Just wait few more days, after all these bad news comes out, bitcoin will go back to normal and price will go up smoothly.

    For the bitcoin volume in China, it is true not fake, but one thing you may not know is all chinese trading platform don't need trading fee, they are 0% and you can loan btc to trade even, that means you can sell and buy tens and huandreds one day, don't need to pay any fee. both these will increase the total volume.
    Chinese market is important to bitcoin of course, as at least 60% bitcoin miners are produced in China as i know(we are the one too), almost all my friend heard of bitcoin in the last 6 months(people can see bitcoin news everyday,mostly bad news in these months).
     At last, let me give you a number, bitcointalk.org regiester member is about 320,000 now and Chinese btc fans is more than this number for sure(due to some datas that i cant tell)
     It is no doubt that our goverment will ban it, but for now, here we are all prepare for it, i think finally the paltform will find a way to survive like trasfer to Hongkong, or ...
   

Bitcoin platforms release self-discipline statement ,demanding supervision and existence

On 6th May ,BTC China ,huobi.com ,okcoin and other Bitcoin trading platforms released self-discipline statement ,demanding supervision and existence .
Since the end of 2013,the attitude towards Bitcoin price from central bank of China will give an important effect .
For example ,on 27th March ,some media reported that central bank of China was ready to forbid banks to provide service for Bitcoin trading places and close their bank accounts .Bitcoin price decreased rapidly that day .
However ,on 11th April ,the president Zhou xiao chuan of central bank of China said Bitcoin is more a trading assets than payment currency .Later ,Bitcoin price increased by 40%within 5 days .
At present ,the existing space of Bitcoin platforms is smaller and smaller with the policy .The bank accounts from BTC China ,huobi.com and okcoin have been suspended .So clients only can withdraw deposit but not recharge .The trading funds on the platforms is less and less .   
The united founder Du jun of huobi.com said ,compared with last month ,Bitcoin price and trading amount decrease by 30% to 40%.If the supervision is more serious continually ,Bitcoin price must decrease constantly .
Thus ,cooperating with the supervision actively is the best way .The vice manage He yi of okcoin said ,the supervision must be a good news .It is good to avoid risk and close irregular platforms .What we expect most is that central bank of China can give us guidance and communication .
To Bitcoin changeable price ,the platforms announced to charge handling charge to high-frequency trade .However ,how to define high-frequency traders is still in discussion .
In addition ,the statement also announces not to organize and join in largely marketing Bitcoin meetings.The vice manager Ling scandium of BTC China said “we are diamond sponsors and will take several hundred thousand yuan to sponsor at Bitcoin international conference in Beijing 10th May .But after releasing the statement ,we decide not to join in the conference . ”
To the future of Bitcoin platforms ,developing overseas and trading innovatively are the trend .huobi.com and okcoin revealed that they are ready to exploit foreign markets .Without bank recharging way,we may develop offline trade .”after all ,central bank of China has stated that as goods ,Bitcoin trade is not illegal .We will struggle to do goods trade well. ”

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Sourcehttp://news.xinhuanet.com/fortune/2014-05/07/c_1110584242.htm

Recently ,BTCEX TW in starts to be tested by the public .The test version was finished on 4th May .And the test will last to July .And during the test ,the handling charge is free .BTCEX TW pointed out not to save Bitcoin on the platform after finishing the trade .Because the government hasn’t admitted Bitcoin legality ,they cant transfer the risk
without insurance and banks guarantees .If the website is closed,clients’ profit will be guaranteed by the law .
Though somebody says BTCEX TW is the first Bitcoin trading platform in Taiwan ,a Bitcoin trading place called BitQuick appeared on November last year .With little Bitcoin information in Taiwan ,we cant know its Bitcoin market clearly .
Taiwan is an area of China ,but with political factor in, factor,our economic connection is not closed .However ,an sustainable enterprise in Taiwan should connect frequently with Chinese mainland that it can develops well .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Focusing on technological innovation and industry self-discipline .
Bitcoin international conference in 2014 will open .

Organized by Bitcoin funds and UBM China ,Bitcoin international conference in 2014will be held in Beijing on 10th May .The conference focus on Bitcoin technological innovation and industry sustainable development,struggling to build up a good platform for Bitcoin fans .
Meanwhile ,the conference will analyse Bitcoin circumstance through laws ,Bitcoin atmosphere all over the world to develop its sustainable development road .The holders hope Chinese Bitcoin market will develop well through the conference .
The president Li xiao lai of the conference said ,:the The aim is to show the latest development and innovation to everybody and understand Chinese Bitcoin market .Meanwhile ,Bitcoin experts all over the world will share their experience and innovation on the conference .
The conference will carry out with 8 core topic .On 10th May ,Li xiao lai will make a speech first about Bitcoin opportunities and challenge in China .Then the secretary-general Aaron Koenig of global Bitcoin union ,the doctoral Hanfeng at qing hua university ,the president Vang wei from Chinese financial museum and the lawyer Zhou zi yi from American lawyer’s office will make a speech .Distribution autonomous Corporation (DAC ),crypto- digital currency ,mining machine and mining pond ,Bitcoin application and trade will be showed on the conference .
Since 2009,Bitcoin develops all over the world .With Bitcoin develops in China ,we should explore its developing mode and sustainable development .As the first Bitcoin international conference in China ,the holders with the strong ability invite many Bitcoin experts to the conference .Also ,it aims to push Chinese Bitcoin industry to develop healthily .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Source http://finance.sina.com.cn/stock/usstock/mtszx/20140507/102019027313.shtml?qq-pf-to=pcqq.c2c

As i know, before last Dec, there are serveral chinese famous company like baidu are accept bitcoin, and some company are working on start business like bitpay, but after new policy comes out at last Dec, all these bitcoin payment is stopped as it is not allowed again.

