Am I one of the few who is glad China is banning itself?

[Arghhh]

While China has taken us to the Moon, it's starting to become dead-weight that's holding back the BTC market. There are many competing conspiracy theories on the Chinese market manipulation, including exchanges collaborating with government officials in what is typically considered insider trading.

In the end, none of this matters because with the latest round of news, China has really banned bitcoin. Yes, the PBOC governor recently said, “It is out of the question of banning bitcoin as it is not started by a central bank.” But read between the lines: nobody is allowed to recharge their account or fiat deposit exchanges.

There seems to be confusion in the Western world about what is being said in China, and what it actually means. Once again: read between the lines. As someone from the Eastern Asian culture living in a Western society, this was obvious as daylight.

In China, direct confrontation is discouraged, as it disrupt "harmony" in social order, and that "saving face" is valued. In Eastern Asian culture, it's never about what someone says, it's about what they do, and this is often very two-faced in the fact that they say one thing and does another. In other words, watch what the Chinese do, never what they say.

zhangweiwu does a perfect job of explaining the PBOC stance on BTC in China:
https://bitcointalk.org/index.php?topic=540358.0

China is really trying to kill bitcoin while making a profit off it. Even the exchange CEO in china, who claims that "business will go on as usual" is guilty of this two-faced approach to crisis as well. The lie is built their culture, it literally permeates their exchange with the fake volume, and everytime BitStamp follows Huobi, I see it as the Western world being led by the nose right into the Chinese slaughterhouse. Pure manipulation.

You didn't think for a second that a country featuring a repressive regime with one of the worst human rights records in history was going to let a freedom-promoting Western technology created by some Japanese pseudonym live did you?

So China banned bitcoin. That's great. Google, Facebook, Amazon, Twitter, and virtually all of Internet 2.0 doesn't need China, and neither does bitcoin. Once bitcoin reaches $5,000, you're going to see a lot of angry Chinese speculators who missed the train because they followed the Confucian order of obeying a bunch of senile old men.

I for one, am glad that China made itself clear on this move, that its intention was clear: no more bitcoin trading. No more passive-aggressive bans, less weak-handed speculation, and one less group of fumbling old men with any sway over our newest global currency.

I hope for the Chinese people's sake, that their black market is robust enough to support those who wants to continue investing in BTC, because the train is leaving that station and heading straight for Wall Street.

[PredatorZ]

I think so too.

It´s a boring situation which is used by Whales.

[tins]

Yes.
Bitcoin hit $270 before the China boom. With all the press and exposure over the past year, it should be significantly higher, without the involvement of China. The only effect they are having at this point is creating uncertainty in the market. Without them, the market will grow well beyond where it was last year.
Stability is worth more than all the yuan in the world! (Obviously, not really, but making a point.)

[1Referee]

China out! After China have banned itself 100 times we can finally move forward. Current Bitcoin price is what I consider a legit price in this situation. It may go down a lil bit more, but not too much.

The first thing people need to do is STOP buying these Bitcoin ban articles from China.
How many times will noobs panic sell their Bitcoins, and after that, they buy again for a higher price, while the next day they sell again with a loss... ?? Does that make sense?

Forget China, and focus on other things  

[Bit_Happy]

China out! After China have banned itself 100 times we can finally move forward. Current Bitcoin price is what I consider a legit price in this situation. It may go down a lil bit more, but not too much.

The first thing people need to do is STOP buying these Bitcoin ban articles from China.
How many times will noobs panic sell their Bitcoins, and after that, they buy again for a higher price, while the next day they sell again with a loss... ?? Does that make sense?

Forget China, and focus on other things  

OK.
The Bitcoin community should do a "crazy stunt" like the DOGE race car, but not another car....something original and memorable.
What can we do?

[1Referee]

China out! After China have banned itself 100 times we can finally move forward. Current Bitcoin price is what I consider a legit price in this situation. It may go down a lil bit more, but not too much.

The first thing people need to do is STOP buying these Bitcoin ban articles from China.
How many times will noobs panic sell their Bitcoins, and after that, they buy again for a higher price, while the next day they sell again with a loss... ?? Does that make sense?

Forget China, and focus on other things  

OK.
The Bitcoin community should do a "crazy stunt" like the DOGE race car, but not another car....something original and memorable.
What can we do?

Hmm, what about a BTC hot air balloon, or tv-ads, not sure if that is original enough  

But I think we as community could also do things to help Bitcoin, instead of waiting for retailers to accept BTC
A lot retailers don't know how they can benefit from accepting Bitcoin. And most of them don't even know how Bitcoin works or what it exactly is, except from hearing in the news that the price reached $1000

I will try to talk with some local businesses about how they can benefit from Bitcoin, and how save it is as payment method.

[dreamspark]

Ill be glad WHEN it bans itself, the process of banning itself that has been happening for 4+ months is something I've not been glad about.

[ManeBjorn]

If you want to see huge exposure for Bitcoin then do like doge did only do not throw it away on a driver who usually finishes outside the top 30 nearly every race.

Setup a bounty and get Bitcoin on Dale Earnhardt Jr's car for 4 races.  Awareness will boom.  His fans will buy and sell and get involved in Bitcoin.  They are loyal to his sponsors and he wins the most popular driver year after year.

