Taobao (China's version of Ebay) bans bitcoin mining hardware

[yomofo]

http://www.reddit.com/r/Bitcoin/comments/1umcj8/taobao_prohibits_bitcoin_and_perhiperals_trading/

http://rule.taobao.com/detail-1358.htm?spm=0.0.0.0.FmkChc

Timber!!!!!!!!!!!


google translated:

 Rules background
Please comply with "the People's Bank of China Ministry of Information Industry and the China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on the Prevention of Bitcoin risk" and other relevant laws and regulations.
The central bank explicitly require third-party payment agencies closed bitcoins, Wright currency transactions channel.
 
  Specific circumstances
Including but not limited to:
1)      Bitcoin, Wright coins, coins Biot, Quark coins, unlimited coins, cocoa coins, pennies coins, PPCoin , NameCoin such as virtual currency ;
2)     bitcoin mining tutorial tutorials virtual currency, Raiders;
3)     Bitcoin mining machine used to obtain virtual currency-related hardware, software .

[Interized]

Did you even read? God you are dumb.

[tdenisenko]

Thanks, I was wondering the reason of the current price drop

[server]

guess once where all cheap coins are going...

http://fiatleak.com/

[T.Stuart]

If this news is right then this is the perfect time for a test of that growing confidence we have outside China. This could be like the vaccine that immunizes us from anything else "Chinese" (for want of a less insulting way of saying it)!

[T.Stuart]

guess once where all cheap coins are going...

http://fiatleak.com/

You know what? Even if Bitcoin is banned in China they love it too much. There will be a huge black market.

EDIT: We still have to pass our test though! 

[magicmexican]

If I understand correctly something like the chinese ebay is prohibiting the sale of crypto mining equipment?

yep

[cbeast]

a slight market overreaction due to misinformation

[HairyMaclairy]

If I understand correctly something like the chinese ebay is prohibiting the sale of crypto mining equipment?

yep

And coins. If not fake. 

[Lieji]

Good chance to get some cheap coins

[alexeft]

Do you people think this could extend to the manufacturing of asic chips?

[EuroTrash]

http://www.reddit.com/r/Bitcoin/comments/1umcj8/taobao_prohibits_bitcoin_and_perhiperals_trading/cejk1ie

1) Not banning of selling, they are unable to accept BTC as a payment(nothing new, noticed specifically said Bitcoin cannot be used as a currency in China).
2) Any ads labeled "Bitcoin/Litecoin miner" will be removed (this is new, on one hand the notice said BTC is not illegal and everyone thought worst case scenario you buy the BTC on sites like localbtc from miners. But now it seems they don't want miners in China as well?).
3) This might be the start of the "crackdown" in regards to the Jan 31st date. We will see in the next few days if the PBOC will start targeting the exchanges.

[MatTheCat]

a slight market overreaction due to misinformation

If it is a slight market overreaction due to 'misinformation', then we should be back up at $950 on BItstamp in no time at all as people realise that there are artificially cheap coins to be got, right?

Also, if this is how the market 'overreacts' to 'negative misinformation' coming out of China, then hold onto to your fkn hat! I predict lots of 'mis-information' to come out of China between now and 31st Jan 2014.

[cbeast]

a slight market overreaction due to misinformation

If it is a slight market overreaction due to 'misinformation', then we should be back up at $950 on BItstamp in no time at all as people realise that there are artificially cheap coins to be got, right?

Also, if this is how the market 'overreacts' to 'negative misinformation' coming out of China, then hold onto to your fkn hat! I predict lots of 'mis-information' to come out of China between now and 31st Jan 2014.

Well, India goes online tomorrow, so... maybe China wants to sell cheap coins to them, right?

[wachtwoord]

Is this true? What does this mean to ASICMINER?

[jl2012]

What a stupid FUD.  If ebay, an US company,  banned bitcoin miner trading, does it mean the US banned bitcoin miner?

[ElectricMucus]

lol look at all the hatefilled reactions.

[hlynur]

Is this true? What does this mean to ASICMINER?

i suppose not much atm.
afaik AM never directly relied on taobao, probably only merchants from the group buys sold products there.
imo taobao just goes the safest way here as even the big players don't seem to know how strict governmental regulation will be after january deadline.

What a stupid FUD.  If ebay, an US company,  banned bitcoin miner trading, does it mean the US banned bitcoin miner?

+1
@OP: please change thread title...it's totally misleading.

[ElectricMucus]

Oh and this probably is a reaction of this retarded exchange voucher auction workaround from BTCChina. Taobao is Chinese ebay, in a sense, it's more wholesaler than personal auction related and deals are better. (oh well china)
Either way this is kind of a big deal because taobao is the biggest site of it's kind afik.

[MatTheCat]

afaik AM never directly relied on taobao, probably only merchants from the group buys sold products there.
imo taobao just goes the safest way here as even the big players don't seem to know how strict governmental regulation will be after january deadline.

Yep.

Going by the dramatic swing in CNY Bitcoin trade away from BTC38 and over to Huobi and OKcoin, it seems that Bobby Lee and his US based backers have opted to tow the line 100% to the word of the Chinese government whereas the other exchanges are deciding to go cowboy style, blatantly circumventing 'the intention' of the Chinese government with vouchers and private bank transfers.

There aint never been no cowboys in China for a good reason (not since Genghis Khan's time anyway).