So now they [perhaps PBOC & ors] are leaning on CNY exchange CEO's to not attend BTC conferences yet imply that BTC is to "small" for them to worry about....that's why PBOC may not communicate directly. Really Mr. Peking?
http://www.coindesk.com/five-chinese-exchange-ceos-pull-out-conference/If this is true (and coinbase is the source, so their must be some suspicion), it is very interesting compared to the prior December statement that was jointly put out by PBOC & Friends. The Dec joint statement directly on BTC would appear to make BTC supra PBOC not infra.
The "Friends" all stamped in, officially at the bottom, are likely having less than acrimonious discussions in the corridors of slightly less power than before right about now.
Coupled with the number of times BTC was mentioned directly in the joint statement makes it hard to underplay now. If they do underplay they make themselves loose serious face by way of the prior statements.
Consider the tittle of the release, [I rely on the translation]
https://vip.btcchina.com/page/bocnotice2013 The People’s Bank of China and Five Associated Ministries Notice: “Prevention of Risks Associated with Bitcoin”
it wasn’t not about Bitcoin further. Consider not 1, 2 or 3, but 5 whole ministries including the PBOC put their chocks on [the block] for this. Lets list them
中国人民银行 ......The People’s Bank of China
工业和信息化部 ...Ministry of Industry and Information Technology
银 监 会...........China Banking Regulatory Commission
证 监 会...........China Securities Regulatory Commission
保 监 会...........China Insurance Regulatory Commission
It would be bard to put the word bitcoin more times into the joint statement if you tried.
It is arguable now, the amount of press the December joint statement generated more importance to BTC than wished. The price drop caused by the joint statement announcement was essentially converted to a payment for the advertisement campaign to 1.3 Billion Chinese, by our good friends.
But we need to cut them some slack. In the face of the financial and broader implications that BTC presented, which are to say the least "novel" one can understand the wisdom of the quick action taken by the Chinese Govt as they extrapolated the time frames within which they had to act. Lets put it this way: BTC was on the verge of a schwarzschild radius epicenter Peking, Ex nihilo. Think of all the carefully laid currency controls about to disappear, sucking RMB value out to who knows where. You can understand there must have been some headless chickens running around saying the sky is falling [For the status quo], sign this sign this. They were probably right…for them. The PBOC most of all faced questions about their raison d'etre.
The mid term results of these actions are now presenting difficulty for several actors. The message this latest action sends again appears to be sub optimal. The Exchange CEO's not attending is more conspicuous by their joint absence at short notice. It is almost giving more importance to BTC than could otherwise be achieved. Yes it sends other messages to locals and the broader market "we are in control", but this message rings hollow. It was the fact that Winston could be seen in public with Julia that showed whom had won out. The problem for BTC is of course how do you send math’s to room 101. How do you revise that 2 + 2 = 4. Well you could, but you need to be in a different Universe…literally.
The critical takeway from this is the novelty of BTC and the magnitude of the advance it has made over any preceding system makes it almost impossible to deal with by either conventional reasoning or tactics. There simply are no reference points, or historical precedents, reasoned theorists, or models to work from. While bitcoin maybe in beta, it turns out it has shown the structure/mechanics of society are also thrown into beta by the appearance of BTC.
Further it seems the harder you squeeze BTC at one point it just thrives at another point. One example of this is the inchoate promise BTC makes to state actors that pen more friendly BTC regulation will attract capital, business and brains....in orders undreamt of.
I wonder if our [usually] enlightened friends have parallels to the Boy who cried wolf, what happens when you cut of the head of the Hydra, Prometheus and certain burned texts.
It's probably high time a few think tanks actually sat down and made some reasoned decisions...there a a few obvious ones even if no comrade in the room want to put their hand up and say it. Right now they are starting to make Karples look organized.
One wonders if they had expected just the joint statement to implode BTC for good. What actually happened is China and PBOC found themselves increasingly relegated to a blip on a log graph, joining the large cohort of learned doomsayers.
Who knew you could Soft Hash to secure the blockchain and PBOC would be leading the way.
P.S. dear Translator & Official I hope you enjoyed translating/reading this.
