Bitcoin Forum

http://video.cnbc.com/gallery/?video=3000229171&__source=yahoo|headline|other|video|&par=yahoo

Bobby Lee, CEO of BTC China, says there is no need to panic after Chinese authorities blocked the country's Bitcoin exchanges from accepting new cash inflows.

Trollololo

So do exchanges in china need to use 3rd party payment providers ? Or can banks deal directly with exchanges  ... A clear yes or no would be useful  ???

dont panic you just sold all your coin to him and his mates ;)

Banks deal directly with the exchanges, however, currently you can only withdraw not deposit.

haha, yep wait till the bottom to say dont panic.

Anybody got a transcript of this?

Next big announcement? "Bobby Lee: stay calm folks and wait here, i'll be right back!"

still the greatest performing asset in human history what have you got to say about that  :)

Don't panic BECAUSE.. ? :)

Why did he say he needs to use 3rd party payment processors ?

It really annoys me when people start all their sentences with "So...". In English you BARELY EVER start a sentence with "So..." and it's even rarer to use it to answer a direct question. I mean WTF? I thought this was a quick fad but it's been going on long enough and we have to put a stop to it. I'm starting a committee or something. It drives me fucking nuts. Learn to English.

If I were Bobby Lee, I would be more than happy to buy ALL chinese bitcoins at 2,000 - 2,500 CNY, sell some at EUR or USD exchanges, and retire early :)

tomorrow the price will be 2000

I'm sorry that annoys you  :o ,

Ok........

So why did bobby lee say (35 seconds in) that btcchina needs 3rd party payment services, my understanding was banks can work directly with exchanges in china ?

Ok got it . Thanks

That was fun to watch, as china went to bed and panicked the western world woke up and purchased it all. lol

I've got cash funds coming back, massive refund but not till January, Really is sad I don't have them right now. would of been nice to buy ten coins at $400 :(

http://www.nytimes.com/2013/12/19/business/international/china-bitcoin-exchange-ends-renminbi-deposits.html?_r=2&

Me too, every morning driving to work, every person being interviewed on the radio starts with "SO", AAARRRGGH, this is not the way to start a sentence, where did this come from, its nearly as annoying as the upward inflection which makes every statement sound like a question!

 >:( >:( >:( >:(

I wonder if you know how to speak chinese LOL . world are changing accept it !

He just got rich

'No, don't panic Mr. Lee. You can still drink as much water as you want. All we are simply doing is tying your hands behind your back and sowing your mouth shut. '

You better thank him. If they do not stop the panic then BTC will reach 200 USD per bitcoin. Which makes it look bad for those who bought in at $1,200 a few weeks back. Why would a person wanna ever get involved in bitcoin again when they have an experience that bad. They won't.

His exchange can still trade in USD or EUR just not Yuan/RMB. So he opens Unionbank USD account and trading resumes

Somehow I doubt the Chinese gov't would go for that.

as a native english speaker its very dumb so say that. can you speak any other language than yours?   ::)

so, thats not the topic for such a discussion  ;D

anybody got an alternative link?

thanks

So, I start sentences with 'so' all the time. So what?

so, that would be nice.  :P

Bobby Lee is the least trustworthy person in the Bitcoin world right now.  Just 2 days ago, BTC China released a statement saying they were re-implementing 0.3% fees "to prevent market manipulation".  You really believe this was not in response to private talks with government officials?  They knew the rug was being pulled out from under them.

http://www.cryptocoinsnews.com/2013/12/16/breaking-news-btc-china-trading-fees/

Bobby Lee is also saying he's never heard of anyone using BTC in China to get money out of the country.  What a lying sack of shit.  Bitcoin's Chinese value was derived almost exclusively from the ability to circumvent currency controls.  This guy has been in the e-commerce game for over 15 years, he graduated from Stanford.  He's playing everybody for a fool.

Now he's telling everybody not to panic.  Uh, hello dude?, your company was the BIGGEST BTC exchange in the world.  In the past week the perceived message from the PBOC has gone from:

- Bitcoin trading is allowed, banks just can't manipulate the prices
- Bitcoin trading is allowed, third party processors are now banned
- Bitcoin trading is allowed, but no banks / third party processors can do business with anything bitcoin-related

It's bad, Bobby.  Don't lie to us.  You'll keep working on trying to figure out a compromise with the PBOC, but the odds are slim.  Bitcoin stands for everything China is against.  If the ability to search for information on Google is perceived as being a threat to the system, where does that put Bitcoin?  The ability to instantly transfer wealth, anonymously, to people around the world.

