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

[banaltcoin]

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit / Withdraw from / to 3rd party payment processors and switched their funding methods to "China bank account transfers" two months ago

So the only question is, can Chinese traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers after January 31st?

[coinpharmer]

it does not matter how the chinese buy bitcoin, they will. if that means via face to face with bags of cash, then so be it. if it means the government opens exchange so they control things and feel better so be it. but there is no way of stopping this. the chinese are very good at finding ways around problems, thats a freaking fact. and they will do anything to reach there goals. (GDP/polution should be proof of this easy to see truth)

[fonzie]

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit/Withdraw from/to 3rd party payment processors and switched funding methods to "China bank account transfers" two months ago

So the only question is, can traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers?

As far as i am informed this will not be possible.

[banaltcoin]

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit/Withdraw from/to 3rd party payment processors and switched funding methods to "China bank account transfers" two months ago

So the only question is, can traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers?

As far as i am informed this will not be possible.

could you provide any sources to back your point?

[fonzie]

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit/Withdraw from/to 3rd party payment processors and switched funding methods to "China bank account transfers" two months ago

So the only question is, can traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers?

As far as i am informed this will not be possible.

could you provide any sources to back your point?

This just came in:

“They also said that Banks could not perform withdraws for the purpose of Bitcoin purchases, [...] that sent a chill through the bitcoin ecosystem”.

Malcom: “So that’s the current state in china – you’re not allowed to use 3rd party payment provider, you’re not allowed to deposit money into your Bank account for Bitcoin.”

[aminorex]

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

[banaltcoin]

"On January 31st, a new law will be effective in China: 3rd party payment processors will no longer be allowed to trade bitcoins."

third party Bitcoin payment processors including:
Taobao (ebay)
Alipay   (paypal)
Tenpay (another paypal)
Yeepay (another paypal)
.....

this is nothing new, we have already known about this since December 2013, Bitcoin exchangers in China already stopped Deposit/Withdraw from/to 3rd party payment processors and switched funding methods to "China bank account transfers" two months ago

So the only question is, can traders deposit / withdraw money CNY from / to Chinese bitcoin exchangers through China bank account transfers?

As far as i am informed this will not be possible.

could you provide any sources to back your point?

This just came in:

“They also said that Banks could not perform withdraws for the purpose of Bitcoin purchases, [...] that sent a chill through the bitcoin ecosystem”.

Malcom: “So that’s the current state in china – you’re not allowed to use 3rd party payment provider, you’re not allowed to deposit money into your Bank account for Bitcoin.”

i think this is FUD

[fonzie]

It´s nice that you think i´m spamming and FUD. As a bear i´m used to be insulted, so it´s okay.
But this came just in from the North American Bitcoin Conference that is happening right now.

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

[yomofo]

http://imgur.com/c6NANbM  (screenshot)

http://www.linkedin.com/in/malcolmcasselle   (profile of speaker at Miami bitcoin conference 1/26/14)

[fonzie]

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

It´s okay if you want to apologize for calling me a scammer?

[ElectricMucus]

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

uh, uh, uh, look who's mad!

[banaltcoin]

http://imgur.com/c6NANbM  (screenshot)

http://www.linkedin.com/in/malcolmcasselle   (profile of speaker at Miami bitcoin conference 1/26/14)

is Eric turner a China bitcoin business insider? did he show any official documents to prove what he said?

[MatTheCat]

It´s nice that you think i´m spamming and FUD. As a bear i´m used to be insulted, so it´s okay.
But this came just in from the North American Bitcoin Conference that is happening right now.

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

This has cost me money!

Or rather getting involved in emotional arguments with tons of posters attacking me for simply stating that I think the price is going down, has clouded my judgement and cost me money.

First time I encountered it, was with Piramida. Someone who bought in on the July 2011 low at $2, telling someone who had been trading since the Nov $700, and had bought a big load of coins at over $1000, that he should hold or cry when he buys back in at $1300. But this sort of shite is just par for the course around here. In the end, I never listened to him, sold at a loss, and bought back in at $640 on average, selling at $880 on average.

Since then I have been ultra hyperphobic against bulltards giving advice or dishing out ridicule on this forum. When you end up supporting a price direction in order to get one up on some bulltard who has been dishing out shite on a forum, it clouds the judgement and cost's me money!

[fonzie]

Editor and Co-founder  CoinChomp

[yomofo]

http://imgur.com/c6NANbM  (screenshot)

http://www.linkedin.com/in/malcolmcasselle   (profile of speaker at Miami bitcoin conference 1/26/14)

is Eric turner a China bitcoin business insider? did he show any official documents to prove what he said?

