of the PBoC statement...sadly I am redeemed after all the money has been made by those predicating fear and uncertainty

It's reasonable to consider ~$400-450 the possible base with the possibility of more dips down close to $340 to test the low. That's ~4X the base for last year, consistent with the exponential four year trend. What's important to factor in is the dust hasn't settled yet. It will never settle completely, which is how day traders make money. Uncertainty.

Lat night was epic. Significant anecdotal evidence of a bottom was me closing my margin short position ~350 even though I was almost certain it was going lower and TERA letting her buy orders stand when she sometimes pulls them.  Maximum fear for me and detached indifference from the liquidity providers. That tells me she's made so much money from shorting, she didn't even care if she lost a little with a continued crash to $266 support.

If $340 is tested again on high volume and holds, I'll start sleeping in BTC instead of fiat. It's too early to say if this wicked correction is over, but many margin longs got wiped out (which needed to happen) and many weak hands got shaken out. The economy can only grow sustainably when capital is in the hands of competent people.

^ this

I used to enjoy Jorge's posts as a balanced and well thought-out counterpoint, but nowadays his posts consist almost entirely of FUD that has been repeated and refuted ad nauseum on this forum.  Not worth reading anymore.

Shit now I have double retract my statement, https://twitter.com/Bitstamp/status/397288953025277952 so thats during the nov 2013 rally...did someone have a problem with this back then? or we're we all being chart watchers?

some PR employee had a rough night

What has been happening the past months... When the people start getting scared is when Wall Street steps up!

they removed the one I thought to be less polarizing lol

Bitstamp deleted the to the moon tweet.
http://www.reddit.com/r/Bitcoin/comments/22ry9p/bitcoin_believer_but_does_anyone_else_see_this/

They pretty much have to adhere to the same regulation as banks, if not more. They' got their MSB license as well.

When the market wants more tightly regulated exchange they'll occur we already have the Winklevoss and Silbert funds which are just beginning. NY or Texas will probably launch a North American exchange that will foster growth due to many people not investing because of the arguments you pointed out with regulation abroad and other uncertainties.

More so generally the financial markets that claim to have regulation have enough loop holes that we have already got lots of Ponzis from the likes of Madoff to Merriman, taking peoples "safer" Fiat currency.