China (Unofficially) Authorizes Bitcoin!

[Bitcoininspace]

Best article I found about it:
http://www.zerohedge.com/news/2015-10-25/bitcoin-bullion-soar-chinas-creeping-capital-controls-loom

Oh god the comments on that article are hilarious;

"NO IT IS NOT. BITCOIN IS A SCAM SCAM SCAM , YOU CANNOT EVEN TOUCH IT SO HOW CAN IT BE REAL ? ITS A CROSS BETWEEN A PONZI SCHEME AND A TULIP BULB , MY OLD GRANNY TOLD ME SO , SO SHE EVEN SAYS THE EARTH IS FLAT AND EVEN HAS A MAP OF IT , SHE LIVES IN HER BASEMENT WAITING FOR ARMAGEDDON , SHE SAYS WHEN WW-III IS OVER WE CAN USE GOLD TO BUY MORE PREPPER FOOD AND BITCOIN WILL BE USELESS BECAUSE OF THE E-M-P THERE WONT BE ANY ELECTRICITY NOT EVEN SUNLIGHT WILL GET THROUGH THE EMP"

I've always wondered why there are so many trolls and buttcoiners around and active. When will they eventually give up and face reality that times are changing?

[ajareselde]

I guess the highlighted part of this is "Unofficially", which basically makes the news - not real news, and it's the most probable reason that this wasn't discussed as much
as it was expected for it to be. If this becomes official however, i would be expecting a bull run that we didn't see in a long time, and i'm not talking about +xy USD increase..

[Harpua]

I guess the highlighted part of this is "Unofficially", which basically makes the news - not real news, and it's the most probable reason that this wasn't discussed as much
as it was expected for it to be. If this becomes official however, i would be expecting a bull run that we didn't see in a long time, and i'm not talking about +xy USD increase..

But I wonder if the people in China who are pumping all of their yen into bitcoin as of right now because of the authorization and people not being so sure of what yen will do as a currency will make people think that a bubble is being formed?  Like if the bulls come out full steam ahead this upcoming week, would that make people end up thinking that it's for sure a bubble and cause a massive dump?

[zimmah]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

[Harpua]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

[mayax]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

it's just a bubble. nothing serious sustain the raise from now. it will go down fast after some "smart" guys will cash it out

[7788bitcoin]

China never banned bitcoin. Only banks in China are not allowed to be involved.

[NorrisK]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

it's just a bubble. nothing serious sustain the raise from now. it will go down fast after some "smart" guys will cash it out

You don't think the afformentioned points accommodate and sustain the raise now? Those points are some of the best things that have happened to bitcoin over the last months, if not year.

Not sure how you can think it is not sustainable. Price is finally leaving the bottom where it has been too long.

[ajareselde]

I guess the highlighted part of this is "Unofficially", which basically makes the news - not real news, and it's the most probable reason that this wasn't discussed as much
as it was expected for it to be. If this becomes official however, i would be expecting a bull run that we didn't see in a long time, and i'm not talking about +xy USD increase..

But I wonder if the people in China who are pumping all of their yen into bitcoin as of right now because of the authorization and people not being so sure of what yen will do as a currency will make people think that a bubble is being formed?  Like if the bulls come out full steam ahead this upcoming week, would that make people end up thinking that it's for sure a bubble and cause a massive dump?

Chinese are pumping yuans into bitcoin due to devaluation i believe, and not due to this (so far unofficial - read worthless) news. Regarding the possible dump; if people didn't
learn the nature of bitcoin and it's pricing until now, their dump can only lead them to loss in their own profit. Bubble happening or not, it will only make bitcoin more exposed and known.

[lottery248]

After Unofficially banning Bitcoin, we have an Unofficial unban! Meanwhile, while all this happened, more and more hashpower was brought to Chineses mining farms, new farms were built with even more efficiency and exchanges kept operating with huge reported daily trade volumes...

i have to tell you that, china bans bitcoin for its banks, not the rest in china.
china is probably banning the bitcoin flexibly to prevent scammers such as MMM, as far as i know MMM is growing fast in china, sometimes i can even see MMM advertisements in faucet website, which is horrible to bitcoin. take notice that china isn't gonna ban bitcoin completely, otherwise bitcoin is down for sure.

[Bitcoininspace]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

it's just a bubble. nothing serious sustain the raise from now. it will go down fast after some "smart" guys will cash it out

Well the "smart" guys that cash out may be kicking themselves later if they wait for another drop in price so they can buy in again if the price won't drop anymore and they miss the jump.

