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Author Topic: CHINA CANT BAN BITCOINS!!  (Read 3242 times)
Sawadekub
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March 29, 2014, 02:04:42 PM
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WHY? because they are humans not aliens that cant read peoples mind for your private keys...

and if they ban exchanges in china VERY VERY EASY! change to another exchange ... and the another exchange not from china will then wired the $ back to your china bank account VERY SIMPLE!

and if china goverment does not support bitcoin.. they cant BAN  private companies from accepting, keeping or using it... WHY? because bitcoin is DECENTRALIZED!! WAKE UP GUYS WAKE UP! EVEN BLOCKCHAIN.INFO CANT BAN BITCOINS, ITS TOO LATE THE INFRASTRUCTURES ARE UP... THERE ARE SO MANY MINERS NOW!!!!


wake up guys.. USE SOME IQ AND THINK PLEASE.. EVEN YOUR OWN MUM DO NOT KNOW YOUR PRIVATE KEYS..
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BittBurger
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March 29, 2014, 02:07:06 PM
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China has already "banned" bitcoin 3 times.

Why would actually banning it matter?   Bitcoin has already shown its resiliency in the face of such news.

-B-

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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
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March 29, 2014, 02:15:38 PM
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Why would it be more stable?  Just because a business hangs a sign that says, "Bitcoin accepted here", doesn't mean people actually have Bitcoin to spend or would even spend them if they had them.  Look at all these businesses that have done so since the rise to $1200.  If Bitcoins value was based at all on merchant adoption, it'd be at $10,000 plus already.  Instead, it's fallen to $450.

jc01480
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March 29, 2014, 05:00:27 PM
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You can ban it, curse it, and talk ugly about it.  All it does is make one look foolish.  This is a masterful concept that less than half the internet connected population know about, and even less of the world's population, not yet connected to the internet.  Think of the future possibilities! 

Government or not, you can't touch this!

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March 29, 2014, 05:41:02 PM
 #5

Much the like torrent robbed corporations of their power to enforce copyright law, cryptocurrency strips nation-states of their power to enforce currency and tax law.

We are entering a new age of individual liberty and justice for all. Bitcoin is the democratization of money, and there's nothing anyone can do to stop it.

This is the most exciting technological advent to happen in any of our lifetimes. Cryptocurrency is the most subversive technology on the planet.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
TTM
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March 29, 2014, 05:44:17 PM
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WHY? because they are humans not aliens that cant read peoples mind for your private keys...
THey don't need to know private keys. They just need to ban Bitcoin trading, forbid exchanges to have bank accounts, forbid merchants and retailers from accepting bitcoin as payment method. That's what happening in China right now.
Azeh
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March 29, 2014, 05:44:48 PM
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None you you really understand China.

China will not ban Bitcoin outright.  Why would they do that and possibly cause potential enemies.  The Government is much smarter and more subtle than that.

They will ban bank deposits and withdrawals, essentially choking off the exchanges.  This action by the government will have the same effect as a ban, without actually banning bitcoin.

romang
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March 29, 2014, 05:47:35 PM
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None you you really understand China.

China will not ban Bitcoin outright.  Why would they do that and possibly cause potential enemies.  The Government is much smarter and more subtle than that.

They will ban bank deposits and withdrawals, essentially choking off the exchanges.  This action by the government will have the same effect as a ban, without actually banning bitcoin.

So far china has driven the price down 50% in the last year what else will they do next

krodmandoon
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March 29, 2014, 05:49:13 PM
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None you you really understand China.

China will not ban Bitcoin outright.  Why would they do that and possibly cause potential enemies.  The Government is much smarter and more subtle than that.

They will ban bank deposits and withdrawals, essentially choking off the exchanges.  This action by the government will have the same effect as a ban, without actually banning bitcoin.

So far china has driven the price down 50% in the last year what else will they do next


Place massive buy orders and take total control.
TTM
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March 29, 2014, 05:56:18 PM
 #10

So far china has driven the price down 50% in the last year what else will they do next

New ban hammer will cause much more damage to price than December's ban. On December, only merchants was not allowed to take Bitcoin payment, investors was still able to trade freely. That's why Bitcoin price was quickly recovered to $1000 range after that ban.

But now China gonna close all bank accounts of exchange websites. This mean traders will no longer can use their most popular withdrawal/deposit method (via bank transfer). By new rule, China central bank would kill >90% of trading volume.
principalg1
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March 29, 2014, 07:16:45 PM
 #11

Support your argument, even Chinese government banned BTC, but we will be as in the past to do BTC.
And while im at it, How can Japan, USA, et at possibly dream about taxing this?
Im missing something?

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leopard2
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March 29, 2014, 08:27:34 PM
 #12

Chinese govt is probably stashing btc as we speak. They have built huge underground storage and bought over 1000t of gold for their useless USD

Now they buy BTC, believe me. And they want them cheap ...  Grin

Chinese are smart, thinking long term  Wink

Truth is the new hatespeech.
franky1
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March 29, 2014, 08:36:58 PM
 #13

stop making posts quoting that china is banning citizens from using bitcoin, your wrong

china government banned BANKS from buying bitcoin for THEIR BANKS investment portfolio.
this does not stop individuals using individuals bank accounts to purchase bitcoin

and as for exchanges they, just like all other countries, now have to buy a licence

please read the china banks announcement and not other peoples opinions and china!

