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Economy / Speculation / Re: STOP PANICKING! Bitcoin is NOT banned in China, citizens CAN ACCEPT BITCOIN.
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on: December 07, 2013, 10:19:09 AM
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Banned for financial institutions period , what guarantees you they wont ban people from using it ?
What guarantees you that aliens want come raid your refrigerator tonight? Yeah, thought so. Mate its banned you're trying hard , the next step would be banning people , but either way , who cares if people can exchange WOW gold between themselves if it is not a currency and its not accepted by fin inst and businesses , what business will accept this so called virtual commodity there if the gov at anytime can ban anything and its already did for BTC wake matey ... |
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Bitcoin / Bitcoin Discussion / Re: Did China just legalize Bitcoin, clarify regulation, for its free market use?
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on: December 07, 2013, 10:11:18 AM
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No they didn't , you just imagining things because you hold BTC and its dropping so fast get back to reality they said its not a currency no way and currently banned for financial institutions , it shows you China may ban it at any given time without any given notice , virtual commodity ? what the hell that mean ...
Your retort is irrational, as I am sure all the No votes are. I have studied the ruling and analyzed what it legally says. Your paranoia does not agree with the reality of what the ruling says. Pass your Bitcoins to strong hands who have sound logic and know how to read what the ruling actually says. And who understand that China is slowly liberalizing, while the west is slowing turning into a spy agency and capital controls prison. Note I have been a China critic over at http://mpettis.com, just find the posts with the avatar of Homer Simpson's small brain x-ray. P.S. Actually I was holding no BTC (and never owned any) until today when someone sent me several to distribute to typhoon victims. Mate no need to try hard its banned there period , no business will be willing to accept it as long as this is the Chinese gov tune , its banned mate , its not important if people can exchange it , who cares i can exchange socks with you does that give it value , whats the value if it cant be used as a currency ? it was $13 at the beginning of the year and nothing have changed we're going back there but it takes time , its definitely not worth the hype , just another WOW Gold or a store credit ... |
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Bitcoin / Bitcoin Discussion / Re: Don't panic, China is NOT banning bitcoin
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on: December 05, 2013, 09:50:10 AM
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Why would anyone in China still want to buy bitcoins when this announcement demonstrates there is little hope for them there?
AFAIK, there are no restrictions on who can create an account on BTCCHina. We don't know whether the selloff was actually caused by Chinese traders. Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore. That breaks the idea of an online exchange. Only localbitcoins china would work. Really? BTC-China is already a legitimate exchange. You can see the link on the bottom corner of the site " You can also enquiry the official "Ministry of Industry and Information Technology" of China government.  As Bitcoin is treated as goods, there is no reason for banning banks from deposit and withdrawal money from the registered bitcoin exchanges. So its not a currency ? |
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Bitcoin / Bitcoin Discussion / Re: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction
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on: December 05, 2013, 09:48:35 AM
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Hahaha this isn't breaking news. This was announced a few days ago. They won't recognize it as a currency but you are allowed to be traded in the grey, which means at your own risk and therefore allowing bitcoin to be implemented the way it's creators intended... For now lol
Where was it published a few days ago? The chinese and western sites being referenced here and on reddit all say 5th December. Yes this is the official announcement but all the details publicized were reported on in the news since nov 20 to dec 3 and now today the 5th. Gordon G. Chang, Contributor I write primarily on China, Asia, and nuclear proliferation. OP/ED | 11/24/2013 @ 6:42PM |29,019 views A China Triangle: Bitcoin, Baidu And Beijing And if there were any doubts that the central government favored Bitcoin, Yi Gang on Wednesday erased them. The deputy governor of the People’s Bank of China, the central bank, said although Beijing would not recognize Bitcoin as a medium of exchange soon, people were free to participate in the Bitcoin market. Yi’s words were significant because Chinese law actually forbids acquiring and using Bitcoins. The Ministry of Commerce and Ministry of Culture in 2009 jointly issued rules that outlawed the use of virtual currency in the real economy, specifically the exchange of such currency for goods and services, or the exchange of it for renminbi. The ban was imposed in response to the widespread acceptance of QQ, the virtual currency of Tencent, the Chinese social media giant. QQ, incredibly, had grown to about 13% of the Chinese cash economy. People traded QQ in public areas, and it was accepted in shops. Tencent itself brought QQ back under control “overnight” because Beijing ordered it to do so. The Bitcoin algorithm was released online just months after Tencent was forced to rein in its virtual currency. This was a chit chat talk , doesn't matter that much , until the official announcement with the details , which was today 5/12/2013 : http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html |
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Bitcoin / Bitcoin Discussion / Re: Don't panic, China is NOT banning bitcoin
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on: December 05, 2013, 09:45:15 AM
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Even if you can create a BTC-China account. You won't be able to withdraw to a chinese bank account anymore. Is that really the case? I wouldn't have expected Bobby Lee's statement to be as upbeat in that case. http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country, said today in a phone interview before the PBOC announcement was made. Regulations would be for “the good of the consumer,” he said. BTC is seeking recognition of the currency so it can be used to buy goods and services instead of being used for speculation, he said.
