Bitcoin Forum

The way that I read an article a few months ago, it said that China was to completely ban Bitcoin on the 30th of January.  After I saw that people were not panicking or referencing it at all, I decided to look up the news again yesterday.  From what I now understand, the Chinese exchanges have been closed from deposits for a month and are coming back on the 30th? 

These articles are worded pretty weirdly in my opinion, or maybe I am just missing something really obvious -.- 

Could somebody please clarify the situation? :)

What I understand is, on 30th Jan, all chinese exchange site have to be closed down completely. I might be wrong, anybody have any idea?

Yeah it is weird because they say *until January 30th which makes no sense at all to me  ???

Wrong. They're not being closed. They're closing down channels to get your money out after that date. There are workarounds like vouchers. I'm not sure it'll last though.

Ah so that would explain the lack of panic.  Hopefully they work out regulation.

China has been co-opted by the alliance between Russia and North Korea. Putin and Kim Jong Un are taking control of the exchanges.

It has all been confirmed by reliable sources in this thread:

https://bitcointalk.org/index.php?topic=412280.220

I think there's cause to panic about how close to the wind China's biggest exchange is sailing. They've had some pretty unorthodox methods to deposit and some seem to think they're faking their volume.

Having said that it seems virtually impossible to get a straightforward view of what is actually happening there. In this case the information superhighway has failed miserably.

So do Bter and Mtgox also have to abide by these rules since they are run from China?

these are not run or based in China

This ^^!

You can no longer transfer your money out to a central bank account.  You can still buy and sell "BTC China credits".

Well I guess that clears everything up for me then :) Thanks to everyone who responded

There was a Chinese dude from China in speculation forum warning everyone that the 31st Jan China thing is the real deal and the current deposit methods are not sustainable.

I also personally know someone in China who tells me the threat is the real deal. Even though im a super bull, personally I'm not buying any new btc till this whole thing is clear, price is way too Dependant on Chinese money ATM and there is evidence of fake Chinese volumes which means current price will collapse once China is out.

The markets will get more nervous in the next week or so

So that is why the price is so stable lately despite all the good news. People keep cash in their pockets waiting for the smoke to clear. IMO no matter what happens with China it won't affect the price much. They knew what's comming for more than a month.

Some are predicting the Chinese will start selling off before the deadline (right now they appear to be buying) because of the difficulty to cash out thereafter, most may just sell a portion of their holdings. The trend will definitely continue after the deadline and we also have the terms of the Fed, Silk Road, auction TBA.

All ways for getting money on and off exchanges will come to a halt on the 30th. I personally have gotten a little money out of a small percentage of BTC and remains on the exchange to buy back in a little lower. Day traders will probably trade and keep volume up until the very last couple of days. Then demand for BTC in China will probably wane significantly for a few months, and I'm hoping for $530 BTC.
Also the well to do Chinese are expected to hand out a lot of cash during Chinese New Year, (little red and gold envelopes), so I think overall, China will be getting very short BTC. So cobble together everything you can, and get it on your favourite exchange! "Beep Beep Beep" as my 2 year old would say for the trucks.

Exactly, China already got priced in. Not much will happen (in an negative way), more likely price will raise after this unclear situation. Maybe a mini-drop and then... :)

Mini drop is all my money on the exchange is holding out for. But I don't think we can rule out a drop towards $540 with the Fed Silkroad announcement.

All just bumps in the road, my friends.  I smell Freedom in the air.  Financial Freedom for everyone in the world.  This is the promise of Bitcoin.  This is just the beginning.

Where do you get your info? Gox is based in Tokyo. No idea who Bter are

The Chinese have no reason to panic sell. They are very resourceful people, and can travel abroad without restriction. Their bitcoins will still have the same value after the 30th as before, and if they need to convert to cash, they can do so.

As for the FBI + SR, there has been *no* announcement as to the date of the sale or how it will happen, so that isn't affecting prices at the moment.

technically speaking if the chinese volumes are fake what it really means is that china wasn't  that important after all for the rise in price.

Very good point. But we don't know how much of these volumes were faked ....

i would like to bid on the fbi sr stach  i bid 0.25 usd per coin    ::)

I don't think this is the official FBI auction thread. Mods, can you move his post to that thread? :)

johnerps,  let one more secret out and we will send you to Russia  8)

From what I understand is most exchanges have already implemented the new changes in how you get money in and out (BTCChina for example). After the 30th it's just "offical"  from what I understand.

If that's the case I wouldn't worry too much because although it's a bit of a hassle getting money in and out of BTCchina right now it's still quite doable,  I just bought some BTC from them a few days ago. It took a few extra steps than normal but still doable.


People in China certainly don't seem to be panicking though so I'm not too worried.  As someone else said , Chinese people are very resourceful, they will always find a way to make something work.  Just like after Jan. 14th you arent suppose to sell btc related stuff on taobao, but one quick look on taobao and it's still going on like crazy just with some added twists.

Maybe, as others have suggested, this is why the price is quite stable at the moment while people wait. I don't know much about it either clearly, but maybe we will see people's confidence rising after this and people buying. Maybe...

yeah it could be. the question is what happened then. selling my btc now  ;D ?