Eric Turner is only covering and doing live tweeting at the miami bitcoin conference.  He's quoting Malcom Casselle.

this is eric's blog http://coinchomp.com/

[yomofo]

Since then I have been ultra hyperphobic against bulltards giving advice or dishing out ridicule on this forum. It clouds the judgement and cost's me money!

A fool and his money are soon parted.

[fonzie]

Malcolm Casselle

CasSelle formerly served as director of Hong Kong-based Capital Union Investments, where he managed private direct investments into late-stage web companies.[4] He was also a top executive at Groupon’s joint venture with BTCinstant messaging and gaming giant Tencent.[5] He co-founded NetNoir, the first outside company to be accepted into the AOL Greenhouse Program,[6] and Pacific Century CyberWorks (PCCW), a Hong Kong-based telecommunications provider.[7]

[aminorex]

When it is proven that someone has spread false information intentionally, there should be a scammer tag applied.

It´s okay if you want to apologize for calling me a scammer?

If you did not intentionally spread false information, then you were not qualifying yourself as a scammer by my criteria.  

I do apologize for creating an inference that I was calling you a scammer.  Hopefully no one made that inference, as it would be a fallacious inference.

If I believed that you were a scammer, I would have said so. I was certainly trending towards the opinion that you were a scammer:  
You must understand that if you exhibit the behaviours typical of scammers, it will create an inference.  Many people spread disinformative FUD.  If you convey information which is structurally similar to other instances, until it can be confirmed, it will be mistaken for disinformative FUD.

[proudhon]

It´s nice that you think i´m spamming and FUD. As a bear i´m used to be insulted, so it´s okay.
But this came just in from the North American Bitcoin Conference that is happening right now.

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

This has cost me money!

Or rather getting involved in emotional arguments with tons of posters attacking me for simply stating that I think the price is going down, has clouded my judgement and cost me money.

First time I encountered it, was with Piramida. Someone who bought in on the July 2011 low at $2, telling someone who had been trading since the Nov $700, and had bought a big load of coins at over $1000, that he should hold or cry when he buys back in at $1300. But this sort of shite is just par for the course around here. In the end, I never listened to him, sold at a loss, and bought back in at $640 on average, selling at $880 on average.

Since then I have been ultra hyperphobic against bulltards giving advice or dishing out ridicule on this forum. When you end up supporting a price direction in order to get one up on some bulltard who has been dishing out shite on a forum, it clouds the judgement and cost's me money!

Can confirm.  Always SHOTR bitcoin.

[bitcoinlitcoinbtcltc]

After January 31st, Chinese can no longer do anything related to bitcoins.
They can not withdraw money from Chinese exchanges. So the bitcoins they have on Chinese exchanges, are ''dead''. They can not trade those bitcoins in for real money, or withdraw that money. It's like that money doesn't exist anymore.

They can not make deposits anymore, and they can not withdraw money from their bank accounts to purchase bitcoins (online or offline).

I will try to explain it better:

- If you live in China and you have 10 bitcoins in your account, those bitcoins could be worth $10 or $1,000,000. It doesn't matter how much they are worth after January 31st. You will never be able to get that money into China. Chinese banks will not process any transactions from/to bitcoin exchanges. You can try to work around it, but questions will be asked and they will find out how you got that money. Nobody in China just makes 1 million dollars.

So after January 31st, you don't want to have bitcoins in China. In China, they can not spend their bitcoins, or trade them in for money.

And most bitcoins are in China, so they WILL BE DUMPED.

Chinese are gamblers. Everyone is saying ''if they wanted to dump, they would have done it already.''

They just don't understand the Chinese. They have until January 31st to withdraw their money. And the big bag holders will try to push up the price a little bit more. By waiting, they are creating trust in the West. Everyone will think ''If they wanted to dump, they would have done it already.'' So nobody is expecting a crash, and they are buying more bitcoins because the price is ''so stable''. The price goes up a little bit more, and then, when everyone is sleeping: BAM!

DUMP DUMP DUMP, BITCOIN PRICE PLUMMET, PANIC PANIC PANIC, BITCOIN DOWN TO $100 USD, PEOPLE CRYING, COMMITTING SUICIDE.
NEGATIVE BITCOIN NEWS ALL OVER THE PLACE

CNN HEADLINE: ''OH JOLLY, BITCOIN DID IT AGAIN!''
BBC HEADLINE: ''THE JAPANESE WOULD BE JEALOUS, MASS SUICIDE IN NEW YORK CITY!''

The bitcoin propaganda is going to get you if you listen to the liars who want you to hold & buy. Most of the people who are preaching ''hodl'' will sell before you do .