Bitcoin Forum

I'm Chinese, and  working in a  bitcoin website, which famous in Chinese bitcoin community. I want to talk some about the ban to bitcoin price.

First, let's forget the China.  before Nov. 2013, there is few(very few) bitcoiners in China. Most Chinese knew bitcoin from TV after the price sharp rise in Nov. In Apr 2013, the price of btc strongly fluctuated by other factors including MTGOX hacking. (oh,fxcking mtgox !)

When I  decided to invest in btc, I considered this factors, including value storage, international transfer, and anti-inflation needs, but not illegal usages.  If give btc a market cap as Visa or Master for the transfer functions, it means 100 billion USD. If give btc 5% mkt cap of Gold(6000 billion)，will be 300b USD.

It is a great value, and not considered any Chinese or Russian issues. We know, Just in United States, there are 300m populations. even 5% of them have 1 btc each, it need 15 million btc, and the BTC only have 21m.

So, the need of US and Europe is very enough to keep the market cap of btc, if btc can really meet their demands. DO NOT need the extra demand from China or Russia.

The trading volume in Chinese exchanges so large is because they provided FREE TRADE. actually, it is not so many trades. And in my view, 99% Chinese "investors" is speculating in short-term trades.  And in China, it is no use of bitcoin except speculating. Of course, it is caused by gov banned business to accept btc.

Only I'm worry about is that gov arrest miners and ban mining.(Yes, it is possible in a totalitarian state) But I think it is not possible now. And even they do that, because miner equipment replaces fast, We can deploy new miner machines in other place.


Just do the right thing, and keep btc safe...  Don't consider China anymore, If they ban btc, they have no right to decide the fate of btc.

I'm a Chinese, and I knew the history. A fact that indicate things clearly: in the cold war, the western lives well, even the people starve in East. When United States to da moon (I mean really go to moon) ,the Chinese is still in hunger.


Go on, bitcoin,  your future is in free world.


中国人看了别生气，这是事实。  各位可能知道我是谁，免喷。

 

Actually many Bitcoin investors will not happy if China coin market being shutdown completely. Bitcoin made it to $1000 on December because Chinese traders was in buying spree. Their huge demand pushed the price to the moon. Without trading volume from China, the price would be 200-300 for now, not 500.

Chinese government should not ban BTC in the shadows, but very possible development in other aspects of block BTC.

I dont think they BANNED bitcoin just regulated it...

Thank you so much. China's government can ban it all they want, but the next time BTC spikes past 1,000, watch how fast hundreds of millions of Chinese jump right back onboard the profit train (https://www.youtube.com/watch?v=kIbEj1CIpuU).

CHOOooo Chooooo!!

no china no $10,000 Bitcoin  :D

In long term bitcoin has a good future. There may be some fluctuations in short term.

When they'll find their outsourcing activity is being hampered because of this, they'll automatically unban it. Its just about adoption.

I think it's only a matter of time untill china is back. And I believe we do need china because think of how many people are in china . That's a lot of bitcoin usage and this caused price to go up so high. If China comes back our coins are going to double tripple or even 10x what they are worth now

No one can do much about Bitcoin, that is the reality, just keep buying my friend.  Some time I might fell like media tools of paper money industry is winning, but reality is  It is same like bit-torrents protocol.
More they hate it more it grow.   It is just like dogs barking on the Train.
Lets make this wold better place for next generations to come.

China "ban" is unverified rumors, unless I missed some big (verified) news.

I will repeat myself:

NO COUNTRY WILL EVER BAN BITCOIN!!!!!

WHY?

Because black markets will emerge.....

Thank you :)

I'm just trying to understand the Chinese situation, for instance, are mainland Chinese citizens allowed to visit Hong Kong and participate in that economy as a tourist?   Do the same restrictions apply in the Shanghai trade zone?

When you trade on a Chinese exchange for speculation, are you actually allowed to withdrawal in BTC?   Are there underground street-level bitcoin/Yaun traders?  

Also, what is feel for if/when the Chinese government will ease up on currency restrictions?

