Bitcoin Forum

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

what the hell, this is true or is just a rumor?, because if this is true we can expect upcoming changes on the bitcoin economy, or maybe this is truth and that's the main reason about why the bitcoin price increased in the last days?

btw agree with you,  strange that nobody comment this news untill now.

mmh, this can lead me to think that this time, this pump can actually break for good the 300 mental wall

if chinese start experimenting with their furious bubble again, we might see a nice run-up, like the last one with billy bot, but starting from 230 this time and not 90

Someone explain this like I'm five or 2  :D

It's been discussed in the Wall Observer thread together with the other good news. I can't find any threads about it in the press section, and although I assumed there had been threads about it in this section I can't find any. There is a thread about Huobi discussing the Chinese governments attitude to Bitcoin relaxing, but nothing about this story in particular.

Best article I found about it:
http://www.zerohedge.com/news/2015-10-25/bitcoin-bullion-soar-chinas-creeping-capital-controls-loom

I don't know when the update was added but it sounds really great.


If this is true we should expect a major increase in Bitcoin's price soon.

 I think it is very much possible to legelise bitcoin in China,finally it will happen,time ago China said that thay will follow USA regulation.Positive news for btc from Europe has arrived during China first visit  in England,,Chininseare pragmatic,thay will not fight against something what exist allready and becoming new worldwide  internet technology
Thay will preffer to legalise it and put hs own rules

Its big news :), price shows it. From 240 to 300 :), just like that.
Keep good news coming, hail bitcoin.

Even if china does not legalize bitcoin, I imagine that the market will still be very much relevant there.

I've always thought that bitcoin's future will be decided by the Far East. European & US banks/governments are too strict. I feel like with most new technology that bitcoin could begin lift off in China or Japan.

This is another good article about the changing attitude of the Chinese government to Bitcoin policy. It was buried in the press section and nobody has replied to it yet so its almost sunk to the bottom of the first page. I think there's a new way for Huobi customers to get money into the exchange, and it's probably allowed due to the changing government attitude.

Just another CT shitnews. Yeah we don't know chineese so you can post a link and dump shit to manipulate market...

Another positive development for Bitcoin. Too much good news...!

Don't they hold the most bitcoins? The population is more into bitcoin than any other and their bitcoin farms are as big as army bases. So you tell me, is this a surprise?

Honestly, I looked through the press section for a while and through Bitcoin discussion just until the 18th of October and it was very strange that I couldn't find anything.

Nevertheless this is not important, important is the news! And the amazing news it is! I guess that Chinese government might just have realized that if they would ban Bitcoin they might just get left off in a technological advancement. And not just Chinese, also the EU with their ruling few days ago!

After Unofficially banning Bitcoin, we have an Unofficial unban! :D Meanwhile, while all this happened, more and more hashpower was brought to Chineses mining farms, new farms were built with even more efficiency and exchanges kept operating with huge reported daily trade volumes...

Maybe the recent price rise is related to this news.

These are very good news, if bitcoin can be used legally in china there are a lot of potential new users. Its coin has been devaluated and bitcoin is growing its value, they could be interested about saving some bitcoins.

Time to buy on margin?!

Oh god the comments on that article are hilarious;

"NO IT IS NOT. BITCOIN IS A SCAM SCAM SCAM , YOU CANNOT EVEN TOUCH IT SO HOW CAN IT BE REAL ???? ITS A CROSS BETWEEN A PONZI SCHEME AND A TULIP BULB , MY OLD GRANNY TOLD ME SO , SO SHE EVEN SAYS THE EARTH IS FLAT AND EVEN HAS A MAP OF IT , SHE LIVES IN HER BASEMENT WAITING FOR ARMAGEDDON , SHE SAYS WHEN WW-III IS OVER WE CAN USE GOLD TO BUY MORE PREPPER FOOD AND BITCOIN WILL BE USELESS BECAUSE OF THE E-M-P THERE WONT BE ANY ELECTRICITY NOT EVEN SUNLIGHT WILL GET THROUGH THE EMP"

I've always wondered why there are so many trolls and buttcoiners around and active. When will they eventually give up and face reality that times are changing?

I guess the highlighted part of this is "Unofficially", which basically makes the news - not real news, and it's the most probable reason that this wasn't discussed as much
as it was expected for it to be. If this becomes official however, i would be expecting a bull run that we didn't see in a long time, and i'm not talking about +xy USD increase..

