Bitcoin Forum

http://www.coindesk.com/chinese-banks-closing-exchange-accounts/

What do you guys make of this?  apologies for bringing up again  :)

No one cares about China anymore. So what. The chinese now have other methods to deposit and trade.

I agree.. stop beating a dead chinese horse

+1 Totally agree with you there brother - however, I am interested on the short-term effect this will have on BTC economy.

true , everyday a new thread with China in its title and prices getting more closer to 500 than before

Exactly. China might be the second largest economy, but we don't need any support from the military dictatorship. Bitcoin does not need China. It is China which needs Bitcoin.

True MyBad! should have posted in Speculation section.

Just my business involves me trading BTC and I am sure there are some bitcoiners here looking to acquire at an optimum rate too.

I think even the short-term affect of this China BS has diminished.  People are simply tired of it, and so it's no longer a factor.

This.


You're right, we don't. The funny thing is, sooner or later, Bitcoin will get their support. And everyone else's. Well, maybe not the Amish...

Fixed that for you.

translation of news.

some banks in china wont deal with bitcoin.

also for the last 4 years
some banks in america wont deal with bitcoin.

some banks in canada wont deal with bitcoin.

some banks in mexico wont deal with bitcoin.

some banks in UK wont deal with bitcoin.

some banks in ireland wont deal with bitcoin.

some banks in france wont deal with bitcoin.

some banks in russia wont deal with bitcoin.

some banks in spain wont deal with bitcoin.

some banks in germany wont deal with bitcoin.

some banks in holland wont deal with bitcoin.

some banks in cyprus wont deal with bitcoin.

some banks in australia wont deal with bitcoin.

are you getting the picture? its not new news, its standard for banks that dont understand new technology to fear it. all that exchanges do is find a better bank.

china is not new, bitinstant had to change banks, bitstamp, btc-e, coinbase, etc etc etc.. its nothing to worry about, its just early ignorance that takes time to overcome. slowly more banks are allowing businesses to set up accounts. so dont worry, its not a big of a deal,

good point Frank - well illustrated

Been watching your posts, consistant and you dont waste space. Maybe you should be in this Bitcoin Foundation thing.

this is what they should have been doing

There would likely be many more bitcoin millionaires in future as the btc price climbs to new highs

Absolutely, franky's posts are brilliant  :)

There are also bank accounts locked and limited all over the place, for all sorts of reasons, majority of people ignore it until shit hits the fan and they are affected themselves

Be it tax reasons, you being Russian, the bank being in Cyprus or Iceland, someone with a stolen account pays you without your fault, and many many other reasons besides BTC payments, that can kill your bank account tomorrow!

If Chinese had any common sense they would not sell, but buy, with their remaining funds at exchanges because the BTC are safer (not pricewise of course) than numbers on bank accounts.

They will regret it and eventually have to allow accounts dealing with BTC transactions.

What kind of data do you have that supports your view that we " don't need " China and the rest of the world? I would go as far as to say China was a major catalyst for the rise of bitcoins. Using pure logic would get you to a rudimentary conclusion that we need all the support we can get and that would include the most populous nation on earth.

Why would China support some shitty currency bitcoin originating from the struggling Wall Street when they have yuan which is rock solid and can only rise higher.

The Chinese crypto market is huge compared to other places. It doesn't matter whether people in the western world are fazed when they read news of the China bans. If China does really start cracking down the effect will be felt over there and we'll see the price dropping on Chinese exchanges. Maybe we'll get a scenario where western exchange prices decouple from Chinese exchanges like what happened with gox, but I feel like that is unlikely.

Of course that People Republic will try to ban everything related to bincoin. It is obvious it's been created on the Wall Street and designed for manipulative and speculative purphoses. The rest of the free thinking countries including Russia will just follow them and protect their economies.

I don't think population has much to do with it, considering the amount of wealth that the average chinese family has.  there's quite a gap between the rich and the poor so most of your chinese bitcoin enthusiasts are going to carry about 20 satoshies in their wallets anyways.  enough for half a chicken wing at the local market
  

Look at it this way: Although China does have roughly 20% of the world's population, total global adoption of bitcoin is currently at an incredibly small ratio.

Even if China were to completely exit from the market, if adoption continues along its current trend line in the majority of the rest of the world, the figures for both bitcoin's price and usage have incredible potential.

This obsession over the short term effects that China's role plays is actually the illogical part.

Not so illogical for Bitcoiners who want to start acquiring BTC for the future. Why buy-in at $500 when you can buy-in at $350?

You made some good points regarding BTC's adoption! And I hear where you are coming from  ;)

Shame bitcoin's price is so sensitive to banking regulations.

WOW are you even serious?!?!? :D :D

The run up from $250 WAS China. You may be tired of hearing about China but China is STILL more than 50% of the market cap of BTC right now so calling it BS and saying it is insignificant is incredibly foolish and stupid and ill-informed. NO LONGER A FACTOR??? LOL

Are you a Canadian by any chance?

