UPDATE 2-China bars banks from bitcoin transactions

[gsingh]

This seems like a very positive news to me. Expect prices to go even higher now!

http://www.reuters.com/article/2013/12/05/china-bitcoin-idUSL4N0JK1KZ20131205

[goose20]

Yes, very positive.
Bitcoin to hit $5,000 per on Christmas day.
I can't wait.

[gsingh]

I'll be more than happy even if it hits 2k by xmas 

[Dr Bloggood]

Why positive?

I can see that this makes everybody a bit more grounded and goes against bubbles, but if the merchants can't use it anymore (maybe after future regulations), that's not good.

The bigger BTC gets, the more the Chinese government will have an eye on it.

[gsingh]

Not sure if I understood it correctly. I guess you can accept Bitcoin if you are not a bank (financial institute). Isn't it?

Also bigger it becomes, harder it'll be to regulate. Governments recognising Bitcoin is positive enough for now because it spreads awareness and makes it more legit.   

[Dr Bloggood]

Ok, you got a point there.

I'm not sure either how it is with merchants, nobody seems to be. But I think there is at least an insinuation at regulating it stricter in the future. Let's hope they will be too late to stop it by then.

[laowai80]

Merchants are not financial institutions. This statement bans only financial institutions from bitcoin transactions. Merchants can accept payment in whatever they want, as long as they pay taxes in legal tender currency of the country they operate in.

[VeeMiner]

to say the truth the statement is hard to understand for a regular user, it does not seem like a good thing though...

[polarhei]

Why positive?

I can see that this makes everybody a bit more grounded and goes against bubbles, but if the merchants can't use it anymore (maybe after future regulations), that's not good.

The bigger BTC gets, the more the Chinese government will have an eye on it.

Well, I have received a phone call from a media. Asking how the barring caused.

1. The barring must be set to ensure can be adapted with.
2. THE People's Bank OF CHINA Currently seeks a more suitable way as the insiders like diversified methods.
3. Buying and selling is just a will, just like shares.

[crazy_rabbit]

seems to really point to bitcoin being treated as a commodity for the moment. (Still a great thing)

[balanghai]

This would be good because no moguls can take advantage of the early growth of BTC, hence less clout they can have.

[crazy_rabbit]

This would be good because no moguls can take advantage of the early growth of BTC, hence less clout they can have.

Good point. Although I didn't mind moguls pumping the price. :-) (Until they dump it of course).

[gsingh]

This is correct title actually! (China Restricts Banks’ Use of Bitcoin)

http://www.nytimes.com/2013/12/06/business/international/china-bars-banks-from-using-bitcoin.html?hpw&rref=business

[BitnessMan]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

[VeeMiner]

seems to really point to bitcoin being treated as a commodity for the moment. (Still a great thing)

I guess you're right. So it's kinda good news, since they didn't ban it altogether....

[VeeMiner]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

yeah, go on a firesale, I'll be glad to get more cheap bitcoins. Then you can cry in the corner when bitcoin is worth 10 000 USD

[erre]

Chinese hoarded USD when it was illegal...

i just went all-in @ 1000 and didn't knew that.... but i hope this is the chance for btc to do wat it was designed for: fuck off money dictatorships

[crazy_rabbit]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

Noobs always have doom and gloom posts before they hit 10 posts.

[BitnessMan]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

yeah, go on a firesale, I'll be glad to get more cheap bitcoins. Then you can cry in the corner when bitcoin is worth 10 000 USD

If you honestly believe BTC is going to be worth 10000 USD, you should invest your entire savings into it.

[VeeMiner]

You people are morons, this is what we in the financial industry call a "massive disaster." If I can't move my bitcoins to banks in China, I lose reputability, and the cascade of negative effects will put me out of business. This is the end of the bitcoin experiment as far as I'm concerned.  Time to start a firesale of my 2000 BTC, I'll be lucky if I get 100$ per.

yeah, go on a firesale, I'll be glad to get more cheap bitcoins. Then you can cry in the corner when bitcoin is worth 10 000 USD

If you honestly believe BTC is going to be worth 10000 USD, you should invest your entire savings into it.

I believe it a lot more than you having 2000 BTC