Largest Chinese Exchange Ordered Bank Shut Down By Apr 18

[bryant.coleman]

Gox + partly China got it down to 400. Dont forget that we had 2 of this news until now and both time price dropped.

Yes... but the earlier news from China was not that bad. Today some really scary news emerged (see OP). Looking at the BTC-E chart, I can see that the prices are yet to stabilize.

[Legal Counsel Zhou (PRC)]

remains to be seen which bank branch feels comfortable with a private person (company accounts outlawed previously) trying to open a billion-yuan volume account with reason: "this hot money was denied elsewhere." - i am very interested.

ps: yes, account has 4 posts because i've been read-only for years

[medicine]

Wow it's the 47th time the same news is reiterated. It just keeps coming out again and again, and every time it's sell off time.

I'm buying as much as i can, if it drops below 250$ by then i will be 100% in BTC.

TY monkeys for selling as low as 400$ see you again on 5 digits bye bye!

Feels like the 547th time the same news is reiterated.
The price we pay for having had a China Bubble?
Fortunately there is plenty of good news in other countries, and only a limited number of BTC will ever exist. 

Ya you mean  21,000,000,000,000,000 units.  Isn't that a lot? Just saying the scarcity argument has been debunked.

The scarcity argument has been debunked only in terms of "will there be enough BTC to use as money".

No it hasn't been "debunked" in terms of rarity.
If you want to own 1 whole BTC, the price will probably be much higher in the future.

I argue that bitcoins are not scarce, or rare.  There are more satoshis than there are cents, so I think even though there is a cap on the number of bitcions issued, which is cool, the US dollar is more scarce at this moment than satoshis.  I do agree that BTC value will be going up against the dollar in the future.

[howzar]

Yawn
Old news is old.
Soon the market will no longer respond to China.

Did you see this?
Major French Supermarket Chain to Accept Bitcoin
https://bitcointalk.org/index.php?topic=563444.0

You have to learn that the community reacts much more to bad news than good news

That is temporary:
When the Bear cycle ends the market will react strongly to good news, and often shrug off the bad.

Thats what we are all hoping will happen! Guess we will have to wait and see!

[Remember remember the 5th of November]

Can't believe this thread caused somebody to dump his coins violently dropping the price to ~$415.

[bryant.coleman]

Can't believe this thread caused somebody to dump his coins violently dropping the price to ~$415.

Are you referring to the 3,000 BTC dump which occurred at BTC-E? That happened after BTC hit the rock bottom, at $412. Surprisingly, the price went down to $403, recovering very quickly. Right now trading at $410.

[billysweird]

Fortunately there is plenty of good news in other countries, and only a limited number of BTC will ever exist.  

This ban doesn't mean a large amount of BTC is confined inside China. "Strong hands" in China are buying now so they can dump later on international exchanges. That'll be real diaster.

I'll answer that with a quote from BTC-e trollbox live:
"I guess once china is out, America can really control crypto... we become the number 1 player once again.. and with wall street buying in, I really don't see this as a bad thing." (user: SatoshiNakaMario:)

Bye China, you were fun for a while...

How will it go if China is out! It might be back to 100 again!!!

[byt411]

Fortunately there is plenty of good news in other countries, and only a limited number of BTC will ever exist.  

This ban doesn't mean a large amount of BTC is confined inside China. "Strong hands" in China are buying now so they can dump later on international exchanges. That'll be real diaster.

I'll answer that with a quote from BTC-e trollbox live:
"I guess once china is out, America can really control crypto... we become the number 1 player once again.. and with wall street buying in, I really don't see this as a bad thing." (user: SatoshiNakaMario:)

Bye China, you were fun for a while...

How will it go if China is out! It might be back to 100 again!!!

At $407 now...
Well, sell if you are scared, but it will simply drop then recover.
Wait, don't sell, or you will make the price plummet even more xD

[TTM]

At $407 now...
Well, sell if you are scared, but it will simply drop then recover.
Wait, don't sell, or you will make the price plummet even more xD

I sold most of my coins 2 weeks ago at 500 range when the rumor first appeared. I just want to wait till 15th to see how things would go and how deep the price would drop, then buy back.

[byt411]

At $407 now...
Well, sell if you are scared, but it will simply drop then recover.
Wait, don't sell, or you will make the price plummet even more xD

I sold most of my coins 2 weeks ago at 500 range when the rumor first appeared. I just want to wait till 15th to see how things would go and how deep the price would drop, then buy back.

I just sold half of my coins. Dunno what to do now, will probably hold the others.