I think you said very good. By the way, I also Chinese.

china has not banned citizens from using bitcoin. they have only banned banks and government institutions from using bitcoin for THIER investment portfolio.

banks wont buy bitcoin to hoard. but citizens can use bank account to wire transfer between other citizens and services, so that citizens can hoard coin.

as for the bitcoin value.

if only 12 million people invested $1000 of their life savings into bitcoin. then each bitcoin (12mill in current circulation) would be worth $1000 each
0.17% of population.

in 2140 if only 1% of world population(estimated at 21billion+) owned all of 21million coins then each person(210m) would only have 0.1BTC, which if they all only wanted to risk $1000 of their lifetime investment into bitcoin then 1BTC would be $10k

now imagine if the average person wanted to put not just 1 month salary at minimum wage. but 2,3,6,12 months of salary.. and imagine that over 1% of the world wanted bitcoin. then the btc value would far far far exceed $10k a coins.

the potential is massive. we just need to shed away the small numbers of emotional and inexperienced traders, panicking at every second. and have the smarter people start using bitcoin, who dont panic over false news.

the simplest way to think about it is that in china BTC is not considered "money" by the authorities so Banks are not allowed to use it and merchants cannot offer goods for it. if people want to buy and sell BTC over the counter just as they would rice for example I doubt anyone cares.
the main idea seems to be stop people who have amassed vast sums of wealth from converting all of that into BTC where the authorities cannot get at it, and then fleeing the country...

The significant part of that is fleeing the country.  I pretty sure China requires its citizens to get an exit visa.  Having all that wealth is worthless if you can't leave the country and spend it.

It's impossible for any country to ban bitcoin unless they take the entire grid offline.

And only those that are participants in the system can be regulated: merchants, banks, exchanges, etc. Once the people become aware of this fact and once the government begins to understand the taxation opportunities of an inevitably unstoppable currency, it will regulate not ban.
 

Main purpose of Chinese government is not to ban Bitcoin completely, all they want is to stop Bitcoin trading from touching banking system. Big amount of capital are being sneaked out of China everyday via cryptocurrency, that's the reason for this ban.

your wrong
citizens of china can set up bitcoin exchanges using that citizen/individuals bank account & balance, they just need a Telecommunications Regulations licence. the same as any other country.
the news is that BANKS!!! cannot buy bitcoin directly for BANKS investment portfolio.. this has nothing to do with restricting individual customers from doing what they want with their account balances.

again ill make it clear
only bank board members cannot buy bitcoins for banking investment portfolios.. citizens are still free to invest how they like using their own bank accounts

i still wonder where people get this fud from and then do not research the truth or simply ignore the truth.. damn i hate sheeple

Do you even read Caixin article about this ban ?
http://english.caixin.com/2014-03-27/100657518.html

Basically all bank accounts of exchanges will be closed, which mean traders cannot deposit fiat into exchanges. They must find another way such as cash deposit at exchange's office, this is very inconvenient method and trading volume will be reduced drastically.

The news is still a rumor, but currently there is no official information from Chinese banks to deny or confirm this rumor. The article was published on a reputable news service about finance in China, and it is now cited by Bloomberg, so the FUD is likely to be true.

It seem you are the only one here who haven't not researched enough.

China is buying... I'd even wager so is Russia.

HOLD, HOLD STRONG

+infinity

We're headed there now (200-300 range), and everyone will just have to accept it. For a few weeks or months, until it shoots back up to 1,000 by the creation of some new very user-friendly app  ;)

Phuck china .. their volume is 60%, true. But what that means is that 1200 minus 60%, leaves us with 400-500$ even if the ban was 100% effective

which it will NOT be ever

And there is tons of massive good news that are being ignored. UBS, Isle of Man, BTC Superfund and many more. This is an orchestrated bear market! Anything below $400 is a buying opportunity IMHO

http://www.coindesk.com/isle-man-welcomes-digital-currency-exchanges-license-required/

http://www.coindesk.com/swiss-bank-ubs-banks-absorb-benefits-bitcoin/

http://www.coindesk.com/new-active-trading-bitcoin-fund-seeks-uk-investors/

The large scale investors are actually good because they will provide liquidity and market depth.

