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Title: BTC China still has operating bank deposits as of 4/30/14 Post by: yomofo on April 30, 2014, 05:38:28 PM http://www.reddit.com/r/Bitcoin/comments/24dtdn/btc_china_still_has_operating_bank_deposits_as_of/
banks still operating: ICBC China Construction Bank Agricultural Bank of China China Merchants Bank Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: y3804 on April 30, 2014, 05:56:17 PM This makes no sense! CMB, CCB clearly banned BTC related transactions. Why is BTCChina still allowing bank transfers through CMB/CCB?
Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: roslinpl on April 30, 2014, 06:01:32 PM another China rumors :)
It is interesting and I am pretty sure they will never ban Bitcoin :P Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: YipYip on April 30, 2014, 11:47:03 PM Just sent an email to the Agri Bank hotline to shutdown BTCCHINA as they are violating the BAN
Lets hope it works....china Im sorry but its not you but us and we are moving on Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: chessnut on April 30, 2014, 11:51:55 PM Just sent an email to the Agri Bank hotline to shutdown BTCCHINA as they are violating the BAN Lets hope it works....china Im sorry but its not you but us and we are moving on imagine if you get an email back -"what ban?? der no ban?" haha some insider info. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Malin Keshar on May 01, 2014, 12:19:24 AM Why I'm not surprised in any way?
Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Pepin on May 01, 2014, 03:55:37 AM Just sent an email to the Agri Bank hotline to shutdown BTCCHINA as they are violating the BAN Lets hope it works....china Im sorry but its not you but us and we are moving on Nope, it didn't work. Know why? Because that list is way out of date. The last of those banks to keep an open account was China Merchants Bank, and that stopped working with BTC China as of this past Monday morning. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: y3804 on May 01, 2014, 03:57:04 AM Just sent an email to the Agri Bank hotline to shutdown BTCCHINA as they are violating the BAN Lets hope it works....china Im sorry but its not you but us and we are moving on Nope, it didn't work. Know why? Because that list is way out of date. The last of those banks to keep an open account was China Merchants Bank, and that stopped working with BTC China as of this past Monday morning. Bank account still working for OKCoin (CCB). I don't know about BTCChina Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Pepin on May 01, 2014, 04:17:49 AM Bank account still working for OKCoin (CCB). I don't know about BTCChina I don't know about OKCoin, just BTC China. Also, another important thing to realize here is that this is China, not the US. There is lots of looking the other way and not asking questions. Any Chinese person could walk into any bank and set up a new business account that can be used to funnel money to these companies. I think worst case scenario, they "offshore" to Hong Kong based banks which would allow them to still trade in RMB, albeit for slightly higher fees. I don't know why people have such a disdain for China and Bitcoin. Anybody who either wants their Bitcoin investments to go up or wants Bitcoin to become a real worldwide currency should be ecstatic about Bitcoin growth in China, not saying that it disrupts the market. I would think that governments making arrests and seizing bitcoins, exchanges going under or being hacked, or news of other types of fraud against bitcoin owners would be much more disruptive to the market and future of Bitcoin than the Chinese government telling banks to not knowingly work with any Bitcoin companies. Of course, outside of China the news gets blown out of proportion each and every time.... For one who is in China, there has been zero difference this whole time. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: y3804 on May 01, 2014, 04:27:45 AM Bank account still working for OKCoin (CCB). I don't know about BTCChina I don't know about OKCoin, just BTC China. Also, another important thing to realize here is that this is China, not the US. There is lots of looking the other way and not asking questions. Any Chinese person could walk into any bank and set up a new business account that can be used to funnel money to these companies. I think worst case scenario, they "offshore" to Hong Kong based banks which would allow them to still trade in RMB, albeit for slightly higher fees. I don't know why people have such a disdain for China and Bitcoin. Anybody who either wants their Bitcoin investments to go up or wants Bitcoin to become a real worldwide currency should be ecstatic about Bitcoin growth in China, not saying that it disrupts the market. I would think that governments making arrests and seizing bitcoins, exchanges going under or being hacked, or news of other types of fraud against bitcoin owners would be much more disruptive to the market and future of Bitcoin than the Chinese government telling banks to not knowingly work with any Bitcoin companies. Of course, outside of China the news gets blown out of proportion each and every time.... For one who is in China, there has been zero difference this whole time. Can you confirm that ALL bank accounts are closed for BTCChina and Huobi? Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: counter on May 01, 2014, 04:28:04 AM Things just keep twisting and turning with this story. Makes me want to go back an read more articles about what is going on.
Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Pepin on May 01, 2014, 06:07:05 AM Can you confirm that ALL bank accounts are closed for BTCChina and Huobi? BTC China does have operating bank accounts, just not at any of the banks listed in the first post. Of those four banks, the last remaining one (China Merchants Bank) closed their business to BTC China on Monday. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: y3804 on May 01, 2014, 06:19:38 AM Can you confirm that ALL bank accounts are closed for BTCChina and Huobi? BTC China does have operating bank accounts, just not at any of the banks listed in the first post. Of those four banks, the last remaining one (China Merchants Bank) closed their business to BTC China on Monday. Which one are still operating? Can you highlight some in this list? Shanghai Pudong Development Bank Guangdong Development Bank Industrial bank China Minsheng Bank China Citic Bank Bank of Communications Hua Xia Bank Postal Savings Bank of China China bank Hangzhou Bank Shanghai Bank Fudian Bank Beijing Rural Commercial Bank Ningbo Bank Ping An Bank China Everbright Bank Beijing Bank Shanghai Rural Commercial Bank Wenzhou Bank Chengdu Bank Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: YipYip on May 01, 2014, 06:31:47 AM Can you confirm that ALL bank accounts are closed for BTCChina and Huobi? BTC China does have operating bank accounts, just not at any of the banks listed in the first post. Of those four banks, the last remaining one (China Merchants Bank) closed their business to BTC China on Monday. Is the reality, that apart from the major banks in china there are a 100 and 1 2nd tier that will hapilly deal with you for slightly more fees and no one gives a flying fruit cake unless they bring attention to them selfs Is this the "CHINA BAN" reality for the man on the street ? Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Asrael999 on May 01, 2014, 07:07:07 AM still running on "who cares"
China is not the world - and the rest of us dont give a flying feck what they do with bitcoin get over it already More interesting is that a Mastercard Lobbyist just put bitcoin on their list of things to talk about on Capitol Hill. Can you smell their fear. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: Pepin on May 01, 2014, 10:09:41 AM All of the China stuff going on recently really doesn't smell like a deliberate ploy from the Chinese. I have thought about it a lot and it just doesn't make sense to me that there is some big buy low sell high scheme involving cooperation between the central government, banks, and Bitcoin exchanges.
Clearly the central government doesn't like bitcoin. One of the big things with money in China is that the government likes to keep a tight control on money leaving the country. They will happily let you bring in as much as you want, but put up lots of walls and obstructions to getting it out. They are primarily worried about wealthy people taking their capital out of China. If I need to fill out tons of paperwork, bring lots of verification, pay high fees and have $50,000 USD a year money conversion limits, Bitcoin is a very attractive option. One can spend two minutes online and all of $0-5 (depending on if you have an account at the same bank or not) to send money to an exchange's bank account. From there, you can buy all the bitcoin you want at market prices and incur no fees. You can sell this bitcoin anywhere else you want at any time you want, and the government has no idea that you have moved your wealth outside of the country. I think this is what they are most worried about, capital outflows. Also, any scheme like this would be small potatoes for anybody high enough in the party to have the power to make these decisions and it would come with great risks. There are too many wheels to grease and not enough trading volume and profits that could possibly make it worthwhile. If a scheme was exposed to include the central government, the major banks, the heads of Chinese Bitcoin exchanges, and all of their close friends, heads would roll. This is way too public and out in the open for it to be related to corruption anyway. It really just seems like business as usual in China, where the government doesn't know what to do and flip flops on decisions, and everyone drags their feet on doing anything until they really have to. Lastly, news about all of this stuff within China is very clear and accurate and the exchanges have all been very forthcoming with accurate information. They wouldn't sit there being honest about everything and telling people not to panic about what they read on English-language websites if they actually wanted to devalue the fiat price of Bitcoin. The Chinese government says one thing, but the real message gets lost in translation and becomes "China is banning Bitcoin!!!" People