Bitcoin Forum

Im getting tired and confused with the stupid situation in china... whats your take on this...
Russia did banned bitcoin, right? (after the innitial denial and saying it was just a hoax it managed to "break through" as beeing a truth, if im not mistaken?)
China is ally with Russia... if it was ok with Russia banning bitcoin (for some reason) theres a chance China will follow (they both are members of BRICS)
China did somehow "prohibited" the use of bitcoin in december i think... but the exchanges managed to find a LOOPHOLE... not a persistand solution... china knows about the loophole and due to its byrocratical processes and slowness, it managed to react just now...

And all the "rumours" about it being banned...

So what are you all talking about it... i think theresa reasonable chance (above 50%) that this all is true...

China i belive DID already cleared their stance on BTC in december... and now its just "reminding"...

what do you think, i sold half of my BTC and put buy back orders at lower values.

My take is that Communist countries are not good markets for Bitcoin.

Pretty much this. Places where governments tell people what to do and how to do it.. not a good environment for a currency specifically designed to liberate and empower individuals.

Bitcoin is the democratization of money. It should come as no surprise to anyone that the enemies of democracy are hostile to Bitcoin.

Well... Bitcoin was banned in Iceland and Thailand also.

My take on it is that now I have a better understanding about how countries with language barrier end up miscommunicating sometimes and go to war.  I seriously had no idea it was so difficult for people in the West to understand what people in the East were writing and saying.  Who knew!?

Vivia la revolution?  Oh ya nvm they took the items out of the hands of the public that allowed that.

And Satoshi invented the items (cryptocurrencies) and put them back into our hands. All we need do is pick them up and use them.

We owe this person(s) a great debt of gratitude.

My understanding is that neither China nor Russia "banned" bitcoin.
Rather the government officials there decided that commercial banks can not participate in or enable bitcoin.
 ???
I could be wrong on both accounts.

How do you mean this... are you chinnesse... do you have "correct translations" of the recent news... so whats the stance of PBOC? (peopel bank of china)

no i belive you are wrong, that was the first impression but the result really was i belive that even individuals are not allowed to use BTC russia.

The China story is old and tired.
BTC will probably not go below $400.
The chance to buy low is now.

This is accurate.  

They basically have decoupled the virtual currency markets from their fiat markets and imposed bans on any sort of bridging between the 2.

Because sellers are not able to cash out to the fiat market, noone in their right minds would take virtual currency as payment for even a loaf of bread.  Also, because of the ban, no financial institution would dare set up an account to "host" such an endeavor and no payment processor would dare exchange that company's virtual currency profit into fiat.

However, the exchanges will still exist and people can still trade virtual currencies et all, but will have to cash out somewhere else.  Given China's and Russia's love of capital controls in order to "protect" their respective fiat currencies, this is no trivial exercise.

Indeed. I was thinking we were going to see 300-350 before this crash was over, but now I'm not so sure... sucks because I was holding out for 350 to buy more, and I think I've missed my opportunity.

https://i.imgur.com/Nt7vzFd.png

right, BTC is friendly in communist country
many communist gov banned BTC : china, vietnam, russia <-- is this country still communist?
Iceland? they banned bitcoin and allow auroracoin?

http://bitlegal.net/
site tries to summarize 'the evolving regulatory landscape of virtual currency around the world.'

thailand exchange opened again lately i think.

People will find ways to get their coins again.

great thanks!

i dont think so... i belive they (china) will ban or really tighten the control over bitcoin, and this will become evident at one point, probably some official announcment as it was in december and then the price will drop, the question is how much it will drop...

That chart looks great  :)
Sorry you missed your target, the market still might retest the current low...

Same here, think a lot of folks thinking the same! Could go other way now;

If 14/15 April before "ban" goes down, Chinese bitcoiners might be inclined to panic pump the hell out of it, while they still legally can?

That's the thing: if all their exchange payment processor accounts are frozen / non-existent.. how are they gonna cash out?

This is why i posture that the worst is mostly behind us. Most if not all of those payment processor entities have already stopped doing business with the exchanges. 

There may be some stragglers here and there, but by and large, yesterday was April 15th for all practical purposes.

well they can always cash out in dollars or euros on other exchanges and bring the dollars or euros into china...? hm

is there any chinesse, theres a need for more detailed info.

