Bitcoin Forum

I found some good articles and YouTube videos with this search
https://www.google.com/search?newwindow=1&site=&source=hp&q=what+does+the+china+bitcoin+ban+mean&oq=what+does+the+china+bitcoin+ban+mean&gs_l=hp.3...1888.7941.0.8300.38.16.1.0.0.0.1014.3244.9j2j1j5-1j1j1.15.0....0...1c.1.32.hp..31.7.1045.Bwclj-0O3s4

It means that the prices should decrease now :)

The just banned the banks to not accept Bitcoin as currency, nothing else.  :)

It means that memes will flood reddit's first page  :P
Actually it isn't even a ban. Bank of china ruled that bitcoins can be used as a commodity but not as a currency.

I heard we should expect a rise because everyone will want to buy them when they are cheap. They will say "Well, at least I can afford them now".

And I think there will be tons of kids that want them for Christmas, or want money to get one.

Not sure if it is the best christmas gift, lol

Who wants 0.01 btc as a chritsmas gift? :D

And has anyone considered the whales and mini-whales? There are people that had like NO money to their name like 2 years ago and have been wait for Bitcoin to hit 1000 to sell the ones they have been mining all this time. Plus I bet tons of altcoiners sold out.

I think we are going to see lots of people bringing their money back, as well as starting new shops and exchanges like wild.

And why wouldn't it makes a good Christmas gift? It goes up in value and can be used on gyft.com to buy almost anything via amazon.

Mr. Moneybags!

I'm giving my kids 0.000001 Btc for christmas - no need to go mad.

I think giving your kids a bunch of the very cheapest Altcoin is the best gift idea.

I think Cassascius 0.5 BTC coin is affordable as a chritsmas gift

To answer the thread question.
Nobody know for sure.And if there people who understand what the government intended to do , they don't have a clue of the impact.

So are you saying you think that no one in the world could possibly guess what is about to happen next?

Of course somebody can guess , but you'll have to guess who is that one :)

I think China was just mad that they didn't get coins before their people did, so now they paid someone to drop the price so they can buy a bunch.

Yes! And I'd recommend going heavy on Goldcoin!  :D

In Satoshi's last and final post before abandoning Bitcoin and running off with well over 1 million Bitcoins, he said "there are still more ways to attack us than I can count". Bye, LOL.

https://bitcointalk.org/index.php?action=profile;u=3;sa=showPosts;start=0

Well our development team has been working feverishly to solve the riddle that drove Satoshi underground. This announcement was just made privately on our forum a few hours ago: https://www.gldtalk.org/index.php?topic=1748.0

Come check out Goldcoin and discover the new Gold Standard of the Crypto Universe.  :D  ;D  :D



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Oh yeah...and check out my latest video! vvvvvvvvvvvvvv  8)

There is no "China Bitcoin ban", they just said it was a commodity and not fiat.

But, people just keep saying "OMG, there is a very bad news", and then people panic-sell.

That is pretty much exactly what has been happening, people saying it is bad without reason, and then people panicking when hearing that.

This means that the demand for btc gets lowered (especially in the Chinese market).

Because China was the main force that started this bubble, it was able to bring it down.

Hello Everyone,

For those of you who are looking to see the big picture of the effects of the December 5 People's Bank of China statement, you can check out www.squawkonomics.com for the post "Explaining the Regulatory Impact on Bitcoin in China". We have translated December 5th's People's Bank of China statement key points, and we continue to monitor developments coming out of the People's Bank of China and various other financial regulation bodies.

We hope this information can give you the big picture of what is happening inside China right now, and we will update you via our website if there is any further developments out of China as they come.

Nice job.

It's helpful to see how the other side of the world is taking btc.

Is this the website admin's account? I saw that you wrote "we."

Thanks for the translation. :)

Hi guys. this is my first post, so hi all :o)

Well, nothing goes up in a straight line, bitcoin will have its ups and Downs. What will be important is what will happen in China in the years to come i guess.
I would expect bitcoin to fluctuate between 500 and 1000 for at least some days to come, so dont expect this to go much higher any time soon.

I feel sorry for those that bought at 1200, they must really be feeling the pain right now, still those who bought at 10 or lower must be laughing all the way to the bank LOL.

