Bitcoin Forum

 >:(Big news.China central bank closed the internet transfer channel to  market.
local investor cannot use the internet transfer channel now. before they can use local internet payment way, like paypal, to transfer rmb to exchange to buy and sell market. this action will hit chinese bitcoin investment.

source?

I haven't heard of any official source so far but i know of one source that usually don't lie. Btcchina  ::)

It's on Coindesk: http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/ but still nothing official yet

That's very bad, China is not just random country, we talk about 1 billion of people!
China has a very high effect on the bitcoin market.
I expect a big fall.

It could be a manipulation move from "who knows": http://www.btc38.com/btc/btc_market/476.html

Another FUD topic to try and push the price down - we already have at least 3 others.

If you bother to try it out yourself you'll find that btcchina is working fine (as has been pointed out in the other silly FUD topics).

(also interesting to note that these topics are mostly being created by "new accounts")

Its true. They are closing it off by end of Jan 2014.

You should post facts not other "things".  :)

FACTS:   Bitcoin China will be closed within 30 days. They are not accepting funding by bank transfer.

See the funding/withdrawal options for BTC China:
In both screenshots, all the 3rd party payment companies have disappeared from Funding Options with the exception of Yeepay.

For the Withdrawal Options, only 5 options remain. all of them banks.

Both screenshots are from today. It is also mentioned in article that some guy attempted to fund an BTC China account via a Merchants Bank of China account, and was met with 'transaction errors'. i.e. it was not possible to deposit funds through this bank today, whereas it was possible a couple of days ago.



https://images.weserv.nl/?url=media.coindesk.com/2013/12/zKapron2ed.png&fnr


----------------------



https://images.weserv.nl/?url=media.coindesk.com/2013/12/zKapron1ed.png&fnr

BTC China is closing in 30 days--is this a statement of fact?

of course, it's fact. the china central bank has announced this policy.all bank and electronics pay company cannot help the exchange market to setup official transfer channel. now, only personal transfer way is still kept. it means you can only transfer your money to personal bank account. this is not safe for normal investor. market is coming down in china.

I have put so many buy orders at $600, $500, $400, $300, $200, $100, but unfortunately none of them get triggered :D

600s might trigger soon

Just exactly where does it say that they are closing in 30 days?

A big fallout again tonight - waiting for the bounceback now so I hopefully can make some money on the low buy...

1)  CHINA FORCES PRICE OF BITCOINS TO DROP

2)  CHINA BUYS DICKLOADS OF BITCOINS ONCE PRICE HAS DROPPED

3)  CHINA ALLOWS BITCOINS AGAIN, CHINA SUCH RICH MANY DORRU


yep

They did say "suspended". That would be hilarious. They like their gold, cash and bitcoin don't they :)

I think, The source is not valid in my opinion. Only affects business-type banking accounts at a moment as PBC dislikes the Lehman incident.So be it. Personal to Personal is allowed based on notice issued by PBC dated on 5 Dec 2013. May people say the action has noticed, premature. (http://www.coindesk.com/bitcoin-price-falls-btc-china-exchange-shuts-fiat-deposits/,http://bitcoinmagazine.com/8778/bitcoin-chinas-new-special-economic-zone/, all accessed on 18 Dec 2013)

It needs time to adjust, Different countries will do the similar things to capture bitcoin (or equivalent) as much as possible. There are three panic sales happened this year. These people do not stop, The States Has captured at least 125K BTC. They just wait until necessary formal trial are finished, committed.

There are business made, more than expected as people think good time to get more and more, then reach to highest, dump almost all.

1. USD 266 to USD 50 (False message sent for mtgox is under Ddos Attack, causing panic sales, people grab the cheap coins) on April 2013
2. USD 900 to USD 450 (Three major players (US,PRC,NIPPON), try to send message to slow down, November 2013)
3. USD 1200 to USD 480 (notice(PBC) misread, merchant denial message, bank fiendish (not on personal accounts based on notice). This moment)

It's all over the news. I think the devaluation will go a bit over the percentage amount of what China was holding in Bitcoins, unless people totally panic then we're looking at a deeper hole.
We also have to take note that this is now becoming a big boy game. Once governments with their incredible public opinion sway and resources are in the picture, small 1,10,20,100,1000 etc bitcoin in my wallet people have absolutely zero to say.

CIYAM, I said that .  I am the source  :))

I came here with the news that BTC China will be down and here it is. It's down.

You said that I am bringing FUD while I told you that I am saying the truth and that you will see in 2-3 days.

Now, 2 days has passed and all I said was true. Next time, believe my words.

Do you want me to tell you who will be the next Bitcoin exchanger who will close its business? :)

Stay cool, it won't be before February. It's enough BTC china for now. :)

Thanks for the info myax.

I smell FUD.  No one knows what the China government will do in the future, but to date what you said is NOT true .... BTC china is still actively trading.  They have "temporarily suspended" buying bitcoin from banks in RMB.  The official statement from btcchina website (below) says they will provide alternative funding methods.

Provide a source for the claim that btcchina will shutdown by end of January?  This directly contradicts what the CEO of btcchina has said so far.  I live in china, trade on btcchina, and read all the news about bitcoin, including Chinese forums.

Regardless, the big Chinese players (eager to avoid capital controls and stash their pile of money) will always prefer local or OTC transactions, to avoid bank scrutiny.   The local option will just be more lucrative for traders like me  :)

Here is the official statement (and my translation):
---
Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18
---
Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18
---

So two things we can gather:

1) There is no "source" to your FUD and

2) You are wrong as btcchina is NOT down at all.

Even someone claiming it will rain every day will be right "some of the time". :D

For someone who claims they have no interest in BTC at all why are you so *keen* to keep pitching this "information"?

Seems that there a technical problem with bank wires but some exchanges are solving it.

payment processors are automatic and funds in the moment.  Bankwire has a delay of 24hours, and some  exchanges dont have yet the structure to process manually (but can solve it!) anyway two of the big chinese exchanges are currently accepting new diposits

huobi.com http://www.reddit.com/r/Bitcoin/comments/1t7gf1/huobicombank_transfer_recharge_24_hours_arrival/

chbtc.com https://www.chbtc.com/news/show-289-proclamation

So, btcchina if not get another payment processor, needs to creat a working team to process bank transfers...

Btcchina has just announced on Wednesday that they was forced to stop accepting yuan-based deposits.