Bitcoin Forum

Hello all.

China hasn't made bitcoins illegal by making it a commodity instead of a currency, it' the complete opposit, they made it legal. I repeat they made it LEGAL !!!

The western newspapers has got it totaly wrong and china are buying bitcoins like crazy after this annoncement , this more or less looks lika a propaganda war by the newspapers/banks against bitcoin.

PLEASE READ ABOUT THIS IN THE PAGE WWW.QUORA.COM AND WHAT JOSEPH WANG HAS TO SAY ABOUT THIS MISSUNDERSTANDING / LIE

this is a link to this webpage, There are more about bitcoin on this page, please read all of it.

http://www.quora.com/China/How-will-Chinas-recent-crack-down-on-Bitcoins-impact-its-near-term-and-long-term-value/answer/Joseph-Wang-9

Since I'm a newbee I cant post this in the other forums, please if you can, send this information so this lie about bitcoin and china stops before its to late. China are buying, it's us in the western world that are selling. Not the other way around.

Go to the page www.fiatleak.com to see for yourself, right now china are buying lika 95% of all bicoins and the rest of us are selling because of a missunderstanding / error in transation in the western newspapers.

STOP DOING THIS !!!!

Botcoinsweden

You are right that they have made Bitcoins legal. However the official government stance is to treat it as a highly volatile speculative investment (Not a commodity which has to be represented by a physical good with intrinsic value that is derided from it's primary use, not its speculative value) Essentially the same way we perceive a stock. It is interesting to note that China has bought almost 60% of all the precious metal and hard commodity in the world at current, and are now allowing citizens to legally purchase bitcoins. The thing of it is they actually have things like GOLD and SILVER to back up the value of any currency - like a bitcoin - they choose which may start to reign in bitcoins value to something much more stable if enough chinese use it in daily transaction.

Finally someone understands that something traded for value based on individuals "valuation" means it's commodity, not currency.

Thank you for the links. I believe most here understand there is nothing like China bans Bitcoin.

Thank you for the info!

I dont it its a mistake in translation, someone is making people panic
on purpose so they can profit.

thanks, you made my day  ;)
Cheers

if you want to buy cheap BTC, than panic is very good for you :) and who needs btc in low price...? think

Ah. I read that banks in China are now allowed to trade in Bitcoins. What about that?

huh? the last info told, that china banks cant trade in BTC. where you find info, that they can?

Why did they "ban" bitcoins? Baidu made bitcoin what it is now!

No they cant and never will, but dont worry, Banks dont sell/buy Gold or other precious metals as well...

maybe some of you can tell me? is there some bank that has IBAN and has bitcoin funds ?

I think this thread will be the catalyst for bitcoin to skyrocket once again!  ::)

i belive that china will do all to make bitcoin legal currency. all world will do it. but in my country, in Ukraine, i would say, no one knows about bitcoin trend. it is sad

Thank you, dude !

Anyway, any news, bad or good are great for Bitcoin. Even if China will close Bitcoin on the Great Chine's Firewall it will be a gorgeous bump for Bitcoin.

I doubt  :)
You have to use exchanges to buy Bitcoin

This is great news for two reasons:

1. It's explaining the sudden drop of BTC in the last days
2. Provided that Josep Wang's info is true, this is a relief for non-traders that had some BTC, lately built, in their wallet.

If I remember correctly, I read in an Italian news website that the national Chinese TV reported the opening of the first BTC ATM in Canada, and that this should be considered a good endorsement for the currency/commodity (the government still cannot officiallly accept it, so it should be considered as the maximum possible endorsement for BTC to get).

Yes I think it's perhaps neutral news for btc.  China did not make btc illegal but it could easily try to, that is something China would be more likely to try than the US I think.  I mean China has a "great firewall" and they could try banning all btc related websites.

Thank You

I dont know why everyone was freaking out. We dont need the banks anyway. Thats what bitcoin is all about!

It's possible. All china does is look to make money an overpower others.

So why did bitcoins drop in value if they made it legal? Must have been scaremongering...

I think people misunderstood the news that the banks weren't allowed to trade bitcoin that China would be pulling all it's money out of the currency. In reality it means that banks can't trade it like a commodity, but individuals and businesses can use it.

This is actually a win for us as it means less manipulation (well legally, maybe they can hire contractors to do it for them or something).

I would say China did not make using Bitcoin illegal.
This is big diference from making Bitcoin legal, the Bitcoin status remain unchanged in China in my opinion

Same thing is happening in America. Online betting isnt really illegal, but its illegal for banks to transfer money to betting sites. Essentially what China is doing is that its "banning" btc, buying it for cheap and then "unban" it. That way they can sell once its back to $1000 and make money from it. <- This is at least what I think is happening.

all the trolls from btc-e should read this ...

Don't talk like the circlejerk over at reddit. The news wasn't good obviously but it wasn't that bad as it looked initially. Time will tell anyway.

Thank you for clearing that up.

Wow, that's like a mission impossible.

What? The western news lied / stretched the truth??  They NEVER do that!! :/

This is very exciting news!

That makes sense, I never really thought of it that way.

The fact is that most of the users on the Chinese market are holding bitcoins for 1 speculation or 2 getting (often illegily obtained) currency out of the country.  The regulation that is coming is going to help legitimise bitcoins and so in the long run the value will continue to increase.  The drop that happened last week should not be a surprise and we can expect a few more along the way.

I am under the impression that China did not makes Bitcoin legal, their statement is simply a clarification of how they view Bitcoin.

China sees Bitcoin as a commodity not a currency, and emphasised financial institutions should not to be involved in bitcoins trading. I still don't see how a Bitcoin Exchange would fit into their existing heavily regulated financial environment. If a Bitcoin Exchange is NOT a financial institution, would that mean China can shut it down any time? China can choose to block Bitcoin mining and transactions with their firewalls whenever they want. If so, would it fork the blockchain into a china fork and the rest of the world fork?

My point is, China can kill Bitcoin on their own turf any day. Without Chinese users, bitcoin would loose about a third of its market (rough guess). Bitcoin will not collapse, but where would bitcoin prices go?

Nevertheless, the Chinese statement is reassuring. We could assume China is not going to do anything drastic for now, but it is frightening to know they can pull the plug any day without notice (as Chinese government often does).

They have publicly said that people have the freedom to buy and trade BTC online, at their own risk. That's the whole point. If they want to kill it, why they made such a statement?

I am not saying they will, I am saying they can.

As I said above, I assume the Chinese "is not going to do anything drastic for now". If and when they do want to control/regulate/kill bitcoin within China, they could quote the statement again and say we have warned you back in 2013  ;D

Yes, what you said is possible. However, I really don't know what's the reason (or excuse) for a government to forbid people from buying a virtual commodity (not a currency or a stock). It is not harmful either physically (drugs) or mentally (children porn and drugs). It is not a life necessities (salt, food) either.

Therefore, the only possible way for a government to take action is to close the exchanges with whatever reasons they make up. As a result, once decentralized exchange becomes usable, BTC will be much safer.  

Silly rabbit, BTCe trolls can't read.