Bitcoin's Outlook In China Is Not Looking So Good Right Now

[justmake]

China is "now cracking down harder" not just on Bitcoin but most other digital currencies, including Litecoin. "PBOC does not like it, does not want it to become another speculative bubble here. Tough to fight the PBOC,"

Read more: http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12#ixzz2nk6Pt5Zt

[rammy2k2]

so ... whats your role on this forum ? i see u open only topics like these ... try to create panic ?

[Its About Sharing]

Good point rammy2k2

And, as I said in the other thread on this topic. Here is another perspective on it: http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

Rough Google Translation:

Sina Technology
Sina Technology > Industry > Bitcoin : the future of speculative bubbles or financial topic > Text
Bank of interviews with third-party payment bitcoin risk prevention
At 01:13 on December 17 2013 First Financial Daily

Yan Xiangjun

"The central bank regulations third party payment institution shall not provide hosting bitcoin trading site for the trading business ." Yesterday afternoon , the central bank called third-party payment companies meeting revealed the news.

"First Financial Daily" reporters learned exclusively , December 5 issued "on guard against the risk of Bitcoin notice" ( the "Notice " ) Following the central bank again yesterday , " attack" , interviews with more than 10 third-party payment companies relevant person in charge , it may not be explicitly requested to Bitcoin , Wright credits (LTC) and other trading sites offer payment and settlement business.

In less than two weeks time , the central bank even out "two trick" to prevent the risk of Bitcoin , and convey the spirit of the meeting is to be interpreted as " drastic " Many Bitcoin insiders .

Third-party payment " three line"

A large third-party payment company , told reporters that the participants who , yesterday morning, more than 10 third-party payment companies convened by the central bank , in Beijing held a closed-door meeting . Such persons in an interview with this reporter revealed that the meeting , Deputy Director of the settlement payment was chaired by the Secretary golden week the central bank , every company has sent 1 to 2 participants stakeholders .

" Justice Week at the beginning of the meeting made ​​it clear that the meeting was not convened to discuss whether the companies about Bitcoin -related businesses can conduct , but to convey the attitude of senior central bank , which may not be the first third-party payment companies to bitcoin , Wright currency and other trading sites provide payment and settlement services ; Secondly, for payment institutions business cooperation has occurred should be lifted , the stock of money at the latest to complete the withdrawal before the Spring Festival , the new payment services may not occur ; third , strict implementation of the December 5 the central bank issued a " notice " . " these third-party payment companies told this reporter.

According to newspaper reporter to get a third-party payment companies participants recorded meeting minutes , the meeting , in addition to domestic regulations do not allow third-party payment agencies engaged in related businesses bitcoins , the central bank will also be after studying the relevant requirements for access in the territory of Bitcoin -related businesses overseas payment mechanism.

After Golden Week convey relevant spiritual , individual companies have made ​​the payment that he will strictly enforce the above three requirements. But it is worth noting that one of the world 's most active trading site BTCC ( bitcoin China ) as well as Bitcoin , Wright currency trading site OKCOIN have third-party payment agencies from the original co- pay through fiscal replaced by another third-party payment companies , meanwhile, have users complained that two sites are currently only using money paid through withdrawals , but not through its recharge.

"Alipay has not any bitcoin trading site had business cooperation, " Alipay stakeholders in an interview with this reporter , said , "If investors find recharge channels Alipay , you need to be alert to whether the other individual accounts, if really is a personal account, the investor must be aware of the risks . "

There Bitcoin Insiders believe that the contents of the central bank from yesterday's meeting , the central bank for risk prevention efforts may result in a larger bitcoin , but he also expressed puzzled , because this might make the original line open and transparent Bitcoin trading platform is transferred to the ground, the difficulty of monitoring will also rise.

Bitcoin bleak future in China ?

" Come after " notice " is issued, we are in this thing to worry about third-party payment will not do it , did not think of a prophecy ." Bitcoin transaction , a person in charge after hearing the news of the newspaper Reporter said.

After the "notice" issued by the vast majority of people in the industry believe that the " caliber looser " or even " a regulatory innovation " is different , the spirit of the meeting of the central bank to bitcoin industry obviously caused some blow. Many industry insiders have said that bitcoin future development of the situation in China worrying , will choose different levels of " escape" , or transferred to offshore trading platform Bitcoin transactions.

Earlier, the central bank's " notice" had explicitly requested at this stage of financial institutions and payment institutions shall not conduct business associated with bitcoins are not allowed to bitcoin for a product or service pricing , may not be sold or traded as a central counterparty bitcoin not covered with Bitcoin -related insurance business or insurance bitcoins into range. After the "notice" is issued, although Bitcoin market has movement fell short , but soon that recover "lost ."

Yesterday 's meeting will have much impact on prices bitcoins is still unknown, but as of press time newspaper reporter , BTCC Bitcoin price has fallen from yesterday's highest 5335 yuan to 4600 yuan , a decrease of 15%.

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[justmake]

No. I think users on this forum should see all sides of the issue. There is a lot of positive info on the forum which is good, but users should also see some of the negative news. This will help users make informed decisions on bitcoin. One sided propaganda is never a good thing.

[LiteCoinGuy]

goes up, goes down. welcome in bitcoin-world.  

for me its more interesting how tough bitcoin is.

[Lauda]

Positive news in one country, negative news in others. This is happening on a daily basis.