What are Your expectations going forward...

Have a Nice sunday.

it mean we got cheap bitcoin now  : )

Yes, but merchant cannot list prices in Bitcoin if I understand right

If those Squawkonomics translations are correct, then it's a bit more serious than i was led to believe. Though who is the issuer of bitcoins? Satoshi Nakamoto?

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Everything i had read before this that had any credibility said individuals still had every freedom they had had before (with the exception of using Bitcoin exchanges anonymously), and the restrictions only applied to banks and governmental entities, and private companies were advised there was the need of further investigation to evaluate Bitcoin's financial risk/benefit to them.

But either way, Bitcoin can only be stopped by something better; and nothing of the sort has come up so far.

Ban? What ban are you talking about?

So many coins tried, and it doesnt seems likely any one could overtake Bitcoin.

But starting a thread named "what does the china bitcoin ban mean?" doesn't look like you are monitor any developments whatsoever.
There isn't any china ban after all  ::)

bitcoin in the facebook of crypto, litecoin is google+, there are other social media that coexist, but for now... bitcoin is the facebook...

My first post, but been lurking on these forums since the beginning of the year :)

Post China news in reality not that much is different atm. They would have been looking long and hard at Bitcoin for a while, its just we weren't aware of it. The $1200 prices were (imo) based on the opinion 'China loves Bitcoin'. Now we are in a more realistic place. Obviously the big thing is can Bitcoin be used as an actual currency there? It seems like it might be ok, so long as financial institutions aren't involved (which is how Bitcoin works). You could (if you were optimistic) take this announcement as 'China makes Bitcoin legal for its people'. Think maybe thats pushing it too far though as the announcement seems to carry the subtext of 'we are watching this very closely and haven't decided yet' ;)

I think the best indicator we have is the Chinese market. Presumably the Chinese investors in Bitcoin will have a better understanding of the implications, as they will be able to better read the subtleties (not just because of the language, but because of experience living with the govt). That it hasn't crashed lower is encouraging imo. Long term price wise, tempted to write it of as insignificant. Bitcoin just needs to make it in a few countries, and the competitive advantage should force the others to play ball.

Another factor in the recent dip could be Baidu ending it's bitcoin acceptance. It's hard to say which is contributing more to the panic selling. Either way, great time to buy in, as neither of these events really change the value that bitcoin is bringing to the world.

Actually bitcoin is facebook google+ myspace and pretty much everything else together  8)

I've been hearing something about companies making coins and that once that happens Bitcoin will be a fact of life. The answer to the riddle is altcoins reaching their potential.

There was a ban if you read the articles. It was banned from banks which was not a problem before. It is still allowed to be traded but you aren't supposed to buy real world items with it. The Chinese government declared it to be like WoW gold.

But if you watch the videos on YouTube you will see that China is probably going to start making other announcements soon that will bring even more attention to bitcoin.

The only reason the price is low is because the Chinese government and the whales want to get cheap coins before it blows up.

Which it is. Why did they ban BTC in the first place?

We just need to get Bitcoin to catch on in India now, they have just about as many people and commerce as China.

No banning at all, just explaining Banks cannot open Bitcoin accounts for people or buy/sell Bitcoin

Why? What was the reason behind all this?

Just to spread FUD, dump coins, panic sell starts and rebuy cheap coins. Simply profit

Wow, so the reason behind this is money. I dont think they care even a tiny bit about bitcoin and the rest of the world.

I knew this was just the beginning There is a video on YouTube called "What does China's Bitcoin ban mean?" that gave me some insight a few days ago.

The market downtrend most likely due to panic sell by newcomers in China.

Yeah I feel like when China came into bitcoin they were looking at it like we were when it was like $30 they expected growth like crazy compared to our speculations at the same time.

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Translate it with http://translate.google.bg/#en/it/

Someone needs to open an exchange called "BTCIndia"

they would make so much money while also doing lots of good for BTC

It means we stole a bunch of money from the Chinese and they are going home sad

But we can fix it by sharing this with them :)

https://bitcointalk.org/index.php?topic=364076.msg4021718#msg4021718