January 31st, Will China ban exchanger's bank transfers funding methods?

[meanig]

So in relation to the question posed by the thread the title the answer is yes, China will ban transfers to Bitcoin exchanges. However they're also banning all types of transfers everywhere for at least three days 

[pungopete468]

If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...

Man, we will be dead by then. You need to shotr now and enjoy your profits during these last years.

You never know...

You can't control everything in life. An asteroid could hit the Earth for all we can predict.

I'll enjoy the ride wherever it takes me. The way I see it; even in the worst case I've only lost USD which is about to be worthless in a few years anyways. To me the risk is nearly equal that one may collapse as opposed to the other. Let's face it, the US military can't hold up the dollar forever. The playing field is just too large and it's been a fool's errand from the start.

[Krox]

I bought more today, I bought yesterday, and the day before as well...

I have no intention of selling, if BTC goes to $100 I will buy as many as I can afford as quickly as I can.

If I have to wait 5 years for a recovery I'll happily do so buying all along the way. I'm not alone...

Me too. If Bitcoin gets near $50-$100, I will buy in bulk.

Bitcoin today is more stable then many other currencies.

Bitcoin cannot be printed in bulk to masquerade huge debts and other problems.
Can be mined only slowly and in predictable quantity. USD and EUR can be printed infinitely. Increase money supply by 20% overnight? No problem. Government can dump tons of money to market when you do not expect it. They can even steal your money. Like bank "taxation" on Cyprus.

Bitcoin is bit less stable than major fiat currencies.

USD is held by military power, but Russia and China and India is growing stronger. Not defensible in the long term.
EUR has problems with weak and bankrupting countries (Greece, ...). Not stable in the long term.

USD and EUR may become less stable than Bitcoin soon. Then lot of people in USA and EU will prefer bitcoin over USD and EUR. Everybody wants bitcoin and not EUR or USD. Demand of bitcoin rises, price also.
Dependent on point of view, the bitcoin value would skyrocket, or EUR and USD value would plummet to the ground.
Same thing, just viewed diferently.

[Apostata]

Technically banks already can't provide services to exchanges.

According to the People's Bank of China Official Bitcoin Notice:

"Financial and payment institutions may not use Bitcoin pricing for products or services, may not buy or sell Bitcoins, may not act as a central counterparty in Bitcoin trading, may not offer insurance products associated with Bitcoin, may not provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, escrowing, and mortgaging in Bitcoin; issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds."

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Good English Translation here

https://vip.btcchina.com/page/bocnotice2013

[pand70]

I think you highlighted the wrong text.

This:
 

may not act as a central counterparty in Bitcoin trading

looks more relevant.

[Apostata]

I think you highlighted the wrong text.

This:
 

may not act as a central counterparty in Bitcoin trading

looks more relevant.

That just means banks cannot themselves be an exchange.  

Edit: Actually, you may be right as far as clarity goes, perhaps "not act[ing] as a central counterparty" is more clear; banks cannot act as a "middleman" between exchanges and customers. 

Great point, thanks.

[litecoin123]

Bitcoin will survive and the price will rise with or without China! Who cares about China? They banned it before and the prices are still high! Bitcoin is the future and China now that! At first they will ban it, than they will accept it. i'm sure this will happen soon or later.

Until the 5th February the price of BTC will be the same or higher. Mark my words...

[Torque]

Here's the real reason why China is suspending bank withdrawals from Jan. 31st - Feb. 7th :

http://finance.fortune.cnn.com/2014/01/29/shadow-banking-chinas-wobbly-house-of-cards/

"Among the many issues raised by this episode, two deserve special attention. The first is the hitherto undisclosed risks in China's shadow banking sector, which is estimated to have $6 trillion in outstanding loans. The second is the increased likelihood of a major default in the very near future."

The PBOC is saying they are suspending bank and ATM operations due to "system maintenance."  Yeah, riiiight.  Just like in June 2013, and Dec. 2013.  

So they are having a liquidity crisis.  Yes, it will affect Chinese wanting to buy bitcoin during that time.  No, it really has nothing to do with bitcoin per se. When you have a chinese Shadow banking system that is basically one big Ponzi Scheme, bad things are going to start happening.   January 31st marks the start of when banks have to start "paying the piper", i.e. the Chinese investors.  And the Chinese government has known about this upcoming crisis since last year.

[dropt]

The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

I doubt you have even the slightest shred of evidence to back this up.  Like many others, I too am tired of your BS.  I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.

[fonzie]

The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

I doubt you have even the slightest shred of evidence to back this up.  Like many others, I too am tired of your BS.  I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.

I cannot confirm. Using the ignore function is for fascists only.

[dropt]

Using the ignore function is for fascists only.

Another fascinating opinion from one of the world's great minds.

Believe it or not, this forum actually used to have some intelligence to it. 

[Gulinborsti]

The Chinese own between 65 and 80% of all Bitcoins! If they dump, it is the end of bitcoin!

I doubt you have even the slightest shred of evidence to back this up.  Like many others, I too am tired of your BS.  I'm adding you to my ignore list, hopefully everyone else does too and you can sit there in mute land ranting to yourself like so many others of your calibre do in mental institutions.

I cannot confirm. Using the ignore function is for fascists only.

If the chinese dump (sell XBT at low market prices) those coins will be much appreciated by buyers only waiting for this to happen

And your assumption about the chinese holding 65% to 80% is completely off... (ok, I can't counter proove this, you got me there)

[Lloydie]

Relax.  Mining Btcs is a $1 Billion dollar per year industry and will be dominated by the Chinese.  This thing is far from being banned by the Chinese government. They'll say: "Unbelievable, we actually control seigniorage for digital gold, which no one can duplicate.  Woohoo!"