Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[thefunkybits]

thats what kinda pisses me off

china has been banning bitcoin for months now, can we just get over it already....

Lets hope that western exchanges decouple from china and take the lead before (if) this becomes an issue

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[Cassius]

Key points of Huobi's announcement:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

I'm still trying to get my head around the China thing. A while ago Stamp/UK banned deposits via Transferwise and other third parties for AML reasons. It was a pain in the butt as it made things more expensive and awkward, but you could still use a regular bank account.
Is this roughly the same deal (at least for now)?

It is different.

Thanks, that is about as enlightening as a PBOC statement.

[darklight]

Contrary to what people on this forum seem to believe, the world doesn't revolve around them and their Bitcoins. To the banks this will just be another account they need to close, and each bank will have a different process and timescales. They aren't going to accelerate this because OMG Bitcoin. Just because some exchanges haven't had any news yet, doesn't mean they aren't going to. The news is still only a few days old, and banks are not normally known for their ability to do things quickly

[TERA]

thats what kinda pisses me off

china has been banning bitcoin for months now, can we just get over it already....

Lets hope that western exchanges decouple from china and take the lead before (if) this becomes an issue

Where are these "western" exchanges?

[Davyd05]

Key points of Huobi's announcement:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

really?

china ban doesn't affect Huobi??

China ban? Source? Caixin? If you trust Caixin, then yes. Huobi says they and their financial partners have not received the news from PBOC yet.

"The new announcements are the latest indication that China’s central bank, the People’s Bank of China (PBOC), may be following through on its decision to more actively enforce prior rulings related to how domestic financial service providers can interact with the bitcoin exchanges.

For example, while OKCoin was contacted by its third-party processor, FXBTC has been contacted by commercial banking providers."

http://www.coindesk.com/chinese-bitcoin-exchanges-okcoin-fxbtc-report-new-deposit-freezes/

ya we all know that

so why is Huobi not saying the same thing?

How about this - Huobi = People's Bitcoin Bank of China ?

Socialism at work gentlemen

 

not a half bad theory  

With Chinese news you always have to read between the lines.

China is the FUD generator

How did huobi not say the same thing?

[adamstgBit]

Key points of Huobi's announcement:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

really?

china ban doesn't affect Huobi??

China ban? Source? Caixin? If you trust Caixin, then yes. Huobi says they and their financial partners have not received the news from PBOC yet.

"The new announcements are the latest indication that China’s central bank, the People’s Bank of China (PBOC), may be following through on its decision to more actively enforce prior rulings related to how domestic financial service providers can interact with the bitcoin exchanges.

For example, while OKCoin was contacted by its third-party processor, FXBTC has been contacted by commercial banking providers."

http://www.coindesk.com/chinese-bitcoin-exchanges-okcoin-fxbtc-report-new-deposit-freezes/

ya we all know that

so why is Huobi not saying the same thing?

How about this - Huobi = People's Bitcoin Bank of China ?

Socialism at work gentlemen

 

not a half bad theory  

With Chinese news you always have to read between the lines.

China is the FUD generator

How did huobi not say the same thing?

mooncake reported that:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

this is not the same thing smaller exchanges said yesterday.... all they are stopping is 3rd party payment providers

this is senseless,

@ PBOC you suck at banning bitcoin.

[thefunkybits]

thats what kinda pisses me off

china has been banning bitcoin for months now, can we just get over it already....

Lets hope that western exchanges decouple from china and take the lead before (if) this becomes an issue

Where are these "western" exchanges?

haha true! here in canada we have exchanges, but in the USSA not so much. I should have said exchanges serving North Americans and Europeans

edit: TERA, why so salty? The general moodiness of bears may be a contrary indicator that we are headed for an upswing. I have changed my position on this huobi "news", heres hoping those who are shorting the hot news get wiped out

[FlyingLotus]

mooncake reported that:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

this is not the same thing smaller exchanges said yesterday.... all they are stopping is 3rd party payment providers

this is senseless,

@ PBOC you suck at banning bitcoin.

It does seem strange. Either still in denial or maybe they have been shown some favoritism by PBoC

One can only speculate at this stage, but hey this is the right thread for it!

[mmitech]

it is going to be a real painful month, I still insist the sooner this thing get sorted the better it is, most of people try to deny the fact that we were going down since the ATH in November and they call every small uptrend a reversal, well it is not, we are going down to a new low after the ATH and we were going down since November in waves, once we reach a bottom we will stay there for a couple of weeks, so I am sure no one will miss buying.

only then we can say OK it is a time for a reversal reversal.

[Erdogan]

http://www.economist.com/blogs/freeexchange/2014/04/money

That again. The deflation problem. We have debunked it.

Just admit it. The knowledge is right here, in the Wall Observer thread of bitcointalk. Wall Street will be struggling with this for some time.

[darklight]

mooncake reported that:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

this is not the same thing smaller exchanges said yesterday.... all they are stopping is 3rd party payment providers

this is senseless,

@ PBOC you suck at banning bitcoin.

It does seem strange. Either still in denial or maybe they have been shown some favoritism by PBoC

One can only speculate at this stage, but hey this is the right thread for it!

Or maybe their providers are still getting all their paperwork in order before serving notice and have a policy of not confirming things like this until that is all done. In the manner that businesses all around the world do

[mooncake]

mooncake reported that:

1. Huobi has checked with their third party payment service providers and banks and was informed that no instruction from PBOC had been received.
2. Huobi will stop all third party payment services on 05-04-2014.
3. Huobi will ramp up its manpower to 7*24 on internet fund transfer. All bank deposits and withdrawals are not affected.

this is not the same thing smaller exchanges said yesterday.... all they are stopping is 3rd party payment providers

this is senseless,

@ PBOC you suck at banning bitcoin.

