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BitcoinTraderFX
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December 05, 2013, 05:36:18 PM |
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I think most people are missing the point. And, more importantly, the point of bitcoin itself.
Bitcoin is an *alternative* currency. So governments like China (that want to control everything) would naturally *hate* alternative currencies.
*BUT* the people of China who strongly distrust the official fiat currency, *LOVE* alternative currencies. Hence why many Europeans and Chinese are using Bitcoin to move money, and protect their money.
This certainly won't stop people from moving money into and out of bitcoin.
Additionally, countries insisting that Anti-Money-Laundering laws be adhered to when banking is involved is a no-brainer. They have to assert those laws (via international trade laws). So it's not a shocker either.
Have fun, and control your risk!
: )
cj
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www.QuantTech.us -- Artificially Intelligent Adaptive Algorithmic Trading Systems
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crazy_rabbit
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RUM AND CARROTS: A PIRATE LIFE FOR ME
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December 05, 2013, 05:37:01 PM |
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All this FUD did was create a nice buying opportunity.  Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down. It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you? |
more or less retired.
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rocks
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December 05, 2013, 05:38:43 PM |
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The Notice clarify the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of money, it is not money in the true sense. 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. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
Thanks for the link, very helpful. My read of the above is actually very possitive. All China is saying is BTC is not an official currency and so banks can not offer services around it, set markets, offer BTC accounts, etc. However individuals are free to use it as a commodity provided they are willing to accept the risks. This places Bitcoin in the exact same situation as Gold. Banks do not offer gold "accounts" or act as gold market makers or list prices in oz of Gold. Instead gold is treated as a commodity. |
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dasein
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December 05, 2013, 05:39:53 PM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
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C10H15N
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December 05, 2013, 05:44:45 PM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
+1 |
Only when the tide goes out do you discover who's been swimming naked. -Warren Buffett
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Minor Miner
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Be A Digital Miner
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December 05, 2013, 05:48:06 PM |
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Wow people getting mad and going all spastic when someone mentions facts. Have fun folks.
facts... I don't think that word means what you think it means. |
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bootlace (OP)
Full Member
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Activity: 364
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Justice as a Service Infrastructure
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December 05, 2013, 05:53:31 PM |
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All this FUD did was create a nice buying opportunity. Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down. It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you? China was a great hype and momentum source for Bitcoin. The upside potential has been severely hampered now. Sure the Chinese nerds and rogue speculative investors might hold on to their coins, but forget about Chinese housewives getting in on the fun. Without China, what development can now take Bitcoin to the $10k people have been predicting would happen within few months or a year? Have to hope for a major bit of luck from somewhere. |
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dasein
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December 05, 2013, 05:55:39 PM |
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All this FUD did was create a nice buying opportunity. Correct me if I'm wrong but this whole 10x increase was sparked on the back of Chinese demand. Now to say that this news is insignificant and 'oh we dont need China anyways' as some are suggesting is insincere. We don't know yet how this will affect Chinese demand going forward, it's certainly an important development to keep an eye on. The chance of going to stratospheric valuations through Chinese retirement/saving/ETF/hedge fund accounts investing in BTC though has been shut down. It would be significant if you knew what i meant, but I'm gathering you don't. Not to mention the Chinese themselves, don't seem particularly spooked by it. So why should you? China was a great hype and momentum source for Bitcoin. The upside potential has been severely hampered now. Sure the Chinese nerds and rogue speculative investors might hold on to their coins, but forget about Chinese housewives getting in on the fun. Without China, what development can now take Bitcoin to the $10k people have been predicting would happen within few months or a year? Have to hope for a major bit of luck from somewhere. Bitcoin doesn't need Chinese housewives to get to $10K. |
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niothor
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December 05, 2013, 06:05:22 PM |
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panck4beer
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December 05, 2013, 06:15:28 PM |
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So far China Bitcoin exchanges works, so how can be Bitcoin pretty useless within China ?
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adamstgBit
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Trusted Bitcoiner
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December 05, 2013, 06:17:20 PM |
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could they all be working to together to try and buy cheap coins?  lol |
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Odrec
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December 05, 2013, 06:19:25 PM |
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Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
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HeliKopterBen
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December 05, 2013, 06:29:36 PM |
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OP is factually correct. This is obviously the "fight you" phase.
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Counterfeit: made in imitation of something else with intent to deceive: merriam-webster
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scarsbergholden
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December 05, 2013, 06:43:23 PM |
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The Notice clarify the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of money, it is not money in the true sense. 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. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
Thanks for the link, very helpful. My read of the above is actually very possitive. All China is saying is BTC is not an official currency and so banks can not offer services around it, set markets, offer BTC accounts, etc. However individuals are free to use it as a commodity provided they are willing to accept the risks. This places Bitcoin in the exact same situation as Gold. Banks do not offer gold "accounts" or act as gold market makers or list prices in oz of Gold. Instead gold is treated as a commodity. can anyone clarify regarding the items that say "not accept bitcoin or use bitcoin as a payment tool" and "must not use Bitcoin to set price for product or services" are directed at financial institutions and not average vendors? |
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bwhitsonjr
Newbie
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December 05, 2013, 06:47:13 PM |
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bootlace (OP)
Full Member
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Activity: 364
Merit: 100
Justice as a Service Infrastructure
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December 05, 2013, 06:54:57 PM |
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So far China Bitcoin exchanges works, so how can be Bitcoin pretty useless within China ?
Well I didn't say entirely useless - they're still good for sitting at exchanges and collecting cyber dust value. |
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jamesc760
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December 05, 2013, 07:13:08 PM |
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Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100? |
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 05, 2013, 07:27:37 PM |
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Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100? Baidu is not affected by the recent ruling. nothing was affected, because no banks in china offered financial service in BTC. |
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PenAndPaper
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December 05, 2013, 09:14:52 PM |
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Any news on Baidu? Will this make Baidu drop Bitcoin support or is it irrelevant?
Anyone have answers to this question? Baidu fueled the rocket ride to the $1200; will it cause the crash back down to $100? Well you may pretty much keep refreshing that page http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/If the bitcoin address disappear then sell. |
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