Coindesk - China might have just killed BTC there.

[tclo]

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

[1715100685]

1715100685

[1715100685]

1715100685

[1715100685]

1715100685

[DGulari]

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

No kidding.  China's stance against bitcoin has just moved from 'firm' to 'outrageous'.  This is going to have a serious effect for a few months.  But who cares?  Can't stop bitcoin with these stupid laws.  You'll just disadvantage your country's economy.  Bitcoin is coming whether they like it or not.  The rest of the world will carry on without china for a while.  I didn't like the dominate position they were working themselves into last month anyway.  I for one am glad they put that fire out.

Next week I am going to buy some bitcoin on heavy discount.  All those Chinese who paid $1,200 are going to be taking $400 from me.  By March, we'll all be right back up to $1,000!!!  What a steal. 

[proudhon]

Who is sources?  Sources may be the most powerful bitcoin manipulator of all.

[The 4ner]

Bitcoin won't be going anywhere if we don't have international support. May I remind you that most of us that expect bitcoin to be successful
rely on nations welcoming it in the first place. In addition, the current price spike has a lot to do with Chinese businesses having accepted bitcoin as payment. If we lose china
we're sure to experience a significant price drop.

[Peter R]

Bitcoin won't be going anywhere if we don't have international support. May I remind you that most of us that expect bitcoin to be successful
rely on nations welcoming it in the first place.

We rely on the people of nations welcoming it (once they understand it).  We expect some hostility from TPTB.  

[hilariousandco]

The Chinese will just get their coins some other way. It's not exactly difficult to buy coins outside of exchanges.

[btcrich]

Bitcoin does not need nations to accept it in order for it to be successful.  Bitcoin needs only people.

I'm living in China, and yes, many are using Bitcoin as an investment instrument.  A large portion however are using it to move wealth abroad without the scrutiny of the Chinese government.

[The 4ner]

Bitcoin won't be going anywhere if we don't have international support. May I remind you that most of us that expect bitcoin to be successful
rely on nations welcoming it in the first place.

We rely on the people of nations welcoming it (once they understand it).  We expect some hostility from TPTB.  

Yes but you forget that no people are truly free to do as they wish. They are all governed in some form regardless of their geographical location.
If a government criminalizes the use of crypto then certainly people will hesitate to adopt it. 

[QuestionAuthority]

So much for the concept of, "we don't need America we have the rest of the world". Well great, let's see what the rest of the world does first.

Does anyone know if the Chinese made a public statement yet or do we only have the word of Coindesk?

[TheJacob]

The Chinese will just get their coins some other way. It's not exactly difficult to buy coins outside of exchanges.

If this is true there won't be many ways to get bitcoins. Basically just cash in person. Sure, you can take bank transfers, but that will be illegal.

[Bismarckbkk]

If there is no economical and practical incentive people wont use it.

The more barriers built for bitcoin the higher the cost of trading with it will be, then the only real use left will be fore those who are evading taxes or dealing in the black market.

As a store wealth there is nothing that makes bitcoin better then say farmland or gold.

[hilariousandco]

The Chinese will just get their coins some other way. It's not exactly difficult to buy coins outside of exchanges.

If this is true there won't be many ways to get bitcoins. Basically just cash in person. Sure, you can take bank transfers, but that will be illegal.

They could use Paypal haha. And besides, It doesn't say anything about banning bank transfers or the purchasing of coins, just stopping third party payment processors. I also don't see how they could even prove what the bank transfer was for. If people want coins they'll get around the restrictions somehow.

[Tomatocage]

How can we spin this into being a good thing?

[QuestionAuthority]

How can we spin this into being a good thing?

I don't know why your ignore button isn't darker. lol

[mister p]

today it's China, but tomorrow another big country could do the same. Who knows really? Nobody can be sure this will not happen. So the future is really uncertain.

Truth is bitcoin has grown into a bubble last weeks, and now the bubble is blasting. I wouldn't be surprised if it went down to 200/300 dollars and stayed there for a few month or even years. Just  like the Internet companies in the early 2000's. What can you buy with bitcoins? Drugs, and maybe a gun, that's about it.

[DeepCryptoanalist3]

Sources close to China’s Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges.

Who said that this is true? Who is this source?

[imfed]

One week ago the PBOC issued a notice about regulating Bitcoin exchanges. I don't think that the PBOC changed its mind within some days, so probably only those Bitcoin exchanges that do not register with the authorities will be closed down / cut off from payment services.

Strengthening regulation of Bitcoin websites

According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.

The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.

[LouReed]

What can you buy with bitcoins? Drugs, and maybe a gun, that's about it.

LOL, really!! You can buy a lot more than just drugs and guns with Bitcoin! I use Gyft every weekend to spend my Bitcoins, and there is plenty of other places/ways to spend Bitcoin!

[QuestionAuthority]

What can you buy with bitcoins? Drugs, and maybe a gun, that's about it.

LOL, really!! You can buy a lot more than just drugs and guns with Bitcoin! I use Gyft every weekend to spend my Bitcoins, and there is plenty of other places/ways to spend Bitcoin!

Don't feed the troll. Silk Road is gone. You can't even buy guns and drugs with it anymore.

[mister p]

I don't understand what bitcoin regulation has to do with the telecomunication act?