BTCchina IS BACK, bank deposits restored!!!

[Holliday]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even is he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

Freedom isn't free. Sometimes you have to fight for it. Perhaps others think differently than I do, but the genie is out of the bottle with Bitcoin and I, personally, won't give up the power it provides to the individual.

You seem to think the only reason to be involved with Bitcoin is as an investment opportunity. That's simply an unintended (although necessary) consequence in my book.

No what I think is that the majority of chinese investors saw it as an investment opportunity. I don't that over the course of a few months there were all the sudden all these die-hard bitcoin enthusiasts in China who had learned all about the technicalities of bitcoin and bitcoin idealism overnight.

It would seem like they need it more than most. I really have no idea though.

[desired_username]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

[chessnut]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

you can get technical about it but we do not need cocaine, heroin, marijuana, opium etc....
WE DONT!
you know the inventor of ecstacy once said - "nothing beats a good sunrise"
(and dont get me wrong - Ill do drugs when I wanna)

[isov]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

you can get technical about it but we do not need cocaine, heroin, marijuana, opium etc....
WE DONT!

But I would be guessing we DO need all the endorphines and whatever are the names for this substances in your brain that deliver electric impulses and release all these substances in our bodies to alter pain sensations, happiness and other things. And when you take drugs the effect you feel is these substances getting freed in to your system so its just artificial way of deciding how your body feels when usually it happens automaticly and you cant "decide" how you feel.

[PirateHatForTea]

I bought on this news, and then freaked out when BTC price dropped $15 - I thought the news must be fake. I was planning to buy anyway if it got to the 31st and there was no more news of a crackdown out of China, so I'm not too upset, but I have a BTCChina account so I thought I may as well log in and check for myself.

Although the help has indeed not been updated, and still states that the Bank Transfer option is disabled, if I go to Fund CNY there is in fact a Bank Transfer option, as per the screenshots. Don;t take my word for it though - there is nothing stopping you from opening an account at BTCChina and seeing for yourself - the mobile verification codes will send to international numbers, and there is an English version of the BTCChina website.

[GigaCoin]

I bought on this news, and then freaked out when BTC price dropped $15 - I thought the news must be fake. I was planning to buy anyway if it got to the 31st and there was no more news of a crackdown out of China, so I'm not too upset, but I have a BTCChina account so I thought I may as well log in and check for myself.

Although the help has indeed not been updated, and still states that the Bank Transfer option is disabled, if I go to Fund CNY there is in fact a Bank Transfer option, as per the screenshots. Don;t take my word for it though - there is nothing stopping you from opening an account at BTCChina and seeing for yourself - the mobile verification codes will send to international numbers, and there is an English version of the BTCChina website.

Thank you PirateHat for clarifying, so i guess the news is not fake afterall. This means BTCChina indeed opened up bank transfers, i have a feeling though its a similar arrangement to Huobi where the account is a personal account of the CEO. As China hasn't changed its stance on Bitcoin so why suddenly bank transfers would be open ?

That or Bob lee made an arrangement with some high ranking official to make it happen. I'm very interested to see how the markets will react to this.

[BTC2DAMOON]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

[GigaCoin]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

does that mean banks cannot process bank transfers till feb 8th?

[Hyena]

Speaking of drugs... This is Jaguar, enjoying its financial freedom and practising its free will to get high:


And here's the full vid: http://www.youtube.com/watch?v=OqGDv0KCJl8

If such a majestic creature does it to enhance it's hunting power, I'm sure it could also enhance market speculation skills.

[BTC2DAMOON]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

does that mean banks cannot process bank transfers till feb 8th?

No not at all... it's the same here during CNY as using my USA bank accounts during Thanksgiving or Christmas.  The physical banks are closed of course but everyone can still do on-line banking as usual which includes the ability to transfer rmb.

[TERA]

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

[MatTheCat]

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

So nice of you to register today and confirm this bullish news.

 

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

Tried it as well. BTC China is not for Johnny Foreigner.

[GigaCoin]

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

So nice of you to register today and confirm this bullish news.

 

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

Tried it as well. BTC China is not for Johnny Foreigner.

That maybe true for btc2moon but piratetea has been around for a while, I doubt he would lie about this

[dudel42]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

[cr1776]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

I think that chinese that wanted out before new year got out. Today is the last banking day of this year and all withdraws made tomorrow won't arrive before the 1st. I don't know if this news are real or not, what I do think is that if it actually "crashes" during the weekend it will be a lame attempt of manipulation.

I don't think it will last much longer than the silkroad "crash". If its not banned it will be seen as good news. But I think if its banned its even better. This because btc has no frontiers. If chinese actually banned btc a black market will appear. Btc will be sold overpriced to take money out of the country. Once all btc from china are bought, they will be force to actually take money out of china to buy them. People with an excess in they early fiat leak will use that to buy them, whereas people that actually need to transfer more money abroad will buy other people excess in the form of btc. After this point price will skyrocket.

Right now I'm getting more bullish by the hour. If you have a better theory elaborate it  

smart investors in China bought Bitcoin because it cant be regulated. why would they let go now? every new law imposed against them makes it more valuable, and more proven, and more desirable.
smart investors and officials in America realise they have no better alternative than to back Bitcoin, and are going to make the best of it.
my 2 cents.

This.  Smart people in China kept it as a hedge against the authoritarian rulers

[TERA]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first.

[segeln]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

the question is: has the Option ever been off  or not functional ?
And does it work now ?

[dudel42]

verification worked just fine with the usual documents (utility bill and government id)

[mgburks77]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

It's valid logic

1. Drugs aren't the only black market

2. Not same strength, much stronger because of higher demand and restricted supply.

[mgburks77]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even if he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

people always follow the law when looking for profit...