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
TTM
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March 29, 2014, 08:48:35 PM
 #14


china government banned BANKS from buying bitcoin for THEIR BANKS investment portfolio.
this does not stop individuals using individuals bank accounts to purchase bitcoin

and as for exchanges they, just like all other countries, now have to buy a licence

please read the banks announcement and not other peoples opinions and china!

you're wrong, China central bank is going to close all bank account of Chinese exchanges:
http://english.caixin.com/2014-03-27/100657518.html
franky1
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March 29, 2014, 08:54:25 PM
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china government banned BANKS from buying bitcoin for THEIR BANKS investment portfolio.
this does not stop individuals using individuals bank accounts to purchase bitcoin

and as for exchanges they, just like all other countries, now have to buy a licence

please read the china banks announcement and not other peoples opinions and china!

you're wrong, China central bank is going to close all bank account of Chinese exchanges:
http://english.caixin.com/2014-03-27/100657518.html

your reading a news article

READ THE CHINA BANKS announcements instead of the misinterpreted media versions!!!

read the actual part that says
banks cannot trade bitcoins
exchanges need licences in relation to the telecommunications regulations.
no where does it say exchanges are banned or citizens!
here is a english translation
https://vip.btcchina.com/page/bocnotice2013

Quote
does not have the same legal status as currency, and cannot be used as circulating currency in the market. However, Bitcoin trading constitutes a method of buying and selling commodities online, and ordinary people are free to participate, so long as they are willing to assume the risk.
meaning not legal tender or a government currency but citizens can trade at their own risk

Quote
It is required that, at this stage, financial and payment institutions may not use Bitcoin
meaning banks wont develop ATMS. mastercard wont offer bitcoin denominated cards. this does not stop shops advertising in bitcoins.

Quote
It is required that, websites serving primarily as Bitcoin trading platforms, must, according to the Telecommunications Regulations of the People’s Republic of China and the Internet Information Services Managing Guidelines, legally register with the Telecommunications Bureau.
exchanges need licences!

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
TTM
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March 29, 2014, 08:59:31 PM
 #16


china government banned BANKS from buying bitcoin for THEIR BANKS investment portfolio.
this does not stop individuals using individuals bank accounts to purchase bitcoin

and as for exchanges they, just like all other countries, now have to buy a licence

please read the china banks announcement and not other peoples opinions and china!

you're wrong, China central bank is going to close all bank account of Chinese exchanges:
http://english.caixin.com/2014-03-27/100657518.html

your reading a news article

READ THE China BANKS announcements instead of the misinterpreted media versions!!!

They were denying the rumor on 21st March saying that PBOC banning Bitcoin transactions.

The article i posted above (dated 27th March) was another story about PBOC to force all Bitcoin exchanges to close their bank accounts. Currently there is no official denial/confirmation for this.
TTM
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March 29, 2014, 09:14:20 PM
 #17

read the actual part that says
banks cannot trade bitcoins
exchanges need licences in relation to the telecommunications regulations.
no where does it say exchanges are banned or citizens!
here is a english translation
https://vip.btcchina.com/page/bocnotice2013

It seems you don't know what the world are talking about these days. The information you posted above was regarding to December ban.

We are talking about possibly upcoming NEW BAN HAMMER on April 2014. Do you understand ?
kosha8
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March 29, 2014, 09:19:23 PM
 #18

If China bans the banks from trading bitcoins is this not a good thing ??
franky1
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March 29, 2014, 09:24:18 PM
 #19

read the actual part that says
banks cannot trade bitcoins
exchanges need licences in relation to the telecommunications regulations.
no where does it say exchanges are banned or citizens!
here is a english translation
https://vip.btcchina.com/page/bocnotice2013

It seems you don't know what the world are talking about these days. The information you posted above was regarding to December ban.

We are talking about possibly upcoming NEW BAN HAMMER on April 2014. Do you understand ?

show me source. that is not a media article.

if you look at the sources you will see the december announcement mentioned april as the deadline date for the changes. and that the march announcement is simply a reminder to the deadline..

prove me wrong!

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
TTM
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March 29, 2014, 09:33:58 PM
 #20

read the actual part that says
banks cannot trade bitcoins
exchanges need licences in relation to the telecommunications regulations.
no where does it say exchanges are banned or citizens!
here is a english translation
https://vip.btcchina.com/page/bocnotice2013

It seems you don't know what the world are talking about these days. The information you posted above was regarding to December ban.

We are talking about possibly upcoming NEW BAN HAMMER on April 2014. Do you understand ?

show me source. that is not a media article.

if you look at the sources you will see the december announcement mentioned april as the deadline date for the changes. and that the march announcement is simply a reminder to the deadline..

prove me wrong!


Stop talking about December announcement which is outdated information. What Bitcoiners worry about now is POSSIBLE new crackdown.

Of course i have no official statement from central bank to confirm that media articles, that's why i constantly use the words 'possible' and 'possibly'.

But do you have any OFFICIAL WORDS from PBOC to deny that article dated 27th March ? Zero.

Caixin is a reputable news service about finance in China. Many Chinese say that the reporter of that article is daughter of Vice Minister of Finance. Those information is enough to make many people believe this rumor to be true.
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