The next chinese workaround

[nidhogg1]

So, the pBOC has now banned all bitcoin to fiat transfer channels. But unless im mistaken, bitcoin is still ok to 'trade'. So what about gold? Trading gold to bitcoin and vice versa based on the current value of gold and bitcoin, wouldn't this completely exclude the involvement of fiat currency and thus bypass the ban?

[TERA]

There may be some brief Bull-FUD involving such a thing as this. However, I think PBOC has made it clear that they will go after anything that operates like an exchange and offers bitcoin trading en masse with volume to the public.  Bitcoin's legality in China is probably intended only for hand to hand person to person transfers such as with localbitcoins.

[Siegfried]

Work for Bitcoin.

[y3804]

There may be some brief Bull-FUD involving such a thing as this. However, I think PBOC has made it clear that they will go after anything that operates like an exchange and offers bitcoin trading en masse with volume to the public.  Bitcoin's legality in China is probably intended only for hand to hand person to person transfers such as with localbitcoins.

+1 to bold. They want to stop exchanges

[Ibian]

Please. There is no need to involve the banking system in any way. It is a choice. When I eventually start selling I will simply stick a sign saying "Selling bitcoin" and my phone number down at the local grocer. Just a matter of time until we reach a critical mass of users for this to become practical.

[Siegfried]

Please. There is no need to involve the banking system in any way. It is a choice. When I eventually start selling I will simply stick a sign saying "Selling bitcoin" and my phone number down at the local grocer. Just a matter of time until we reach a critical mass of users for this to become practical.

Right. When the price rises to 10,000 dollars, the Chinese people will not want to be left behind just because the regime doesn't like it. Greed always trumps respect for authority.

[dropt]

There may be some brief Bull-FUD involving such a thing as this. However, I think PBOC has made it clear that they will go after anything that operates like an exchange and offers bitcoin trading en masse with volume to the public.  Bitcoin's legality in China is probably intended only for hand to hand person to person transfers such as with localbitcoins.

Not sure if I ever heard something more bullish as that fro you TERA  

Anyway... exchanges are moving in HK... no worias about that despite I would like to see them closed down!! They are fake as everything what comes from china.

Just imagine the "we're back" pump.  Will be a sight to behold!

[counter]

I like the idea of using gold.  This is news and Fud all mixed into one and it really means nothing to me.