I am always careful when daytrading and if the price doesn't drop for a couple of days I get scared that I may miss the jump and re-buy btc.

Maybe that's why I'm not a good daytrader. :3

[designerusa]

This is positive but I think we need more official plus more highlighted news from big news companies about this.
Also if continuous Chinese interest floods here, bitcoin will get eventually bigger, that's so good.

[Kakmakr]

I think it is just some speculators pumping the price, I have not seen any official news about this. China has been hot and cold about this subject and it would be great if they can finally make a positive decision about this. Let's just wait for some official announcement, before we jump with joy. 

[Mickeyb]

I think it is just some speculators pumping the price, I have not seen any official news about this. China has been hot and cold about this subject and it would be great if they can finally make a positive decision about this. Let's just wait for some official announcement, before we jump with joy. 

Not speculation it seems! This is what I just found:

http://cointelegraph.com/news/115471/bitcoin-price-charges-towards-300-as-china-cracks-down-on-underground-banks?ref=45

[dothebeats]

I think it is just some speculators pumping the price, I have not seen any official news about this. China has been hot and cold about this subject and it would be great if they can finally make a positive decision about this. Let's just wait for some official announcement, before we jump with joy. 

Not speculation it seems! This is what I just found:

http://cointelegraph.com/news/115471/bitcoin-price-charges-towards-300-as-china-cracks-down-on-underground-banks?ref=45

Great, now it seems that China is slowly accepting bitcoins and the Chinese are somewhat using the news to create a small push of price. Good times, VAT-free in Europe and a lot of money pouring in into the economy.

[Amph]

I am surprised we haven't discussed this! Have I missed this discussion maybe or we have all just missed this huge news in my opinion? This also explains current rise!

Share your thoughts please!

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

I thought the rise was due to the european decision to not tax it.

Maybe they both add up to each other.

Good days for bitcoin.

Not to mention Gemini... there are a lot of positive and "bullish" news coming out of the wood work as of right now, and people are acting on it to get coins for cheap before they go above $300-$400... after that, who knows what the price will do.

it's just a bubble. nothing serious sustain the raise from now. it will go down fast after some "smart" guys will cash it out

You don't think the afformentioned points accommodate and sustain the raise now? Those points are some of the best things that have happened to bitcoin over the last months, if not year.

Not sure how you can think it is not sustainable. Price is finally leaving the bottom where it has been too long.

they were saying the same thing with the greece exiting the europe union, and the same thing when every big news come out in the past

but what happened? nothing, a pump to 300 and a dump to 230, i don't seen this changed so soon, until the halving at least

[Lover of Coin]

China never banned bitcoin. Only banks in China are not allowed to be involved.

Yes. If China banned bitcoin, there would be no bitcoin exchanges in China. The bitcoin price would have crashed into single figures.

[ANdr0id]

China never banned bitcoin. Only banks in China are not allowed to be involved.

Yes. If China banned bitcoin, there would be no bitcoin exchanges in China. The bitcoin price would have crashed into single figures.

China never banned bitcoin they just try to limit it use in the country. If this news is true (which most are flagging as not and just fantasy to pump by their whales) then it will open up the steel curtain of it's use and China's fear of it becoming competitive to the yen will become reality. I would think most of China's population wants to be in control of their money and most would see this a step in that direction.

[Harpua]

I found this posted in the speculation thread and could be a cause for some concern in the bitcoin market... Cross post from /r/bitcoinmarkets

https://www.reddit.com/r/BitcoinMarkets/comments/3qd7cc/this_week_at_okcoin_china_update_mmm_ponzi/

1) Ponzi Scheme: Over the past month in China multilevel marketing schemes (www.mmmdy.com and other imitators) have gained popularity on the internet. OKCoin has been vigilent in identifying bitcoin addresses funding this ponzi scheme and taken action to warn and notify customers by phone of such schemes prior to allowing withdraws to associated addresses. This situation has mostly affected .CN Chinese customers on the CNY exchange. The Chinese authorities are aware of this situation.

2) Increased BTC price volatility in China: Some macro speculators may be expressing a view on the CNY through Bitcoin and other assets stemming from the prior devalution. We suspect lackluster Chinese stock market performance has some customers seeking alternative assets.

[OROBTC]

...

Re the recent BTC price increases, there is one other interesting wrinkle to look at.  The Bitcoin:Gold ratio is down to under 4.00 for the first time in a while.  This would hint that buying gold for BTC would be good, certainly better than a few weeks ago when that ratio was over 5.00.

Currently the BTC:Au is at 3.97.

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