|
Title: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ebliever on March 22, 2017, 03:20:25 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/
I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: kiklo on March 22, 2017, 03:59:48 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? The live in a Country where personal freedom is not even a pretense. They will do as they are told and Assume the Position. :P https://i2.wp.com/china-underground.com/wp-content/uploads/2016/11/006Liu-Teng-la-contorsionista.jpg?w=640 8) Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: QuestionAuthority on March 22, 2017, 04:23:57 AM They're used to it. It won't have any effect at all. They're told how many children they can have. Read this sweet loving story of Chinese government kindness.
Quote During lunchtime one day last April, Wei Laojin, 35, was cooking spicy pork for her two young sons at home in southern China when she got a frantic call from her husband. His brother had been arrested, he said. A dozen Chinese officials had beaten down the man's door and dragged him away. "What has he done wrong?" Wei asked in alarm. "Nothing," her husband replied. "He has been jailed because he is related to us." Wei, a bird-thin woman with bobbed hair, let lunch burn on the stove as she heard more. "My husband said we had broken the law by having two children. The authorities were imprisoning his brother until we were punished," she says. "As soon as I learned it was about birth control, I began to cry and shake." Family-planning officials in the southern county of Puning, in Guangdong province, were going to shocking new extremes to catch and punish violators of the country's infamous one-child policy: They were seizing family members of women who had given birth illegally and were holding them hostage. The aim? To coerce the women into submitting to sterilization. Says Wei, "The officials said there was only one way to get my brother-in-law released: I had to undergo forced sterilization." According to state-owned media—which proudly reported the news on local channels—a task force of more than 600 officials was deployed to storm homes across 28 Puning townships and seize family members of women who had broken the law. They took grandparents, siblings, teenagers, even infants. The relatives were to be jailed indefinitely until the targeted women showed up at government clinics to undergo "remedial surgery," or sterilization. The government jails fucking infants and teenagers as hostages, do you honestly think writing a purchase story is a big deal to Chinese people? LOL Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: RoommateAgreement on March 22, 2017, 04:30:58 AM maybe Chinese government is a little bit extreme but surely the news sites are making it out to be 20 times bigger than it is. and i don't get what is up with the terms like "extreme ...verification"!!
when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. but when it comes to bitcoin everyone is so weird about doing practically the same thing! as if the money you buy bitcoin with is different from the money you buy stocks or anything else with!!! Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ebliever on March 22, 2017, 04:34:15 AM (snip) when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip) Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 22, 2017, 04:51:51 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: RoommateAgreement on March 22, 2017, 04:54:03 AM (snip) when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip) Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me. then what about all those information that you hand out to IRS (or equivalant in your country) which is in full details. forr example while trading bitcoin in US, the IRS sees it as a capital gain and you need to report all the transactions with full record whether it was trading or it was spending. they have been calling it "capital asset" since 2014 Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: user27 on March 22, 2017, 05:00:55 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? That's just pretty sad. I mean, let's face it, no one is going to be able to provide docs that in depth. Bitcoin is supposed to be anonymous and we all know that people use bitcoin for all sorts of questionable things, and what the People's bank of China did is definitely going to cut into the trading volume huobi and BTC china has established in the past. But that doesn't stop P2P trades from happening - people are still trading on platforms on localbitcoins, in fact increasingly so. Wouldn't be surprised if the Chinese desert these exchanges for the P2P marketplace. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ebliever on March 22, 2017, 05:06:32 AM (snip) when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip) Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me. then what about all those information that you hand out to IRS (or equivalant in your country) which is in full details. forr example while trading bitcoin in US, the IRS sees it as a capital gain and you need to report all the transactions with full record whether it was trading or it was spending. they have been calling it "capital asset" since 2014 I've not yet had to report anything taxable in crypto, but for fiat my reporting consists of a single line item on Schedule D or whatever, listing a stock/mutual fund and a number (amount of profit or loss). I don't have to report anything about why I bought/sold it. That's not my life story. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: cengsuwuei on March 22, 2017, 06:00:34 AM what is result PBOC about china exchanger
this now china exchanger is ready can withdraw or not, or still suspend, result only about verification ID can open and normal withdraw again Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: QuestionAuthority on March 22, 2017, 07:16:27 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: audaciousbeing on March 22, 2017, 07:39:39 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? This is something that should not be new to everyone because whether they like it or not, they just wanted to frustrate bitcoin by all means but I am happy they are doing theirs on that end, something good news are happening on the other side in addition to that I guess every players in bitcoin are no longer taking the news from there serious as bitcoin is enjoying some relative stability in recent times. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Kakmakr on March 22, 2017, 07:42:25 AM Why is everyone so butt hurt over the Chinese? If Bitcoin is banned in China, the rest of the world would gladly buy their worthless coins. This is what everyone wants, or so they have said many times before on this forum. They go on and on about Chinese monopolizing Bitcoin and Bitcoin mining and now they are bitching because Bitcoin is being governed by the Chinese government.
