Breaking News of bitcoin in china! taobao bans the trade of all the coins and ..

[Peter882]

Link from taobao's  website.  My Chinese is pretty bad but yes it looks like they are blocking bitcoin and other alt currency dealings.


http://rule.taobao.com/detail-1358.htm?spm=0.0.0.0.RLx3a1&qq-pf-to=pcqq.group

（三）新增食用盐禁售规则解读：
13、食用盐。
一般违规行为，天猫会员每件扣一分，淘宝网会员每件扣零点二分（但三天内累计扣分不超过七分）；会员若在店铺装修区、阿里旺旺或淘宝门户类页面发布的，每次扣四分。

WTF....you can't sell table salt?
Is this rule a joke?

Time for another salt march. Let's end the tyranny  

lol
That rule is really interesting

Not sure why they have that rule but if I had to guess.... people were selling counterfeit salt that was dangerous. Or selling things advertised as salt when it wasn't  (think cocaine).   There's a lot of food safety problems and scams in China so an ebay like site cracking down on something specific actually doesn't seem that weird when you think of it from a health point of view.  Had a friend recently who got sick eating bbq lamb, turns out there's been a lot of places selling rat meat advertising it as lamb recently.  So yeah...

Perhaps China is (wisely) anticipating one of their own nuclear reactors melting down.  Rapid construction, corruption and nuclear reactors are a pretty dangerous mix.  IIRC, there was a buying spree for iodinized salt in parts of China as a result of Fukushima.  The sad thing is that eating enough iodinized salt to have any blocking effect at all in the thyroid would be deep into the fatal zone.  Hopefully the buyers were planning to attempt to extract the iodine somehow rather than try to choke it down raw.

Oh my..I have completely forgotten the salt rush in China.
One Chinese Man Buys 8 Tons of Salt: http://www.youtube.com/watch?v=ew9XzXSuL-0
I hope he had already sold it on Taobao 2 years ago lol.

[Dafar]

Can everyone just accept that China's completely out of the game and not let them affect the price for the rest of the world?

I mean I'm glad we have more opportunities to buy in cheap... but they are delaying us from reaching new ATHs

Wrong, you fool.  China volume > US volume.  Get a clue.

Anyways, Taobao is not a significant way in which Chinese acquire BTC.  The volume on Huobi, FXBTC, ChBTC, etc. are all driven by bank card transfer.  So long as this method exists, people in China will be able to buy/sell BTC easier than anywhere else in the world.

Yes the volume is higher, but most likely because they have reintroduced zero fees and the fraudulent trading will resume, which is probably why the prices were going up fast again. The chinese will fake their trading volumes and prices to lure people in to pay falsely inflated prices. http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/

Either way don't disrespect me like that you fucking tool

[HorseRider]

It is funny that taobao forbid selling salt within taobao in the same notice

[rezilient]

Can everyone just accept that China's completely out of the game and not let them affect the price for the rest of the world?

I mean I'm glad we have more opportunities to buy in cheap... but they are delaying us from reaching new ATHs

Wrong, you fool.  China volume > US volume.  Get a clue.

Anyways, Taobao is not a significant way in which Chinese acquire BTC.  The volume on Huobi, FXBTC, ChBTC, etc. are all driven by bank card transfer.  So long as this method exists, people in China will be able to buy/sell BTC easier than anywhere else in the world.

Wow, that was a bit harsh, relax.

Anyway, aside from buying BTC this also impacts their ability to buy Bitcoin/Litecoin miners and since they are owned by AliBaba Group I wonder if alibaba.com will block Bitcoin miner sales as well.  Most likely.

[johnyj]

So the poor chinese will start to use localbitcoins.com to trade privately, or OTC trading, another large company block themselves out of the bitcoin economy

[descarte]

good news.... the more the chinese ban bitcoin, the more I'm happy.

I'm watching the price. ready to invest!!!

[Libin]

The saying in English is: "The early bird gets the worm."  :-)

Anyway, not sure if this is huge news or not, but thank you.

another saying: " the early worm get eaten by the bird. " 

[Borbolon]

So the poor chinese will start to use localbitcoins.com to trade privately, or OTC trading, another large company block themselves out of the bitcoin economy

What about the great firewall?
If the goverment gets serious about it they could do some real damage I guess.

[fendouai]

I hope he had already sold it on Taobao 2 years ago lol.

[BTCisthefuture]

So the poor chinese will start to use localbitcoins.com to trade privately, or OTC trading, another large company block themselves out of the bitcoin economy

What about the great firewall?
If the goverment gets serious about it they could do some real damage I guess.

i was thinking the same thing.  wouldnt be unthinkable that the government starts blocking bitcoin related websites.  of course you can always get around it with a vpn , but it's still one more hassle and enough of one that it would a heavy impact on peoples knowledge of bitcoin or ability to buy/sell it.

[selavy59]

The saying in English is: "The early bird gets the worm."  :-)

"The second mouse gets the cheese."

The third mouse beats the second mouse up.

[niothor]

The saying in English is: "The early bird gets the worm."  :-)

"The second mouse gets the cheese."

The third mouse beats the second mouse up.

And the cat laughs his ass out while taping this for "the cats" youtube Chanel.

[spooderman]

as the popular says the bird that is get up eariliy can have someting to eat!

This is amazing.

[nodroids]

Another bullet eaten buy the Bitcoin, ping, cruch, yum. Um, unstoppable? For Communist party official's next buying trick they will execute BTC traders. Meanwhile during the live executions broadcast free popcorn served in  the Square Mile of London as traders bet it'll fall %35 and privately put their orders in for just %15 lower!