THE PROBLEM IN CHINA IS THE BITCOIN FOUNDATIONS FAULT

[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.

[1714288937]

1714288937

[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