Let them do what they want, these kind of decisions will back fire in the end and the rest of the world will buy cheap coins. ^smile^ Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Amph on March 22, 2017, 07:44:20 AM i see no point in this really, how they are going to know that someone is not telling the true, it's easy to say the false, for the question "how you obtained your bitcoin"
other question are just destroying their privacy, like why they are withdrawing , which again can be false https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ I mean, let's face it, no one is going to be able to provide docs that in depth. Bitcoin is supposed to be anonymous and we all know that people use bitcoin for all sorts of questionable things, and what the People's bank of China did is definitely going to cut into the trading volume huobi and BTC china has established in the past. bitcoin will never be anonymous, as long as you use an exchange, to be truly anonymous you need to use a decentralized exchange or buy stuff with bitcoin without going through fiat it's not for a reason that soem people buy coins here, this forum can act as a decentralized exchange Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Dimelord on March 22, 2017, 08:12:41 AM PBOC knows that banning bitcoins will not be useful.Thats why they have asked each and every customer's verification depositing and withdrawing bitcoins.They just want to have control on bitcoin trade in china,but indirectly.They dont want any more of their country's money to go outside to other countries.I think the chinese game is almost over in bitcoins.Here after,they cannot manipulate the bitcoin market as they did earlier.
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: BrewMaster on March 22, 2017, 08:44:17 AM i see no point in this really, how they are going to know that someone is not telling the true, it's easy to say the false, for the question "how you obtained your bitcoin" other question are just destroying their privacy, like why they are withdrawing , which again can be false if what we are reading here is the truth not the obfuscated version of it by a click-bait news site then it is just going to push people to OTC trading. and it was discussed before and some people warned the PBoC about this. and eventually you see the volume go much higher and price much higher because they are buying through other channels. and finally may lead to change of rules they put in first place. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 23, 2017, 02:39:22 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ASHLIUSZ on March 23, 2017, 03:29:24 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: QuestionAuthority on March 23, 2017, 04:25:47 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Rattling the cage in China isn't the same as it is in the west. Rattling the cage in the west: http://www.gannett-cdn.com/-mm-/8f7abc4cb327d00f94878d5128e9b9a193930909/c=126-0-3760-2732&r=x404&c=534x401/local/-/media/2017/01/17/USATODAY/USATODAY/636202599285487517-EPA-USA-TRUMP-PROTEST.1.jpg Rattling the cage in China: http://www.sickchirpse.com/wp-content/uploads/2013/09/China-Prison-Torture-Woman-In-Cage.jpg Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 24, 2017, 02:29:07 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Rattling the cage in China isn't the same as it is in the west. Rattling the cage in the west: http://www.gannett-cdn.com/-mm-/8f7abc4cb327d00f94878d5128e9b9a193930909/c=126-0-3760-2732&r=x404&c=534x401/local/-/media/2017/01/17/USATODAY/USATODAY/636202599285487517-EPA-USA-TRUMP-PROTEST.1.jpg Rattling the cage in China: http://www.sickchirpse.com/wp-content/uploads/2013/09/China-Prison-Torture-Woman-In-Cage.jpg I believe you still underestimate what Bitcoin is. Bitcoin means they do not need to be on the streets and do a protest. Support for it is enough. Decentralization and censorship resistance through software is the new medium for resistance. We may only be scratching the surface. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: cpfreeplz on March 24, 2017, 02:47:09 AM They have no choice. They're pretty much screwed. Maybe they should move somewhere democratic so they don't have to worry about all of this bullcrap. AML is one thing but writing our where you got your bitcoins!? How the hell will that work for millions of people? The exchanges will need to hire more people for all of the mandatory verifying.
