Bitcoin Forum

What is going on?

Is this true?

http://www.maxkeiser.com/2014/01/china-halts-bank-cash-transfers/ (http://www.maxkeiser.com/2014/01/china-halts-bank-cash-transfers/)

i'm a chinese. although the goverment in here is lying every second, but this time, i think it is just a system maintenance.

source from max ? gosh ! max doesn't understand the chinese rules，he isn't live here  ;D
I'm living in dragon's country , everything works well  ::)
另外，111贴的帐号用来FUD还太小，下次搞个hero的账号来。

I wouldn't buy it; System maintenance can be done in parallel to where it causes very little disruption. Imagine you have 2 servers running the same system; one primary the other fall-back. You can make your changes on the fall-back and then switch it to primary without taking the primary offline for more than a brief time...

I doubt they would run a financial system without redundancies; there are other systems which control power grids, satellites, military systems, how often do you think these go "down for maintenance?" Yet they all must be updated and maintained.

Think about that.

Does maintenance really take three days? They couldn't have picked a worse time to do it with all the default rumours out there.

WOW that is a long period for a bank maintenance and I bet many normal folks will be panicking because they need their dough for the Chinese New year. I think this will disrupt a lot of peeps who want to travel to their hometowns and may cause some chaos. Let's see the three days after what will transpire.

Cash Crunch. this could well become an Extinction Level Event in the financial sphere. one week of no convertibility to USD is going to do wonders to the supply chain... got BTC ? ::)

this maintenance is scheduled during the chinese new year holiday which is the most important holiday for chinese people, almost all business will be closed during this holiday including banks. so actually it is the best time to do the maintenance, right? and this time, they will upgrade the whole payment system among the banks, at least i was told so, so three days will not be very unreasonable? the sky will not fall down.

during this holiday, all miner building factories will stop working, which is a good news for all miners because there will not be tons of miners being delivered and depoyed during this period.

There is a link in Forbes http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/ (http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/)

Something is happening in China around January 31, 2014, and I have a funny feeling it is not what the bitbears were expecting.

china is in vacancy from 26/01 to 07/02 ...  ;D

exactly, but my miners will keep working ;D

They need all the computing power to launch their version of Skynet.
Humanity is doomed!

http://i.telegraph.co.uk/multimedia/archive/02564/potd-robot_2564375k.jpg

I went to both the ATM today at China Construction Bank and also had some RMB converted to dollars at ICBC.  In Beijing.

Maybe I'm just blind and missing something, but I haven't seen anyone running around freaking out in China or talking about in inability to get money.  Not sure what this article is about really.

I agree,  although I didnt have any problems getting money out today so Im not sure what the article is talking about really.  It's certainly true that virtually everything is shutdown during Chinese New Year.  Which reminds me I need to run some errands today before the city turns into a ghost town in the coming days :)

Does this affect bter.com? I put in a request for a bitcoin withdrawal almost 2 hours ago. Nothing is being reported as being received.

Probably not.  (http://www.zerohedge.com/news/2014-01-26/no-there-no-stoppage-cash-transfers-china)

Someone at Forbes apparently misread a People's Bank of China notice and put up a story. Then other media picked it up. Then Forbes took the story down.  If the guy at Forbes got it wrong, he'll probably be unemployed by Tuesday.

Somehow I doubt misreading something about China and having an article put up then pulled down gets you fired. Especially nowadays when news outlets have to race to be the first ones to put news out, thanks to the internet and the speed of information you see news outlets post wrong news more and more often only to pull it down a few hours later or apologize.

hmmm

There is a $500m shadow banking product that is due to mature at the end of the month.

People invested into a fund for 9-11% return, the fund then loaned the money to small businesses. It is about to default because their returns are below maturity levels of the money put into the fund.

This is just one of many funds with similar problems.

If they all fail, everyone with wealth in china becomes poor. the system fails.

Page not found for me...

The whole baking system is proving again and again that it is unreliable. At present, I am keeping less than 2% of my assets in bank accounts. Any amount more than that is suicidal.

It's gone to the dogs...
http://rubmint.com/wp-content/plugins/wp-o-matic/cache/ac248_epic-fail-photos-failbook-silly-dog-you-cant-bake-youre-a-dog.png

Growing up it used to be common to hear the refrain that when the USA sneezes, Canada catches a cold. This aphorism was meant to highlight Canada's heavy dependence on the USA back in the 70s and 80s.

I am not in finance and don't appreciate nor understand the full implications or consequences of China's PBOC behaviour citing nationwide system shutdowns, but I feel that we could s/USA/China and then s/Canada/USA to get the same gist and sense of uneasiness.