BTC China will be closed. All Bitcoin chinese exchangers will be closed.

[pand70]

Can you deposit money to btcchina?

Yes you can - via direct bank transfer.

Ok then why btcchina doesn't make an announcement so we can finally get some sleep  

[Tomato10]

Let me try to summarize what OP have said:

FUD 1: OP claimed that China banned exchanges.
Truth: Bank transfer to and from exchanges are working perfectly; BTCChina and OKCoin are still doing the business happily.

FUD 2: OP claimed that China's central bank has made an announcement today.
Truth: OP cannot provide anything about it but just the Dec 5 announcement, and later claims the announcement will come out in a few days.

FUD 3: OP claimed that all Chinese Bitcoin exchanges will close their business in a month.
Truth: OP just keep saying that without any evidence. Just a friendly reminder, I am a fortune teller, and I know OP will face a disaster in a month. Sorry, can't tell you the details, but you will see it very soon.

1 and 3 are FUD, but 2 is true. It is true that third-part payment services are no longer allowed to serve BTC exchanges. There's an internal meeting without public announcement, but it has been reported in multiple serious media already.

For the third-party payment services, it is no big deal.
BTC-China started the business on Jun2011, and employed Tenpay just a few months ago.
We cannot directly withdraw our money on Bitstamp or Coindesk to Paypal or Dwolla as well.

Edit: It seems OP is no longer online, and bitcoin price is starting to bounce back. No conclusion can be drawn and no accusation is intended.

[mladen00]

somebody wants to buy BTC for half a price.

[AmerCoin]

sounds like fear mongering to me. haven't heard anything from any credible news organization.

[luckyguy08]

just rumor

[Bittzy78]

I live in America and have a Coinbase account and want to offer my two cents on the topic of all banks banning Bitcoin...

When you initiate a purchase of Bitcoin with Coinbase you are actually doing an ACH withdrawal for a specific amount. You can set up ACH withdrawals for virtually anything that you want. It could be for a donation, virtual services (such as web hosting), a purchase of Bitcoin on ebay (through Paypal) or even payment for a magazine subscription. The bank never has any dealings with Coinbase other than the deposits or withdrawals of money and never touches the Bitcoins.

 I guess the United States government could be heavy handed about the purchase or ownership of Bitcoin in the future,  but I assure you if they attempt a blanket ban it simply won't work. The government would have to defend hundreds of lawsuits in the coming years if it occurs and the chances are high that they will lose some of them.


The main thing to remember is that you must pay your taxes on Bitcoin capital gains or you could be in some trouble with the IRS.


~ 2 cents ~

[n691309]

1. when come slightly negative news, spread the FUD
2. dump some coins to start panic sell
3. rebuy back when price is low
4. You just increased your BTC stack
5. repeat

[KeyserSozeMC]

-CAPS ON-

DON'T LISTEN TO THIS DUMB SHEEP.

HE'S NOT ACCURATE. BITCOIN IS MADE TO BE THE NEW WORLD CURRENCY.

BUY AS LOWER AS YOU CAN, SELL AS HIGHER YOU CAN

[greenlion]

I live in America and have a Coinbase account and want to offer my two cents on the topic of all banks banning Bitcoin...

When you initiate a purchase of Bitcoin with Coinbase you are actually doing an ACH withdrawal for a specific amount. You can set up ACH withdrawals for virtually anything that you want. It could be for a donation, virtual services (such as web hosting), a purchase of Bitcoin on ebay (through Paypal) or even payment for a magazine subscription. The bank never has any dealings with Coinbase other than the deposits or withdrawals of money and never touches the Bitcoins.

 I guess the United States government could be heavy handed about the purchase or ownership of Bitcoin in the future,  but I assure you if they attempt a blanket ban it simply won't work. The government would have to defend hundreds of lawsuits in the coming years if it occurs and the chances are high that they will lose some of them.

None of this prevents banks from arbitrarily closing accounts and refusing service to anyone involved in ACH transfers to any Bitcoin business, unless banks start getting sued under competition laws / antitrust.

[Bittzy78]

1. when come slightly negative news, spread the FUD
2. dump some coins to start panic sell
3. rebuy back when price is low
4. You just increased your BTC stack
5. repeat

It is amazing to me how much the buying and selling of Bitcoin mirrors that of people buying and selling penny stocks. There will always be those who want to create a panic and then buy cheap when the price is low.

[zolace]

I think it calls for crypto community to stand up against banks and cut ties with them completely. 

[Bittzy78]

I live in America and have a Coinbase account and want to offer my two cents on the topic of all banks banning Bitcoin...

When you initiate a purchase of Bitcoin with Coinbase you are actually doing an ACH withdrawal for a specific amount. You can set up ACH withdrawals for virtually anything that you want. It could be for a donation, virtual services (such as web hosting), a purchase of Bitcoin on ebay (through Paypal) or even payment for a magazine subscription. The bank never has any dealings with Coinbase other than the deposits or withdrawals of money and never touches the Bitcoins.

 I guess the United States government could be heavy handed about the purchase or ownership of Bitcoin in the future,  but I assure you if they attempt a blanket ban it simply won't work. The government would have to defend hundreds of lawsuits in the coming years if it occurs and the chances are high that they will lose some of them.

None of this prevents banks from arbitrarily closing accounts and refusing service to anyone involved in ACH transfers to any Bitcoin business, unless banks start getting sued under competition laws / antitrust.

 I guess that banks could do something similar to that in the future if guidance (or laws) were issued by state or federal government regulators but why would they even attempt something like that at this time? There isn't any reason for banks to close accounts in America at this time because nobody in authority has said that Bitcoin is illegal.