Honestly I'm very surprised China has come this far along with bitoin and the talk of them banning it is far less surprising to me.  They have people who won't follow the rules anyway so it's is just gonna be a behind the scenes type thing which it is in most places.

Your analysis makes sense.

"The only one way out for bitcoin websites is moving their servers abroad and using the service of foreign banks and payment companies,"

should not be too hard

What have you to understand is that nation-state governments are going to be able to have major impacts on the fiat exchange price of cryptocurrency...

...right up until the day the first next major national economy implodes (fiat crash), and then all bets are off. Cryptocurrency's exchange value will skyrocket to the moon and never return back to Earth.

The Chinese exchanges can just move to Vanuatu, it is a favorite vacation spot from what I understand anyway

Nothing against China, but it's probably because of their actions that Bitcoin price is as volatile as it is.

I'd rather have it more steady so we can gain more traction with businesses,  investors, and the mainstream instead of speculative pump and dumpers.

tons of massive good news
The market will start responding soon enough.  :)

dude get rid of that red annoying text, it hurts my eyes

Anyway yes your right we dont need china for bitcoin to do well.   Before ebay Did well China was not involed in trading there. 

They will follow when the greed factor shows up.

we need everyone

Forget the banning, Chinese will get used to it and back soon...

Basically all bank accounts of exchanges will be closed, which mean traders cannot deposit fiat into exchanges. They must find another way such as cash deposit at exchange's office, this is very inconvenient method and trading volume will be reduced drastically.

The news is still a rumor, but currently there is no official information from Chinese banks to deny or confirm this rumor. The article was published on a reputable news service about finance in China, and it is now cited by Bloomberg, so the FUD is likely to be true.

It seem you are the only one here who haven't not researched enough.

+1 i agree with u dude.. who the fk.. thinks that china can ban bitcoin? LOL?!?!? u think they know your private keys by digging into your mind for it?

China has already "banned" bitcoin 3 times.

Why would actually banning it matter?   Bitcoin has already shown its resiliency in the face of such news.

-B-

I don't get why people waste their time posting FUD on the forums.  The average Bitcoin user will probably never read it and those of us who do read the forums already know how to recognise FUD from a mile away.

you are right .

没有澄清没有公告 但是时间会解释一切

Still unverified rumors.
Life goes on....

Bitcoin price is low as it is, let's hope nothing happens that'll push it down another step..

Basically all bank accounts of exchanges will be closed, which mean traders cannot deposit fiat into exchanges. They must find another way such as cash deposit at exchange's office, this is very inconvenient method and trading volume will be reduced drastically.

The news is still a rumor, but currently there is no official information from Chinese banks to deny or confirm this rumor. The article was published on a reputable news service about finance in China, and it is now cited by Bloomberg, so the FUD is likely to be true.

It seem you are the only one here who haven't not researched enough.

Who are you asking not to do this? I doubt anyone with the power to decide is reading this topic. :D

With or without China, bitcoin will survive... but having them around sure helps the price sometimes.

Having them around helps? If you like pumping, dumping and FUD crashes. Let them drown in their own puddle.

Nothing against China, but it's probably because of their actions that Bitcoin price is as volatile as it is.

I'd rather have it more steady so we can gain more traction with businesses,  investors, and the mainstream instead of speculative pump and dumpers.

Bitcoin is supra national, China is not.

China needs bitcoin, not the other way  around.

The Chinese govt will face riots in the street, and likely fall, if the people realise they have missed out on the largest transfer of wealth in history, and reduced to Fiat paupers for generations.

There are two classes emerging, and it not 1st world 3rd world anymore.

Class 1 = post BTC eg crypto holder

Class 2 = pre BTC eg no crypt holder

you may have noticed its becoming exponetially harder to go from Class 2 to Class 1.

within 10 ~ 15 years people will work a year and likely not earn a whole bitcoin, or a life time.