realize it isn't true, but then panic when the banks finally start to do what the government told them to do. Of course, with each new development, the message we hear in English is the same "China is banning Bitcoin!!!" baloney. Half of the panic is caused by people outside of China fearing the worst, and half is by people outside of China who actually do know what is going on but try to spread fear to buy in at lower prices. China isn't going to ban Bitcoin. They just want to make life a little more difficult for those who use it. There are plenty of things that actually are banned in China that the government doesn't do anything about. Title: Re: BTC China still has operating bank deposits as of 4/30/14 Post by: yomofo on May 01, 2014, 10:19:32 AM All of the China stuff going on recently really doesn't smell like a deliberate ploy from the Chinese. I have thought about it a lot and it just doesn't make sense to me that there is some big buy low sell high scheme involving cooperation between the central government, banks, and Bitcoin exchanges. Clearly the central government doesn't like bitcoin. One of the big things with money in China is that the government likes to keep a tight control on money leaving the country. They will happily let you bring in as much as you want, but put up lots of walls and obstructions to getting it out. They are primarily worried about wealthy people taking their capital out of China. If I need to fill out tons of paperwork, bring lots of verification, pay high fees and have $50,000 USD a year money conversion limits, Bitcoin is a very attractive option. One can spend two minutes online and all of $0-5 (depending on if you have an account at the same bank or not) to send money to an exchange's bank account. From there, you can buy all the bitcoin you want at market prices and incur no fees. You can sell this bitcoin anywhere else you want at any time you want, and the government has no idea that you have moved your wealth outside of the country. I think this is what they are most worried about, capital outflows. Also, any scheme like this would be small potatoes for anybody high enough in the party to have the power to make these decisions and it would come with great risks. There are too many wheels to grease and not enough trading volume and profits that could possibly make it worthwhile. If a scheme was exposed to include the central government, the major banks, the heads of Chinese Bitcoin exchanges, and all of their close friends, heads would roll. This is way too public and out in the open for it to be related to corruption anyway. It really just seems like business as usual in China, where the government doesn't know what to do and flip flops on decisions, and everyone drags their feet on doing anything until they really have to. Lastly, news about all of this stuff within China is very clear and accurate and the exchanges have all been very forthcoming with accurate information. They wouldn't sit there being honest about everything and telling people not to panic about what they read on English-language websites if they actually wanted to devalue the fiat price of Bitcoin. The Chinese government says one thing, but the real message gets lost in translation and becomes "China is banning Bitcoin!!!" People realize it isn't true, but then panic when the banks finally start to do what the government told them to do. Of course, with each new development, the message we hear in English is the same "China is banning Bitcoin!!!" baloney. Half of the panic is caused by people outside of China fearing the worst, and half is by people outside of China who actually do know what is going on but try to spread fear to buy in at lower prices. China isn't going to ban Bitcoin. They just want to make life a little more difficult for those who use it. There are plenty of things that actually are banned in China that the government doesn't do anything about. Nobody can "ban" bitcoin". let's make that very clear. the question is can the chinese govt ban exchanges or effectively shut down their operations by cutting off fiat deposits and withdrawals. im getting the feeling that the PBOC is pissed off that the banks did not follow the spirit of their original statements back in december. on april 15, banks were supposed to shut down all the exchanges bank accounts. that obviously did not happen, hence why we have a 3rd "ban". If may 10th passes by and exchanges are still operational, I wonder if we'll have a 4th ban. will it be another notice or will they finally make some arrests? what is your prediction on May 11th? have you read zhangweiwu's posts on the china situation? http://bitcoinblog.de/2014/04/28/chinese-banks-dont-know-how-to-act-appropriate-cause-bitcoin-is-too-tiny/ this pastebin is pretty good too: http://pastebin.com/BL6mxneP |