What happens in china on the 31st Jan?

[BitCoinNutJob]

I have heard talk of china 31st jan some ruling or deadline? im guessing to do with banking? can anyone go into more detail?

thanks

[cjjun]

never heard about that.

[ChuckBuck]

I think you're thinking of Chinese New Year which falls on January 31st this year.

Bitcoin faces a fresh obstacle in China as Alibaba,the countrys largest e-commerce group, will ban bitcoin transactions starting January 14.

Alibaba Group Holding Ltd's Taobao, Chinas largest online marketplace, will not allow any transactions of virtual currencies or related products, the Financial Times reports.

Alibaba Group, an internet group of e-commerce businesses that handled over $170 billion in sales in 2012, expects to hold an initial public offering later this year, and banning bitcoin and steering clear of the sale of counterfeit goods is seen as an extra precaution.

Banning the anonymous virtual currency will promote the healthy development of the Taobao Marketplace and to more effectively protect the interests of Taobao members, Alibaba said in a statement posted on its website on Tuesday.

Users will not only be barred from buying and selling bitcoins, but all related activities, including mining the currency, which is the creation of new bitcoins through solving complex logarithmic equations.

The move is part of a larger government crackdown on the cryptocurrency, which has fast gained traction in China, the worlds second-largest economy and home to the largest bitcoin trading platforms.

In December, the Peoples Bank of China banned third party sales of bitcoin, and placed a ban on financial institutions dealing with bitcoin, ordering them to halt activities by January 31, the beginning of the Chinese New Year holiday.

After hitting a $1000 high in December, prices plummeted on the Central Banks announcement, but has since rebounded, after Zynga, the provider of social network games such as FarmVille, said it would accept the digital money in some of its titles.

Bitcoin has faced harsh criticism from governing bodies in Europe, India, and in the US, with regulators skeptical of the cryptocurrency.

Since its creation in 2008 by a man using the alias Satoshi Nakmoto, bitcoin has gone mainstream and can be used to buy coffee, pay for online dating services, and can even be retrieved from an ATM. There are more than 12 million bitcoins in circulation worldwide.

[BitCoinDream]

I have heard talk of china 31st jan some ruling or deadline? im guessing to do with banking? can anyone go into more detail?

thanks

Bitcon is far more powerful than the Chinese govt. Western countries are now looking for ways to tax it, rather than ban it. So even if China completely ban it ...nothing much to care. Price may drop for a few days and thats all.

[BitCoinNutJob]

In December, the Peoples Bank of China banned third party sales of bitcoin, and placed a ban on financial institutions dealing with bitcoin, ordering them to halt activities by January 31, the beginning of the Chinese New Year holiday.

ok thats the info... im assuming thats the last chance people have to cash out & when huobi runs into problems

[knarzo]

Reading you guys cheers me up  Popcorn is missing though..

[Dafar]

China will finally legalize pork fried rice in jan 31st.. bitcoin will crash again

[SirBitsalot]

I don't think they like the idea of non-corrupt (aka: decentralized) anything...

[El Dude]

nothing happens and the price goes higher.

[nhytfdsa]

If banned in China would difficulty go down?

[Anon136]

If banned in China would difficulty go down?

No one is going to simply throw their asics in the trash because their government bans them. It may go down for a bit while they are being shipped to other countries but that would be temporary.

[qwertyasdfgh]

China banned it as currency, but did not ban the mining and possession of it.

[SirBitsalot]

China banned it as currency, but did not ban the mining and possession of it.

Interesting... wonder if this will prompt the rise of serious Chinese mining.

[Michael Robinson]

The Chinese look for any reason possible in order to cause a quick panic sell, so you can be assured this will happen on January 31st.  I will most likely sell my holdings a few days prior, then buy them back after that point in order to increase my share. 

[zeetubes]

 "I will most likely sell my holdings a few days prior, then buy them back after that point in order to increase my share...."

That strategy works best if you don't announce it. Now everyone else will sell a few days before you sell.

Chinese New year is when everyone goes home. Everything closes down. Everyone gives money gifts to their younger relatives. I'm hoping people give a lot of bitcoins gifts but I doubt it.

[Kungfucheez]

Well the 31st January would be the 31st year A.D, or A.C.E. Or the 31st January starting from the year 0 A.D, but since there was no 0 A.D, we start from 1 A.D, so the 31st January would be year the month of January in the year 32 A.D.

Oh.....you meant January 31st? Well that's when the all of humanity dies off and dinosaurs repopulate the earth and all the sea animals burrow towards the center of earth and create a new species of earth dwelling cave creatures.

[EvilPanda]

The Chinese look for any reason possible in order to cause a quick panic sell, so you can be assured this will happen on January 31st.  I will most likely sell my holdings a few days prior, then buy them back after that point in order to increase my share. 

This was announced 2 months before, why would anyone panic sell? If you were a chinese guy who got scared off by this announcement would you wait 2 months to sell your coins? The only people selling now are guys like you waiting to buy lower.

[billyjoeallen]

If I was a corrupt Chinese oligarch, I would do exactly what they have done so far but be buying as many BTC I could on the sly and, when I accumulated a vast horde, I would change the government policy and embrace bitcoin.   The entire bitcoin ten billion dollar market cap is nothing to these guys. They move that much money around in a week.

[mikewoods]

China has a lot of people, but their purchasing power is smaller then most people think, they aren't that important.

[b!z]

China banned it as currency, but did not ban the mining and possession of it.

"banned it as currency"?

Please do your research first.