The Chinese will not step out of the game.

They are the number one mining equipment manufacturers and sellers - true story.

And if you think I am talking out of my ass then why did Bitmain keep ALL of their coins instead of selling?
https://blockchain.info/address/1QB8Ds5KbGYBLQa5RyDQ2sVUeSKWf7qgkZ

Have to agree, the bitcoin community will welcome them back when Bitcoin is much more widely spread and China is much further behind the game. See ya then, guys!

Yep, and when the majority of Chinese finally jump back on board, we'll see that spike happen all over again. Only next time it won't be temporary.

In my opinion, we cannot say fu** China! :) and just forget about them.
(or can we?)
What I think is, China did a great job for Bitcoin - and I am sure our friends from China are angry about what their central bank is doing..

We can support them as they did very good job for BTC.
With China and USA together + rest of the world Price of BTC was going up and away!

Govs are trying to take BTC from us and keep their hands on it ...
It cannot happen and we should not give it back to them and their rules and regulations.

I disagree.  Probably the best market for bitcoin, since no bank would hold your assets, and it's possible to move them without being monitored by a statist government.  The problem is just in exchanging in the system outside of monitoring.

+1

Buy goods or services with Bitcoins ???

Nope, they will cash out on another exchange and forge whatever papers required for their bank.
Simple!

HAHAHA

in the end it will be ban here ban there, ban everywhere

ban ban ban ban ban ban ban ban ban ban ban

and BTC will be $2000 anyways (because it would be $20 000 without the bans)

It's not wise to sell now. Buy buy buy!!!!!!

If people are willing to sell, buy buy buy.

Just keep buying. You'll be happy later when bitcoin is valued at $5000 each.

I think Communist countries need BTC to break the rule. But yes, you are right, those countries are not good market.

Here:

There are still many options like perfect money, webmoney, western union, moneygram, paypal, skrill, ukash and anonymous visa cards and many more.

China won't let any good things happen.

https://i.imgur.com/sgKk8Uc.jpg?1
made this specialy for the Chinese Banners

You'd think with all of the technological muscle Chinese people have, and the sheer discipline to get things done, that they'd have gotten about fed up already living in the dark ages and kicked communism in its ass...leaders, royalty, permission, fuck that. I KNOW if they can conjure up some craziness to scare housewives in Kentucky, they oughtta be able to rid themselves of communist leaders and crazy psychopathic nutters.

I mean shoot back already. It's the 21st fucking century...all these backwards assed tribal arrogant sociopathic regimes - the fuck's wrong with people.


Kim jung whatshisface is a punk...seriously.

http://f.kulfoto.com/pic/0001/0044/Dz4Uo43226.jpg


 ;D

The problem with the chinese is they have very short vision. They panicked too easily and therefore caused upheavals in bitcoin prices and hence causing stability problems and scared for bitcoin investors.

They hold 80% of all bitcoin exchanges and I hope this % can be more evenly distributed.

The problem with the chinese is that they suck up whatever trash the west sells them every time to balance the trade, opium, bonds,  and now bitcoin. I wonder when they will say enough, is enough, No wonder they buy gold like crazy

Maybe China will ban bitcoin again a few more times, but the only ones panicking about that are us and eu people. China is buying up well over 95% of all the coins being dumped.

Bitcoin ban my ass: http://www.coindesk.com/btc-china-dismisses-pboc-fears-open-letter/

I told you there is NO COUNTRY that can successfully ban Bitcoin.....

I don't think there is a any spike in BTC China volume.

I can't tell you for certain whether this person is correct, but I CAN tell you that I just bought 3 more BTC at ~450...

Take from that what you will.

Doesn't matter who bans what. People who wish to use Bitcoin will find a way to connect with others. I just returned from Thailand (allegedly banned) and I had no problems using Local Bitcoins to buy and sell.

That's absolutely correct. Bitcoin empowers individuals. Much like with file sharing via torrents, it is up to each individual to decide for themselves.

Bitcion is sovereign above and beyond any single nation-state. Cryptocurrency is now the de facto Earth money for the 21st century.

I just read the article - Think some folks at CoinDesk want to inflate/stabilize btc price index over the weekend : )

The headline should read "btc china acknowledges pboc fears in open letter"

Bobby Lee is just waiting for official legislation? That's how it reads to me, what do you guys think?