"火币网得到的信息和其他已经发布公告的平台获得的信息不完全一致，可能是因为地域以及服务商不同造成的，至于为什么不同地域不同服务商会有不同的政策，不得而知"

Translation:
The reason why the information obtained by Huobi and the announcements made by other exchanges are different may be due to different geographical regions and financial partners. Huobi has no knowledge why different financial partners in the different geographical regions have different policies.

[Davyd05]

As I understood it from another source was that Huobi was trying to contact the PBoC and received no further clarifications other then the Dec 5th policies. As for closing of the TopUp re-charge method whaddya know a self censoring Chinese exchanges..who' da thunk it.

Oh welll 24/7 deposit service until april 15th   eheheh

CCMF

[soullyG]

Hot off the press translation of Huobi's announcement:

Dear Customers of Huobi,

Huobi had been contacting various government agencies about the “April 15” news that had been spreading on the internet. Unfortunately, we were not able to get any useful information regrading the matter from those agencies. Therefore, we cannot give our investors a clear answer at this time. We are sorry about that.

Yesterday, many Chinese exchanges announced that they had received instructions to either stop processing third-party transactions and/or to stop direct bank deposits. Many investors and members of media had been asking Huobi about the recent development. First of all, we would like to thank all the friends of Huobi for supporting us. We will give you a summery on all the information we have at hand regrading CNY funding (As of April 3, 2014 16:00 Beijing Time).

Huobi's finance department had been talking to third-party processors and multiple banks that we have accounts with. Here is what we know so far.

Third-party Processors:

We had business relationships with four different processors. One of the processors hinted that it might be risky going forward. The other three processors reported that there will be no problem working with us for now.

Of the one processors that said that there might risk going forward. They told us that it is because someone reported them to the corresponding government agencies citing violation of the PBOC regulations on Bitcoins that were announce on Dec. 5 last year.

Banks:

We have accounts with the banks listed below. Information from the branches of those banks is that they did not received any memo about Bitcoin in the last three months.

The banks told us that they have only learn about “April 15” from the news.

The banks stated that they do not know if the news reported about “April 15” is true.

Industrial and Commercial Bank of China
Agricultural Bank of China
China Construction Bank
China Merchants Bank
That all the information we here at Huobi have at this time. They are all from direct sources. We try to be as objective as possible. As to why the information we got is different from other exchanges', our best guess is that could be due to that we are located in different jurisdiction and do not share the same providers. As to why different jurisdictions and different providers have different policies? We do not know. Based on the information we have and the current uncertainty, our third-party payment processors and us came to a mutual decision to stop processing deposits as of April 5. Starting from now, we will upgrade our direct bank deposits service to operates 24 / 7, to insure all deposits are processed in a timely matter. Other than the above changes, our CNY withdraw, Bitcoin/Litecoin withdraw and deposit are not effected.

Lastly, Huobi would like to say:

The current uncertainly and elevated price movements led everyone trying their best to find information they that want to heard. The shorts want everything from Bitcoin exchanges announce to be bad news, they will start their attack at the sight of any good news and vice versa. For this, we will like to let everyone know that Huobi does not have any interest with the shorts or longs. We announce everything we know and we are a transparent exchange. Only time will tell.

Department of Operation, Huobi

Customer Service Hotline: 4000-600-888Hotline: 4000-600-888

http://www.reddit.com/r/BitcoinMarkets/comments/220qob/fxbtc_small_chinese_exchange_shuts_down_cny/

[seleme]

So, basically, China uncertainty continues and it's going to bite us again. WOnderful.

[Erdogan]

http://www.economist.com/blogs/freeexchange/2014/04/money

That again. The deflation problem. We have debunked it.

Just admit it. The knowledge is right here, in the Wall Observer thread of bitcointalk. Wall Street will be struggling with this for some time.

Some crazy comments below the line; but comforting to see tulips still being trotted out.

[adamstgBit]

So, basically, China uncertainty continues and it's going to bite us again. WOnderful.

 

[soullyG]

http://www.economist.com/blogs/freeexchange/2014/04/money

That again. The deflation problem. We have debunked it.

Just admit it. The knowledge is right here, in the Wall Observer thread of bitcointalk. Wall Street will be struggling with this for some time.

Some crazy comments below the line; but comforting to see tulips still being trotted out.

The comments there make the population of this forum look like learned intellectuals! And it's always nice to see the tulip argument thrown around, it makes it much easier to know which ones to skip

[KFR]

thats what kinda pisses me off

china has been banning bitcoin for months now, can we just get over it already....

Lets hope that western exchanges decouple from china and take the lead before (if) this becomes an issue

Where are these "western" exchanges?

Stamp and Btc-e can both be considered 'western' (you know the details of both, both have 'brass plate' identities in London)...Kracken, is Vicurex still in business?

Vircurex is still very much alive.  They returned some DOGE lost in a failed transaction to me today, which is admittedly about ten days after I sent the support mail but they've had shit to deal with and, in this space, haven't we all.

Also I never miss an opportunity to shout about how good Kraken is.  USD,EUR,LTC,BTC etc., fully audited, registered offices in UK and California using a major German bank for SEPA etc.  Great features, slick interface and by far my most quick, reliable and satisfactory cryptocurrency exchange I've experienced.   Double plus good.

I have no involvement in either - I just feel Kraken deserves much more attention than it gets.

 

[soullyG]

So, basically, China uncertainty continues and it's going to bite us again. WOnderful.

Yep - and whilst I would like to hope that after the 15th, things will be clearer - this probably won't be the case given the PBoC's willingness to make solid statements