Yes, I think he is a LITTLE biased in his view of what's going on.  That said, did he stop the crash from happening by saying not to panic? :)

My post was largely misunderstood but glad to see at least one person knows what I was getting at. I'm not picking on Bobby Lee in particular a lot of native English speakers have been infected with the "So..." virus too, I notice it a lot on the US business channels.


This is an interesting thought. What would you have somebody who is watching a crowd of people panicking say, in order to try to stop them panicking?  ;D

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

I expect him to put his money where his mouth is.  It's clear he was panicking himself.  He added fees to BTC China less than 48h before deposits were disabled.


Right, the #1 market for Bitcoin, the market which fueled the entire rise up in the first place, is insignificant.  Tell me, what is significant?  If Bitcoin added 47% market share in one day, would you say that is significant?  Wouldn't you expect your coins to skyrocket?  But when it's the opposite, it's simply a "blip in the road". 

I think I've seen this before.

http://cdn.memegenerator.net/images/300x/163347.jpg

nice chart, glad I saw this!

The numbers are extremely deceiving.  The primary catalyst in the April crash was the fact that everyone used the same exchange, MT Gox, and the system crashed during the sell-off.  People could not put in orders.  If they did put in orders, the lag was literally up to an hour.

Which, if anything, would support the view that this crash isn't as volume intensive.

Exactly, and I plan to buy through other exchanges like Coinjar and BTCMarket to avoid Mt.Gox like the plague.

Don't panic BECAUSE, you lose only 70% capital,  :o

Surely this also stops Chinese manufacturers accepting bitcoin? (Such as Black Arrow)

sorry but no: http://bitcoincharts.com/charts/btcnCNY#rg360ztgSzm1g10zm2g25zv

the april crash happened mainly on gox, so lots of volume there. this crash is happening mainly in china, so lots of volume there... the gox chart is useless for todays crash!

http://fiatleak.com/

At the rate China are buying coins, it looks like everyone else has been duped.

I sold my Bitcoin. Got beat up in the process too, but had to cut the loss and wait for a realistic drop down to $100 or below. I am not getting in until then.

China has effectively killed any chance of China being the next big Bitcoin economy. Maybe India will pick up where they left off.

Meanwhile, in the good 'ol US of A…. FinCEN sending notices to businesses that they should err on the side of caution lest they be seen as criminals. Basically, if you want to start an exchange in the US, you better register with FinCEN and get your money transmitter license in all 50 states and pay for your surety bond in each state (very expensive).

Why do we tolerate this BS from the powers that be?

So, what does this mean for Bitcoin in China? I like he speak very much good engrish too.

prices will go further down. but not below 100$! it never fell below pre bubble prices in the past even when the future looked much worse. i expect another drop to less than 400$ on gox and than prices will stabilize around 300-500 before the next ascent begins.

So why does it annoy you?

so far the mtgox low for the past week was 455 usd. if it doesn't drop below that in the next few days, chances are that's the new floor.

i bet 1BTC that the price will drop below 455.00$ on gox in the next 14 days! anybody in?

I'm not sure what to make of this. He is cut off from RMB transfer, but says his exchange is considered legal ???

Fair point, but prices have been falling for a few weeks now and the sudden move since yesterday hasn't caused the prices to fall back to April levels. There are still plenty of buyers meeting a reasonable number of sellers.

FinCEN is doing their job as the enforcement arm of the Manhattan financial crime mafia.

Wall Street wants in on Bitcoin trading, but on their terms and without needing to compete against more honest platforms run by outsiders.

Professional traders talk about how the lack of leverage and other traditional trading features as contributing to volatility. That code for, "we hate needing to ask permission to sell other people's bitcoins for them".

They want to be able to rehypothecate customer deposits, and especially want to be able to short naked.

The purpose of all this FinCEN enforcement activity is to herd bitcoin users into forthcoming platforms where you'll be dealing with "paper BTC" that's just like "paper gold" - no way to prove that you actually own what the balance in your account implies that you own.

Call me naive, but I think it's a simpler case of individual regulators at various agencies simply trying to meet their mandates. Thus, they're enforcing AML/KYC and licensing. That's all rather to be expected. They're not in cahoots with Wall St. banks towards some amorphous goal of creating more paper debt; more generally, the regs targeting tracking of financial flows help gov keep tabs on people for taxation and crime-fighting purposes (drug war, etc).

