F*ck China! :-) (curren situation...?

[Mikcik]

Im getting tired and confused with the stupid situation in china... whats your take on this...
Russia did banned bitcoin, right? (after the innitial denial and saying it was just a hoax it managed to "break through" as beeing a truth, if im not mistaken?)
China is ally with Russia... if it was ok with Russia banning bitcoin (for some reason) theres a chance China will follow (they both are members of BRICS)
China did somehow "prohibited" the use of bitcoin in december i think... but the exchanges managed to find a LOOPHOLE... not a persistand solution... china knows about the loophole and due to its byrocratical processes and slowness, it managed to react just now...

And all the "rumours" about it being banned...

So what are you all talking about it... i think theresa reasonable chance (above 50%) that this all is true...

China i belive DID already cleared their stance on BTC in december... and now its just "reminding"...

what do you think, i sold half of my BTC and put buy back orders at lower values.

[atp1916]

Im getting tired and confused with the stupid situation in china... whats your take on this...
Russia did banned bitcoin, right? (after the innitial denial and saying it was just a hoax it managed to "break through" as beeing a truth, if im not mistaken?)

My take is that Communist countries are not good markets for Bitcoin.

[Beliathon]

My take is that Communist countries are not good markets for Bitcoin.

Pretty much this. Places where governments tell people what to do and how to do it.. not a good environment for a currency specifically designed to liberate and empower individuals.

Bitcoin is the democratization of money. It should come as no surprise to anyone that the enemies of democracy are hostile to Bitcoin.

[bryant.coleman]

My take is that Communist countries are not good markets for Bitcoin.

Well... Bitcoin was banned in Iceland and Thailand also.

[proudhon]

My take on it is that now I have a better understanding about how countries with language barrier end up miscommunicating sometimes and go to war.  I seriously had no idea it was so difficult for people in the West to understand what people in the East were writing and saying.  Who knew!?

[spazzdla]

My take is that Communist countries are not good markets for Bitcoin.

Pretty much this. Places where governments tell people what to do and how to do it.. not a good environment for a currency specifically designed to liberate and empower individuals.

Vivia la revolution?  Oh ya nvm they took the items out of the hands of the public that allowed that.

[Beliathon]

My take is that Communist countries are not good markets for Bitcoin.

Pretty much this. Places where governments tell people what to do and how to do it.. not a good environment for a currency specifically designed to liberate and empower individuals.

Vivia la revolution?  Oh ya nvm they took the items out of the hands of the public that allowed that.

And Satoshi invented the items (cryptocurrencies) and put them back into our hands. All we need do is pick them up and use them.

We owe this person(s) a great debt of gratitude.

[LAMarcellus]

My understanding is that neither China nor Russia "banned" bitcoin.
Rather the government officials there decided that commercial banks can not participate in or enable bitcoin.
 
I could be wrong on both accounts.

[Mikcik]

My take on it is that now I have a better understanding about how countries with language barrier end up miscommunicating sometimes and go to war.  I seriously had no idea it was so difficult for people in the West to understand what people in the East were writing and saying.  Who knew!?

How do you mean this... are you chinnesse... do you have "correct translations" of the recent news... so whats the stance of PBOC? (peopel bank of china)

[Mikcik]

My understanding is that neither China nor Russia "banned" bitcoin.
Rather the government officials there decided that commercial banks can not participate in or enable bitcoin.
 
I could be wrong on both accounts.

no i belive you are wrong, that was the first impression but the result really was i belive that even individuals are not allowed to use BTC russia.

[Bit_Happy]

...what do you think, i sold half of my BTC and put buy back orders at lower values.

The China story is old and tired.
BTC will probably not go below $400.
The chance to buy low is now.

[atp1916]

My understanding is that neither China nor Russia "banned" bitcoin.
Rather the government officials there decided that commercial banks can not participate in or enable bitcoin.
 
I could be wrong on both accounts.

This is accurate.  

They basically have decoupled the virtual currency markets from their fiat markets and imposed bans on any sort of bridging between the 2.

Because sellers are not able to cash out to the fiat market, noone in their right minds would take virtual currency as payment for even a loaf of bread.  Also, because of the ban, no financial institution would dare set up an account to "host" such an endeavor and no payment processor would dare exchange that company's virtual currency profit into fiat.

However, the exchanges will still exist and people can still trade virtual currencies et all, but will have to cash out somewhere else.  Given China's and Russia's love of capital controls in order to "protect" their respective fiat currencies, this is no trivial exercise.

[Beliathon]

BTC will probably not go below $400.

Indeed. I was thinking we were going to see 300-350 before this crash was over, but now I'm not so sure... sucks because I was holding out for 350 to buy more, and I think I've missed my opportunity.

[BigBoy89]

right, BTC is friendly in communist country
many communist gov banned BTC : china, vietnam, russia <-- is this country still communist?

My take is that Communist countries are not good markets for Bitcoin.

Well... Bitcoin was banned in Iceland and Thailand also.

Iceland? they banned bitcoin and allow auroracoin?

[ujka]

http://bitlegal.net/
site tries to summarize 'the evolving regulatory landscape of virtual currency around the world.'

[cryptohunter]

thailand exchange opened again lately i think.

People will find ways to get their coins again.

[Mikcik]

http://bitlegal.net/
site tries to summarize 'the evolving regulatory landscape of virtual currency around the world.'

great thanks!

[Mikcik]

BTC will probably not go below $400.

Indeed. I was thinking we were going to see 300-350 before this crash was over, but now I'm not so sure... sucks because I was holding out for 350 to buy more, and I think I've missed my opportunity.

i dont think so... i belive they (china) will ban or really tighten the control over bitcoin, and this will become evident at one point, probably some official announcment as it was in december and then the price will drop, the question is how much it will drop...

[Bit_Happy]

BTC will probably not go below $400.

Indeed. I was thinking we were going to see 300-350 before this crash was over, but now I'm not so sure... sucks because I was holding out for 350 to buy more, and I think I've missed my opportunity.

That chart looks great 
Sorry you missed your target, the market still might retest the current low...

[RockHound]

BTC will probably not go below $400.

Indeed. I was thinking we were going to see 300-350 before this crash was over, but now I'm not so sure... sucks because I was holding out for 350 to buy more, and I think I've missed my opportunity.

Same here, think a lot of folks thinking the same! Could go other way now;

If 14/15 April before "ban" goes down, Chinese bitcoiners might be inclined to panic pump the hell out of it, while they still legally can?