But I wonder if the people in China who are pumping all of their yen into bitcoin as of right now because of the authorization and people not being so sure of what yen will do as a currency will make people think that a bubble is being formed?  Like if the bulls come out full steam ahead this upcoming week, would that make people end up thinking that it's for sure a bubble and cause a massive dump?

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

it's just a bubble. nothing serious sustain the raise from now. it will go down fast after some "smart" guys will cash it out :)

China never banned bitcoin. Only banks in China are not allowed to be involved.

You don't think the afformentioned points accommodate and sustain the raise now? Those points are some of the best things that have happened to bitcoin over the last months, if not year.

Not sure how you can think it is not sustainable. Price is finally leaving the bottom where it has been too long.

Chinese are pumping yuans into bitcoin due to devaluation i believe, and not due to this (so far unofficial - read worthless) news. Regarding the possible dump; if people didn't
learn the nature of bitcoin and it's pricing until now, their dump can only lead them to loss in their own profit. Bubble happening or not, it will only make bitcoin more exposed and known.

i have to tell you that, china bans bitcoin for its banks, not the rest in china.
china is probably banning the bitcoin flexibly to prevent scammers such as MMM, as far as i know MMM is growing fast in china, sometimes i can even see MMM advertisements in faucet website, which is horrible to bitcoin. take notice that china isn't gonna ban bitcoin completely, otherwise bitcoin is down for sure.

Well the "smart" guys that cash out may be kicking themselves later if they wait for another drop in price so they can buy in again if the price won't drop anymore and they miss the jump.

I am always careful when daytrading and if the price doesn't drop for a couple of days I get scared that I may miss the jump and re-buy btc.

Maybe that's why I'm not a good daytrader. :3

This is positive but I think we need more official plus more highlighted news from big news companies about this.
Also if continuous Chinese interest floods here, bitcoin will get eventually bigger, that's so good.

I think it is just some speculators pumping the price, I have not seen any official news about this. China has been hot and cold about this subject and it would be great if they can finally make a positive decision about this. Let's just wait for some official announcement, before we jump with joy.  ::)

Not speculation it seems! This is what I just found:

http://cointelegraph.com/news/115471/bitcoin-price-charges-towards-300-as-china-cracks-down-on-underground-banks?ref=45

Great, now it seems that China is slowly accepting bitcoins and the Chinese are somewhat using the news to create a small push of price. Good times, VAT-free in Europe and a lot of money pouring in into the economy. :)

they were saying the same thing with the greece exiting the europe union, and the same thing when every big news come out in the past

but what happened? nothing, a pump to 300 and a dump to 230, i don't seen this changed so soon, until the halving at least

Yes. If China banned bitcoin, there would be no bitcoin exchanges in China. The bitcoin price would have crashed into single figures.

China never banned bitcoin they just try to limit it use in the country. If this news is true (which most are flagging as not and just fantasy to pump by their whales) then it will open up the steel curtain of it's use and China's fear of it becoming competitive to the yen will become reality. I would think most of China's population wants to be in control of their money and most would see this a step in that direction.

I found this posted in the speculation thread and could be a cause for some concern in the bitcoin market... Cross post from /r/bitcoinmarkets

https://www.reddit.com/r/BitcoinMarkets/comments/3qd7cc/this_week_at_okcoin_china_update_mmm_ponzi/

...

Re the recent BTC price increases, there is one other interesting wrinkle to look at.  The Bitcoin:Gold ratio is down to under 4.00 for the first time in a while.  This would hint that buying gold for BTC would be good, certainly better than a few weeks ago when that ratio was over 5.00.

Currently the BTC:Au is at 3.97.

ounce.me (http://ounce.me)

I do ph in MMM global ($100)  next month will get 100% of the growth mavro

I think it is enough great news about bitcoin without China,Now thanks EU regulations many blockchain,bitcoin related start ups in Europe will launch.Many of them where on hold waiting for regulation arrive.Europe is bitcoin,blockchain biggest hube

this is good news but i cant hardly think if this is going to be impact yet

China is moving in the right direction.

Looking good, I saw another thread on this can't remember where but if China goes all in on bitcoin 2016 should be one hell of a ride.

Agree.

Far too soon to be getting overly excited but China will be massive in our bitcoin's attempt to gain mainstream adoption imo.

Definitely moving in the right direction.

Finally some good news from China.

They know that their only chance at becoming a strong nation in the next decade is by being pioneers in something like Bitcoin. The rest of monopolies are already taken by the US and Europe. All of their production is a low quality bubble ready to burst.