The Large financial institutions, will have credibility because they have provable reserves, then countries will only receive good credit ratings if they have BTC or other crypto reserves.

I am also a Chinese , I think China will not ban Bitcoin.

YES, I agree.
Let the China ban the BTC.
BTC is not belong to China, it belong to the whole world.
I am also a Chinese, I think many Chinese buy the btc just for money.
So the BTC is a speculation in China.

By banning bitcoin it will only make the price expensive in china. People will make a way to buy bitcoin the same with drugs.

A level-headed, cautious and wise report from among the more mature chinese comrades.

OP, your word are on the mark.


I have said it before and I will say it again - bitcoin saw at least 3-4 rises and spike from nothing WITHOUT CHINESE INTERFERENCE. The only thing the chinese involvement did was to rush the schedule (or sabotage it, looking at current situation) a bit more.

All of china can drop out, and we will keep chugging along. The schedule may be delayed, but bitcoin existed and thrived before the chinese, and will continue to do so afterwards.

Also, chinese should make sure it's not their corrupt, bloated officials (who makes bernie madoff blush with envy at their corruption) that's profiting from this event. At least, you should have a way to nab them in crypto world. Net is your weapon, and those without a voice will have the means to strike back at the parasite peacocks parading around with their mistresses bought from people's money.

People, calm yourselves and carry on.

me too. Sure, China do not ban BTC!

So much corruption in China, such a shame that leaders make BTC an example of. You know you have a problem when people  would rather hold $$$ or BTC instead of the Yen.

Doesn't China ban everything that isn't controlled by the government? I'd be surprised if they don't ban Bitcoins.

Do you REALLY think we don't need China? Of course we do!!!

This is bullshit.  China does not 'help' the price.  China is full of irresponsible wild speculators and rich people trying to illegally get money out of china.  It really fucks up the bitcoin community because they cause these wild price swings which make dumb ass journalists write crazy articles about the technical defects of bitcoin where there are none (at least none that cause real price swings).  China is totally fucking up bitcoin.  We would be far better off if we could find a way to close all Chinese exchanges and prevent Chinese people from going crazy and panic buying and panic selling all the time.  The instability caused by China and their stupid government is making me dizzy.  But in the end, it won't matter one bit.  Bitcoin valuation ultimately will be the same with or without China.  The only thing which will go away are the wild swings in price both up and down.  

Absolutely do not.  With or without China - the value will be the same.  With China - we get wild price swings.  

Whenever China and/or Russia bans something, you know you've got something good.   ;)

The more countries that allow it, the better? Isn't it so?

Folks, if we have so many Chinese on this forum, why are we still referring to some article on caixin.com? Can anyone find an official document? The latest news related to 比特币 I can find on pbc.gov.cn are dated December 2013.

I would like to see an "official" and "verified" report.  I heard all this started with a Twitter account. 

Still..... I think China is very important.  There are a lot of very rich people in China looking to diversify their portfolios.  Having bitcoins means having money in an account that can be unlucked any time, any country, in almost any currency.  For somebody living under the strict rule of government, this is very attractive. 

Yeah, we were so much happier when Bitcoin price was double digit. All that money just made us lose our mind.

you guys are fools if you dont see how you letting one country decide the fate of bitcoin.

What's with all the panic??!  When bitcoin price was $1200, how many of you people were saying "Geezus, I'd sure love to be able to buy BTC for under $500 again!"

OK - well, today is your day.  BTC at >50% off!!  Its like a freaking discount sale!  Now buy up!

yep and when china accepts BTC with open arms then up past $1200 it will go.

people who bitch and moan about not needing china need to realize that its only because of china that BTC was that high in the first place so now the coin is settling down to where it would be without china.

which I might add is still more than double what it was a year a go....


so while technically Bitcoin does not NEED china to succeed... I sure would like to have china along for the ride and all those wild swings we got.

Of course they only wanted to buy it for 500 when it actually was worth 1200, not now that it's worth 500. Now people wish they would've bought when the price was 200. :)

The previous price was always better, is the point.