howardb
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December 18, 2013, 05:12:06 PM |
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Or another view is that someone WANTS China to be misinterpreted. Corruption is rife, I have to wonder which chinese officials were holding BTC, and which ones sold just before the announcements (And for that matter which ones are buying back as we speak!). Another cynical view would be that it is well recognised that wall street was reaching acceptance of and looking for an entry point into BTC, so is this a manufactured entry point? Judging from the rate of BTC buying in US http://fiatleak.com/ I would suggest the latter is happening. Unfortunately the type of tracking we have in the stock market that helps prevent these kind of activities, is completely absent by design in BTC. I believe if governments want to regulate this market (for the greater good of BTC) that would be a good place to start, at the exchanges.
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quone17
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December 18, 2013, 05:57:21 PM |
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Or another view is that someone WANTS China to be misinterpreted. Corruption is rife, I have to wonder which chinese officials were holding BTC, and which ones sold just before the announcements (And for that matter which ones are buying back as we speak!). Another cynical view would be that it is well recognised that wall street was reaching acceptance of and looking for an entry point into BTC, so is this a manufactured entry point? Judging from the rate of BTC buying in US http://fiatleak.com/ I would suggest the latter is happening. Unfortunately the type of tracking we have in the stock market that helps prevent these kind of activities, is completely absent by design in BTC. I believe if governments want to regulate this market (for the greater good of BTC) that would be a good place to start, at the exchanges. Interesting post. How about this: China thinks their yuan is on its way to becoming the major currency so they want to stop anything that might stop that. On the other hand, the US thinks the dollar is waning so if they can regulate and take charge of the BTC market the US can maintain a grip on currency.
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Its About Sharing
Legendary
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Activity: 1442
Merit: 1000
Antifragile
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December 18, 2013, 05:57:56 PM |
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From https://vip.btcchina.com/account (requires login) Dear BTC China valued customer: Due to new government regulations, BTC China will temporarily suspend CNY deposits. BTC deposits/withdrawals and CNY withdrawals are not affected, and will continue to operate in the interim. Rest assure that BTC China will continue to operate normally. Please pay attention to our notices for updates, as we find other ways to allow for CNY deposits. We deeply apologize for any inconvenience. BTC China, December 18, 2013 To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013
They say it's temporarily. I think that is the BIG thing. This change is about NO 3rd party services being used and apparently NOT about banks. But it looks like, for whatever reason, BTC China temporarily suspended deposits. It will take a few days for this to play out I think...
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BTC = Black Swan. BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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Tomatocage
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brb keeping up with the Kardashians
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December 18, 2013, 06:42:17 PM |
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Am I reading those stats right? For a country that supposedly put a halt to Bitcoin/fiat trading with its native currency, the Chinese sure are buying up a lot of BTC still.
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Notanon
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December 18, 2013, 06:48:21 PM |
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Am I reading those stats right? For a country that supposedly put a halt to Bitcoin/fiat trading with its native currency, the Chinese sure are buying up a lot of BTC still. Yep, it looks like everyone else has been had.
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Its About Sharing
Legendary
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Activity: 1442
Merit: 1000
Antifragile
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December 18, 2013, 06:51:28 PM |
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Wow, looks like the Chinese are leading things again! What happened?
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BTC = Black Swan. BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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Its About Sharing
Legendary
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Activity: 1442
Merit: 1000
Antifragile
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December 18, 2013, 07:06:26 PM |
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But it looks like you are confusing 3rd party services (e.g. YeePay) with Banks. The confusing thing is that BTC China suspended deposits period, but the "suspended" them in their own words. Still between clear answers but it looks like banks will be the ONLY method of depositing money. This young guy does a bit of research and came up with the same thing (though time will tell): http://www.youtube.com/watch?v=DcL991lTA0Q&feature=em-uploademail
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BTC = Black Swan. BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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luqash3
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Activity: 42
Merit: 0
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December 20, 2013, 08:00:47 PM |
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tacoman71 I know last few days were really hard ones for bitcoin as many news channel caused misunderstanding that china has totally banned bitcoin use due to which it tumbled to approximately $500. Well thanks for sharing your information and showing an intention of helping people who heard unclarified news in recent times
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