Once again I repeat my self.
This time I will use Lee's words:

BTC protocol is robust, I agree. China cannot ban BTC - that would be ridiculous :D

My point is that Chinese bitcoiners will lose the ability to rapidly fund their respective exchange(s) via their own bank account. This is currently a huge strategic advantage over European community.

China has not banned Bitcoin.  They have not banned a single exchange.

They simply decoupled their fiat market from the virtual currency market.

so China helps you to buy BTC at low values ;D

But wouldn't you be able to get around that by simply going Yuan -> dollars (or any currency) -> Bitcoin? I don't get it.

Not China. The Chinese didn't did anything. It was the work of some short-sellers.

China has strict export / import capital controls on any and all currency instruments interfacing with the yaun.  

On top of that, you can only export so much fiat in or out, regardless of the type.

You basically have to now figure out an extremely creative way (i.e. become a criminal) to either buy bitcoin with mainland yaun, or sell out into mainland yaun. 

That being said, there is so much corruption at the higher levels of "government" in China that it is likely they may still have a smallish, but visible, impact on the price of a bitcoin.

yes

This is basically the situation in China. They have "Banned" bitcoin because it is inconsistent with their capital control regime. However most banking in China is shadow banking and if you are connected you can do whatever you want regardless of the law. Bitcoins gonna flow.

thats just sad... whoops russia banned bitcoin, whoops its really easy... The one thing that IS really disgusting in bitcoin universe is its dull community :-(.

Can't argue with that.
Trolls just appear out of nowhere....  ;)

You can ban it but it is impossible to enforce the ban. If you are a Russian and you got bitcoins, you still can spend it, transfer them, or do whatever you want. You just can't exchange at your local bank.
And if you are afraid that the government is tracking you down, use a vpn and do not use any service that requires you to enter your real information (use fake info) unless you really trust that the service will never leak out your info when a NSA-equivalent requests it.

:)
Happy Friday night to the "F*ck China!" thread.
// Checking to make sure it is Friday night, the days fly by too fast.

What about FOREX?  Is the average Chinese citizen allowed to trade in FOREX?

By the same token,  is it also not very hard to buy USD?

u wont win with market rules
market is chaos theory, people behaviour can't be predicted

just wait for price to go up, thats it

Yieehah! So will there be a difference between domestic and foreign bitcoins? ohno! A firewall on the Bitcoin ports? Search travelers brain for brainwallets to prevent bitcoins from entering the country? Auroracoins can be traded outside of Iceland, too, that is the problem.

What a joke, they have already lost, it is like the war on drugs but 1000 times harder because there is no physical items that can be seized.  :D

THEY BETTER UNDERSTAND THEY WOULD NOT BE IN THIS FUCKED UP SITUATION WITHOUT FIAT IN THE FIRST PLACE!!!

Respectfully, I don't think you understand what happened to Iceland's banking system.   The crisis, which came to a head in 2008, happened because of deregulation of the banking system, and the people in charge of that system began buying toxic garbage bonds that were rated as AAA and created by the USA financial system.  They also got caught up in some currency trading problems with Europe during the global financial crisis (rather than investing in their own citizens).   The end result is that Iceland's banks almost collapsed, since the "collateral" no longer existed.   Citizens of Iceland were given a democratic choice, to either accept a Cyprus-style haircut, which would result in much of the money held in bank accounts to simply evaporate, or to nationalize the banks and institute capital controls to keep their currency from collapsing.

Capital controls are enforced by limiting the amount of money a citizen from Iceland can send overseas, such as transferring funds to a bitcoin exchange.  They really don't care about the bitcoins you possess.

I'm not sure what alternative to fiat you propose that they should have used, bitcoin wasn't released then, and even so, bitcoin's current market cap is less than $6 billion, less than 50% of Iceland's current GDP of $13.5 billion.

China is turning into a win/win:

Either the story fades away as it's power to move the market ends, or...
Things improve in China and prices rise quickly.

Yup, on it's way up now, grab a seat while you still can.

As protest on April 14th the day before china is supposed to ban crypto I'm airdropping a new crypto called mandarincoin to the citizens of china.

Official Thread: https://bitcointalk.org/index.php?topic=552501.300