THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT

[usscfounder]

THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT

If the elitist members of the foundation had remembered the Bitcoin is a GLOBAL currency and not an American currency, they would have bothered to kiss the asses of the Chinese bureaucrats like they did in the senate.  Instead they left all the ass kissing up to a single Chinese businessman who was completely clueless in one of the most important markets in the cryptocurrency trade.

A plane ticket to china is not that expensive.  They couldn't give up some of their bitcoins just to fly to Beijing themselves?

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[TippingPoint]

It is not too late.

Send Dennis Rodman.

[jones31]

Do you really think the Chinese government would have listen to some foreigners?
They don't listen to their own people.

Also , there is nothing wrong with their decision. The problem lies with people not understanding what the decision was about and panicking like there was no tomorrow.

[beetcoin]

like ^ said, why would they listen to foreigners? china don't give a fuck, they are going to do what they want to. and kissing ass doesn't do shit, only buying out does.

[QuestionAuthority]

Now that's an interesting take on the situation. The kissing of American bureaucratic ass gained us what exactly?

[Mjbmonetarymetals]

There isn't any problem with Bitcoin in china, it's in the process of being regulated as a virtual commodity rather than a currency which is a good thing, baidu and china telecom have temporerily suspended Bitcoin acceptance while digesting this new regulation.

The west and media in general have been practically throffing at the mouth about a bubble pop,folks here selling who have no idea what in the world their doing, Bitcoin is truly shaping up to be the people currency pity at this point people are still in love with the devaluing dollar.

Bitcoin - a few weeks of recovery then new highs.

[cdtc]

Nothing really bad happened in china, they just stated the already known facts.

[QuestionAuthority]

Now that's an interesting take on the situation. The kissing of American bureaucratic ass gained us what exactly?

Dirty lips.

Rimjob benefit only. lol

[xephireusMMX]

Now that's an interesting take on the situation. The kissing of American bureaucratic ass gained us what exactly?

Good publicity. Being hostile does not help Bitcoin adoption

[Alpaca Bob]

Nothing is stopping a bunch of Chinese bitcoiners from starting their own foundation.

I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.

That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.

[QuestionAuthority]

Now that's an interesting take on the situation. The kissing of American bureaucratic ass gained us what exactly?

Good publicity. Being hostile does not help Bitcoin adoption

Please provide the link of us being hostile to China. Did a representative from China ask for TBF to come to Beijing and make a presentation?

[xephireusMMX]

Now that's an interesting take on the situation. The kissing of American bureaucratic ass gained us what exactly?

Good publicity. Being hostile does not help Bitcoin adoption

Please provide the link of us being hostile to China. Did a representative from China ask for TBF to come to Beijing and make a presentation?

You asked "The kissing of American bureaucratic ass gained us what exactly?"
If not kissing American bureaucratic ass, we could ignore them, but what would be the point ?

[beetcoin]

kissing a politician on the ass is the same as kissing them on their mouth. you are putting your lips where a lot of shit comes out of.

[Siegfried]

There isn't any problem with Bitcoin in china, it's in the process of being regulated as a virtual commodity rather than a currency which is a good thing, baidu and china telecom have temporerily suspended Bitcoin acceptance while digesting this new regulation.

The west and media in general have been practically throffing at the mouth about a bubble pop,folks here selling who have no idea what in the world their doing, Bitcoin is truly shaping up to be the people currency pity at this point people are still in love with the devaluing dollar.

Bitcoin - a few weeks of recovery then new highs.

I agree. I thought the point of bitcoin was to replace the fiat/fractional-reserve financial system, not be integrated into it. So why are people worried that Chinese financial institutions cannot be involved in bitcoin? This is not a bad thing.

[lindatess]

One of the CPC's goals is to stay in power.

If someone doesn't give them a majority of bitcoins, then they would not be satisfied. Even the litecoin founder got scammed big time. I wouldn't be surprised if there is a warrant out for him.

[BTCisthefuture]

I have to agree with others, I don't see how some random foreigners would be able to fly to beijing and meet with government leaders and have any real impact on how the government chooses to manage it's own financial situations in China.

Unless your someone really important like a high ranking government offical from America, I would have to assume you can't just book a flight to Beijing and start hanging out with government officials who would have much influence in this type of decision making.