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: robelneo on March 24, 2017, 02:59:05 AM This will just create more awareness and curiosity and possible adoption to more chinese people,and besides they are used to this kind of restrictions,we all know china is not a democratic country,but they always find a way,we all know that how good the chinese are ..
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: QuestionAuthority on March 24, 2017, 03:01:23 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Rattling the cage in China isn't the same as it is in the west. Rattling the cage in the west: http://www.gannett-cdn.com/-mm-/8f7abc4cb327d00f94878d5128e9b9a193930909/c=126-0-3760-2732&r=x404&c=534x401/local/-/media/2017/01/17/USATODAY/USATODAY/636202599285487517-EPA-USA-TRUMP-PROTEST.1.jpg Rattling the cage in China: http://www.sickchirpse.com/wp-content/uploads/2013/09/China-Prison-Torture-Woman-In-Cage.jpg I believe you still underestimate what Bitcoin is. Bitcoin means they do not need to be on the streets and do a protest. Support for it is enough. Decentralization and censorship resistance through software is the new medium for resistance. We may only be scratching the surface. I understand how bitcoin can be used in a perfect world. Yes, it could be revolutionary and take power away from central banks but that requires never involving fiat. That means trading bitcoin for goods and services and getting paid for your labor in bitcoin. A complete bitcoin economy isn't happening anywhere in the world. I might be underestimating the Chinese ability to hide what their doing. I'll admit that. But I think you may be underestimating their fear factor and how much their citizens turn each other in to the government to save their own asses. The customer verifications that were put in place is their government's response to maintaining control. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: goldcoinminer on March 24, 2017, 03:09:54 AM That's what happens if the government will interfere, everyone is required to comply with the KYC and to avoid money laundering.
Being anonymous is not enjoyed anymore but I think it's acceptable as long as we are doing legitimate activities only. They rule and we follow if we want to use exchanges to transact. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: JanpriX on March 24, 2017, 05:10:54 AM I believe the Chinese community is already used to this type of policies imposed to them by government. We shouldn't make a big issue about it because people will always make a solution to avoid these policies. They have been under close monitoring by their government for decades now and they just shrugged it off nowadays. Bitcoin will still thrive even if imposed with such rules. The bitcoin community in China will not back down just because of this.
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Kakmakr on March 24, 2017, 05:36:05 AM I believe the Chinese community is already used to this type of policies imposed to them by government. We shouldn't make a big issue about it because people will always make a solution to avoid these policies. They have been under close monitoring by their government for decades now and they just shrugged it off nowadays. Bitcoin will still thrive even if imposed with such rules. The bitcoin community in China will not back down just because of this. They did not go down, they just went underground. If you look at the trading volumes on other platforms, you will see what I mean with this. Even if Bitcoin is banned in China, it does not necessarily mean that they cannot use their Bitcoin in other countries. I will arrange a deal with someone in the west to "convert" my bitcoins to a local currency and then I will send that home or I will go there and have a holiday of my life! Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: rajasumi3 on March 24, 2017, 05:39:31 AM Well china is not a democratic country .so people are used to suffer like this and if the person has valid answers then what is the problem? Until and unless u are selling drugs or doing any illegal activities .well in india app we have to show our personal details while selling bitcoins.
