BTCC CEO Bobby Lee Discusses PBOC Visit In TV Interview

[BTCC_Official]

BTCC’s chief executive officer Bobby Lee discussed the guidance that the People’s Bank of China gave to Chinese bitcoin exchanges early January 2016 in a recent TV interview.

View the full video on our YouTube channel.

https://www.youtube.com/watch?v=HXNeYNt1tEA

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[Carlton Banks]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

[cellard]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

That's what im also asking... the chinese must have an incentive to keep bitcoin running on their country. I guess they think that if they regulate all the exchanges then the chinese can't avoid capital controls. The incentive would be (as always) in the commissions, taking the fees from exchanges and keeping a % for the state or something.

[franky1]

bitcoin trading does not affect banks/governments FIAT

its that simple.

here is a rational and logical thought.
for every buyer is an opposite and equal seller.  FIAT is not burned. it just moves bank accounts.

infact in 90% of trades it stays in the same bank account. (the exchange).

but in a more broader longer term view X deposits to Y who withdraws to Z. but XYZ are all funds held in bankaccounts the governemt oversee. thus nothing changes in regards to fiat. apart from the account holder.

what would change. is if chinese were posting bank notes to a service. or stealing gold bars from banks and posting them to a service.. then that would be taking from the economy.

but bitcoin legitimately does not do that. all banks see is a name change on who owns what.. banks still hold the fiat and just change the account holder, thats it.

in short banks dont care about bitcoin. banks have legal tender laws, tax laws, minimum wage laws that ensure fiat remains in circulation to keep them in a job

all the chinese drama was just standard regulation policy stuff.

[Dream 1000 BTC]

No way, China can't ban bitcoin, bitcoin is running on the Internet, unless they cut the power or Internet connection, which is impossible.

[franky1]

No way, China can't ban bitcoin, bitcoin is running on the Internet, unless they cut the power or Internet connection, which is impossible.

fun fact. even if china pulled the plug on the chinese internet. the pools would connect via satalite to stratums outside of china. only disruption it would cause is about 1minute of pool hopping before resuming back to usual..

but thats as we can both agree at the extreme and irrationalable concept of china pulling their internet offline.
so dont worry. bitcoin mining would continue. unhindered. pools have already mitigated these risks years ago, even the absurd near impossible risks

[Carlton Banks]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

That's what im also asking... the chinese must have an incentive to keep bitcoin running on their country. I guess they think that if they regulate all the exchanges then the chinese can't avoid capital controls. The incentive would be (as always) in the commissions, taking the fees from exchanges and keeping a % for the state or something.

Right, but there is no Bitcoin Exchange Tax, or Bitcoin Mining Tax that I'm aware of. And even if there were, that still doesn't alter the fact that capital flight is considered a problem by the Chinese government, there would be no capital controls (probably the most elaborate in the world) if not. And if you consider that the state currency is really the fundamental lifeblood of the state itself, allowing the exchanges and miners to continue to operate seems like a very strange decision, assuming that protecting state power/influence is the overall objective.

[coolcoinz]

Bobby makes it sound like it wasn't anything big, just a normal conversation, where the authorities want to show who the boss is. I think they are slowly losing control over the money flow and they know it. This posing that they are doing now is nothing more but buying time and slowing the inevitable. All good, but it seems they had not enough footage to show, so they filled the gap with physical Bitcoins.

[25forsure#]

People are going to get used to Chines government meddling and then it wont have no effect on Bitcoin.

[franky1]

Bobby makes it sound like it wasn't anything big, just a normal conversation, where the authorities want to show who the boss is. I think they are slowly losing control over the money flow and they know it. This posing that they are doing now is nothing more but buying time and slowing the inevitable. All good, but it seems they had not enough footage to show, so they filled the gap with physical Bitcoins.

you need to realise china have the fiat in the banks. it does not evaporate. it just changes account holders. bitcoin does not impact the banks 'value'.
you are not seeing the real world and instead thinking about some civil war which is revolutionary.. but in reality there is not a civil war happening by having exchanges.