 :D

Keep beating the dead chinese horse, dammit! Beat it! Beat it! We don't want it to come back to life!

 :D

Bitcoin can heal the world! inc China

http://spoki.tvnet.lv/upload/articles/23/232122/images/michael-jackson-gifi-1.gif

The run-up from $100 last October was China.

There's massive denial about the China situation from Bitcoin fanboys. There are desperate attempts to misread clear guidance from the PBOC. Read the comments from people in China. Bitcoin in China is over.

Yup. And then it hits wall street / big player adapts bitcoin / other news. Price pumps to over $1000 dollar: the Chinese will manage to convert their CNY somehow just fine, because they like you and me, don't want to miss the train.

100% BS. Just compare the BTC-China volumes with that of Mt Gox, Bitstamp and Bitinstant volumes. At no point of time China accounted for more than one-third of the Bitcoin volume.

A pity really, imagine the profit it can bring the country if they accepted the coin and trade freely (to a certain extent) :(

maybe they aren't going to ban it totally
they just stop people from getting scammed by only allowing certain companies they've checked out or something

They'r going to ban it totally. Then Russia and other countries that are not under the US influence. So the BTC prices are only expected to going down.

 24/04/2014 Using Google Translate:


Observer words: Bitcoin trading platform for the previous practice of using a variety of alternative ways continues the transaction, the Bank of serious interviews relevant agencies, hoping to guide people away from the Bitcoin virtual currency such as the proliferation of transactions.


Caixin reporter Li Sui Sui / text


April 24 morning, the Bank of interviews with some of the commercial banks and third-party payment agencies to deploy the next phase of the prevention and control of risk bitcoin, want to completely cut off the chain of funds Bitcoin transactions.


From April 22 the central bank began by China Association for Payment Clearing the deployment of the interviews, the object to be interviewed, including commercial banks still with Bitcoin transactions and third-party payment agencies, the number of not less than twenty, including major commercial banks, Paypal, money paid through other large payment institutions, as well as pre-currency net recharge codes involved in a fire incident prone paid EPRO payments.


The interviews hosted by the Central Bank of the Law Secretary Muhuai Peng, participants include the central bank to pay Secretary Li Yue, and many other central bankers, specifications unprecedented high.


Central Bank sources said that this is mainly for interviews after April 15 Bitcoin prices rebounded sharply, the account does not reach the intended purpose of cleaning up the embarrassment.


Central Bank in March issued "on further prevent the risk of bitcoin notice", stressed banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15. However, on April 15, the majority of Bitcoin trading platform is still functioning, Bitcoin prices also soared from 2,500 yuan to 3,000 yuan.


Interviews in someone's organization criticized the central bank for someone's body one by the criticism and criticized the Bank of China for the current account remains BTCChina and Merchants Bank.


Mu Huaipeng Secretary reiterated the five ministries "on guard against the risk of Bitcoin notice" and "to further prevent the risk of bitcoin notice" on the financial institutions and payment institutions shall not provide, directly or indirectly related to bitcoin services policy requirements.


After "further guard against the risk of bitcoin notice" issued, including fire currency network, OKCoin including trading platforms have "another way" to launch "recharge code" recharge mode, bypassing financial institutions, and other forms of online sales through trafficking cards, recharge after use on the platform.


OKCoin launched a recharge code, users can now raise the yuan to become recharge code, and then transferred to the recharge code OKCoin other users to recharge. Recharge codes need to be purchased from the agent. Fire currency net and BTCChina also taken a prepaid recharge code distributed manner.


In this regard, the central bank reiterated a "further guard against the risk of bitcoin notice" the reference to "commercial banks and third-party payment agencies Bitcoin trading platform provides direct services are provided with Bitcoin related services, for the sale of prepaid code provide services are indirectly related services with bitcoin, "the central bank said the two services must be stopped, commercial banks and third-party payment agencies must immediately involved in the various accounts and interfaces for cleaning.


As of April 24, all Bitcoin trading platform has been fully recharge way to stop third-party payment. Most bank card remittance channels have been closed, however, are still allowed to bitcoin bank transfer and cash withdrawal services platform.


In the interviews emphasized the central bank, cash function must also be stopped.


The central bank also requires the agencies need to assign someone to monitor changes in the way funds transfer Bitcoin transactions, the new account to receive a list issued by the central bank, and make quick response.


The proliferation of virtual currency crisis the central bank requires commercial banks and third-party payment agencies before May 10 "Bitcoin Beijing International Summit" held to convey to the public that it no longer provides financial services to any Bitcoin transactions attitude to guide people away from Bitcoin transactions.


The status quo of China's current flood of virtual currency, the Central Bank also specializes in interviews emphasize commercial banks and third-party payment institutions should learn by analogy, to the virtual currency vigilant.


A large commercial banks have also confirmed to reporters that the central bank of the above requirements, noting that before taken part in interviews, the bank has conducted a comprehensive investigation, confirmed that the issue itself is not illegal, but the account information provided by the central bank after the interviews Look, there are many areas of the bank branches opened an account irregularities. "Irregularities shocking grasp the central bank account information than our own is also clear that the central bank's determination also much greater than we expected." The source said.