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ebliever on March 24, 2017, 12:35:21 PM Here is some clarification of the news reported in the OP:
https://cointelegraph.com/news/bitcoin-exchange-funds-reporting-not-for-all-users-huobi "Chinese Bitcoin exchange Huobi has clarified that requests for proof of origin and destination of funds “is just for users with potential money laundering risks.”" Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 25, 2017, 04:37:29 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Rattling the cage in China isn't the same as it is in the west. Rattling the cage in the west: http://www.gannett-cdn.com/-mm-/8f7abc4cb327d00f94878d5128e9b9a193930909/c=126-0-3760-2732&r=x404&c=534x401/local/-/media/2017/01/17/USATODAY/USATODAY/636202599285487517-EPA-USA-TRUMP-PROTEST.1.jpg Rattling the cage in China: http://www.sickchirpse.com/wp-content/uploads/2013/09/China-Prison-Torture-Woman-In-Cage.jpg I believe you still underestimate what Bitcoin is. Bitcoin means they do not need to be on the streets and do a protest. Support for it is enough. Decentralization and censorship resistance through software is the new medium for resistance. We may only be scratching the surface. I understand how bitcoin can be used in a perfect world. Yes, it could be revolutionary and take power away from central banks but that requires never involving fiat. That means trading bitcoin for goods and services and getting paid for your labor in bitcoin. A complete bitcoin economy isn't happening anywhere in the world. I might be underestimating the Chinese ability to hide what their doing. I'll admit that. But I think you may be underestimating their fear factor and how much their citizens turn each other in to the government to save their own asses. The customer verifications that were put in place is their government's response to maintaining control. That is true. But I do believe strict rules and authoritarian government is the perfect place for Bitcoin to be used. There is also the "greed factor" among its users because its value could still go up. I was surprised that the PBOC did not penalize the Bitcoin exchanges. Maybe they know they could not stop it? Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: QuestionAuthority on March 25, 2017, 07:16:09 AM They're used to it. It won't have any effect at all. Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government". If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there. I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt. I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government. If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now. Rattling the cage in China isn't the same as it is in the west. Rattling the cage in the west: http://www.gannett-cdn.com/-mm-/8f7abc4cb327d00f94878d5128e9b9a193930909/c=126-0-3760-2732&r=x404&c=534x401/local/-/media/2017/01/17/USATODAY/USATODAY/636202599285487517-EPA-USA-TRUMP-PROTEST.1.jpg Rattling the cage in China: http://www.sickchirpse.com/wp-content/uploads/2013/09/China-Prison-Torture-Woman-In-Cage.jpg I believe you still underestimate what Bitcoin is. Bitcoin means they do not need to be on the streets and do a protest. Support for it is enough. Decentralization and censorship resistance through software is the new medium for resistance. We may only be scratching the surface. I understand how bitcoin can be used in a perfect world. Yes, it could be revolutionary and take power away from central banks but that requires never involving fiat. That means trading bitcoin for goods and services and getting paid for your labor in bitcoin. A complete bitcoin economy isn't happening anywhere in the world. I might be underestimating the Chinese ability to hide what their doing. I'll admit that. But I think you may be underestimating their fear factor and how much their citizens turn each other in to the government to save their own asses. The customer verifications that were put in place is their government's response to maintaining control. That is true. But I do believe strict rules and authoritarian government is the perfect place for Bitcoin to be used. There is also the "greed factor" among its users because its value could still go up. I was surprised that the PBOC did not penalize the Bitcoin exchanges. Maybe they know they could not stop it? I hope it's because they know they cant stop it. The alternative is the government thinks they can use it to catch people. The US govt discovered that they can parse the blockchain for addresses and surveil people to match identities to addresses. That's one of the tactics they used to prosecute Ross Ulbrich. If the Chinese realize that, Bitcoin could be a great tool for them. That is why it's so very important not to reuse addresses and keep your identity private when using Bitcoin. I don't speak Chinese or I would search the Chinese section of the forum to see if they realize they can be trapped with bitcoin. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 26, 2017, 04:15:51 AM The Chinese can learn a lot from the dark market users in how to use Bitcoin properly. To think of it, not only the Chinese but also all of us for that matter. Bitcoin users should not forget its roots and should not sacrifice their privacy for a little show of legitimacy in eyes of the banks.