The source is:http://iof.hexun.com/2014-05-05/164497856.html

AvaTrade announced to roll out bitcoin (bitcoin dollars )trade
AvaTrade and Meta Trader will provide bitcoin price difference contract trade.Price difference contract trade is divided into short-term trade and long-term trade .The broker may provide the lever about 5:1 onbitcoin price difference contract trade .AvaTrade claimed that rolling out bitcoin trade is supported technologically by Gold-i ,the integrater of trading system .To Gold-I，the cooperation with AvaTrade is its first time to integrate bitcoin price .
Logging on the platform ,bitcoin price difference contract is 1 dollar now .The quoted price is from Mt.Gox .AvaTrade has released the price difference contract ,but it can not run temporarily .We have communicated with AvaTrade about when to trade formally ,and we will report it in time .
AvaTrade becomes the second foreign exchanging broker proving bitcoin trade on electronic trading platform ,while Plus 500 is the first .Dibasic option brokers develop bitcoin service earlier ,while foreign exchanging and price difference contract brokers roll out the goods more slowly .When discussing with brokers ,companies told that they are interested in bitcoin dollars goods ,but they will take waiting and viewing attitude .
When talking about building up cooperation with AvaTrade ,the ceo Tom Higgins of Gold-I said on an united statement :rolling out new currency is not easy .Bitcoin is different from other virtual currency .With attaction on the global ,it may succeed easily .Now that we add bitcoin to MT4 and MT5 ,we are going to add it to other goods combo and sell it to other clients .We believe brokers will follow AvaTrade and provide bitcoin goods to their clients .
The manager Daire Ferguson in AvaTrade said ,”as a market leader ,AvaTrade provides innovative products for clients and provides the best trading experience online for retailing traders .AvaTrade is proud of them .”He said ,”we decide to add the newly digital currency to our products .So we cooperate with Gold-I .Bitcoin is future digital currency ,we are glad to trade it on AvaTrade platform ”

With five –year development ,the first bitcoin industry chain appears –mining machines industry.It owns a complete industry chain even produces some matching enterprises .Producing a mining machine should be linked to some enterprises :chips design ,chips factories ,encapsulating factories ,mining machine design and processed factories .Their terminal customers are mining workers .Though virtual currency is popular in the global ,its area is difficult to supervise .Bitcoin mining machine industry developed well in 2013,while now is on low tide .So now I will introduce the industry chain and expect its development in the future .

Producing process
 (1)chips design
Chips design process is similar to others .First ,provide hashrate for algorithm .To reach the function ,the design team may give out many solution ,and finally choose the most reasonable one .Then team will refine the solution and combo different parts ,and finish the design finally .
As I know, Chips design demands about tens person working 3~6months .It may cost about 1 million dollars on the design process .The figure is revealed by a designer ,so practical cost may be a bit lower .
 (2)chips factories and encapsulating factories
The last step of chips design is tapeout ,it should be finished by chips factories .Attentionally ,tapeout is divided into two kinds ,one is Multi Project Wafer(MPW),another is Full Mask.
After finishing chips design ,nobody can prove whether it can run .So the first step is to test MPW then produce Full Mask .
Why chips tapeout and encapsulation are so expensive are because their making price is expensive .Meanwhile ,price is relevant to shipments .However ,because mining machine is a special pruducts with half a year life ,its chips amount is small .Though we can calculate specific price of chips production accurately ,we can estimate that signing a contract with chips factories need several million Dollars according to IPO amount and financial condition .
 (3)design and processing  
The design between mining machine and chips should carry on meanwhile ,also they can be finished by the same team .Generally speaking ,chips design team also may provide basic mining machine design program .Before getting samples ,the team can use chips emulation parameter to design .After getting samples ,mining machine should be tested .If samples have a big difference from estimation ,the team is supposed to give a new design program .
Though I know little about it , mining machine design and processing will not take a very high technological content .Last year ,when Avalon decided to only develop chips ,there were 7~8mining machine OEM (original equipment manufacturer )appearing .Thus ,the difficulty of mining machine design and processing is not high .
Industry chain composition
 (1)chips factories and encapsulating factories
In fact ,chips factories and encapsulating factories don’t belong to bitcoin mining machine industry completely .Thus ,whether bitcoin develops ,its effect to chips factories is not big .As long as someone is willing to pay ,chips factories can make money .
 (2)chips design enterprises
Chips design enterprises are responsible for chips research and development even mining machine design .Whether design chips successfully ,it depends on the experience to some extent . However ,chips design cost is not high ,10 person can finish the design with 3~6months .
But we should pay attention to control risk .If the design team announces to raise funds after ,it can use investors’ money to sign a contract with chips factories.And the risk may transfer to investors .If the design team sign a contract with chips factories with its money ,it may take on all risk itself .
 (3)mining machine design and processing  

Though mining machine design and processing are not difficult ,they demand a large amounts of funds .Buying chips and all accessories need funds .
But we atill should pay attention to control risk .If mining machine merchants sell in advance ,the risk may transfer to mining workers .Otherwise ,they may take on the risk themselves .
 (4)mining workers
Mining workers are the terminal customers of mining machines .Their aim is to make money or gain bitcoin .Actually ,maintaining a mining machine is difficult ,so mining workers are difficult to gain high profit .

All in all ,chips factories and encapsulating factories make money absolutely .Chips design enterprises have risk ,but they can transfer risk to investors .Mining machine merchants can transfer risk to mining workers through advance sale .Mining workers can choose freely .


Mining machine future

With gaining profit every round ,I believe the industry enjoys a bright future .That day ,bitcoin price may be stable .Thousands of bitcoin stopes will distribute over the world .There are many mining workers on the global .

