UPDATE 2-China bars banks from bitcoin transactions

[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.

I believe it a lot more than you having 2000 BTC

Okay, a wager. By Jan 1 2015. I'll bet you a nice paltry sum, let's say 60000 USD that BTC will be sub 10000 in value. Hell, I'll do you one better. It'll be sub 7500.  If it's above 7500, you not only win 7500USD per bitcoin, you win 60000 dollars.  If it's below, you pay up, except I highly doubt you'd have the money because you invested in a commodity whose inflated price was only occurring because of Chinese speculation which just got its head cut off today.

[1714134285]

1714134285

[Inedible]

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.

Alright, I'll save your bacon.

I'll buy them all now for $110 each.

Don't say I'm not good to you.

[TheJacob]

What does this mean exactly?

Are banks banned from transacting in bitcoins or from dealing with bitcoin related transactions entirely?

[bryant.coleman]

What does this mean exactly?

Are banks banned from transacting in bitcoins or from dealing with bitcoin related transactions entirely?

As far as I can understand, it's the first case. They are only banned from dealing with BTCs directly.

But as someone points out, the language used is very vague (probably knowingly). So it will be open to all sorts of interpretations.

[davidgdg]

... If I can't move my bitcoins to banks in China ...

What do you mean? This makes no sense. You couldn't move bitcoins "to a bank" anywhere in the world. It's not how bitcoins work.

[yeik]

What I think they mean is that banks can't make bitcoin accounts and credit cards (managing themselves the wallets), or offer you the bitcoin trading services as for example Mt.Gox. And that they can't also sell loans in bitcoins, or invest in bitcoins for you as they were shares

[PenAndPaper]

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.   

I think it's more of a guidance and a warning that noone should treat bitcoin as money. People can trade in bitcoins but they should consider it a commodity.
I don't know if there are going to be penalties for people pricing products on bitcoin.

[hedge29]

My interpretation is that merchants are not allowed to accept BTC.    

From the reddit translation (link below)

"Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged acceptance status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency 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."

http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/

[hacknoid]

My interpretation is that merchants are not allowed to accept BTC.    

From the reddit translation (link below)

"Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged acceptance status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency 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."

http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/

Are merchants in China allowed to engage in barter transactions, or is that illegal?  Because if bitcoin is not a currency, it can still be used for barter - anything can.

EDIT: The part about "on the internet" is irrelevant; since bitcoins only exist on the internet.

[proudhon]

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.

It's your lucky day.  I'll pay you twice what you're expecting.  For all of them.  PM me.

[wmcleod]

Little confused.

Why is this positive news?

[kwukduck]

Doesn't this mean that exchanges will be illegal in China? I would think they are financial institutions..?

[antimattercrusader]

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.

Well, first off, we will see if any of what you just said turns out to be true. I don't see why it's not possible to send BTC to banks in China? Individuals can still use it. That said, I don't know what kind of operation you're running - but how does this equal the end of the BTC Experiment? One nation decides they don't like it so it's all over? We all know not every location and government on Earth is going to be a 100% bitcoin turbo bull. Didn't we all expect government and banking resistance? Come on - even if China says they're going to execute everyone with any BTC interests, that would be bad, but it would not be the end. China is not the entire planet. China has always been one of the more controlled regions, although I had(have) high hopes they're loosening up.

Even in a worst case total ban scenario, this is not the end of bitcoin.
 

[Libin]

What I think they mean is that banks can't make bitcoin accounts and credit cards (managing themselves the wallets), or offer you the bitcoin trading services as for example Mt.Gox. And that they can't also sell loans in bitcoins, or invest in bitcoins for you as they were shares

you're right, that's exactly what's the china gov mean.

[bryant.coleman]

Doesn't this mean that exchanges will be illegal in China? I would think they are financial institutions..?

No. The statement says that Crypto-Exchanges should get registration from the government. If they want to ban the exchanges, then what is the point in registering them?

[darkmule]

Yet another 10 post wonder who shows up and immediately knows everything just after getting out of the newbie cage.

Probably some troll we've seen before butthurt that he's on so many ignore lists nobody sees his posts.

[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.

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

Okay, a wager. By Jan 1 2015. I'll bet you a nice paltry sum, let's say 60000 USD that BTC will be sub 10000 in value. Hell, I'll do you one better. It'll be sub 7500.  If it's above 7500, you not only win 7500USD per bitcoin, you win 60000 dollars.  If it's below, you pay up, except I highly doubt you'd have the money because you invested in a commodity whose inflated price was only occurring because of Chinese speculation which just got its head cut off today.

Well I'm glad you believe it's over. Feel free to leave the community any time now...

[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.

I believe it a lot more than you having 2000 BTC

Okay, a wager. By Jan 1 2015. I'll bet you a nice paltry sum, let's say 60000 USD that BTC will be sub 10000 in value. Hell, I'll do you one better. It'll be sub 7500.  If it's above 7500, you not only win 7500USD per bitcoin, you win 60000 dollars.  If it's below, you pay up, except I highly doubt you'd have the money because you invested in a commodity whose inflated price was only occurring because of Chinese speculation which just got its head cut off today.

Well I'm glad you believe it's over. Feel free to leave the community any time now...

Hahaha you fucking pussy. You've got a whole hell of a lot of words on the internet behind your bullshit convictions, but when I say let's put a little money behind it, you just tell me to leave.  In the business world, we call that a beta move. That's why I fucking destroy 30 people like you every day before lunch. I move in, take the money I want, run you out of business, then call your girlfriend and tell her her little boy is destitute, but if she needs a man, she can come spend the weekend cleaning my yacht and pleasing me sexually if she isn't too fucking disgusting (which I imagine your girl is).

And by the way you fucking idiots, Baidu stopped accepting Bitcoins today (holy shit maybe I was right because I don't have fucking rose coloured glasses on?). But I'm sure that's great news!  For Bitcoin!  Right?  Hahahahahaha I love cleaning up on kids like you who say they're in 'business' but probably have daddy paying the insurance on the BMW (and actually own a BMW they drive themselves like a little bitch instead of having a chaffeur take them around in a Rolls).

[beetcoin]

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.

if you're selling at $100 i will take an order for as many as i can get. thank you.

[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.

if you're selling at $100 i will take an order for as many as i can get. thank you.

I don't sell shit to people who can't punctuate. Get an education before you mess with the fucking business world, you sack of shit.