MatTheCat



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Hero MemberActivity: 840Merit: 1000 What are the FACTS with the China transactions ban? December 17, 2013, 06:39:14 PM #1 I have been scouring over the internet trying to get hard facts on the PBOC's ban on Bitcoin transactions.



So far the story ranges from only third party payment processors are forbidden from doing transactions with Bitcoin exchanges (as plenty money changers in the West don't allow transactions onto Bitcoin exchanges), to the PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.



One set of circumstances means Bitcoin will live on in China, the other means the practical death of Bitcoin in China.



WTF is going on over there? Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643



Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc. Bitfinex victims.Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.

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Miz4r



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LegendaryActivity: 1246Merit: 1000 Re: What are the FACTS with the China transactions ban? December 17, 2013, 07:00:45 PM #7 Quote from: MatTheCat on December 17, 2013, 06:39:14 PM I have been scouring over the internet trying to get hard facts on the PBOC's ban on Bitcoin transactions.



So far the story ranges from only third party payment processors are forbidden from doing transactions with Bitcoin exchanges (as plenty money changers in the West don't allow transactions onto Bitcoin exchanges), to the PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.



One set of circumstances means Bitcoin will live on in China, the other means the practical death of Bitcoin in China.



WTF is going on over there?



Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations. Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations. Bitcoin = Gold on steroids

MatTheCat



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Hero MemberActivity: 840Merit: 1000 Re: What are the FACTS with the China transactions ban? December 17, 2013, 07:50:58 PM #9 Quote from: Miz4r on December 17, 2013, 07:00:45 PM Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations.





Quote from: http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/ Zennon Kapron, a financial technology analyst and consultant whose company Kapronasia operates out of Shanghai, said as recently as three days ago one that of his friends had been able to fund a BTC China account through China Merchants Bank. The money arrived within a few hours.



Today, however, transactions resulted in errors and could not be completed.





Ref:



Reading things like the above is making me think more and more that the Chinese government intends on bringing the guillotine down on Bitcoin in their country.



If this turn out to be the case, then we are in for previously unthinkable lows in the coming weeks/months. Even if there were big queues of investors waiting to get into Bitcoin, they aint gonna jump in whilst a 46% share of the global market dissolves its interest in Bitcoin, combined with the undoubted panic selling that will occur in the USD denominated markets.



Interesting, as it shows how established powers can so easily allow or even encourage an Alt-Coin to grow massive, before dealing it a swift blow to the head, knocking it out cold. Whatever happens, if Bitcoin lives on in China, it will only be because the Chinese government allows it to do so. Bitcoin can only live and grow with tolerance, if not outright approval of established political and financial powers. An interesting intellectual exercise for any of those who still equate Bitcoin with freedom from big governance and the bankers who control big governance.



Ref: http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/ Reading things like the above is making me think more and more that the Chinese government intends on bringing the guillotine down on Bitcoin in their country.If this turn out to be the case, then we are in for previously unthinkable lows in the coming weeks/months. Even if there were big queues of investors waiting to get into Bitcoin, they aint gonna jump in whilst a 46% share of the global market dissolves its interest in Bitcoin, combined with the undoubted panic selling that will occur in the USD denominated markets.Interesting, as it shows how established powers can so easily allow or even encourage an Alt-Coin to grow massive, before dealing it a swift blow to the head, knocking it out cold. Whatever happens, if Bitcoin lives on in China, it will only be because the Chinese government allows it to do so. Bitcoin can only live and grow with tolerance, if not outright approval of established political and financial powers. An interesting intellectual exercise for any of those who still equate Bitcoin with freedom from big governance and the bankers who control big governance. Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643



Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc. Bitfinex victims.Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.

MatTheCat



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Hero MemberActivity: 840Merit: 1000 Re: What are the FACTS with the China transactions ban? December 17, 2013, 08:12:01 PM #11 Quote from: pera on December 17, 2013, 06:56:22 PM



http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml

http://tieba.baidu.com/p/2765634649

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/]http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/[/b]

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/



Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

I have a lot of links, but I don't really know what it meansReddit is downvoting every kind of confirmation, so it's difficult to obtain this...

Here are some images from the link highlighted above:



BTC China Funding Options Still Available:







BTC China Withdrawing Options Still Available:







I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions. Here are some images from the link highlighted above:I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions. Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643



Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc. Bitfinex victims.Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.