Bitcoin Forum

There would be no strongly worded letters or months of back and forth "will they, won't they", it would be agents with the government coming in overnight, shuttering all exchange offices and anyone who resisted would be sent to the coal mines for re-education, simple as that.

You think the Chinese government treats stubborn peasants in the field with kid gloves like this?

Its seems that you have seen to many agents movies . You should close your tv. Go out and talk to people. There is a ban in china and they do what they allways have been doing.

If you read between the lines, you'd have realized that the PBOC really does NOT like BTC at all. It has to do with the Central Communist Government's desire to centrally control their currency within their country. So, YES, the ban is REAL and will be coming down HARD.

I'm amazed at the denial. The PBOC has been issuing explicit anti-Bitcoin guidance for months now. They gradually restricted what Bitcoin exchanges could do, allowing an orderly shutdown. Bitcoin fanboys kept trying to interpret the orderly shutdown as "Bitcoin will not be stopped in China!". They were wrong. Now we're coming up on the shutdown deadline, and, unsurprisingly, people in China are selling Bitcoins.

As for it not being "apparent overnight", Bitcoin just dropped from $450 to $390 overnight.

The point i'm getting at is the Chinese government is being overly gracious, if they view Bitcoin as criminal or upsetting to the social order, they would not be giving these exchanges the courtesy of an almost 6 month period to look for loopholes to stay in business. We'd be seeing Bobby Lee in handcuffs by now and made to go on TV and apologize for his "crimes".

They want BTC.  But they want it on a short leash.  It should be hard for the peasants and proles to buy or use, and easy for the cadres to buy or use.

I have a theory, supposedly BTC China hasn't gotten a letter yet, maybe they intended to shut down all exchanges except one they can carefully manage and control?

pboc cant close the exchanges. Thats why they crippled the exchanges. They crippled alipay and tenpay. They want to promote unionpay.
Its not legal to buy things with bitcoins in china. So its a ban. You should never catch a falling knife. So stay away from bitcoins if you are new to it until its safe again.

Its not good for bitcoin that its "value" goes fast up and down. Nobody wants to buy bitcoins to buy something with and then the day after its value have been falling 30%. Its only daytraders that are happy.

I have actually been surprised by this. I thought that they would be smart enough to realize that they should buy as many coins as the can while they still can, not sell at a loss because the government doesn't like it. It's not like that government can confiscate the coins or prevent people from cashing out outside the country.

Why surprised?  If suddenly no stores/ banks/ govts accept USD are you going to stock up on USD or are you going to dump it?

The current Bitcoin situation is nothing like that. The purpose of Bitcoin was never to have banks and governments accept it, and more and more businesses are accepting it all the time (not in China, but in the rest of the world, which gives it ever increasing value). In China, it will be able to serve as a secure store of value and investment based on its use in the rest of the world. Anyone who thought Bitcoin was a good idea during the bubble and then changed his mind because the Chinese government came out against it, is an idiot.