BREAKING NEWS: Bobby Lee Confirms Bitcoin China Ban, It's finally Happened

[cosmofly]

Guys, this is just in fresh news from China and confirms the insider news i previously had, the Ban is REAL.

here you go:

http://www.theaustralian.com.au/business/latest/china-clamps-down-on-bitcoin/story-e6frg90f-1226871648275

BOB LEE ALSO CONFIRMS IT !

Quote:"There will definitely be a negative impact to the exchanges," said Bobby Lee

Get ready for the selling (slaughter) this week.

Here's the insider news (was heavily criticized) i had days earlier: https://bitcointalk.org/index.php?topic=549790.0

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[bitcoinsrus]

I saw a few postings about this article (on reddit and coindesk).
What do you think will result from this and will anything significant happen on april 15th
Also, will price go up from here or stay similar?

[Dalmar]

Bobby is a bag holder.  

[fonzie]

HOLY SHIT! Thanks for the update. This will be worse than most expect!
If China is out Bobby Lee will take all those coins with him and sell them on western exchanges.
He stated that a few weeks ago!
I´m really scared about the low bid depth on Bitstamp &BTC-E.
They can´t take a hit this big.
I´m not sure if we will stay above 100$ for long.

[GigaCoin]

The Australian is a very reliable news paper, this is legit i believe it. I guess the banking ban is real afterall, interesting times.

[fonzie]

I saw a few postings about this article (on reddit and coindesk).
What do you think will result from this and will anything significant happend april 15th
Also, will price go up from here or stay similar?

WE WILL GO DOWN! millions of dollars are leavin the market. no fresh chinese money comin in.~4000 new coins are mined everyday and have to be bought.

There is only one way.
DOWN

[fcmatt]

this being posted on april 1st may delay people taking it seriously.

[GigaCoin]

this being posted on april 1st may delay people taking it seriously.

the article is actually April 2nd (check timestamp), It's morning (april 2) in Australia / China region right now.

[cosmofly]

You better not sleep tonight 

[fcmatt]

this being posted on april 1st may delay people taking it seriously.

the article is actually April 2nd (check timestamp), It's morning (april 2) in Australia / China region right now.

I meant this thread, on this forum.. but you are right about the webpage itself.

I am just trying to think what this means for the price. Will China want out of bitcoin until the dust settles?

---

Here is the source from the .au website.

http://online.wsj.com/news/articles/SB10001424052702304157204579475233879506454?KEYWORDS=Bitcoin&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304157204579475233879506454.html%3FKEYWORDS%3DBitcoin

need login to see the whole article... but .au has it.

But the date on the original is april 1st... :-|

Anyway...

[cosmofly]

this being posted on april 1st may delay people taking it seriously.

the article is actually April 2nd (check timestamp), It's morning (april 2) in Australia / China region right now.

I meant this thread, on this forum.. but you are right about the webpage itself.

I am just trying to think what this means for the price. Will China want out of bitcoin until the dust settles?

OKCoin is already talking about moving overseas, it's over.

[podyx]

He's only saying it will have a negative effect on exchanges

Wasnt this expected?? Not much will change

[fonzie]

he only says it will have a negative effect on exchanges

wasnt this expected?? everything will be like before

Just a few hundred millions less to hold up the price.

[cosmofly]

He's only saying it will have a negative effect on exchanges

Wasnt this expected?? Not much will change

he talks like a businessman, you want him to say OMG WE ARE SHUTTING DOWN HELP US!!?

no, ofcourse not, he will say professional words like "negative", he doesn't want a bank run.

Read the God damn article and stop denying i've been telling you people for days that ban is real based on insider info, now i show you news that it is real and you still not convinced, amazing. Good luck with your denial strategy  

[escrow.ms]

They are just posting what others are spreading. I doubt bobby lee talked to that newspaper instead of chinese or american newspaper.

[bananaControl]

Getting popcorn Gotta watch this thing go down!

[impulse]

Actually, the article reaffirms the fact that bitcoin is NOT banned in China, but that they are clarifying their position as per the guidance they put forth in December:

One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk.

[cosmofly]

They are just posting what others are spreading. I doubt bobby lee talked to that newspaper instead of chinese or american newspaper.

 what r u talking about, TheAustralia is the largest news corporation in Australia it's not just a local newspaper they have TV stations radio etc it's huge. Of course them being right beside China they have easy access for Chinese news and interviews.

[rocks]

From the article:

"One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk."

Bitcoin is not banned in China. China is now enforcing rules they put in place that say banks and similar institutions can not offer bitcoin accounts or transact in bitcoin.

The same rules apply for gold. Chinese banks can not open 'gold' accounts in the same manner as yen. Gold is a commodity and operates through that infrastructure. China is doing the same for bitcoin.

If you think bitcoin is "banned" in China, then you also would have to believe that gold is banned in China, which is absurd...

Edit: Impulse beat me to the exact same quote. That's two people that saw this right away, wonder why the OP didn't

[cosmofly]

Actually, the article reaffirms the fact that bitcoin is NOT banned in China, but that they are clarifying their position as per the guidance they put forth in December:

One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk.

The denial by bitcoiners here is amazing don't be so emotional. Read the damn article, the exchanges are seeking to move overseas even, if banks are banned how do people deposit money or withdraw money, of course bitcoin trading is legal they can't stop it but if u can't get ur money in or out what's the fucking use.

Read:

"Making it clear that domestic banks cannot provide clearing, account opening and other services for bitcoin exchanges, however, leaves exchanges with significantly less room to maneuver"

Now ur comparing Gold to bitcoin, yeah a gold store can still deal with banks but a bit coin exchange can't.

I'm not gonna argue with idiots anymore, the news is real take it or leave it.