Seriously, this his finally happening.
It's all make sense tho, cause China must do so.

If China starts using Bitcoin we can definitely expect a big price increase. I hope to see the $1000 days again, this time with a Bitcoin or two.

Chinese officials are probably thinking crypto is good for their economy to expand more horizons so they give their heads up.

That is, of course, a big if, but should the Chinese people start moving into Bitcoin, then it will move the price up.  With Chinese mining pools mining some 57% (+/-) of BTC now, there is plenty of new BTC supply coming on-line every day there.  And the physical location of all these new Bitcoins makes it a little easier for locals to buy.

Yet, all that BTC production in China would not be enough to satisfy demand at current prices should Chinese citizens wanting protection from their Yuan.  The high price potential is there.  BTC is a great speculation, but think of BTC as a SPECULATION at this point.

I am not really sure how much would Chinese be meeting with these mining operators. Aren't Bitcoin mining farms mostly in the country, far away from coast and big cities. Then again, this can't prevent one man to hop on plane and to go to big Chinese city in order to sell coins if their government would restrict online Bitcoin trading.

As we are getting the latest news and rumors from China, I don't think they are going towards these restrictions.

I'm not sure if it means full endorsement but way I see it, it's more towards removing the barrier and limitation that they had imposed previously. And that is a good enough reason to drive the bullish sentiment. Exactly what we need right now is the fund from china to push the price upwards and rest of the world will buy in as well.

Is there an official announcement from People's Bank of China to state that banks can deal with bitcion now?

I don't think so - but you can now find links in BTCC to inject funds from banks (which has not been possible since the boom in 2013).

This is the way that things are done in China (never really officially endorsed but without a doubt the central government is 100% aware of it).

If the government gets "spooked" by another massive bubble then I'd expect those funding links will disappear (as they did in 2013).

This a very big news. China is the bigger market of bitcoin in the world and its regulation there will be a very high recognition for bitcoin. And a big step ahead in the regulation of bitcoin even in other countries. This is not the first thread which treat this "rumor" about the regulation and legalization of bitcoin in China. I have made various post about this matter.

The "fact" (according to the article) that "the government seems to have tacitly authorized the use of bitcoin and operations of bitcoin startups and exchanges" if true, it is a step ahead make from the Government of China and is in full, with the kind of behavior, typical Chinese, in handling the difficult and hard matters. It is a typical sign of their opportunism in treating things that have future but that, if allowed immediately, can damage in some way their plans or the previous anticipated economic development plans of their country. Bitcoin is a threat for the Chinese national currency and Chinese finances; as such for overall planed development of the economy of China. But, on the other way, is a big invention and a product with brilliant future ahead. So they control it, allowing its melting in the Chinese economy, step by step. It is the best way to adopt bitcoin without having a bad impact of its use within the country. As always on their recent story the Chinese Government need the respect of everyone about its way to guide its people and the development of its country.

Chinese government has authorized bitcoins seeing the
evolution it tu brought in technology. The government
has said that though, bitcoin is a bit unstable, still it has
brought revolutionary changes , and it's imprtance
cannot be ignored. The government has said that still it's
not officially allowed, means cases or problems relating
or due to btc will not be considered. But, it is expected
that soon china will officially authorize use of bitcoins.

I've already read about this earlier I've even mention this on some other thread. And yes this could be the reason of the sudden rise of btc value.

Because chine can do anything  ;D

Maybe this is the reason behind recent rise. Or the Chinese auhtorize bitcoin?

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

I wrote a piece some time ago that Magical Tux chimed into.

I posited that ultimately China and BTC are a natural fit, as it provides an unofficial way for China to unwind its USA dollarisation, surplus / debt issue, in a manner that is very hard for the US to take action in any fora about.

Even just in concert with China's "basket" of currencies peg, BTC makes sense as part of that.

Yes. China and Bitcoin is a natural fit. China has the biggest miner community and is the biggest manufacturer and has the largest mining pool.

Nah that seems completely ridiculous to me. It makes sense at first glance, but look at the numbers and it doesn't hold up for a second. (Compare the entire worth of bitcoin to China's GDP. )

As of me writing this, China's debt is somewhere around 5.3 trillion dollars USD. Bitcoin today, in fiat usd terms,  was at around 6.5 billion dollars. You can't compare China's state economics with bitcoin, or federal U.S gov economics with bitcoin, the scales aren't even close to being related.