That would be BTC well spent and get a following that you want to see.  Make sure Bitcoin sponsors his car once a year at least after the initial 4 races this year.  It will be steep the cost because his sponsorship is paid for well in advance. 

Other than that some commercials on a regular basis that can be a positive force to counter all the FUD that gets spread.

China out! After China have banned itself 100 times we can finally move forward. Current Bitcoin price is what I consider a legit price in this situation. It may go down a lil bit more, but not too much.

The first thing people need to do is STOP buying these Bitcoin ban articles from China.
How many times will noobs panic sell their Bitcoins, and after that, they buy again for a higher price, while the next day they sell again with a loss... ?? Does that make sense?

Forget China, and focus on other things  

OK.
The Bitcoin community should do a "crazy stunt" like the DOGE race car, but not another car....something original and memorable.
What can we do?

[HYFR]

Ill be glad WHEN it bans itself, the process of banning itself that has been happening for 4+ months is something I've not been glad about.

What do you mean bans itself?

[Bit_Happy]

China out! After China have banned itself 100 times we can finally move forward. Current Bitcoin price is what I consider a legit price in this situation. It may go down a lil bit more, but not too much.

The first thing people need to do is STOP buying these Bitcoin ban articles from China.
How many times will noobs panic sell their Bitcoins, and after that, they buy again for a higher price, while the next day they sell again with a loss... ?? Does that make sense?

Forget China, and focus on other things  

OK.
The Bitcoin community should do a "crazy stunt" like the DOGE race car, but not another car....something original and memorable.
What can we do?

Hmm, what about a BTC hot air balloon...

hot air balloon?
How about the Bitcoin Blimp!
Fairly expensive but great amounts of attention.

[greenlion]

It's 100% capital controls and nothing else.

Trading RMB for Bitcoin freely on exchanges is an unlimited circumvention of capital controls. Just that and no other reason requires PBOC to do something, unless we want to believe that all of a sudden PRC has completely rethought its position on capital flight.

[bryant.coleman]

It's 100% capital controls and nothing else.

In that case, I have a feeling that more countries will follow suit. Russia has already taken similar steps, and BTC-E was forced to stop accepting Ruble deposits as a result. Not a good sign.

[HYFR]

It's 100% capital controls and nothing else.

Trading RMB for Bitcoin freely on exchanges is an unlimited circumvention of capital controls. Just that and no other reason requires PBOC to do something, unless we want to believe that all of a sudden PRC has completely rethought its position on capital flight.

Why can't they implement controls?

[greenlion]

It's 100% capital controls and nothing else.

Trading RMB for Bitcoin freely on exchanges is an unlimited circumvention of capital controls. Just that and no other reason requires PBOC to do something, unless we want to believe that all of a sudden PRC has completely rethought its position on capital flight.

Why can't they implement controls?

In principle they could, but it would require bureaucrats to stick their necks out to create rules that they have no incentive to create, that could come back and bite them in the ass, when offshore CNH trading already accomplishes the exact intention of any new rules.

[gagalady]

Yes I mentioned that few times before, we hear china news so often with those bans, If this continuous It just wont have any effect on bitcoin in a long run  till they'll go out of bitcoin economy totally.

[LiteCoinGuy]

China out! After China have banned itself 100 times we can finally move forward.

  agree

...but maybe someday china will join again.

[Melbustus]

China has been a giant distraction. The fact that it juiced the run-up was fun, but it did not *cause* the run-up, and is ultimately nowhere near as relevant as the true crypto infrastructure development going on primarily in the US and EU.

Which is why, back in December, I suggested that: The next bitcoin boom phase will be driven by the USA.

[Arghhh]

Another article from Zhang:
http://bitcoinblog.de/2014/04/28/chinese-banks-dont-know-how-to-act-appropriate-cause-bitcoin-is-too-tiny/

A report says PBOC is angry that after the April 15th deadline Bitcoin’s price rose, and blamed it on the ban not being effectively carried out. In fact, although Bitcoin’s price did rise, this is because it is an international currency and China’s power is already seriously weakened. To interpret this as a “bounce back” for Bitcoin means PBOC is not exactly in “harmony” mode.

Considering the magnitudes at work here, I never believed that some of the Chinese Bitcoin exchanges had the government support they needed to survive. You have someone in Shanghai government? He won’t be of any help when an order comes direct from PBOC. You have someone in PBOC? No chance, he won’t be interested in supporting a paltry Bitcoin exchange...

PBOC really, really wants to kill bitcoin in China.

Let BTC flow back into the safety of the Western world. Good fucking riddance.

[counter]

I just wish the news would stop causing the market to be so unstable.  It would be nice if a transparent decision was made and not so much of the vagueness.

[MeandMissNoob]

As long as there are dumps every time China shouts BAN, the chinese won't stop throwing BAN articles online.
I have seen it so many times these months, China ban article...price drop...days follow prices goes up... China Ban..and down we go etc.
They keep making money spreading FUD so, stop selling and let them make a decicion in or out!

[Domino]

As long as there are dumps every time China shouts BAN, the chinese won't stop throwing BAN articles online.
I have seen it so many times these months, China ban article...price drop...days follow prices goes up... China Ban..and down we go etc.
They keep making money spreading FUD so, stop selling and let them make a decicion in or out!

I don't know if those making the decision in China and those spreading the "news" are the same group of people, but definitely some one has been using those "news" to pump and dump bitcoin again and again in previous months.