[franky1]

to everyone getting panicky over china, please ask yourself.

do YOU have a chinese bank account
do YOU use Yuan
Do YOU exchange bitcoins for Yuan

if not, then china does not affect YOU!!!

if everyone realises that china does not affect them, then there is no reason to sell your bitcoins on western exchanges. as they are their own entity separate from the chinese exchanges.

the only impact that western people will see, is if they sell at a loss to cause a panic sell.. DO NOT panic sell. you are only shooting yourselves in the foot by tanking the price on western exchanges for no reason, but panic.

this is why bitstamp/btc-e is not $100, because SMART people realised that MTGox is a separate exchange that does not directly impact other exchanges, that only people cause the impacts based on no physical connection, only emotion. and as such the smart whales of bitstamp and BTC-e did not cause a large panic down to $100.

a few sheeple did panicsell, causing the price drop from $1000 to $650. but again not all th way down to $100. so learn the lessons of smart people. dont panic and dont tank the price. only human emotion of sheeple is the cause of western exchanges tanking.

i know people that will say they will sell because they know sheeple will sell.. well thats a chicken and egg conundrum. do not be the chicken running for its life because it thinks it will be slaughtered. instead be the egg, knowing its got a long life ahead of it

[jc12345]

I hope that this will also cause Chinese ASIC manufacturers to switch from making ASICs to widgets - so that the difficulty can stabilise a bit.

[j3steven]

Doesnt this read, as all the exact same "releases" have said, that Chinese banks cannot buy BTC for their internal investment portfolios and the banks have to register by April 15th to work with BTC exchanges?

[Lauda]

Before the China bubble, BTC was trading at $400 levels. China took it to $1,200. Now Gox has taken BTC back to $400. Have to see how much lower China will take it now. 

This is all temporary.

[RomertL]

Before the China bubble, BTC was trading at $400 levels. China took it to $1,200. Now Gox has taken BTC back to $400. Have to see how much lower China will take it now. 

Gox + partly China got it down to 400. Dont forget that we had 2 of this news until now and both time price dropped.

Gox + China + IRS?

[zolace]

Yeah I agree on all of this, China and anyone who is negative for bitcoin need to go, Tired of the negativity and harm they are doing, if MT gox stole 800,000 bitcoins then let it be, there still enough bitcoins.

[master-P]

There is a potential for a substantial flash crash if the Chinese suddenly offload a lot of coins, whether people like it or not. I don't think think China is suddenly going to get out of BTC even if it gets banned, so I guess the negativity will continue until the next major news event.

[Joe_Bauers]

Would love to see it hit $10 and stay there for about six or more months.

It would purge the weak hands and wannabes.

The December 2011 crash to less than $2.00 was awesome for buying!


~BCX~

This * a lot!  I had a chance to get in big in 2011 and squandered it. Lesson learned!!!

[franky1]

the OP has also mis-translated the chinese notice, and tried to simplify it based on his opinion:

google translation of the full document, no summerising, no cutting out paragraphs.. what you read in the quote is a the entire announcement, all i have done was highlight in red (without editing out) one sentance. thus the words (though poorly translated by google) are their in their entirety
please don't base yor opinions on the OP's edited and truncated english version. always try to translate source material in its completeness

Dear fire coins network users :

      Fire currency net latest information :
      Today around 10:00 Zhongguancun Branch of ICBC received notification client manager , received notice of higher operation and management department , fire behavior to stop working currency network to provide services to complete the sales currency net household fire ICBC account in April 18 .

      10:30 or so, fire a few coins network partner arrived at Zhongguancun Branch of ICBC , the branch manager of client face to face communication to understand the situation .
Follows :
      1 ) ICBC superiors did receive a notice to stop the fire coins Network account Zhongguancun Branch of ICBC , the deadline is April 18 ;
      2 ) notify the oral notification , Branch not received any written document ;
      3 ) asked what other acts did not send a notice replied that the policy may be interpreted in different banks is not the same , the sensitivity is not the same ;
      4 ) There is no leeway asked , replied that no , because it is superior notification , not consultation ;
      5 ) asked how to handle the user's subsequent capital management , replied that the funds can be transferred to other commercial banks , but ICBC is definitely not it.

      Among them, also to ask the client manager for the Bitcoin policy views and other related things , but are the personal views do not represent the position of the bank is also little direct business relationship with the fire currency network , not the one described in this notice .

      12:00 , sent back to the company announcement . Prior to the announcement issued not earlier disclose that information to any user or organization, the majority of users supervision.

      Fire currency network will be next Monday ( April 14th ) officially stopped using ICBC Zhongguancun Branch account recharge and withdrawals ( user ICBC account withdrawals are not affected, we will use other bank fund transfer to your ICBC account ) , so far other banks temporarily affected, the latest news will be posted net currency of fire for the first time .
  

      Fire coins Network Operations
      2014/04/10

my opinion:
on the 14th a business changes bank account, with no impact on deposits or withdrawals. they then have 4 days to receive any delayed deposits that customers have sent to the old bank account. and move it to the new account. the business has access of both accounts between the 14th and 18th, and as such any customers accidentally depositing to the old account will still be credited to their exchange balance without impact.

summary:
as of the 14th, please use the new bank details for depositing, as the old details wont be accepted after the 18th.

no panic required

[bryant.coleman]

This is all temporary.

Everyone is hoping so. We need some big news. I am afraid that if there is no positive news about the BTC in the very recent future, then we'll see the exchange rates dropping to $200.