Bitcoin network produces the first industry chain –mining machine industry .Compared with bitcoin network ,mining machine industry develops shortly .On the whole chain ,only chips factories and encapsulating factories make money absolutely .The rest ,whether chips design enterprises ,mining machines merchants or mining workers ,they face up to risk partly .
Though facing up to risk ,bitcoin and mining machine industry future is bright .It’s excusable that each group on the industry chain wants to avoid risk with changeable bitcoin price .But the short –sighted behavior may damage the long-range profit.Industry future depends on bitcoin future , while bitcoin future depends on every node on the chain .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Chinese bitcoin exchange platform want to save themselves by new self-discipline policy

Bitcoin trading platforms call on united statement about industry self-discipline
Dear Bitcoin fans :
Since Bitcoin appeared in 2009,with innovating thought and good mathematical design ,Bitcoin develops well all over the world .In many people’s opinion ,as a payment technology ,Bitcoin can increase efficiency and decrease cost .With the respect for innovation ,supervision organizations on the global give Bitcoin a developing space .Chinese supervision organizations also give a relative free supervision atmosphere to Bitcoin .
　　However ,we realize that Bitcoin development in China arises some problems ,including rapidly increasing price ,bookmaker operation and so on .As a bitcoin trading platform,we must be responsible for it .At present ,okcoin ,BtcTrade ,huobi.com ,BTC China and CHBTC has discussed together and decide to promote Bitcoin development through self-discipline .
We promise together :
1.pay attention to Bitcoin trading risk prompting .Give the public an universal investing viewpoint .
2.We will not organize and join in large marketing Bitcoin meetings .Meanwhile ,we will form some meetings about technology and innovation .
3.Obey the rules and run the trading platforms legally .We will stop new financing before 10th May .
4.Suppress over speculation and protect investors .
5.Propel the transparence of trading platforms .Control reckoning and outturn risk .
6.Ensure real name identification .Keep track suspicious trade .Fulfill money laundering obligation .
7.Build up a good information disclosure system
8.Report the latest development and risk to supervision organizations regularly and actively .

OKCoin BtcTrade HUOBI CHBTC
The members of the united statement
Okcoin BtcTrade BTC China huobi.com CHBTC
------------------------


The decision to close BTC Loan service
Dear okcoin clients :
The decision to close BTC Loan service
1.okcoin will stop new BTC Loan before 10th May .The BTC Loan before the deadline is effective .And after paying off all Loan ,we will stop leverage trading service .
2.If clients cant pay off the lending before 10th May ,they can choose to pay for it any time .
3.Clients who haven’t lend money to others cant refinance after 10th May .
------------------------------
Okcoin Bitcoin trading platform

Source:https://www.okcoin.com/t-1008656.html


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

People’s Bank of China has released a Chinese financial report in 2013,pointing that bitcoin is not currency in real sense .Bitcoin is a speculation tool rather than payment tool on physical economy .So bitcoin owners are willing to collect bitcoin rather than buy other goods .The public lacks enough understanding in bitcoin .Meanwhile ,some people buy bitcoin for speculation or hype ,which may lead to risks .
According to the report ,bitcoin develops rapidly since 2009.At the beginning of 2013,bitcoin price was only 13 dollars ,while on April it was over 100 dollars ,and its highest price was more than 1000 dollars on December .
Bitcoin quickly development raises the thought to virtual currency .Some body say that bitcoin appearance is an enormous challenge to currency system ,even say it will be future gold .
From the attribute ,bitcoin is not currency in real sense .
First ,without the support from national trust and law ,bitcoin circulating range is limit and unstable even difficult to be a payment tool .
Second ,bitcoin scale is limit ,so it is difficult to satisfy the demand on economic development .If bitcoin becomes ccurrency ,it may lead to deflation and suppress economic development .
Third ,bitcoin lacks adjusting system from central banks .So it is easy to be speculated causing a changeable price .
Forth ,bitcoin is difficult to be general equivalence with strong replacement .So any digital currency is likely to replace bitcoin .
At present ,bitcoin is a speculation tool more than a payment tool on physical economy .Its owners are willing to collect it rather than buy other goods
In the report ,central bank of China pointed out bitcoin risks .
First ,bitcoin trading platforms ,process and rules lack supervision and law security .Thus ,it is easy to produce the illegal behaviors such as price operation and false trade .The funds on the accounts ,reckoning and outturn also exist risks .
Second ,bitcoin price lacks reasonable support .its price only depends on the confidence and expectation from the participants even mainly depends on the imagination that bitcoin will be world currency ahead .So it is easy to be a speculation tool .
Third ,with the peculiarity covert ,anonymity and free ,bitcoin funds flow direction is difficult to supervise ,which provides convenience for illegal activities .
On December ,2013,People’s Bank of China has released the notice about preventing bitcoin risk ,demanding financial and payment organizations not to provide any service for bitcoin .The websites providing bitcoin registration and trade should fulfil anti-money laundering obligation identify clients identity .Financial and payment organizations should strengthen currency knowledge education to the public ,guiding them to build up correct currency and investing viewpoint .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.    

