Poll: Fate of bitcoins in China

[Lloydie]

The Chinese govt will either ban Btc outright soon or lose the war.

What will happen next?

[NUFCrichard]

I think they will continue to be treated as commodities.

[freethink2013]

They effectively banned it. I glad china drove us so high but we can now forget about china.

[Lloydie]

Slight poll edit, feel free to change your vote.

[Azeh]

Next step is banning cash withdrawals from exchanges.  Remember the Dec. 5 press release barred financial institutions from involvement in Bitcoins.  They have already stopped cash deposits on exchanges.  Soon, a cash withdrawal deadline will be announced.  IMHO

[rebel24]

They can't kill bitcoin,

and you have to understand the economics.

Money WANTS to LEAVE China. The Chinese government doesn't want this. Sadly for them, with todays technology like bitcoin, they can't stop it, they can only slow it (and if theyre not careful the extra attention can make it happen faster)

[HairyMaclairy]

Next step is banning cash withdrawals from exchanges.  Remember the Dec. 5 press release barred financial institutions from involvement in Bitcoins.  They have already stopped cash deposits on exchanges.  Soon, a cash withdrawal deadline will be announced.  IMHO

It has already been announced.  People keep forgetting or didn't read the second announcement properly. Spring Festival January 31 all withdrawals banned.  Bobby Lee is just trying to keep up morale at this point.  Mt Gox has proved you can run an exchange without fiat withdrawals.  Running an exchange without fiat deposits is still possible (BTC) but have my doubts about how attractive it would be.

[Dalmar]

I personally think that Chinese intelligence agencies either know something horrible about bitcoin and are planning to completely kill it (e.g. it was designed by the NSA), or they are working together with the Americans (NSA/CIA) and were ordered to temporarily halt bitcoin's growth in China so globalist corporate entities can still buy them at low prices. I don't buy the whole story that the Chinese government is afraid of money laundering/capital flight.

[HairyMaclairy]

The fact that there is a USD50,000 limit per person annual withdrawal limit from China (which is enforced) indicates that they are scared of capital flight.  

[Dalmar]

The fact that there is a USD50,000 limit per person annual withdrawal limit from China (which is enforced) indicates that they are scared of capital flight.  

That's what they want the world to think, but what's going on behind the scene is a completely different story.

[HairyMaclairy]

Of course the rich can get around it that's nothing new (most Hong Kong companies are just laundering mainland money) but that's not the point.  Laws and rules are for the middle class to obey not the rich one percent and that holds true in the USA as well.  

They don't want the middle class to have access to capital flight because there are a lot of them.

[dg2010]

I personally think that Chinese intelligence agencies either know something horrible about bitcoin and are planning to completely kill it (e.g. it was designed by the NSA), or they are working together with the Americans (NSA/CIA) and were ordered to temporarily halt bitcoin's growth in China so globalist corporate entities can still buy them at low prices. I don't buy the whole story that the Chinese government is afraid of money laundering/capital flight.

LOL. Seriously. Stop talking. This isn't a conspiracy theory forum, it's economic speculation, not cart blanch to come up with your own ridiculous theories.

[F-bernanke]

I personally think that Chinese intelligence agencies either know something horrible about bitcoin and are planning to completely kill it (e.g. it was designed by the NSA), or they are working together with the Americans (NSA/CIA) and were ordered to temporarily halt bitcoin's growth in China so globalist corporate entities can still buy them at low prices. I don't buy the whole story that the Chinese government is afraid of money laundering/capital flight.

LOL. Seriously. Stop talking. This isn't a conspiracy theory forum, it's economic speculation, not cart blanch to come up with your own ridiculous theories.

Hows that ridiculous? I think there's a high probability it's true.

[Mirsad]

Hows that ridiculous? I think there's a high probability it's true.

If you are highly dellusional and bought @ 1000$, then yes 
Love that speculation forum.

[Dalmar]

Hows that ridiculous? I think there's a high probability it's true.

If you are highly dellusional and bought @ 1000$, then yes 
Love that speculation forum.

See you in a few months when either one of those two predictions come out true.

[dg2010]

I personally think that Chinese intelligence agencies either know something horrible about bitcoin and are planning to completely kill it (e.g. it was designed by the NSA), or they are working together with the Americans (NSA/CIA) and were ordered to temporarily halt bitcoin's growth in China so globalist corporate entities can still buy them at low prices. I don't buy the whole story that the Chinese government is afraid of money laundering/capital flight.

LOL. Seriously. Stop talking. This isn't a conspiracy theory forum, it's economic speculation, not cart blanch to come up with your own ridiculous theories.

Hows that ridiculous? I think there's a high probability it's true.

Which one?

1. The Chinese intelligence agencies know something 'horrible' about bitcoin. We don't know what kind of horror but he provides an example. Eg. Designed by NSA.

2. The Chinese agencies are working alongside the NSA/CIA and the Americans ordered the Chinese to halt growth, so the big global corporates can buy in at a low price.

If you go through each scenario it gets increasingly obviously to any sane human that the probability of either of these things being true is pretty low. Starting with the NSA designing Bitcoin and ending with the USA ordering China to halt progress so that global corporations can buy in cheap. Let me know when that big buy UP occurs.....

[Salivan]

at this point hard to say
They have already undermined trust in China, there is no need for further actions, at least right now

[black_swan]

I voted for the third option but I think in the near future China will relax the current legislation (?) after a better analysis.
I think they did it to stop an overgrowing bubble, they won't ban it, it would be very stupid for any modern economy

[Wilhelm]

Where is the answer "Bitcoin causes a civil revolt in China and the country is thrown into anarchy whilst fighting for a full democracy" 

[MatTheCat]

1. The Chinese intelligence agencies know something 'horrible' about bitcoin. We don't know what kind of horror but he provides an example. Eg. Designed by NSA.

2. The Chinese agencies are working alongside the NSA/CIA and the Americans ordered the Chinese to halt growth, so the big global corporates can buy in at a low price.

If you go through each scenario it gets increasingly obviously to any sane human that the probability of either of these things being true is pretty low. Starting with the NSA designing Bitcoin and ending with the USA ordering China to halt progress so that global corporations can buy in cheap. Let me know when that big buy UP occurs.....

Perhaps, but I would suggest that there is something very shifty going on. China at first were all open arms towards Bitcoin with pro-Bitcoin documentaries going out on state television, and now they are pulling the plug on it, with the obvious consequences on price in both directions.

To suggest that someone or some people 'in the know' is going to be picking up a lot of filthy cheap coins at a point where even the most ardent 'HOLD NO MATTER WHAT' btc investors are panicked into dumping, isn't so much a conspiracy theory, as something which is looking almost probable at this point in time. Who knows what the scale of this China thing might be. If we would be at around $150-$200 without China, and since crashes always overshoot the mean just imagine the panic there would be if we took a dip back into the double figures. BTC @ $40?

Of course, most here don't really like to consider the realistic implications of a China market wind out as it conflicts too much with their rosy paradigms. The Chinese government may yet decide to do a U-turn on their Bitcoin stance for whatever reasons, in which case this worst case scenario may never come to pass (providing they do their U-turn on it before the event and not after), but a Bitcoin investor at this present time has to ask himself, "what is looking like the most likely outcome in China?"