With that said, the OP does make an interesting point that maybe the Bitcoin foundation should work on building closer connections in other countries. Not sure how realistic that is but it certainly wouldn't hurt I don't think.

In china everything tends to come down to something called 关系 (connection/relationship). It can be quite hard to get the 关系 needed in China to have influence on government matters like that, especially if you aren't Chinese.  Probalby wouldn't hurt though for the bitcoin foundation to reach out to some of the leaders in the bitcoin community in China and start building some relationships.


edit: It's also worth pointing out it was the US Government that held the meeting and invited the bitcoin foundation and other people. It's not like the bitcoin foundation reached out to congress and had a metting set up.

[elbill]

THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT

If the elitist members of the foundation had remembered the Bitcoin is a GLOBAL currency and not an American currency, they would have bothered to kiss the asses of the Chinese bureaucrats like they did in the senate.  Instead they left all the ass kissing up to a single Chinese businessman who was completely clueless in one of the most important markets in the cryptocurrency trade.

A plane ticket to china is not that expensive.  They couldn't give up some of their bitcoins just to fly to Beijing themselves?

+1


BITcoin is NOT USAcoin

The foundation should actively protect bitcoin in:

China, USA and Europe, not only USA.

[saddambitcoin]

Bitcoin Foundation has better shit to do!!!

focus on the Bitcoin Protocol and improving the f*******ing client !!!  make the network secure!!!!  they do all of this and more and don't ask for much.

if you ask me the "problem" in china is not a problem only a misunderstanding in translation igniting an already panicked atmosphere,===

[BTCisthefuture]

Nothing really bad happened in china, they just stated the already known facts.

I'm not educated enough on the issue to really say one thing or another, and certainly China and the way the government works or makes quick decisions can sometimes be really hard to fully understand.  

I do wonder though what kind of impact this will have on the expansion of businesses in China accepting bitcoin. If finincal institutions aren't/can't get too involved it could really put a road block on more businesses accepting bitcoin, especially considering how many businesses in China have direct connections to the government,  no ?

Both Baidu and China Telecom back tracking and choosing not to accept bitcoin certainly casts a negative light on things in my opionon. Is it an indicator that other large companies with close ties to the governmetn are now going to have the same viewpoint in regards to bitcoin.  Such a shame too, I was considering buying a smartphone through China Telecom when they announced people could pay with bitcoin .

[balanghai]

It is not too late.

Send Dennis Rodman.

Hahaha this made me laugh but sorry it was in North Korea!

[beetcoin]

It is not too late.

Send Dennis Rodman.

Hahaha this made me laugh but sorry it was in North Korea!

no matter. the only friend that north korea has is china.. there are diplomatic ties between the two. dennis rodman can save us.

[jones31]

There isn't any problem with Bitcoin in china, it's in the process of being regulated as a virtual commodity rather than a currency which is a good thing, baidu and china telecom have temporerily suspended Bitcoin acceptance while digesting this new regulation.

The west and media in general have been practically throffing at the mouth about a bubble pop,folks here selling who have no idea what in the world their doing, Bitcoin is truly shaping up to be the people currency pity at this point people are still in love with the devaluing dollar.

Bitcoin - a few weeks of recovery then new highs.

Tell me how many times does reasoning work with people panicking? Probably only when you start hitting them in the head.
I can see the whole picture  , somebody purchasing far more bitcoin than he could afford and screaming now seeing that he lost money instead of having enough for a yacht.

[igorr]

China is understood !!!

U.S give most BTC to China and takes most real money of the Chinese people. Give nothing for real money !!!
It is tactical general impoverishment of China.

Check this, 99% transaction U.S and China !!! Chinese real money (yuan) go to U.S wallets.
http://fiatleak.com/

[QuestionAuthority]

China is understood !!!

U.S give most BTC to China and takes most real money of the Chinese people. Give nothing for real money !!!
It is tactical general impoverishment of China.

Check this, 99% transaction U.S and China !!! Chinese real money (yuan) go to U.S wallets.
http://fiatleak.com/

That's correct. This is our revenge for years of Chinese steel and every product sold at Walmart.