With Internet development and application develop constantly ,more and more virtual currency appears ,such as Q coin ,Baidu coin ,Bitcoin and so on .Their using range exceeds virtual goods category and may transfer from virtual world to realistic world .Among all virtual currency ,bitcoin is the top .With its rapid development and wide effect ,People’s Bank of China has released a notice about preventing bitcoin risk on December ,2013,pointing out bitcoin is a specific virtual goods rather than currency in real sense .On February ,2014, The Financial Services Authority in Newyork said it would work out virtual currency supervision framework and give license to virtual currency companies .Meanwhile ,Britain and Germany also publish some rules to supervise bitcoin .Poeple may ask ,what is currency essence ?Does bitcoin own currency essence ?
Currency essence :
As we know ,the source of currency is the currency demand led by goods exchange .The process is so long .On different places or different developing stage ,currency morphogenesis is different .But whether its morphogenesis changes ,currency is universal equivalence .As universal equivalence ,currency owns five functions .But there are only two basic functions ,measure of value and medium of circulation .The fundamental is measure of value .The basic function and currency itself cant be divided .Whether any goods ,once it is currency ,it must own two basic functions .It’s the two basic functions that form currency essence .And its basic meaning is value standard .
people are willing to pay and accept on goods exchange with currency .It includes two meaning ,one is paying ,goods buyers are willing to exchange the goods with currency .Another one is accepting ,sellers are glad to get the paid (currency )and believe it can be used to exchange other goods .On the currency system today ,currency doesn’t own using value .But why people need currency is that it can be exchanged into goods and service .
Is currency essence .To any substance ,whether visible or invisible ,once gaining the characteristic ,it may own currency essence .Meanwhile ,if decreases ,its currency essence decreases .Now all currency are ruled by the law .Nonetheless ,currency liquidity still depends on the confidence from the public .Even legal currency ,its currency essence still depends on its .
Currency essence is ,it will not change as currency morphogenesis .With internet develops ,some newly financial products appear and develop into currency substitute .But currency essence doesn’t change .Whether early physical goods currency or later trust currency even the digital currency ,their currency essence is .Why currency substitute is able to exert currency function is that it owns .More currency substitute will appear in the future ,but whether currency morphogenesis changes ,its essence will not change .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Though 10th May hasn’t come ,its impact obviously decreases .Banks can not affect bitcoin price too much .Bloomberg news add bitcoin trend to its financial terminal .American government sells bitcoin .Two Students from MIT plans to give 100 dollars bitcoin to every student free .BitPay paln will change bitcoin unit into Bits .
1.10th May case
After 15th April ,10th May is coming .Last week ,Huaxia Bank ,Bank of China ,Construction Bank of China and Tenpay constantly released announce to ban bitcoin trade using bank accounts .However ,a sentence in the announce from China Merchants Bank last week “maintain CNY status as legal currency ”has gone .And the sentence changes into “preventing money laundering risk ”.Later ,the trading platform FXBTC also announced to stop running ,expressing that they have supplied a big pressure with the policy .
Comment :
 With more and more announce ,the effect is less and less .It’s normal ..What is panic ?It’s seldom even never that the case happens .If happening everyday,everybody may get accustomed to it .
It seems to be relevant to the policy that FXBTC closes at that time .But according to its announce “get a big loss ”,this is the real reason why it closes at that time .So even if without the policy ,it also will close .When FXBTC announced to close ,there was a good voice on microblog .We can know that the trading place has misdeed .
Some media said ,having experienced the case ,trading paces are thinking about canceling leverage system .If this is true ,once the news releases ,bitcoin price must increase .Becauut short sellers cant buy bitcoin to repay lending .
In trading places ‘ opinion ,some short Sellers report bank accounts from trading platforms for their profit  .But from my perspective ,the mistake is not leverage system ,which only increases risk and profit .Even without lever ,people also may report trading platforms .If I hope to gain more bitcoin ,I still can sell all bitcoin ,then report the trading platforms .After bitcoin price decreases ,I also can buy more bitcoin with less money .
Though I never join in financing ,I expect that leverage system exists constantly too much .Leverage system increases bitcoin liquidity .Those who hoard bitcoin will not join in liquid capital originally .But with leverage system ,their bitcoin is lent to short Sellers .After short Sellers sell all their bitcoin ,the government will adjust bitcoin price .So we can buy cheaper bitcoin .
All in all ,in my opinion ,leverage system existence is good .Trading platforms and the policy from central bank of China is not in my consideration .Because even if without trading platforms ,we also will find out trading ways in the future .Even if a more serious policy from central bank of China ,it also cant iron out bitcoin .
2. election in board of directors on the foundation .
This week ,to fill in two position in board of directors ,bitcoin foundation preside the election .According to the voting outcome ,all candidates didn’t win a high ballots .If a candidate successes in electing ,he or she may get 52 ballots at least .But nobody gets such more ballot .Rank 1 is Bobby Lee ,the ceo from BTC China (44 ballots ),rank 2 is Brock Pierce ,a risk investors (34ballots )rank 3 is Vinny Lingham ,the ceo from Gyft (21ballots ).
Comment :
Congratulation to Bobby Lee beforehand .His rank is the first ,so his success is possible completely .Trading places is bitcoin biggest application now .With trading places ,we needn’t own real bitcoin basically .If we need real bitcoin ,we can go to the trading place to exchange.Previously ,the member Mark Karpeles on the foundation is running trading places .Thus ,this time adding a ceo from trading places is reasonable .
3.Bloomberg news adds bitcoin trend to its financial terminal .
This week ,Bloomberg news begin to provide bitcoin price trend service for its clients through Bloomberg Professional terminal .The service allows clients to supervise and record bitcoin price data from Coinbase and Kraken .In addition ,the service will synchronize digital currency news and the article from relative social media.
Comment :
Its aim is to innovate and satisfy clients’ demand .Bitcoin attracts more and more attention .Though mainstream financial industry doesn’t like bitcoin existence ,it cant ignore it .
4.Amercian government sells bitcoin
According to Coindesk ,the assistant of American judicial minister Randall Samborn said ,the government has sold bitcoin seized from Cornells Jan Slomp ,and gets 3 million dollars .
Comment :
From the amount ,it seems like only a little money .Also ,the news reality is unsure .If it is true ,the behavior is possibly illegal .Because the attitude towards bitcoin from American governmental is on hearing stage .So at that time ,selling bitcoin is not reasonable .
5.Two students in MIT plans to give 100 dollars bitcoin to each student free .
This week ,two students in MIT raised over 0.5 million dollars ,planning to give 100 dollars to every student free .
Comment :
It is the most efficient way to promote bitcoin .And bitcoin advantage may let them know .If someone gives bitcoin to you ,you at least should apply for a wallet and try to use it .Meanwhile ,here ,the object is MIT students ,they are the easiest group to accept newly thing .Moreover ,the probability MIT students become celebrity is high ,so the promotion will gain a good outcome .
6.BitPay plan will change bitcoin unit to Bits .
This week ,BitPay announced a plan ,it will show bitcoin price with the unit “bits”,1bit is equal to 0.000001BTC .
Comment :
This is important .Now with more number behind decimal point ,bitcoin transfer account seems more difficult .After the unit changes into bits ,it may be suitable for people because all currency only reserves two number behind decimal point .nIn addition ,bitcoin seems to be cheap with the unit “bit ”and more people will be glad to buy bitcoin .
7.Other news
(1)Ohio forbids buying liquor by bitcoin .
(2)Californian officers say that buying liquor with bitcoin is legal .
(3)A primary school in Cyprus accepts bitcoin as fee .
(4)Yelp announces bitcoin new function .
(5)BITX global expanding plan is aim to developing countries .
(6)Iphone is online on Coindesk
(7)CoinPip rolls out the service sending bitcoin through message .
(8)FinCEN :disintermediation service doesn’t belong to currency transmission .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