At present, although most of the world's central banks on Bitcoin negative attitude, but like China's central bank so resolutely "ban" Bitcoin is rare that China's Bitcoin many fans unhappy. However, the central bank and other five ministries "on the prevention of risk Bitcoin notice" and the central bank governor Zhou Xiaochuan speech at the Boao Forum for Asia can be seen, the central bank is actually taking a bitcoin tolerant attitude, though not admitted its monetary properties, but also allow people to be traded as a commodity that can be used as collectibles collection. Bitcoin action against the central bank is actually bitcoin exchange for rectification of the move.


The source pointed out that the biggest difference between development and foreign Bitcoin China is trading patterns. Bitcoin enter China in a short period of two or three years, China has dozens of soaring out of a variety of Bitcoin trading platform, trading varieties in addition to Bitcoin, Wright coins, there are apples coins, currency and other dogs varied "cottage" dozens of virtual currency, trading will evolve to spontaneous folk organized exchanges. However, these transactions did not play a price discovery platform to promote the positive role of Bitcoin development, but on the contrary, through the so-called "currency finance financial" leverage trading and short mechanism, completely China's virtual currency trading becomes Makers fight each other, the investor's profit-driven bloodbath repeated games, even gradually slide into the abyss of money laundering, illegal fund-raising and other criminal activities.


Interviews that day, Paypal on the release of the "Convention on the Prohibition payment service for my company statement Bitcoin transactions" in the official microblogging. The statement said: "In order to protect the property interests of the public, maintain the legal status of the yuan currency to prevent money laundering risks, from now on, any organization or individual may pay a bit of my company all kinds of coins, currency and other transactions Wright fund services for recharge and withdrawals, purchases and sales of related transactions and other activities recharge codes may not be transferred by my company's services related to trading capital. Upon discovery, the company is entitled to immediately stop the service. general public found out that the behavior can be reported to the company. "


As of April 24, the price of various Bitcoin Bitcoin trading platform is about 3,000 yuan. ■



So there's BTC movement today, what do you guys make of this?

I predict the bitcoin goers in China will boost the BTC price to 1k+ after the silly rumors and speculations subsided.

This year is unlike last year when the news coming out of China had a major impact on global nerves. This year is different. The ad-venture capitalist has their eyes wide open this year.

Here's a list of all operating banking groups within China:

http://en.wikipedia.org/wiki/List_of_banks_in_China

I think China Construction Bank and China Merchants Bank have officially closed all bitcoin related accounts.

Please feel free to Strike some more off the list if you know ??

Seems like there's still a lot of other banking groups still doing BTC business at the moment

FXBTC RIP

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

You mean the way the price of Marijuana crashed when the US outlawed it?  That was sarcastic, in case you don't know.  Making things illegal makes them harder to provide, which drives up the cost, the price, and the profit, and thus invites more people to take part in the industry.  This is exactly what happened to me when the banks started closing accounts on btc exchanges in the US:  I found localbitcoins, I discovered that functioning as a one-man exchange (I buy for a little under the market and sell for a little over it) earned me more money than anything else.

The hurdle for most people in following this particular road to riches is the propaganda that equates morals with legislation.  The insidious lie that "against the law" means "immoral" is driven into us constantly through all manner of strategies.  If you can get over this and realize that the government and its enforcers are a form of cannibalistic human parasite from which you must learn to protect yourself, the road is open.  The next hurdle is to re-discover your own conscience so that your behavior, no longer constrained by the insidious lie, is still constrained by your moral principles.  After you clear those two hurdles, you can earn tons of money through moral but illegal behavior.

The Trial by Jury, as shown in the "essay" (more like a book) of the same name by Lysander Spooner, was created in order to protect those who clear these two hurdles and are subsequently captured by the parasites.  In the trial, the victim's (defendant's) job is to show the jury that the law itself is immoral, and the jury's duty is primarily to judge that law first, before deciding whether or not the defendant broke it.  If it's a stupid law (most of them are, sadly), the jury can tell the parasites to fuck off.  See fija.org (http://fija.org) for more info (and no expletives), or read Spooner's book, free on Kindle, I think.

Huobi's proposed legal workaround:

"Speaking to the media outlet, Huobi co-founder Jun Du suggested that the company is considering a plan to use its exchange platform as a marketplace and price aggregator for digital currency buyers and sellers.

Under this proposal, Du told Sina Tech that users would form their own online chatroom group using a popular tool offered by the tech giant Tencent. Buyers and sellers within this group would then exchange bitcoin or recharge codes for RMB, interacting independently of the exchange.

Du explained that this workaround would relieve a current pain point, that Huobi must handle the transition of bitcoin to fiat currency"

There's always going to be some demand in China for btc. Even if people have to get creative in order to obtain it. A country with such strict banking controls was made for bitcoin.