Bitcoin Forum

BTCChina closed bank deposit as a way to deposit Chinese Yuan. Right now no way to deposit CNY into BTCC.

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http://www.reddit.com/r/Bitcoin/comments/1t5cfx/btcchina_closed_bank_deposit_as_a_way_to_deposit/

expected banks to fight bitcoins with all power they have.
but they can not win , since there is no single point of failure.
in this case govnments and banks can have diffrent opinoins.

The single point of failure are the exchanges. Without an easy way to convert BTC <> fiat, Bitcoin is useless.

well if there was one exchange you were right! , but this is not the case , bitcoin w/o exchanges is not useless look at the argentina case , you only need one exchange on the planet technicly , and that can be everyone :)
also peple that do change bitcoin for money and vise versa like on http://www.localbitcoins.com style.
Its a banks action not govrnment! I saw a very intresting program on dutch mainstream tv basicley axplaining the banks working as in zietgeist wich can be called revolutionary for main stream media.
so I would not be supprised that banks want to stop bitcoin and govnments wont.
so what we will see is silver/btc sliver/ltc ltc/silver and btc/silver exchanges in china , the same can go for gold , since i think the govrnment is not against the bitcoin but only the banks we could be in a very intresting time :)

as long as there are places in the world where you can exchange btc to fiat, as long BTC will exist.

and i guess the banks will come to BTC in the next years  :D

Yeah, no way people could possibly do that on their own without exchanges... </eyeroll>

You give up too easily, that's for sure.

Enter MasterCoin ... Decentralized exchange that lives on the blockchain.  If the idea catches on, it could put an end to gov't tampering with bitcoin to fiat trading.

Yeah sure they can, but Bitcoin will never go mainstream.
If using Bitcoin involves any more hoops to jump through than someone using a credit card or Paypal, then your average Joe just won't use it. Bitcoin would still exist of course within it's small niche, but the world would lose interest.

I think at some point Bitcoin (the community) is going to have to make a compromise in exchange for being allowed on legal licensed exchanges. We will all have to make a choice to accept it or not.

Just wait for another Cyprus event and we'll see about world losing interest :)

Bitcoin has shown itself to be a very effective way to circumvent chinese capital controls, explaining the sudden heavy handed attempt to shut it down.

It may go off the radar there (like many other things) but it definitely won't be going away.

it takes time.

do you remember how long it took to fill out a credit card slip 20 years ago? :)

and look at where amex, visa and mastercard are today.  remember some of them started back in the 1950s... this will go A LOT faster.

it is alot easier, faster to buy a beer with a scan of a btc qr code than it is to do a credit card tx.

every person under the age of 15 today in countries that have smart phones will know how to use it in 5 years...

Yes I agree, but the vendor of the beer must be able to convert the Bitcoins to their own currency easily. If they can't, or it too much arsing around, they just won't accept them in the first place. If governments start throttling exchanges, it's then not easy.

Of course you could argue that the vendor doesn't need to convert to fiat if he just spends the Bitcoins on the things he wants. But then this is the famous chicken and egg scenario.

that's why common chineese also accept silver or gold :)
they can easaly do toose transfers , and you will be supprised how creative people get when it is a try to block an economic flow :)
ask the people in arentina who can not deposit autside argentina and can not own dollar or gold!!!!
just watch this [link]http://www.youtube.com/watch?v=e__m-w4N7NI[/link] no need for easy transfer :) ,, just tranfer it to someone who can do it for you!

agreed.

In the West there is just too much money and people involved.  China is a "communist" kleptocracy, people have much to fear there.   

Who knows maybe bitcoin will help in bringing down a communist regime.  That would be pretty awesome.

Joe Blow ain't hearin that.

Just sayin.

guys by mid year 2014 this stuff is going to get integrated into all sorts of web services, the chinese won't be able to compete without it...  they seriously shot themselves in the foot

people are already making these moves, it is the obvious next step for use of cryptographic token accounting systems to lower finance operations costs at companies, and some would say to bring about distributed applications

it will be sooo embedded into everything the internet touches that no one in the West countries will be stupid enough to even attempt to rip out.

they can win easily by stopping BTC liquidity. that would turn BTC primarily into an underground exchange of assets.

I so hope you are right.  I keep thinking this but with all the craziness today it is hard to see the big picture sometimes.  Thinking long-term is what anyone involved with BTC needs to do!