New rules for Bitcoin may not clarify Bitcoin’s legal status as regulators are divided over the issue, the people said. People are free to trade Bitcoin even as China refrains from recognizing it as a currency in the short term, PBOC’s Deputy Governor Yi Gang was cited by the 21st Century Business Herald as saying last month. Who cares about what Bobby Lee thinks ? he's the CEO of the exchange , his opinion is irrelevant to me ... |
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Bitcoin / Bitcoin Discussion / Re: Don't panic, China is NOT banning bitcoin
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on: December 05, 2013, 09:43:57 AM
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I work for an international company and i asked a chinese colleague to translate it for me. *(No literal translation at this moment)*
The bank is not supporting bitcoins, the risk has to be taken by the user if he decides to enter the bitcoin market. No guarantees are given for the losses made (as other investment most of the time have).
So it;s basically the same as it is in the netherlands for me with rabobank, they state: we do not support bitcoins use at own risk. we will not be liable for the damage made.
I don't think it's bad news just a warning for the general public by the bank of china.
If people want the literal translation a donation will be appreciated for the time the colleague needs to spend on it
At this stage, financial institutions cannot denominate services and products in bitcoin, cannot trade bitcoin, cannot run bitcoin exchange, cannot provide bitcoin related services, cannot store bitcoin for clients, cannot establish bitcoin trust or fund, etc. |
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Bitcoin / Bitcoin Discussion / Re: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction
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on: December 05, 2013, 09:19:22 AM
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Congratulations on the successful attempt to get some cheap coins. Mods should edit the title: Bloomberg : BREAKING: China bans warns financial institutions against use of Bitcoins This is actually good news: It said however that ordinary individuals were free to use bitcoin, so long as they took on the risk themselves. Its breaking and its banned , financial institutions are not allowed to touch BTC period . |
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Bitcoin / Bitcoin Discussion / Re: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction
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on: December 05, 2013, 09:01:43 AM
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Can you translate your findings for the rest of the group Pulling it through google translate, it ain't great news. - Business and Financial instruments banned from bitcoinThis is COMPLETELY wrong. It only targets financial institutions, i.e. banks, insurance companies, etc. What remains then ?! Its banned and its not a currency . People can still trade and spend bitcoin. Exchanges will be regulated, not banned. ONLY financial institutions can not touch it. People can trade it so what , so Bitcoin is just a speculative instrument ? What happens to mass adoption ? What happens to China lead ? What happens to a world currency ? It is only financial institution can't involve bitcoin. Other business like Starbucks can accept it Who cares ? Starbucks can accept what ever they want its like a coupon , that being said i doubt big businesses in China will accept BTC after this news , we shall see ... Bottom line it is not a currency and it will not be treated as one ( according to China ) . |
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Bitcoin / Bitcoin Discussion / Re: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction
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on: December 05, 2013, 08:53:46 AM
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Can you translate your findings for the rest of the group Pulling it through google translate, it ain't great news. - Business and Financial instruments banned from bitcoinThis is COMPLETELY wrong. It only targets financial institutions, i.e. banks, insurance companies, etc. What remains then ?! Its banned and its not a currency . People can still trade and spend bitcoin. Exchanges will be regulated, not banned. ONLY financial institutions can not touch it. People can trade it so what , so Bitcoin is just a speculative instrument ? What happens to mass adoption ? What happens to China lead ? What happens to a world currency ? |
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Economy / Currency exchange / Re: WTB 0.01 BTC PayPal
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on: November 30, 2013, 10:14:17 PM
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I would really be hestitent to do business with a guy who isn't even familiar with escrow...
Before you make a post trying to make a purchase of BTC, please do your homework so you can avoid a lot of this kind of confusion later.
Well mate i did my homework there is no confusion and i know escrow.com , ok , and i said from the start i am willing to pay through PP , i didn't ask for escrow , its not the issue of who send first , that's not the issue here , and i gave a proof of positive feedback in another forum . |
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Economy / Currency exchange / Re: WTB 0.01 BTC PayPal
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on: November 30, 2013, 09:03:29 PM
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i can sell you, but not from PayPal, for obvious reasons  I'm sorry but you're new here just like me so if you don't trust me why you think i should trust you ? Use escrow OK good but there is a minimum fee of $25 right ? i was thinking to use escrow for bigger amounts later ... can we make a small transaction there ... ? what you mean? there are trusted no fee escrow's out there No fee ? i thought there is a 3% fee minimum $25 . Sure, find a escrow, send me the money, and i'll send you the btc. PM me when ur done. Are you talking about escrow.com ... ? I'm not sure i'm following ... Will look into it but what payment method you will accept ? |
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Economy / Currency exchange / Re: WTB 0.01 BTC PayPal
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on: November 30, 2013, 08:43:53 PM
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i can sell you, but not from PayPal, for obvious reasons I'm sorry but you're new here just like me so if you don't trust me why you think i should trust you ? Use escrow OK good but there is a minimum fee of $25 right ? i was thinking to use escrow for bigger amounts later ... can we make a small transaction there ... ? what you mean? there are trusted no fee escrow's out there No fee ? i thought there is a 3% fee minimum $25 . Sure, find a escrow, send me the money, and i'll send you the btc. PM me when ur done. Are you talking about escrow.com ... ? I'm not sure i'm following ... |
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