What are the FACTS with the China transactions ban?

[MatTheCat]

I have been scouring over the internet trying to get hard facts on the PBOC's ban on Bitcoin transactions.

So far the story ranges from only third party payment processors are forbidden from doing transactions with Bitcoin exchanges (as plenty money changers in the West don't allow transactions onto Bitcoin exchanges), to the PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.

One set of circumstances means Bitcoin will live on in China, the other means the practical death of Bitcoin in China.

WTF is going on over there?

[bitcon]

i dunno, but i'm boycotting all products made in china now and i encourage everyone else to do the same.

[Satyre_Noir]

i dunno, but i'm boycotting all products made in china now and i encourage everyone else to do the same.

In Europe that means mass nude starvation.

[JimboToronto]

i dunno, but i'm boycotting all products made in china now and i encourage everyone else to do the same.

In Europe that means mass nude starvation.

More skinny European supermodels?

[pera]

I have a lot of links, but I don't really know what it means

http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml
http://tieba.baidu.com/p/2765634649
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

[piramida]

PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.

This one is scary, but not true. For this to happen, there would have to be an official statement; and there is none, and bank transactions work fine.

[Miz4r]

I have been scouring over the internet trying to get hard facts on the PBOC's ban on Bitcoin transactions.

So far the story ranges from only third party payment processors are forbidden from doing transactions with Bitcoin exchanges (as plenty money changers in the West don't allow transactions onto Bitcoin exchanges), to the PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.

One set of circumstances means Bitcoin will live on in China, the other means the practical death of Bitcoin in China.

WTF is going on over there?

Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations.

[WompRat]

What the Chinese really need is some kind of payment system that isn't dependent on 3rd party payment processors and is outside the auspices of Government control. Something like that could change the world.

[MatTheCat]

Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations.

Zennon Kapron, a financial technology analyst and consultant whose company Kapronasia operates out of Shanghai, said as recently as three days ago one that of his friends had been able to fund a BTC China account through China Merchants Bank. The money arrived within a few hours.

Today, however, transactions resulted in errors and could not be completed.

Ref: http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/

Reading things like the above is making me think more and more that the Chinese government intends on bringing the guillotine down on Bitcoin in their country.

If this turn out to be the case, then we are in for previously unthinkable lows in the coming weeks/months. Even if there were big queues of investors waiting to get into Bitcoin, they aint gonna jump in whilst a 46% share of the global market dissolves its interest in Bitcoin, combined with the undoubted panic selling that will occur in the USD denominated markets.

Interesting, as it shows how established powers can so easily allow or even encourage an Alt-Coin to grow massive, before dealing it a swift blow to the head, knocking it out cold. Whatever happens, if Bitcoin lives on in China, it will only be because the Chinese government allows it to do so. Bitcoin can only live and grow with tolerance, if not outright approval of established political and financial powers. An interesting intellectual exercise for any of those who still equate Bitcoin with freedom from big governance and the bankers who control big governance.

[Rannasha]

What the Chinese really need is some kind of payment system that isn't dependent on 3rd party payment processors and is outside the auspices of Government control. Something like that could change the world.

Yeah, it should be decentralized and perhaps use crypto techniques to secure it. Sounds pretty good, no?

[MatTheCat]

I have a lot of links, but I don't really know what it means

http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml
http://tieba.baidu.com/p/2765634649
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/]http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/[/b]
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

Here are some images from the link highlighted above:

BTC China Funding Options Still Available:



BTC China Withdrawing Options Still Available:



I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions.

[GigaCoin]

I have a lot of links, but I don't really know what it means

http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml
http://tieba.baidu.com/p/2765634649
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/]http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/[/b]
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

Here are some images from the link highlighted above:

BTC China Funding Options 3 days ago:



BTC China Funding Options Today:



I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions.

they literally wiped out most of the deposit options 

[TheCoinBull]

I have a lot of links, but I don't really know what it means

http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml
http://tieba.baidu.com/p/2765634649
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/]http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/[/b]
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

Here are some images from the link highlighted above:

BTC China Funding Options Still Available:



BTC China Withdrawing Options Still Available:



I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions.

BTC killed off. are you serious, you've got to be the lamest excuse for FUD

[MatTheCat]

they literally wiped out most of the deposit options  

I am typing this in bold to stress that I made a mistake in my screenshot post which I have now corrected.

In both screenshots, all the 3rd party payment companies have disappeared from Funding Options with the exception of Yeepay.

For the Withdrawal Options, only 5 options remain. all of them banks.

Both screenshots are from today. It is also mentioned in article that some guy attempted to fund an BTC China account via a Merchants Bank of China account, and was met with 'transaction errors'. i.e. it was not possible to deposit funds through this bank today, whereas it was possible a couple of days ago.

Whatever, this shit is bad news for anyone financially involved with Bitcoin.

BTC killed off. are you serious, you've got to be the lamest excuse for FUD

Calm down dear! Bitcoin was alive and well at sub $5 per coin. I should know. I spent fkn loads of the little cheap bastards on Silk Road.

Nobody is saying Bitcoin is going to die. Of course, whether Bitcoin lives or dies is not really your concern. Nor is it mine. The point where Bitcoin could be viewed as representing some kind of 'cause' has come and gone quite some time ago. What we are both interested in is how these developments may affect our investment decisions and ultimately our level of wealth.

I have therefore been trying to ascertain what the fuck is going on in China and what it might mean for BTC price in near future.

[xephyr]

All I see is that China banned third party payment processors. Chinese can still buy and sell bitcoin from the exchange using a bank only and ID needs to be provided. This is supposed to kill bitcoin in China?

[MatTheCat]

All I see is that China banned third party payment processors. Chinese can still buy and sell bitcoin from the exchange using a bank only and ID needs to be provided. This is supposed to kill bitcoin in China?

Read the coindesk articles posted by Pera m8.

If any of it rings true, its much worse than that.

[pbody]

All I see is that China banned third party payment processors. Chinese can still buy and sell bitcoin from the exchange using a bank only and ID needs to be provided. This is supposed to kill bitcoin in China?

They banned the banks from doing business with bitcoin on the 5th. now 3rd parties are banned. Its very difficult for the Chinese to buy bitcoin with Yuan now, without going to Hong Kong or using the black market.

[Wilhelm]

i dunno, but i'm boycotting all products made in china now and i encourage everyone else to do the same.

In Europe that means mass nude starvation.

In The Glorious United States of America it means back to the stone age since every tech product has a 99% chance of having a chinese chip

On that note will bitcoin ASICs be affected by the China-Bitcoin debacle?

[ajax3592]

Bitcoin is the currency of true freedom. We have the mental freedom to pay what we believe it is worth, and the freedom to buy for what we think it is worth. Only countries who support freedom will support bitcoin.

[C. Bergmann]

Thank you for the information