[greenlion]

I live in America and have a Coinbase account and want to offer my two cents on the topic of all banks banning Bitcoin...

When you initiate a purchase of Bitcoin with Coinbase you are actually doing an ACH withdrawal for a specific amount. You can set up ACH withdrawals for virtually anything that you want. It could be for a donation, virtual services (such as web hosting), a purchase of Bitcoin on ebay (through Paypal) or even payment for a magazine subscription. The bank never has any dealings with Coinbase other than the deposits or withdrawals of money and never touches the Bitcoins.

 I guess the United States government could be heavy handed about the purchase or ownership of Bitcoin in the future,  but I assure you if they attempt a blanket ban it simply won't work. The government would have to defend hundreds of lawsuits in the coming years if it occurs and the chances are high that they will lose some of them.

None of this prevents banks from arbitrarily closing accounts and refusing service to anyone involved in ACH transfers to any Bitcoin business, unless banks start getting sued under competition laws / antitrust.

 I guess that banks could do something similar to that in the future if guidance (or laws) were issued by state or federal government regulators but why would they even attempt something like that at this time? There isn't any reason for banks to close accounts in America at this time because nobody in authority has said that Bitcoin is illegal.

They would if they perceive Bitcoin as a threat to the profits of the very payment systems that they have a financial conflict of interest in running, or if guidance remains so vague as to continue the chilling effect in the US. It's a reality that Bitcoin businesses have significant difficulties getting banked in the US, and there are numerous anecdotal reports of individuals being dropped by banks because of purchases relating to buying Bitcoins or even mining equipment.

These entities are going out of their way ironically to prove why we need Bitcoin in the first place!

[reannypleas]

1. when come slightly negative news, spread the FUD
2. dump some coins to start panic sell
3. rebuy back when price is low
4. You just increased your BTC stack
5. repeat

It is amazing to me how much the buying and selling of Bitcoin mirrors that of people buying and selling penny stocks. There will always be those who want to create a panic and then buy cheap when the price is low.

People are emotional so this easy strategy should work everywhere

[Bittzy78]

I live in America and have a Coinbase account and want to offer my two cents on the topic of all banks banning Bitcoin...

When you initiate a purchase of Bitcoin with Coinbase you are actually doing an ACH withdrawal for a specific amount. You can set up ACH withdrawals for virtually anything that you want. It could be for a donation, virtual services (such as web hosting), a purchase of Bitcoin on ebay (through Paypal) or even payment for a magazine subscription. The bank never has any dealings with Coinbase other than the deposits or withdrawals of money and never touches the Bitcoins.

 I guess the United States government could be heavy handed about the purchase or ownership of Bitcoin in the future,  but I assure you if they attempt a blanket ban it simply won't work. The government would have to defend hundreds of lawsuits in the coming years if it occurs and the chances are high that they will lose some of them.

None of this prevents banks from arbitrarily closing accounts and refusing service to anyone involved in ACH transfers to any Bitcoin business, unless banks start getting sued under competition laws / antitrust.

 I guess that banks could do something similar to that in the future if guidance (or laws) were issued by state or federal government regulators but why would they even attempt something like that at this time? There isn't any reason for banks to close accounts in America at this time because nobody in authority has said that Bitcoin is illegal.

They would if they perceive Bitcoin as a threat to the profits of the very payment systems that they have a financial conflict of interest in running, or if guidance remains so vague as to continue the chilling effect in the US. It's a reality that Bitcoin businesses have significant difficulties getting banked in the US, and there are numerous anecdotal reports of individuals being dropped by banks because of purchases relating to buying Bitcoins or even mining equipment.

These entities are going out of their way ironically to prove why we need Bitcoin in the first place!

I agree with your last sentence and also agree that bank accounts can be closed for various reasons. The problem is that as Bitcoin becomes more popular banks that ban Bitcoin dealings of any kind will have something similar to a Scarlet Letter on them. The people who want to deal with Bitcoin will have no dealings with the banks who ban them. As the numbers of people using Bitcoin in the future grows, that could hurt bank profits.

I mean realistically, it could be 5 -10 years before major online businesses start to accept Bitcoin. The transactions will almost always be of a more limited nature until wider acceptance of the coin has taken hold.

[nerFohanzo]

I agree with your last sentence and also agree that bank accounts can be closed for various reasons. The problem is that as Bitcoin becomes more popular banks that ban Bitcoin dealings of any kind will have something similar to a Scarlet Letter on them. The people who want to deal with Bitcoin will have no dealings with the banks who ban them. As the numbers of people using Bitcoin in the future grows, that could hurt bank profits.

I mean realistically, it could be 5 -10 years before major online businesses start to accept Bitcoin. The transactions will almost always be of a more limited nature until wider acceptance of the coin has taken hold.

There is always possibility some small Bank will see oppurtunity how to get new clients and expand by allowing and supporting Bitcoin users

[newbee24]

RT Keiser Report reported this news:

http://rt.com/shows/keiser-report/episode-534-max-keiser-977/

[Forexperiments]

There is no such announcement on the PBOC website 
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/index.html

[luffy]

who needs them?
they will understand cryptos' value much later as always!

[studio1one]

I get the impression that Bitcoin is becoming another player in the US versus China economic war that is bubbling under the surface. A lot of US institutions and organistions are talking up bitcoin and its potential future. As free market economists they see the potential for profit and revenue. On the flip side the Chinese state see it as a threat to their control and security and are trying to tie it up.

Hard to predict where the worlds relationship with BTC will develop over the coming year.

Of course bitcoin will hold its use and intrinsic value to those that understand its core value and purpose but that may not be reflected in its exchange against fiat currency.