[Desensitizer]

Bitcoins will survive Chinas fall. China has always been notoriously regulative, and in terms of Bitcoins it seems this trend has no exception. However, even if there is a total loss of China, which I am not sure will occur, Bitcoins can still survive and may even prosper. This thread does not serve to show the end of Bitcoins in any way, rather just a roadbump in a single nation which for all we know may not yet be dead after all.

[justmake]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

[Lauda]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

Stop posting negative threads for one.

[kokojie]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

Stop posting negative threads for one.

This is not a negative thread, he posted the truth, China is cracking down on Bitcoin. or do you want to hide your head in the sand and only want "positive" news?

[ckoeber]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

Stop posting negative threads for one.

This is not a negative thread, he posted the truth, China is cracking down on Bitcoin. or do you want to hide your head in the sand and only want "positive" news?

I see the slow decline in price over the last few days as evidence that this isn't just a downer thread as well. IMHO if BitCoin survives this then we truly have a viable decentralized currency on our hands.

[timmmers]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

Stop posting negative threads for one.

This is not a negative thread, he posted the truth, China is cracking down on Bitcoin. or do you want to hide your head in the sand and only want "positive" news?

I see the slow decline in price over the last few days as evidence that this isn't just a downer thread as well. IMHO if BitCoin survives this then we truly have a viable decentralized currency on our hands.

This is one of many negative viewpoints, and not being based on much solid fact together they fuel the price drops like the big one now..and the reverse is also true when things get into the media and they big it up. Who uses a currency that moves in value that much for anything mainstream? Not as a currency in it's own right anyway. Which business could stand the rollercoaster that the last 3 months have been?

China is important. Simply because a large number of small businesses and individuals use it. IF they drop out the price will be back to where it was a long time ago as they sell and not so many buy....leaving the question, who's going to buy a  ASIC rig yo mine BTC worth 50 dollars for several grand which will never pay for itself?

A lot of the media know bugger all about bitcoin. so when they need a quick story and Google it..they'll see all these wild positive and negative threads and use them to fill their gaps. Journos don't care about truth, sensation trumps that. You won't see "Bitcoin is ticking over nicely", you'll see "Boom!" "Crash!" ..not much else. Feed them with ammo and we'll suffer.

[max.]

China is "now cracking down harder" not just on Bitcoin but most other digital currencies, including Litecoin. "PBOC does not like it, does not want it to become another speculative bubble here. Tough to fight the PBOC,"

Read more: http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12#ixzz2nk6Pt5Zt

You are right because this and other things bitcoin value will crash and go to less than $100 dollars very soon.


If you have bitcoins sell them NOW or you will loose a lot of money.

I am sure that more people are trying to sell bitcoins than people trying to buy them and this is causing the bitcoin value to crash in a big way.

[seriouscoin]

I am here for the long-term. Want to get that Full Member status. ...and I don't like waiting 360 seconds.

Stop posting negative threads for one.

This is not a negative thread, he posted the truth, China is cracking down on Bitcoin. or do you want to hide your head in the sand and only want "positive" news?

I see the slow decline in price over the last few days as evidence that this isn't just a downer thread as well. IMHO if BitCoin survives this then we truly have a viable decentralized currency on our hands.

Why wouldnt it survive this?

Are you stupid? China only brings speculation to bitcoin and nothing else. You must be dumb to believe CCP would allow Btc freely used as a currency. Open your eyes a little more and pay attention to the world around you.

If you dont even believe what you're saying, dont open your mouth.

[seriouscoin]

China is "now cracking down harder" not just on Bitcoin but most other digital currencies, including Litecoin. "PBOC does not like it, does not want it to become another speculative bubble here. Tough to fight the PBOC,"

Read more: http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12#ixzz2nk6Pt5Zt

You are right because this and other things bitcoin value will crash and go to less than $100 dollars very soon.


If you have bitcoins sell them NOW or you will loose a lot of money.

I am sure that more people are trying to sell bitcoins than people trying to buy them and this is causing the bitcoin value to crash in a big way.

Another noob talking nonsense 

Buying and selling have to match in order to have a sale.  Its the price that both parties agree on.

Also price =/= value. I advise you not to post and read until you understand such basic knowledge.

[maursader]

Is it me, or does it feel like there's a steady stream of "btce trollbox" type people that have recently discovered bitcointalk.org?

If you're gonna post a thread about why bitcoin's going down, don't be a troll, and try this:

1. Write your opinion as to why you think it's going down.
2. Supply a couple reputable links to back up what you're saying.
3. Contrast your opinion by presenting why things may go up for bitcoin. (Takes a lot of guts, and earns bonus points).
4. Ask for opinions from others.

There you have it, a well rounded post. Same goes for if you think bitcoin is going up, take my directions and do the inverse.

Tada!

tl;dr: Too much btce style trollboxin' going on, and not enough substance.

[bittymymitty]

Crypto-currencies will survive China  The strength of Bitcoin is not it's ability to pay your electric bill, it's strength is preserving assets when times get rough.  Just look at Cyprus as an example.  Bitcoins is the ultimate rainy day fund and too many extremely wealthy people have invested in it to allow it to disappear.

[Wilikon]

I LOVE the fact china hates bitcoin. I was very worried when everyone was happy about the Chinese politburo loving (supposedly) an entity that was created to fight corrupted centralized powers controlling free speech.

The MORE countries and systems invested in destroying freedom hate bitcoin The More I will trust bitcoin.