[Mjbmonetarymetals]

http://siliconangle.com/blog/2013/12/08/bitcoin-china-meaning/?angle=silicon

[PenAndPaper]

I can understand some of the criticism for bitcoin foundation but asking from them to lobby every government out there i think is little to much 

[zimmah]

there is no problem in china, the only problem is so many people misinterpret the news.

[PenAndPaper]

there is no problem in china, the only problem is so many people misinterpret the news.

Did baidu misinterpret the news also? Because baidu was one of the main factors that the price has skyrocketed.

[Lauda]

Bitcoin Foundation has better shit to do!!!

focus on the Bitcoin Protocol and improving the f*******ing client !!!  make the network secure!!!!  they do all of this and more and don't ask for much.

if you ask me the "problem" in china is not a problem only a misunderstanding in translation igniting an already panicked atmosphere,===

Isn't that the job of the developers?

[ImI]

THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT

If the elitist members of the foundation had remembered the Bitcoin is a GLOBAL currency and not an American currency, they would have bothered to kiss the asses of the Chinese bureaucrats like they did in the senate.  Instead they left all the ass kissing up to a single Chinese businessman who was completely clueless in one of the most important markets in the cryptocurrency trade.

A plane ticket to china is not that expensive.  They couldn't give up some of their bitcoins just to fly to Beijing themselves?

+1


BITcoin is NOT USAcoin

The foundation should actively protect bitcoin in:

China, USA and Europe, not only USA.

The foundation is just a private organization. Nobody is forced to support them. Stop whining and start your own foundation if you think there is some need for!

They are at least supporting Bitcoin. What did all the whiners here to support bitcoin?

[doom309]

i agree, the foundation does need its ass kicked

its carrying on like its the fed of the btc community, too much silence ...

at least open its executive up a bit to more global representation, get all continents involved, that is the way to drive mainstream adoption and help counter any panics, when people dont fully understand btc and its potential

[Kenshin]

Nothing is stopping a bunch of Chinese bitcoiners from starting their own foundation.

I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.

That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.

I do think the Bitcoin Foundation could have done more. Why should the Chinese start their own? Instead, they should have Chinese members and also global members of other nationality in the Bitcoin Foundation.

If Bitcoin Foundation went into China, and explain the benefits of Bitcoin, and how it is already making China the Bitcoin's Number 1 power, they could make a different decision. No ass kissing necessary.

But from reading what the China government is up to. They are going to make their currency stronger, and stop using US Dollars. So they might have other plans.

[nmtrader100]

While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.

[QuestionAuthority]

While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.

LOL

[nowise]

I do, however, agree that we should refer to the Bitcoin Foundation as the American Bitcoin Foundation, since that's what it is.

That's not even meant to be snarky or ill-meaning, it's just... pretty clear that they are all-American.

this +10

We need other foundations from other nations!  We should have direction from other perspectives.

[BTCisthefuture]

there is no problem in china, the only problem is so many people misinterpret the news.

Did baidu misinterpret the news also? Because baidu was one of the main factors that the price has skyrocketed.

Don't forget China Telecom. I thought people being about to buy their smart phones with bitcoins was going to be a huge thing for the bitcoin community since so many people need/want smart phones.

[Lauda]

While they are at it, maybe the bitcoin foundation can take a side-trip to Japan and tell them to stop killing whales.

What does the foundation have to do with this? 

[jerem2398]

Well China is rebounding at the moment so lets all just calm down Mr. Caps lock.

[usscfounder]

Bitcoin is not banned in China.  The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:

https://bitcointalk.org/index.php?topic=364556.0

The Forbes article is very erroneous and is one of the causes of the crypto market crash. The correct interpretation of the Chinese announcement is here:

http://siliconangle.com/blog/2013/12/08/bitcoin-china-meaning/

Quote:

Many folks, like Bloomberg and Forbes, have erroneously asserted that China has “banned” Bitcoin in a statement on December 5th.. This isn’t, in fact, the case. I used to be a vice president for a large investment bank based in Hong Kong, so I can provide a little better insight than most on what’s going on with.

The People’s Bank of China has basically given the green light for Bitcoin trading and exchanges. They are trying to keep Bitcoin trading “separate” from the other parts of the financial system so that if Bitcoin blows up, then nothing bad will happen. The thing that I think they are worried about is a Lehman Brothers-style situation in which something blowing up in derivatives brings down the rest of the economy.

