Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction

[beetcoin]

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

you serious? so there's that kind of lag.. amazing how 1 bit of information could cause cascading panic, and people can end up losing much of their wealth.

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[jl2012]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Just a link I found about it...

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 bitcoin

This is COMPLETELY wrong. It only targets financial institutions, i.e. banks, insurance companies, etc.

Sorry my Chinese ain't great and Google is still rusty in its translation.
Do I understand your comment correctly then that business can still accept bitcoin for products?

1. People have freedom to trade bitcoin at their own risk

2. Financial institutions and payment processors cannot offer bitcoin-related service

3. Other business are not mentioned. Based on the previous 2 points, I can't see why Starbucks can't accept bitcoin.

[Bitsurprise]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Just a link I found about it...

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 bitcoin

This 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 ?

[Abdussamad]

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.

[RickJamesBTC]

This may be the last great opportunity to buy up a lot of bitcoin at the bottom. Hope you have your dollars ready! Only holdup is going to be the damn coinbase transaction limit.

[jl2012]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Just a link I found about it...

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 bitcoin

This 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

[Bitsurprise]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Just a link I found about it...

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 bitcoin

This 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 ) .

[TheChinaMan]

http://tech.sina.com.cn/i/2013-12-05/15538979079.shtml

No. You Western guys completely misunderstood the news. To me, this is actually BULLISH!

TL;DR, the document says:

1. Bitcoin is a virtual commodity, not a real currency

2. People have the freedom to trade bitcoin, but they need to take their own risk

3. 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.

4. Bitcoin exchanges must be registered, and follow AML and KYC rules

This means major Chinese bitcoin exchanges like BTCChina will stay. You just won't see any Chinese bitcoin ETF anytime soon.

This is so funny. Nothing has changed lol. Everything is still inthe grey and it fine. If they want cheaper coins, sure why not I like buying cheap coins

[tutkarz]

good news for two reasons: china gov acknowledges current situation and weak hands no longer holds bitcoin

[Mylon]

This may be the last great opportunity to buy up a lot of bitcoin at the bottom. Hope you have your dollars ready! Only holdup is going to be the damn coinbase transaction limit.

22     Economy / Speculation / Re: Chances of $150 again    on: November 28, 2013, 07:41:17 AM
These figure look dated from July and at that time


The price target of $100,000 IS POSSIBLE and one TREND graph suggests its 2016 but this graph shows we are AHEAD of the trend which means a pullback to $274- $300 around December 2013/Jan 2014 before rising again to $470 in March and $1000 by August 2014.

https://i.imgur.com/GOYWUMo.png

Is this likely to be correct?  who knows but its a typical technical chart analysis.

What could send us down to $274 given the current China interest?

Here's a few scenarios.

- Solar flare or cyber attack knocks out internet
- China or USA ban (temporarily)
A perceived ban or restriction whether correct or not will have a similar but less pronounced effect. The next few days will tell us
- Large Chinese dealer or Mt gox/ Bitstamp folds up owing 10's of Millions (most probable scenario in my opinion)
- China and USA start war mongering over the Japanese/ Chinese disputed Islands
- Meltdown of financial markets run to PHYSICAL assets (gold silver)
- Governments start to introduce their own Crypto outlawing completely private Crypto's

There are others but those immediately come to mind.

NOT going to $150 again except for ability to purchase a few coins (within the next 12 months) in a worst case scenario in the MEDIUM term ( 5yrs)

Well... it depends on what technical data you put your faith in. You got them who say its gonna go at a steady rate, like the pic above. But you also have the people who say this is going to be an S-Curve. Showing how we are already in the 1200 range, and shouldn't be there for another 9 months, makes me lean more towards the S-Curve theory.

[TheChinaMan]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Just a link I found about it...

Can you translate your findings for the rest of the group

In chrome is auto translates... my bad, didn't realize it until I loaded it on my smartphone.

No worries. Thanks for the link.
As a decentralized currency in a centralized world, this is fine, this is great because centralized governments are allowing Bitcoins to be integrated into the grey market.

[RickJamesBTC]

I just believe that for coming months, as soon as btc price has mini crashes, there are swarms of real dollars out there waiting to absorb it and push it back up. By the time the flush is over, the long term trend will be catching up. If btc ever drops below 300 again I'll be buying SOOoooo much to DCA my costs.

[btcash]

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.

[LightRider]

Hatemongering Chinese authorities do not recognize heterosexual currency relationships!

the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property

[Bitsurprise]

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 .

[Mylon]

Hatemongering Chinese authorities do not recognize heterosexual currency relationships!

the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property

Yea google translate always had sexist tendencies.

[bryant.coleman]

Can anyone tell me how this is going to affect BTC-China and other Bitcoin exchanges which operate from China?

Some sort of government regulation is necessary, as we have seen scams recently (like GBL) in China.

[Bitsurprise]

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

5th of DEC .

[danielW]

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 .

Exchanges in China are not considered financial institutions as far as I understand.

[justusranvier]

Can anyone tell me how this is going to affect BTC-China and other Bitcoin exchanges which operate from China?

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.