The correspondent :About the acquisition ,some says it’s business speculation ,some doesn’t support it ,how do you think ?
The CEO :We have acquired 40 thousand trunk bitcoin (about 0.12 billion yuan ) smoothly .To the external guess ,we only can say our behavior belongs to our developing demand rather than the business speculation .We don’t have the intention to operate bitcoin fundamentally .Our aim is to prove our strength and build up the first game(about bitcoin ) platform all over the world .

The correspondent :Not for profit ?Then do you think 0.12 billion yuan is worth ?It’s 0.12 billion yuan !Few websites in China may invest such a big funding .
The CEO smiled :We acquire bitcoin mainly for our brand .First we hope to improve our competitive strength as top-class betting website on the global .We dare to invest 0.12 billion yuan into bitcoin market proving that we own a strong cash saving .We not only invest 0.12billion yuan ,but also sign up the famous football star Barrack .In addition ,we need more bitcoin to be saving with the expansion of bitcoin game business .
The correspondent :To the opportunities and risk in the future ,you may be the first one who dare to eat the crab ,how do you think ?
The CEO ;your question is humorous.The first one eats the crab may not feel it delicious .(laugh )But now we have the strength ,we not only can eat the crab ,but also can eat it completely and thoroughly .We will invest 1 billion yuan to savings to build up bitcoin game platform.Of course ,we will increase more investment later .So what you can see now is only a small part .Actually ,how much we have invested into our brand is over 0.1 billion yuan .This year ,we have sponsored a series of concerts ,racing and invited A famous Japanese AV actress with high price to join in us .What we aim is to build up the best brand for our platform on the global .If the first big brand on the global is Coca-Cola ,then our aim is to be the strongest brand in our industry.We hope you can verify our strength .And struggling is our promise to everybody .Thank you !