the civil war of bitcoin is not about exchanges that swap fiat...
instead its about the retail/consumer use of bitcoin to buy things in shops instead of using fiat.
as that can result in a shop then paying a staff wages in bitcoin and then that staff member only buys stuff in bitcoin. and that shop buys its re-stock in bitcoins, which loses the banks "value" because it affects the GNP and GDP of the countries economy.

so dont think exchanges are the knife to kill a bank/government. instead think about bitcoins utility in retail, wages, lifestyle. as that is the knife of revolution

[Dream 1000 BTC]

No way, China can't ban bitcoin, bitcoin is running on the Internet, unless they cut the power or Internet connection, which is impossible.

fun fact. even if china pulled the plug on the chinese internet. the pools would connect via satalite to stratums outside of china. only disruption it would cause is about 1minute of pool hopping before resuming back to usual..

but thats as we can both agree at the extreme and irrationalable concept of china pulling their internet offline.
so dont worry. bitcoin mining would continue. unhindered. pools have already mitigated these risks years ago, even the absurd near impossible risks

This is 21st century, it is not 50 years ago, Internet and computer are the good ways to escape from dictatorship, fortunately China is not retard like North Korea, I heard that in North Korea, people can't use mobile phone, computer. It is 100 years ago in western countries.

[Kprawn]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

Easy, Bitcoin is a scarce commodity like gold, and the Chinese has been stocking up on scarce commodities for a while now. Most of the scarce

resources on this world, end up in a Chinese collection. We all know Fiat is a dead end road, so they might have recognized that for a while

now and moved onto something that store wealth better than fiat. 

[franky1]

is not retard like North Korea, I heard that in North Korea, people can't use mobile phone

google Koryolink, oh look north korea have a telecommunications company. and its not a blackmarket under the table company either its actually a public service

[franky1]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

Easy, Bitcoin is a scarce commodity like gold,

asset not commodity

gold has multiple markets. dont confuse which market gold sits on when comparing it to bitcoin.
commodities are for raw produce made to make other products.
EG wheat commodity ->bread
EG crude oil commodity->plastic, car fuel
EG gold ->circuits, jewellry

gold sits on a commodity market - circuits/jewellery - industrial use
gold sits on a asset market - investments - financial reserves use

dont talk about gold in connection to the industrial use market. as thats a whole different ballgame
talk about gold in connection to the financial market. as it still has the same 'scarce' argument your making. but atleast is better comparison to bitcoin

[bitjoin]

Can anyone from BTCC explain why the Chinese government simply do not ban Bitcoin? What possible purpose does it serve to allow exchanges and miners to continue doing business in China?

They didn't totally ban the internet, they just heavily control it. Probably lining up the same ethos with BTC.  Good to see interview in in english kinda thought it would be in chinese.

[QuestionAuthority]

I think Bobbie Lee may actually be a fucking liar.

The People’s Bank of China posted on its website that it has visited China’s largest bitcoin exchanges to investigate whether bitcoin transactions were made to violate current regulations on foreign exchanges and money laundering.

Bitcoin seems to have become a hedge against the tumbling yuan. See my January 5 blog “Bitcoin: A Hedge Against Weaker Yuan?“.

In 2016, while the yuan fell by almost 7%, bitcoin prices soared 145%. China accounts for almost all bitcoin transactions in the world now.

The Financial Times reported yesterday that PBoC had already visited mainland China’s large bitcoin exchanges last week, but in PBoC’s statement, the central bank said it only started its investigation effective today, January 11.

http://blogs.barrons.com/asiastocks/2017/01/11/pboc-investigates-bitcoin-exchanges-for-fx-management/

[piebeyb]

I think it's time to replace the banking system by bitcoin even though it is a difficult thing but it would probably be better

[franky1]

I think it's time to replace the banking system by bitcoin even though it is a difficult thing but it would probably be better

blockstream are helping the banks and governments make a new system. its called hyperledger.

its not going to be a open platform for users to be free from bankers control. its going to be more control given to bankers and government.
yes medical records, bank records, tax record, driving licence, child support, passports will all be relationally linked to each other

bitcoin is being held back due to it.

https://www.hyperledger.org/about/members - general members - blockstream
blockstream are using bitcoin as the sandbox/testbed for hyperledger. slowly centralizing bitcoin and holding it back while then expanding hyperledger so that bitcoin cant compete