The strategy of creating a ring fence around new markets is a very standard one in China. Hong Kong is an entire city that is ring fenced.

Outside of financial institutions covered by the People’s Bank of China regulation, there is no other legal restriction for using Bitcoins as the medium of transactions.

People aren’t prohibited from using Bitcoin to purchase things (like a currency), but I don’t want to use the word “currency” since legally speaking Bitcoin is not a currency in either Hong Kong or Mainland China. The fact that Bitcoin is not a currency means that it can be used for transactions in Mainland China. If it was a currency you couldn’t legally use it for a transaction in Mainland China, so the fact that the Chinese authorities consider bitcoin a commodity and not a currency is extremely important.

The same thing goes for Hong Kong. You can use anything for a transaction, but if you convert currencies, you need a money broker license.

One good thing about the Chinese announcement is that by declaring bitcoin to be a “commodity” that creates legal certainty for how it is to be regulated.

[PenAndPaper]

Bitcoin is not banned in China.  The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:

So Baidu and China Telecom removed bitcoins as a payment option because they read the forbes article? I mean if anything else they don't need help to read their own language 

[Khaoimon]

Miscommunication and media have the potential to be a strange type of insider trading.  Want to buy in?  Make bitcoin look bad and hype people to sell out.  Want to sell high, release an article praising bitcoin and raising awareness.  Not to say it is the case in this miscommunication but the potential is there.  If bitcoin builds traction I think we will see some high level media driven pump and dumps.

[tstang]

Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".

This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.

They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.

 

[PenAndPaper]

Well, i think the China Gov did the right thing as designate Bitcoin as "commodities".

This will separate the legal responsibilities as "currency" and like all others commodities like Gold, Platinum, Oil and etc, the private sector can speculate and the risk lies solely on them and not the government.

They didn't banned Bitcoin as some of the report stated it, but just want to stay clear of legal responsibilities.

 

Because what if they don't stay clear of legal responsibilities? The people will not vote for them for another term? 

[jones31]

Miscommunication and media have the potential to be a strange type of insider trading.  Want to buy in?  Make bitcoin look bad and hype people to sell out.  Want to sell high, release an article praising bitcoin and raising awareness.  Not to say it is the case in this miscommunication but the potential is there.  If bitcoin builds traction I think we will see some high level media driven pump and dumps.

And the problem lies then with the people holding bitcoins. If they are so stupid to dump their bitcoins because they think the price will fail with the "bad" news , then we have a problem with the average Joe that invested his money. And I'm not talking about people who use bitcoins in daily life , cause most of them are sane enough not to believe that "bitcoin is dead" , Abandon ship!!!!!

[unity100]

China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.

That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.

[PenAndPaper]

China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.

That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.

Isn't through banks the best way to control capital flaw? I don't get what you're saying.

[QuestionAuthority]

China's concern is capital flight. They dont want bitcoin to be used as a means to smuggle capital abroad without going through capital controls.

That is why they banned financial institutions from funding bitcoin purchases or converting bitcoins to cash, but allowed individuals to use bitcoin as a currency for trade.

Isn't through banks the best way to control capital flaw? I don't get what you're saying.

If you can't buy them with their money then you can't send that money out of the country.

[usscfounder]

Bitcoin is not banned in China.  The problem was a communication error. Forbes magazine incorrectly stated there was a ban and in fact there was not:

So Baidu and China Telecom removed bitcoins as a payment option because they read the forbes article? I mean if anything else they don't need help to read their own language 

From what I understand they did so temporarily until they receive legal clarification and understanding of the gov announcment.  This is what they said anyway.  It is not supposed to be permanent.

[qualia8]

It is not too late.

Send Dennis Rodman.

Wrong totalitarian East Asian country, but still not a terrible idea.

Also, bad news out of S. Korea today.  Maybe the foundation should have lobbied there as well?

[tstang]

It may not be 100% to blame Bitcoin Foundation.

It would help to have them China Gov brief on the matters.

but please remember that China is a communist gov.

currently, it is very easy to bring money INTO China but very HARD to bring money out of China.

Most of the China People are using Bitcoin to bring out large amount of money which is causing the concern at the moment.

Unless the can control that, it's very hard to see the future of Bitcoin there in large commercial scale.