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Chinese bitcoin market is facing up to new difficulties .
Though 15th April has gone ,whether trading platforms or normal clients ,they realize that bitcoin is facing up to bigger and bigger difficulties in China .
At the end of March ,some media said central bank of China has released a notice about strengthening bitcoin risk prevention ,demanding commercial banks to suspend providing service for bitcoin trading platforms before 15th April .The 15th April case led bitcoin price to decrease by over 10%.
However, supervision organizations haven’t given a big attack on 15th April .Meanwhile ,many people began to suspect the reality of 15th April case .
The Chinese biggest bitcoin trading platform huobi.com is one of the doubters .On 22nd March ,after 15th April case was reported ,the website has announced to send letter of attorney representating clients and give an sanction to the rumor .
Obviously ,huobi.com doesn’t believe the 15th April .Or they haven’t received the information through its ways ,
However ,within one month ,on 10th April ,Industrial and Commercial Bank of China noticed huobi.com that it will not provide any service for the website .On 11th and 17th ,April ,China Merchants Banks and Construction Bank of China also released similar notice .Huobi.com finally announced that it decided to suspend bank recharging and will adjust when the policy is clear .
Other bitcoin platforms also suffer bank ban to different degree .BTC China also released an announce on 28th April that it will close recharging service from China Merchants Banks .Previously ,two smaller websites BtcTrade and FXBTC have suspended bank recharging .
Strangely ,the bank behavior is similar to the rumor ,but 15th April is still a mystery ,even nobody can prove its existence .Central bank of China insists that the notice released on 5th December 2013is standard .
On the other hand ,some one revealed that he or her has read the 15th April document ,but it only circulates on central bank of China .While some bitcoin fans demand to open the information ,but central bank of China refused .
At the end of last year ,supervision organizations have ensured that the third-party payment cant provide bitcoin recharging service for bitcoin platforms .Now bitcoin recharging is also forbidden by banks ,that is to say ,bitcoin trading platforms will lose an important recharging ways .How to lead CNY to the platforms becomes the difficulties .
The ways to lead CNY to the platform
“What we care about most is capital inflow problem ”the united founder Dujun in huobi.com said .
Capital inflow is that how clients recharge their money to huobi.com .Previously ,clients can transfer account through banks ,and transfer money to the specific account of huobi.com .Also ,they can buy cards to recharge .
But the system has been broken last month .Many banks told huobi.com that its recharging accounts will be closed .”No formal notice or document ,only phone notice ”,Du jun said .In his opinion ,the ways from the banks are overbearing even may be illegal .Huobi.com has tried to communicate with banks ,but failed .
After banks quit ,huobi.com only reserves card recharging ways .Later ,its capital inflow speed decreases rapidly and affects its trading amount .
Du jun said ,a series of measure from banks lead trading amount and bitcoin price in huobi.com to decrease by 30%.
Huobi.com is thinking about solution .It may encourage bitcoin clients to trade online and offline directly .For example ,clients may build a QQ group themselves ,one has bitcoin or convertible code ,another has CNY ,then they can make a deal themselves .
Compared with huobi.com ,BTC China may supply less pressure .All bank accounts (except China Merchants Banks) still can be used .Additionally ,clients can buy BTCC convertible code to recharge .
Previously ,the vice CEO Lingkang in BTC China revealed on the interview that they haven’t received the notice from banks .But after two days ,China Merchants Banks phoned them to write off the accounts .However ,other banks haven’t take any similar measures .
It may be relevant to the discussion at the end of April .The participants on the discussion included commercial banks and the third-party payment organizations .
Among all of them ,China Merchants Bank was criticized .So later it announced to close all accounts from bitcoin trading platforms .Some one said central bank of China hopes to cut off bitcoin funds chain thoroughly .
Another outcome of the discussion is that Alipay announced not to provide recharging and withdrawal service for bitcoin and other virtual currency.Also ,it doesn’t allow to buy or sell bitcoin recharging code .
Thus ,BTCC recharging code of BTC China is full of risk .According to the research ,about 6 BTCC recharging code online shops set in Taobao and relative to Alipay .If Alipay ensures its latest announce ,the online shop may close .
But until now ,the online shops are still running .Alipay explained that it is checking them now .
Application future
To Chinese bitcoin ecology ,capital inflow difficulty may only last for a short time ,but lacking application future will make Chinese bitcoin market in trouble .
According to Du jun ‘s understanding ,bitcoin ecologic chain can divide into 3 parts :upstream is mining machines and mining pond ,midstream is trading platforms and downstream is different application .
In his opinion ,America is a bitcoin Holy Land .”People can use bitcoin to buy virtual goods online and pay for something there .”He said .
In fact ,with payment application on mobile phone ,bitcoin has partly blended in American daily life .For example ,a software on mobile phone called Coin For Coffee allows customers to buy coffee by bitcoin .Of course ,it first may exchange bitcoin into dollars ,the coffee shop will not accept bitcoin directly .
But in China ,even this kind trade belongs to grey area .Du jun said ,according to the 5th December notice ,merchants cant price goods by bitcoin .But bitcoin clients can exchange bitcoin into objects privately .
This leads bitcoin only can play a role in investing tool rather than payment tool .Some early bitcoin supporters even lose their patience and give up bitcoin .
Duan hong bin ,the financial columnist,began to understand bitcoin in 2012and became the virtual currency reporter rapidly .But in 2013,he suddenly disagreed with bitcoin strongly .When he accepted the interview ,he said directly that the biggest problem is that bitcoin lacks application .
Meanwhile ,Duan hong bin has sold all bitcoin and left it .Also ,bitcoin workers seem that they haven’t found a better way to develop its value .
On the interview ,the CEO Li lin of huobi.com took an interesting example :now we cant discuss bitcoin usage in China ,like we cant discuss Internet future in North Korea .”You cant use it thoroughly ,how do you discuss ?”he said .
In Li lin ‘s opinion ,judge bitcoin should attach the importance to its future .On the other hand ,the vice ceo Lingkang of BTC China said bitcoin future may be petty payment and cross-border payment .
However ,whether Lilin or Lingkang ,both of them admit that bitcoin application future is on a exploring stage .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

With a closing recharging way ,a Chinese trading platform Linkcoin was forced to close .This is the fifth Chinese bitcoin trading platform closing after the notice on 5th December was released by central bank of China .
Linkcoin announce :
Announce on 1st May :We decide to close the website on 11th May for the policy .Please withdraw CNY and virtual currency as soon as possible .If you withdraw deposit after 11th May ,you can add the qq group :57427770 or QQ :800061722 to withdraw artificially .
Announce :We have received the notice from the third-party that they will close CNY recharging way tonight ,but CNY withdraw deposit will not be affected .
Meanwhile ,a Chinese famous bitcoin trading platform FXBTC also announced to stop running for the policy on 2nd May .
FXBTC also released the announce on its official website at 2:40pm ,2nd May .
With the policy released by central bank of China ,we have suffered a strong pressure ,including recharging and withdrawing deposit .During our running ,we are supported by clients constantly .Though experiencing many problems ,we struggle to go ahead .However ,facing up to the long-term blockade ,we get a big loss and decide to stop running FXBTC finally .Thus ,we will close the website before 10th May ,2014 ,please clients withdraw deposit as soon as possible .Thank you for your support again .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

