NamelessOne
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December 05, 2013, 09:53:33 AM |
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Saying that bitcoins can not be used as currency completely destroys the intrinsic value of bitcoin.
The network and the ability to send money is a huge part of the value, it isn't required for the whole planet to use it as a currency for the bitcoin network to have large value. |
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im3w1l
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December 05, 2013, 09:58:10 AM |
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But they aren't objecting to the use as currency? Only to using the word currency?
Saying that financial institutions can't handle transactions will probably more act to deter speculation then buying/selling of goods using BTC.
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GigaCoin (OP)
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Giga
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December 05, 2013, 10:03:59 AM |
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Markets are hit hard downwards, looks like this news is pretty big in China. Not looking good  Transalations confirm that it is not just a warning, but a "BAN" . This might mean that people in china can't cash out their coins which is causing the panic
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Mirsad
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Bitcoin - love & hate
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December 05, 2013, 10:05:28 AM |
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Hahah nice  Moar panic selling please. |
< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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Kluge
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December 05, 2013, 10:08:02 AM |
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Whew. Thanks for warning. Almost missed this. Have a really light-colored ticker I can't see well. BTCBTCBTC
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wobber
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December 05, 2013, 10:09:23 AM |
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I never trusted anyone that goes full in the water without dipping their toe first. China did this with bitcoin, they went fanatic and all. If their destiny is to sell, then SELL (to me and my fellow friends on this forum)
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If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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piramida
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Borsche
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December 05, 2013, 10:15:39 AM |
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This might mean that people in china can't cash out their coins which is causing the panic
Makes exactly zero sense to sell coins if you can't cash them out, does not it? Would make sense to *buy* coins and get them to external exchanges and cash out there, if that would've been the case. Looks like just another one of the herd running panics, good thing. |
i am satoshi
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Shak
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December 05, 2013, 10:16:03 AM |
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so, china forbid banks to use bitcoin as a currency
well, did any bank use bitcoin yet? hm...
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GigaCoin (OP)
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Giga
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December 05, 2013, 10:18:01 AM |
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Just saw $870 on Gox, feels like forever since i saw that figure  But seems to be holding at a strong resistance of $900 |
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piramida
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Borsche
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December 05, 2013, 10:19:09 AM |
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Just saw $870 on Gox, feels like forever since i saw that figure But seems to be holding at a strong resistance of $900 the last support was 850. so it will hold for a while. if panic does not stop, hello 400  |
i am satoshi
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GigaCoin (OP)
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Giga
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December 05, 2013, 10:19:53 AM |
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This might mean that people in china can't cash out their coins which is causing the panic
Makes exactly zero sense to sell coins if you can't cash them out, does not it? Would make sense to *buy* coins and get them to external exchanges and cash out there, if that would've been the case. Looks like just another one of the herd running panics, good thing. Yep you're right but they probably wanna cash out now before it comes officially into law one can assume. |
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rammy2k2
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December 05, 2013, 10:20:06 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
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GigaCoin (OP)
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Giga
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December 05, 2013, 10:24:13 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
i asked a chinese friend and it seems like an outright ban based on proper translation, let me know if it's not correct! so i can update the post |
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Mirsad
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Bitcoin - love & hate
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December 05, 2013, 10:25:00 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
Learn chinese and win. It's a BAN! Just sell NOW. the bubble Chinese money will leave the bitcoin system. Price will crash hard! |
< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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Zangelbert Bingledack
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December 05, 2013, 10:30:35 AM |
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I call shenanigans on both of you. Ban on what exactly? Not a ban on Bitcoin. A ban on banks handling bitcoins means nothing materially at this time, because no banks in China (or anywhere in the world) handle bitcoins anyway.
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galbros
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December 05, 2013, 10:31:12 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
Learn chinese and win. It's a BAN! Just sell NOW. the bubble Chinese money will leave the bitcoin system. Price will crash hard! Really? While I agree learning Chinese is a good idea, quit trying to scare people. From the crappy Google translation: However, Bitcoin transaction as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in the premise own risk.
So even the crappy Google translation makes clear it is not a ban on people holding bitcoins. It may be a ban on banks holding them or using them like they would RMB, but that wasn't likely to begin with. |
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bitcon
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December 05, 2013, 10:33:54 AM |
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doesnt china censor the internet? i thought amerika was messed up.
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ronaldlee0917
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December 05, 2013, 10:51:31 AM |
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From what I have read, this is not really a ban, however all bitcoin handling businesses in China, e.g. btcchina, must register with some authority in China, which I forgot its name, otherwise they will be forcibly removed from operation.
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Donation: 18zXsfnSvGjQFJ6pEiKMg2uWGcxUCfJLzu Mastercoin - A new protocol layer built on top of Bitcoin |
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inca
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December 05, 2013, 10:59:18 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
i asked a chinese friend and it seems like an outright ban based on proper translation, let me know if it's not correct! so i can update the post It's not correct.. lol |
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GigaCoin (OP)
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Giga
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December 05, 2013, 11:00:26 AM |
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thoste titles are so fake ... no one banned anything ... it was just a warning ...
i asked a chinese friend and it seems like an outright ban based on proper translation, let me know if it's not correct! so i can update the post It's not correct.. lol explain |
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