But regarding paper-BTC, we as consumers/customers of such platforms and products will simply need to demand proof. Sign a message with the private key to whatever balance. Much simpler than credibly providing audit-proof of vaults full of gold (tungsten?) bars. Customers *have* to demand this sort of accountability, though! But unlike prior vehicles, full transparency is possible with bitcoin.

while I agree with the sentiment, you give banksters too much credit. They hire quants to do that and the quants all love Bitcoin. Wall street bankers wouldn't know what to do with a bitcoin in a whorehouse.

Their mandates were written by the best-paid lobbyists who all came from Wall Street. They don't have to be conscious of the big picture effect.

Full transparency is always possible with Bitcoin. When you're dealing with third party services with accept Bitcoin deposits, however, you need an additional accounting layer to get that transparency.

Like this one: http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html

They are looking for alternatives, so that's a good sign

Yes, we must all being to "learn to english"  :)

If they can't exchange it for CNY, then I don't think they want to take the risk.

How true, I'm friends with a de shaw quant and he's definitely into bitcoin though I don't think they've really out big money into it.

Okay I'm watching FiatLeak...  so what about it makes you think China is BUYING, as opposed to SELLING?

A BTC exchange in China called Huobi said to a newspaper that because all third party services are terminated, they have to handle thousands of money drawback request manually by bank transfer instead of that originally have a system in place which can help automatically process everything thus everyone in their company work till like 10 or 11 pm.

I don't understand the point behind FiatLeak now, it's showing buy orders, so what?
Does it show sell orders as well?

Top comment !!!

I completely agree. Starting a sentence with "so" implies some continuity of a dialogue that the listener hasn't been aware of..kind of "ah, you haven't heard about this, I'll just bring you up to date". At best it's ridiculous grammar and at worst it's an attempt to dismiss the legitimacy of the questioner's challenge and is patronising as f*ck.

It annoys the f*ck out of me as well and the Winklevoss's are the worst culprits.

On a related note, listen to them try to explain Bitcoin - instead of just saying "its peer to peer money that doesn't need a bank as a counterparty", they go on about cryptology and C++ programming !?!

http://www.businessinsider.com/winklevoss-twins-explain-what-bitcoin-is-2013-11

So it's okay to pointlessly swear in most sentences?

Nerd rage is kind of funny but grammar Nazi rage is vulgar. I hope you don't kiss your mother with that mouth.

pages of pages of random, stupid, useless nonsense without any regard to the topic whatsoever. really sad to see what happened to this "community" in the last 8 months.

who the fuck cares about how bobby lee speaks english?! he's not a native speaker by the way!

Money cant buy intelligence!

 ;D

So, in other words: "learn to english" or stfu? ::)

Bobby Lee speaks better English than some of those on this forum, and much better than my mandarin.

Ahahahha- you listen to npr constantly, don't you? I've noticed the same thing- every smart guy they interview answers questions the same way. I have no idea where this started btw. Just funny; you're not the only one who's noticed. non-passive-sentence-speakers; unite!

Happy new difficulty 1.2 bilion   ;D

http://easycaptures.com/fs/uploaded/854/8197936339.png (http://easycaptures.com/8197936339)View Screen Capture (http://easycaptures.com/8197936339)

What is after terrahash?

after Th coming Ph

Ooooooooooooooooh

Den wat

We go to difficulty 1000 bilion for next 6 months, or 60000 bilion for next 1 year

Do you like therefore better? ;)

What are those called?

1 trillion or 60 trillion. At least in The US.

Difficulty rise 33% each 10 day, Diff coming 1.2 bilion and for next 10 days coming 1.6 bilion, and so forth

Calculation is simple, BTC mining is dead in April 2014g, game over,  ;D

You can try calculate, and see, game is over in April 2014g, no more mining profit.

http://mining.thegenesisblock.com/

There are two systems: http://en.wikipedia.org/wiki/Names_of_large_numbers

The British and Americans used to use different ones and stopped when this was so confusing it cost several Billion (or was it Milliard ;))

Jesus

Esse83 do you believe on the words of bitcoin CEO in china well I don’t trust him. Have you ever heard any company saying we are going to crash I don’t think so. Yes once they are crashed when it’s too late for investors then either they would apologize or refuse give an interview to any reporter (yeah they even won’t be there to upload consoling videos on YouTube)

they dont crash but now they will have to build a complete new service and solve alot problems.

and when they die, 100 others will take their place.