Bitcoins

Satoshi

Falling like a brick now, good ol China baning bitcoin transactions

[Deleted User]

Satoshi wrote: »

Falling like a brick now, good ol China baning bitcoin transactions

Sometimes I wonder if you're drunk or just saying silly things for the sake of it. Bitcoin has not been banned by China, what has happened is the central bank in China has warned that Bitcoin is risky -- which everyone already knows!

http://uk.reuters.com/article/2013/12/05/us-china-bitcoin-idUKBRE9B407L20131205

The central bank also said in a statement on its website that it will act to prevent money laundering risks from bitcoin, a prominent digital currency that is not backed by a government or central bank.

It said however that ordinary individuals were free to use bitcoin, so long as they took on the risk themselves.

It's not even lunch time, put the pints down

BoracicLint

Satoshi wrote: »

Falling like a brick now, good ol China baning bitcoin transactions

This was always a concern I had, a bet on Bitcoin was always a bet on China staying tolerant of Bitcoin.

BoracicLint

citricsquid wrote: »

Sometimes I wonder if you're drunk or just saying silly things for the sake of it. Bitcoin has not been banned by China, what has happened is the central bank in China has warned that Bitcoin is risky -- which everyone already knows!

http://uk.reuters.com/article/2013/12/05/us-china-bitcoin-idUKBRE9B407L20131205



It's not even lunch time, put the pints down

It's not a blanket ban, but it's a fairly substantial warning. China does not tolerate gambling and speculation. If the Chinese Bitcoin exchanges are shut down next, who knows how low this will go.

BoracicLint

It's very important to note also that China have specifically said that Bitcoin is a 'product' not a 'currency'

http://www.ft.com/cms/s/0/40b78d2e-5d87-11e3-95bd-00144feabdc0.html#axzz2masMjNU8

This is a very important distinction that certainly threatens Bitcoins use in China.

Satoshi

panic selling going on now, I have sold out everything and waiting for sub 500 before dipping toe back in.

BoracicLint

News from China is having big ramifications accross all currencies not just Bitcoin:

http://coinmarketcap.com/

happenstance

Satoshi wrote: »

panic selling going on now, I have sold out everything and waiting for sub 500 before dipping toe back in.

yeah yeah.

i just bought at load at 860 and sold for 920

happenstance

if all governments across the world came together and banned trading in something purely to protect their fiat, that would be a worrying time.

Satoshi

happenstance wrote: »

if all governments across the world came together and banned trading in something purely to protect their fiat, that would be a worrying time.

That would prob make a black market in crypto and the prices would go up.