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April 04, 2014, 08:37:45 PM |
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For all you guys thinking this will all be over by 4/15 and don't understand how the Chinese gov't does things, it's called "Moving the goal posts."
Please let me explain with a brief synopsis:
Date: 4/1 PBOC: "All 3rd party payment processors have to cut off ties to bitcoin exchanges by 4/15." Exchanges: "So.. bank accounts aren't affected then?" PBOC: "We just said 3rd party payment processors, didn't we?" Exchanges: "Ok, cool."
Date: 4/20 PBOC: "All 3rd party payment processors have to cut off ties to bitcoin exchanges immediately." Exchanges: "Done, as of 4/15." PBOC: "And bank accounts too." Exchanges: "What?? You said just 3rd party payment processors only??" PBOC: "Well you heard that wrong. It affects bank accounts too, but only for withdrawal, not deposit." Exchanges: "Ok.."
Date: 5/1 PBOC: "All bank accounts have to cut off ALL ties to bitcoin exchanges immediately." Exchanges: "What?? You said bank accounts were fine but only for withdrawal, not deposit??" PBOC: "Well you heard that wrong. Bank accounts for *anything* bitcoin related." Exchanges: "Shit."
Date: 5/15 Chinese Gov't: "All bitcoin related vouchers will be deemed illegal, effective immediately." Exchanges: "What?? How will we even operate?" Chinese Gov't: <silence>
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