“Before 15th April ,we have seeked a new recharging system which cant be closed completely .Luckily ,we find it ”—The news is released by CHBTC in China .
This becomes a microcosm that Chinese bitcoin websites take measures to circumambulate the latest supervision .Recently ,the rumor“15th April deadline”is popular .As 15th April is coming ,many bitcoin trading websites have written off their accounts .In order to prove CNY recharging ,bitcoin websites take measures to circumambulate supervision .
Circumambulating supervision
According to the media ,central bank of China has demanded to close the bank accounts from 15 Chinese bitcoin websites,banning banks and the third-party payment organizations from providing opening accounts ,recharging and withdrawing deposit service for bitcoin trading platforms before 15th April ..
It’s said that the notice is oral order without any written document .Trading platforms also only receive oral notice from banks ,but some claims that they have read the document from central bank of China .
Though the notice is low profile and different organizations have different understanding and execution in it , “15th April deadline ”is not a lie .Many Chinese bitcoin websites are demanded to write off bank accounts constantly .For example ,CHBTC was demanded to write off bank accounts from Bank of China on 17th April .
Under the serious supervision ,people can withdraw deposit and recharge without bank accounts through agent .So it can avoid the problem.
However ,with different execution and procedure ,not all banks demand bitcoin trading website to write off bank accounts .At present ,most Chinese trading platforms have closed their the third-party payment way ,while bank withdrawing deposit and recharging way also almost stop .But some websites still recharge through the third-party cards and banks .For example ,huobi.com open cards recharging service again .
Because the third-party payment way closes ,trading platforms begin to be the role reckoning .Okcoin ,BTC China and huobi.com roll out recharging code service constantly .The service allows clients to exchange CNY into recharging code ,then transfer it to other clients .
Compared with this ,the way recruiting agent of CHBTC is more clever .From its recruitment news ,it claims that it has invent a series of agent system like P2P .The member who have enough money can be the agent .The agent can use accounts (similar to bank accounts )or online recharge to recharge .Meanwhile ,it can use Alipay to recharge .The recharging way can be recommended on its official websites or hide in any ways .Clients can check the recharging way through our website .In doing so,we only accept recharging from agents not face up to clients directly .Therefore ,only without any document indicating that  bitcoin operation is illegal ,we can run the platform in a long term .
The agent should pass the real name identification and pay 50 thousand yuan guarantee deposit at least .Also later we will limit the agent trading on the platform.The platform only accepts agent recharge ,and the amount must more than 10 thousand yuan .Meanwhile ,now CHBTC will not give any wage to agents ,their profit may be bank interest .
It’s said that there is a agent in Jilin .Huobi.com also plans to finish the layout .
Offline and layout overseas
Along with different ways facing up to recharging limit ,bitcoin websites also expand their offline and foreign service .
BTC China has set the Chinese first ATM machine in Shanghai on 15th April,allowing bitcoin clients to purchase and sell bitcoin by different currency from different countries ./
Meanwhile ,BTC trading website,huobi.com and other trading platforms announced that they have finished registering and opening bank accounts overseas .And their trading websites overseas will be online .In addition ,huobi.com ,Okcoin hire professional team to audit belongings and will open it later .
Li lin ,the ceo of huobi.com said , “15th April deadline ” forced the trade to transfer from online to offline ,strengthening supervision difficulty .Meanwhile ,some people believe that what damages bitcoin is not policy risk but speculation risk .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Today ,People’s Bank of China has released the report about stabilize Chinese finance ,talking about bitcoin on a paragraph .”From the attribute,bitcoin is not currency in real sense .First ,without national trust support ,legality and compulsion ,its circulating range is limit and unstable .Second ,bitcoin exists scale ceiling which is difficult to adapt to economic development.If bitcoin becomes currency ,it may cause deflation ,preventing economic development .Third ,bitcoin lacks efficient system ,so it’s easy to be over hyped .Thus ,bitcoin price may change drastically so that it cant become currency and medium of circulation .At present ,what accepts bitcoin payment most is marked price by the mainstream currency in the countries .Forth ,with strong replacement ,bitcoin is difficult to be currency .Thus ,bitcoin is a speculation tool not payment tool in physical economy.Those who own bitcoin are willing to collect it rather than purchase other goods .”The word in the report is very cautious ,I basically support its parlance .

Bitcoin is currency
In the report ,it hasn’t said bitcoin is not currency.It only said bitcoin is not currency in real sense .why ?Let us know how to define currency in <Economic principle >.
“Currency is a series of funds that people usually purchase goods and service in economy .There are three function of currency : medium of exchange,valuation unit and value saving. ”
Obviously ,according to the definition ,bitcoin belongs to currency .Because it satisfy all the currency function .

However ,bitcoin is not commercial currency or legal currency .
Traditional currency has two kinds :commercial currency and legal currency .Commercial currency owns inner value ,such as gold .Legal currency has the law guarantee ,such as CNY .Obviously ,bitcoin is not commercial currency or legal currency .It’s too strange .However ,the strangeness has appeared before called “Swiss Dinar ”.

After the Gulf war in 1999,Iraq was divided into two parts :the South ruled by Saddam and the North ruled by Kurdish .At that time ,what currency Iraqi used is Swiss Dinar .Saddam announced to publish new currency “Saddam Dinar ”in 1993,and its citizens had three weeks to exchange their ‘Swiss Dinar ’into “Saddam Dinar ”.People in South began to use legal currency “Saddam Dinar ”from then on ,while the northern citizens didn’t .Therefore ,with limit amount ,”Swiss Dinar ”has lost nation trust support since 1993.It wasn’t commercial currency or legal currency again .More strangely ,after 10 years ,it not only circulates well ,but also becomes an excellent collection .Because Saddam government published cash crazily,”Saddam Dinar ”depreciated crazily .Before America overran iraq ,1 Swiss Dinar could exchange into 300 Saddam Dinar .

Bitcoin is not currency in real sense .
Though bitcoin is currency ,we can say it is currency in real sense .Because it depends on how to define the phrase“in real sense ”

According to the logicality of People’s Bank of China ,the real sense is :1)national trust support .2)without scale ceiling .3)stable price .(4)without replacement
Bitcoin is not a good currency
As individual ,bitcoin is not a good currency .Though it owns three currency positions :medium of exchange ,valuation unit and value saving .But it cant exert them well with the changeable price .Thus ,if bitcoin wants to be a good currency ,its price must be quite stable .
Many people owe bitcoin changeable price to speculation .Actually ,the main reason is not speculation but without a big market .

