Don't panic, China is NOT banning bitcoin

[ABitBack]

Yeah just seems like a warning. This crash is simply people wanting to make a quick buck with the new news, sell high buy low while they can.

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[blopblop]

Is a good news in some way, since there will be less high profile buyers which speculate and sell millions in seconds devaluating the money.

What is going to happen is that this week the price will be low, and at the end it will slowly grow again, since bitcoin has been made for us, not for banks.

[CIYAM]

Yeah just seems like a warning. This crash is simply people wanting to make a quick buck with the new news, sell high buy low while they can.

I think you could be on the money - if btcchina is still working fine next week then I think the price will be back up to where it was.

[oakpacific]

Okay foreigners please wait as long as you wish, I am gonna do as what one of my compatriots said in this thread-全仓抄底.

[techstorm2]

Yeah just seems like a warning. This crash is simply people wanting to make a quick buck with the new news, sell high buy low while they can.

I think you could be on the money - if btcchina is still working fine next week then I think the price will be back up to where it was.

Exactly right, also why is anyone surprised by a bank not warming to bitcoin, this changes nothing, btc will still rise, maybe slower if the big speculators drop out but still the trend will be upwards, imho.

[SquashJ]

How ironic it is that China worries about the financial stability of Bitcoin, and then causes instability in the Bitcoin market by making potentially ambiguous/misleading announcements.

[CIYAM]

全仓抄底

Yup - a good chance to make money now.

[freequant]

the People's Bank of China, Ministry of Information Industry, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission jointly issued a "Notice on guard against the risk of bitcoin". [...] The "Notice" clarifies the status of bitcoin. It states [...] general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

[matt608]

However, general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China.  However it's not clear to me if that is the case.

[bitcoinpsftp]

Bitcoins will recover super fast from the initial selloff.  I think people in china were mostly selling in fear that their exchange would close and they would lose all money.  Once they realise this isn't so, people will jump back in to start a buying spree, which will raise the prices higher than before.  And in the US, they just follow the chinese market... so yea.

[freequant]

However, general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China.  However it's not clear to me if that is the case.

Who said merchants were not allowed to accept it as currency?

[lindatess]

It's legal speak. You people have studied law right? Most of us here are liberals, so we should understand how the law works. The law is open for interpretation, but in China it's apparently worse. Due to the fact the flexibility part is skewed towards the CPC.

http://finance.sina.com.cn/money/forex/20131205/174217543100.shtml
http://news.cntv.cn/2013/12/05/ARTI1386234766920596.shtml

Is BTC-China one of those institutions that is mentioned? That is what is unclear. The other parts are crystal clear.

[lindatess]

However, general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China.  However it's not clear to me if that is the case.

That depends on how we interpret the institution part... For now, they will probably be allowed to accept until one day the CPC decide to take your money away. That's the risk, but it's a risk that is alright to be taking. It might require some bribes from the merchants, as well as Bobby will have to do some networking to ensure that they don't clamp down.

For now I see it as a grey area.

As for the person laughing at the foreigners. I bet you don't even know how to interpret it. You just think you do. None of us know.

[Libin]

It's legal speak. You people have studied law right? Most of us here are liberals, so we should understand how the law works. The law is open for interpretation, but in China it's apparently worse. Due to the fact the flexibility part is skewed towards the CPC.

http://finance.sina.com.cn/money/forex/20131205/174217543100.shtml
http://news.cntv.cn/2013/12/05/ARTI1386234766920596.shtml

Is BTC-China one of those institutions that is mentioned? That is what is unclear. The other parts are crystal clear.

BTCChina is definitely not a financial institution!
BTC trading will not be affected at all.
Guys, don't panic.

[darkmule]

SELL SELL SELL!  It's gonna tank!  It's gonna crash and burn!  Sell now or you lose EVERYTHING!

(Okay, I'm just saying that cause I sold at $1200 and want to buy back and take a profit.)

Seriously, though, this may actually be a good thing.  You now have lots of Chinese with lots of Bitcoin and it's going to cramp their style not to be able to deal with their usual banks.  They might (gasp!) actually have an incentive to SPEND their BTC on actual products.  So anyone doing business in Bitcoin may be able to tap an enormous source of actual people doing actual business.

And maybe some people will realize that yes, the banks can go fuck themselves anyway.  This current stage of BTC to fiat and back again should come to an end at some point.

[matt608]

However, general public may trade bitcoin on the internet by taking their own risk.

How is that not uber-bullish?

Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China.  However it's not clear to me if that is the case.

Who said merchants were not allowed to accept it as currency?

From the 'human translation' on reddit: http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/

"Bitcoin is a specified virtual commodity, it does not have equal legal status with money, and it cannot and should not be used as money on the market."  That could be interpreted to mean that any Chinese business should not treat bitcoin as money i.e. not accept it as payment like they would if it were a currency.

[spect0r]

If it's not a big deal then why China Telecom dropped their BTC acceptance?

http://js.189.cn/w2014 - here they used to explain the bitcoin deal and how it works. Now no mention of bitcoin.

[escrow.ms]

China is the largest exporter in the world, why people think that they will allow companies/financial institutions to use bitcoin as currency . If they do,They won't be able to track transactions,charge tax etc.

[furezasan]

Please, panic, I'm looking to score cheap coin!

Yes people, please do!

[plasticAiredale]

Okay foreigners please wait as long as you wish, I am gonna do as what one of my compatriots said in this thread-全仓抄底.

Yes... I too will position my hunters.