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ekoice on March 26, 2017, 06:27:33 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ PBOC just wants to stop its country's wealth being transformed via bitcoins to abroad.For that reason,they are asking customer verification at bitcoin exchanges.Let them do whatever they want.If the chinese gamblers and miners leave out of bitcoin community,it would be better for the bitcoin progress as a whole.I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 27, 2017, 03:45:41 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ PBOC just wants to stop its country's wealth being transformed via bitcoins to abroad.For that reason,they are asking customer verification at bitcoin exchanges.Let them do whatever they want.If the chinese gamblers and miners leave out of bitcoin community,it would be better for the bitcoin progress as a whole.I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? Besides trading where do you think Bitcoin derives its value from? The Bitcoin economy is primarily comprised of the participants of the dark markets, gamblers, money launderers and other criminal enterprises. Cut them out of the whole thing and we have a useless cryptocurrency just like the altcoins. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: ebliever on March 27, 2017, 04:30:56 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ PBOC just wants to stop its country's wealth being transformed via bitcoins to abroad.For that reason,they are asking customer verification at bitcoin exchanges.Let them do whatever they want.If the chinese gamblers and miners leave out of bitcoin community,it would be better for the bitcoin progress as a whole.I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? Besides trading where do you think Bitcoin derives its value from? The Bitcoin economy is primarily comprised of the participants of the dark markets, gamblers, money launderers and other criminal enterprises. Cut them out of the whole thing and we have a useless cryptocurrency just like the altcoins. What evidence do you have as to their preponderance? I agree with the sentiment that bitcoin is being held back by criminals who use it. But I expect they are a minority, particularly from an economic standpoint. A thousand two-bit scammers don't possess the economic clout of a Barry Silbert or Cesare Wences (sp?), or the small army of geeks and libertarians that first embraced and continue to embrace bitcoin. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: chixka000 on March 27, 2017, 04:33:10 AM This is not new to me anymore. Tho here in the philippines government is not requiring this kind of stuff however most of our exchanges are doing this KYC policy already so we don't have a choice but to verify our account in order for us to convert our btc to fiat
Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 27, 2017, 04:37:58 AM https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/ PBOC just wants to stop its country's wealth being transformed via bitcoins to abroad.For that reason,they are asking customer verification at bitcoin exchanges.Let them do whatever they want.If the chinese gamblers and miners leave out of bitcoin community,it would be better for the bitcoin progress as a whole.I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step. The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between? Besides trading where do you think Bitcoin derives its value from? The Bitcoin economy is primarily comprised of the participants of the dark markets, gamblers, money launderers and other criminal enterprises. Cut them out of the whole thing and we have a useless cryptocurrency just like the altcoins. What evidence do you have as to their preponderance? I read an article about the increasing rate of growth of the dark markets from the Deepdotweb website I think. I will try to remember and I will look for the article then post it here. I want to see how much growth Bitcoin has that is used in buying legal items. Can you give me that information? Quote I agree with the sentiment that bitcoin is being held back by criminals who use it. But I expect they are a minority, particularly from an economic standpoint. A thousand two-bit scammers don't possess the economic clout of a Barry Silbert or Cesare Wences (sp?), or the small army of geeks and libertarians that first embraced and continue to embrace bitcoin. I go back to the argument that Bitcoin is a decentralized, censorship resistant value transfer system. This is the perfect playground for criminals. I do not think it is being held back by the criminals but what it is doing is bring criminality leaping forward. Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Searing on March 27, 2017, 04:49:08 AM So lets say this passes....that means bitcoin can only be really used with exchanges in china locally...if at all...if you had to apply like at a bank in person.
thus China folk would have to do something outside of china around the china internet controls thus likely china folk would not be a major factor in bitcoin anymore seems to me it would be the first thing the china gov't would do to 'nip' bitcoin at the bud to suit their purposes if above has any credibility (remember this is me saying this) ....what 350 usd BTC worldwide because 1/3 of folk in btc are out of BTC and cash out and/or don't trade anymore? I've no clue....but a law was just passed in USA in Hawaii that you must have all funds on hand to be a bitcoin exchange to cover all crypto exchanged circle gone/ coinbase not allowed/ how do you get $$$ out of your crypto? shapeshift still works to move crypto around...but to cash out....back to wire xfer thus have a buddy there who can only now (or soon) get btc via wire xfer etc thus is it really that far fetched that china gov't coule hamstring china bircoin folk and cut off btc supply with bureaucracy...with this silly in preson law? Title: Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges Post by: Wind_FURY on March 28, 2017, 02:58:23 AM I do not think we will see a $350 per Bitcoin scenario. Not unless the network breaks because of a hard fork or some serious technical flaw if the Core developers decides to do the POW upgrade. There is too much at stake already. The whales involved will be the same ones who will save Bitcoin's price and not allow it to fall that low.
|
