Bitcoin Forum

December 19th news, China government banned China largest bitcoin transaction platform bitcoin Chinese (BTC China) accept Renminbi deposits, this message, bitcoin plummeted. Foreign media commented on this article, the following is the abstract:

Bitcoin China stop accepting RMB deposit, it is even bitcoin ecosystems around the world would be a huge blow to China, but not the end signal.

First, the currency Chinese CEO Li Qiyuan is working with another third party payment company on the restoration of the RMB deposit negotiating.

Second, if want to ban China bitcoin, must be completely blocked the currency. In the current Chinese with bitcoin is not illegal. The currency game player can still trading with each other, but if they want to buy the currency of RMB is required for trading line.

Perhaps the government just Chinese bitcoin has some cold water, in order to prevent the currency a get out of hand.

A bitcoin game player said, "China government bitcoin hold a favorable attitude, but the rapid development of a bitcoin some be taken by surprise, therefore in a better understanding of bitcoin prospect, need to let the currency braking. This is a bit like treatment America, I think the final against the official Chinese special money attitude will become more tolerant."

Many industry observers think, in recent months the currency prices soared, and the increasing number of game player, the main reason is that the currency demand in the China rise. If China full stop bitcoin, bitcoin prices will fall very fierce.

It seems the currency is born is dead, to see China further government position

Nope, not only China.

Another big positive factor is VC capital in related concepts:
"The investor community, however, might see things differently. They’re not investing in the Bitcoin currency so much as in its underlying infrastructure, which could serve other virtual currencies in the future, said Barry Silbert, an active angel investor in the industry. So if Bitcoin fails, it may not even matter to them, or to the startups."
See http://www.pcworld.com/article/2082700/could-bitcoins-frothy-venture-funding-dry-up.html

Another factor are:
The 188-195 (depends on definition) other countries in the world.
Like in South America where high inflation is very common.

Another big factor is
SecondMarket CEO: Wall Street Will Put 'Hundreds of Millions' Into Bitcoin
http://www.entrepreneur.com/article/230346

By the way:
If China Wanted to Ban Bitcoin, It Would Ban Bitcoin
http://allthingsd.com/20131218/if-china-wanted-to-ban-bitcoin-it-would-ban-bitcoin/

If bitcoin depends on China then we are doomed...

True.
Bitcoin is designed to work with decentralization.  :D

I agree but what i actually meant is that bitcoin is now history in China.  :(

No, it isn't.  :P

Bitcoin life depends on bitcoin's larger adoption by businesses.

So Bitcoin is dependent on the banks that it set to replace?  That's like a chicken/egg scenario or MC Escher drawing.

Chinese will use Bitcoin even if China doesn't want them to.  At least that's what I got from Ni Hao Kai Lan.

Bitcoin is going to mass adoption all over the world. Not depends of China

Bitcoin life does not depends on China, your probably too concerned about short time Bitcoin price too much

Bitcoin is greater than China! It will survive without China!!

Long-term holding

Bitcoin can live without exchanges, learn to use localbitcoins for decentralization

OH,MAY BE YOU RIGHT,MY GOD~ :)

I do wonder why BTC dropped so far when China announced the trade in from Yuan to BTC was prohibited. Is it because there are a lot of investors in China? Why did it drop so fast?

It went up like a rocket because of all the adoption and good news from China and now drops like a rock because of the ban. Simple as that.

I know Chinese deep down love btc ;D ;D ;D

Even if China were to try to totally shut down bitcoin it would just push it underground.  It is an excellent way for the wealthy in China to freely move their wealth around.  All it takes is a smartphone and a few coins to set up a bitcoin selling operation.

Overall we're still higher than we would have been had China not been involved.

rijm2004 no doubt bitcoin is an infant crypto-currency while china is the father of bitcoin. China has authority and power to kill bitcoin or save it. According to current situation I guess china is wishing to kill this junk named bitcoin. Yes junk because it shall be worth nil soon. Rest in peace Bitcoin and I feel sorry for investors who made wrong bet on bitcoin 

lol

No bitcoin won't die because of a comunist dictatorship :)

I think that China's position will only make them out from something that has come to stay, and that the future will not have mercy on them.

Only my opinion

If someone wants to use Bitcoin it's going to be very hard to stop them - the authorities can't sit over the entire population while they use their computes.

China will recover. I am sure.

I think it's wishful thinking to think China will recover.  I think it is game over in China.  I currently live and work here and it is very clear how the government operates. 

First, they seemed open and friendly to Bitcoin.  A tactic only, while behind the scenes they viewed it as a threat and tried to determine how to move against it.

Second, they released a vague and general statement through the PBOC banning financial institutions from involvement in Bitcoin, while still stating individuals are free to own it.  Again, on the surface appearing accepting of Bitcoin, but those that understand how government works here, reading between the lines as a warning shot to get the hell out.  My Chinese girlfriend actually read the press release and warned me in advance that Bitcoin was now being taken seriously by government.

Not long after, a secret meeting was held with payment processors to stop all funding of exchanges.  Again, moving in the direction of a complete Ban, but still leaving the door open for individuals to trade bitcoin and withdraw back to CNY.

Next step???  I believe they will set a time banning financial institutions from allowing CNY withdrawal.  The government is just corralling the herd.  Once this happens, a stampede to get money off chinese exchanges happens.  Price falls dramatically.

Result:  Bitcoin still legal to hold and trade just as the government initially had said.  However, essentially worthless for the average Chinese without a foreign bank account. 

For now. The Chinese will have to withdraw everything before the 31st of January.

Is there option for Chinese to buy Bitcoins instead and keep them ? Probably small part of Bitcoins will end this way.

Bitcoin doesn't give a fuck about china.

And stop looking at those prices and measure bitcoin true values by it.

rijm2004 bitcoin is a strong new era currency which is not dependent upon any country but it has power and ability to run on its own until we traders, buyers and sellers are shielding it. All the worth that any currency hold is due to our faith in it so every currency is dependent on us not china or any other power

BTC is a P2P network based anonymous digital currency not China.

No matter how hard BTC falls, it'll b up again in the long run - mathematics.

I think it's important that bitcoin gets independent from China and that it will gain legitimacy in more or less every country :)

You got it wrong. Bitcoin depends on world. Not one country. You are also mixing its fast growth and profitability with it's surviving.

India is one emerging market to watch! Not many people have bank accounts in India so if Bitcoin can get a good ground base before the banks it will take off.

China does dictate the price of the Bitcoin a little bit. It does rely on them but you have to remember it is also available in every country.