Finally ,we read the sentence again “Bitcoin is not currency in real sense .We have to admit that the word on the report is cautious .Black in white from official organization should not be miataken .So it hasn’t said bitcoin is not currency .However ,it cant said bitcoin is currency which may cause a new round suds .Thus ,it only says bitcoin is not currency in real sense ,aiming to say bitcoin is not legal currency as well as a good currency at present .”
Maybe you say ,bitcoin has the ability to be good currency .I don’t deny the point .But whether to be a good currency ,practice can check it .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

Recently ,the first bitcoin ATM machine in China appears in a café in Gaucho ,shanghai .People can but bitcoin directly through the machine .The bitcoin ATM machine supports denomination value 50yuan and 100yuan.The news attracts many bitcoin fans and normal investors attention .
Actually ,why the new is so hot is that many bitcoin supporters have lower and lower confidence in bitcoin sine December last year .Now ,bitcoin trading amount has decreased by over 80%compared with last year .Thus ,the intent bitcoin ATM machine appears in Shanghai is obvious .
Appearance :small   Operation;convenient 
The  bitcoin ATM machine is white as bank ATM machines .
Its operation is easy .First ,clients should register account in BTC China.Then find their wallet two-dimensional code and download or print it .Touch “start ”on the screen ,then scan the code on information reading area .insert CNY then the bitcoin may enter the account automatically.
However ,bitcoin ATM machines are not first founded in China.On October ,2013,the first bitcoin ATM machine of the global has appeared in Vancouver ,Canada .Clients can choose to input bitcoin address and password to exchange CAD or save cash into bitcoin accounts .While the ATM machine in China ,people can sell or buy bitcoin and exchange cash .
One-way operation is criticized as self-hype
Compared with two-way operation bitcoin ATM machines in Canada and Australia ,Chinese ATM machine only can finish one-way operation –CNY purchases bitcoin .The point is scolded by netizens with the suspicion hype and gain money .
A netizen said :central bank of China has ensured that bitcoin is virtual funds not virtual currency .Bank ATM machines can gain cash ,but yours only can “eat ”cash not “vomit”cash .It can not be ATM machine,only can be a vending machine .Another netizen said  ,bitcoin is only a series of code ,I cant touch or see it .why should I take CNY to buy it ?It’s only a hype .Now bitcoin is not like gold or Q coin ,only a cheat .
Meanwhile ,many bitcoin fans express their worry .If clients input their cash ,but suddenly meet power cut,what should they do ?Thus ,bitcoin ATM to BTC China ,maybe its publicizing value is Superior to practical value .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

The second Bitcoin forum in Shenzhen ,2014
The forum is held by Shenzhen university .Over 200 netizens enroll through internet .It has invited Xu Ming Maiden xing ,the ceo of Okcoin ,Li qi yuan ,the ceo of BTC China ,Lilin ,the founder of huobi.com and Qiu liang ,the ceo of Pi Xiu trading place to the scene .Meanwhile ,Luo jin hai ,the ceo of coinxu.com ,Yaoyuan ,the ceo of btct .com and Hua song xiu ,the ceo of China BTC also presented as guests .Meanwhile ,many mining machines producers ,consulting service producers and bitcoin wallet service producers also joined in .The forum is the largest bitcoin industry chain grand meeting in China .

Thinking over leverage transaction again
On 19th January this year ,the first Shenzhen bitcoin technology and industry forum also attracted many bitcoin fans to join in .Some participants have judged “2014is the first year to bitcoin ”.However ,with Mt.Gox bankruptcy and 4.15case ,bitcoin price fell rapidly .Chinese trading platforms become the focus all over the world .On interacting round this forum ,the most problems are 100%ready payment rate of the platforms ,leverage transactions,short system ,handling charge and financing .Bitcoin clients are worried about trading places ,expressing their dissatisfaction to short system and financing .Faced up to the problems ,different trading platforms have different opinion on them .Okcoin and huobi.com said they would think over this problem again .
Bitcoin industry chain :who present the hero
As several years development ,bitcoin industry chain has buit its contour fundamentally .Mine digging ,chips producing ,mining machines assembly ,trading platforms ,investment ,wallet saving ,online payment ,merchants union and other rounds have finished filling in bitcoin industry chain fundamentally .From crosswise ,there are some largely trading platforms ,including Btc –c ,Bitstamp overseas ,BTC China ,huobi.com and Okcoin in China .Waller saving includes Blockchain and coinbase overseas ,Picasso wallet in China .Consulting platforms include Coindesk overseas ,8btc .com in China .Payment platform is Bitpay and so on .Also ,,many e-e-commerce websites support it ,such as Overstock and coinxu .com .
Bitcoin price change seems not to stymie its capital .More and more Bitcoin application and service appear ,proving its value .The blank on Chinese industry chain has been the competition magnetic field.
Beijing ,Shanghai ,Guangzhou ,Shenzhen :bitcoin fans home
As interacting guest ,a bitcoin fans from Shanghai said “Last year , I haven’t joined in such a large party .”As bitcoin fans as well as the united initiator of Shanghai bitcoin entrepreneurship,the team constantly pushes bitcoin development .According to him ,Shanghai has held 7 times offline netizens party since the beginning of 2014.Though without official statistics ,Beijing ,Shanghai ,Guangzhou and Shenzhen are bitcoin fans home .
Four cities have been the top of bitcoin industry chain. As main Chinese financial center ,Shenzhen is not only close to Hongkong ,but also enjoying high technology .It is likely to be the important bases to bitcoin industry development .
Bitcoin consensus in Shenzhen :industry chain need supervision
Because bitcoin is the new industry ,people mistake its running way .Meanwhile ,lacking of efficient system ,some bitcoin companies damage the whole industry chain .Thus ,self-discipline is very important .The holder originally hoped to form a self-discipline indicator ,but he only can form consensus without mature condition .At the end of the forum ,OKCOIN ,BTC China ,huobi.com ,pixiu ,Btct ,Shanghai bitcoin entrepreneurship ,Guangzhou bitcoin salon ,CHBTC ,coinxu .com passed the consensus .
According to the holder ,the forum will held three months a time,aiming to gather in more wisdom and push bitcoin development .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.