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EE_
28th March 2014, 08:02 AM
http://www.bloomberg.com/video/bitcoin-prices-plunge-on-reported-pboc-move-BVwOeDSJSA2xVmIGwEJznw.html

Seem it wasn't that long ago people were touting China was a good reason to buy bitcoin.
Funny how a country with a strong currency (China) bans bitcoin and a country with a failing currency (the US) doesn't ban them?

The good news is there's 200 crypto's trading now, another milestone...
The number of crypto's trading are on there way to 2,000, 20,000, 200,000, 2,000,000?
That should give the players plenty of options to mine/trade.

Horn
28th March 2014, 08:27 AM
Seem it wasn't that long ago people were touting China was a good reason to buy bitcoin.

The Chinese love the nickel slots.

madfranks
28th March 2014, 09:58 AM
Read the article:


Bitcoin prices plunged nearly 10 percent today after a report that China’s central bank ordered banks and payment companies to close the trading accounts of more than 10 exchanges.

It's only a rumor, no actual statement exists. If you watch the video, the CEO of BTC China even states that he's aware of the rumor but no official statement has been made yet! Just more FUD.

Horn
28th March 2014, 10:33 AM
Central Bank Shuts Down All Chinese Bitcoin Exchanges


The official demise of bitcoin in China has arrived. The People’s Bank of China is ordering banks to close by April 15 all accounts opened by operators of websites that trade the currency, essentially forcing all bitcoin exchanges in China to shut down.

"The only one way out for bitcoin websites is moving their servers abroad and using the service of foreign banks and payment companies," according to an analyst who has been following the matter closely. Chinese investors would be able to purchase bitcoins only with cash under this new regulation, Caixin (http://english.caixin.com/2014-03-27/100657518.html), a Chinese financial news portal, reported Thursday.

Funds may be withdrawn from the accounts before the deadline, but no new deposits can be made, says the document that the central bank sent to regional offices. The document listed the 15 exchanges and said banks that fail to close the accounts will be punished.
Over the past year, China has been an epicenter for bitcoin's soaring popularity as well as its volatility. Bitcoin first gained traction in China when state media firm CCTV televised a documentary about it last May. By October, BTC China had become the world’s biggest bitcoin exchange by trading volume (http://www.ibtimes.com/bitcoins-growing-value-popularity-china-investors-should-be-careful-1461062), and the value of a bitcoin shot over $1,000....Currently bitcoin is worth about $502.37, a far cry from its $1,000 peak.

http://english.caixin.com/2014-03-27/100657518.html (http://english.caixin.com/2014-01-10/100627752.html)

Ares
28th March 2014, 12:19 PM
Central Bank Shuts Down All Chinese Bitcoin Exchanges



http://english.caixin.com/2014-01-10/100627752.html

Think that's a false article.... The article date you posted is from 1/10/2014

BTCChina is still on-line and trading.

https://vip.btcchina.com/

Horn
28th March 2014, 02:22 PM
Correct link, says until April 15th.

http://english.caixin.com/2014-03-27/100657518.html

(http://english.caixin.com/2014-03-27/100657518.html)
(Beijing) – The central bank has taken a step that at least one expert says means all bitcoin trading websites in the country must close.

The People's Bank of China (PBOC) renewed its crackdown on bitcoins by requiring banks and payment companies to close all the accounts opened by the operators of websites that trade in the virtual currency by April 15.
This means people will only be able to use cash to buy bitcoins, an analyst who has been following the matter said, and will force all trading websites in the country to close.
"The only one way out for bitcoin websites is moving their servers abroad and using the service of foreign banks and payment companies," the expert said.
The requirement, which Caixin saw in a document the central bank's headquarters recently sent to regional offices, says money can be taken from the accounts before the deadline, but no deposits can be made. Banks that fail to close the accounts will be punished, the PBOC said, but it did not elaborate on what those punishments would be.
The central bank document listed 15 trading websites whose accounts must be closed.

(http://english.caixin.com/2014-03-27/100657518.html)

madfranks
28th March 2014, 02:51 PM
We understand that you, Horn, do not like Bitcoin, and want it to fail. We get it. But these articles are based on RUMORS, not actual statements by the government. Until anyone actually cites the government issued statement, it's all FUD.

Edit: I'm not discounting the fact that the Chinese central bank may outlaw bitcoins, and if they do, I will stand corrected. But until they do, it's still rumors.

Horn
28th March 2014, 03:13 PM
We understand that you, Horn, do not like Bitcoin, and want it to fail. We get it. But these articles are based on RUMORS, not actual statements by the government. Until anyone actually cites the government issued statement, it's all FUD.

Edit: I'm not discounting the fact that the Chinese central bank may outlaw bitcoins, and if they do, I will stand corrected. But until they do, it's still rumors.

Says there's a document from the PBOC there, mr. frankensteen.

Why would a state owned news agency in China have bias to create a unwarranted rumor towards its own state?

Edit: unless it were bias against Bitcoin.

1970 silver art
29th March 2014, 09:53 AM
I read that too and, as far as I am concerned, it is just a rumor. In the meantime, I "nibbled" on bitcoin when I bought 0.031 BTC from Coinbase at a price of $494.52 (about $15.63 worth including fees). If it falls much further, then I will just "nibble" more on BTC.

Horn
29th March 2014, 11:35 AM
Bitcoin Is Getting Destroyed On Rumors That China Is Banning It



Bitcoin was down nearly 12% on rumors China has banned Bitcoin, CoinDesk's Jon Southurst reports (http://www.coindesk.com/bitcoin-price-drops-new-chinese-bank-rumours/).

This follows an erroneous report that that had occurred last week (http://www.businessinsider.com/false-china-report-bitcoin-price-drop-2014-3).

But this time the reporter writing up the news is sticking by his story, Southurst says, although the PBOC has not released any information:

News that the Chinese government would penalize any bank transacting with bitcoin exchanges after 15th April started to break around mid-morning China time on Thursday 27th March. This time, it was reported (http://finance.sina.com.cn/money/bank/bank_hydt/20140327/092518630481.shtml) as fact by a number of news services (http://m.finance.caixin.com/m/2014-03-27/100657253.html?from=singlemessage&isappinstalled=0).


Here's the price action:


Read more: http://www.businessinsider.com/bitcoin-crash-2014-3#ixzz2xNVXHuD2

Horn
29th March 2014, 12:04 PM
In other news, The only true crypto Dogecoin continues to mystify all other fake and copycat cryptos.



5
http://coinmarketcap.com/img/DogeCoin.png Dogecoin (http://dogecoin.com/)
$ 38,963,994
$ 0.0006 (http://coinmarketcap.com/volume.html#doge)
65,124,042,485 DOGE (http://dogechain.info/chain/Dogecoin)
$ 1,369,792 (http://coinmarketcap.com/volume.html#doge)
+16.21 %

mick silver
29th March 2014, 03:00 PM
i have a site up and running for anyone who wants to buy mickcoins right now theres a real good deal running on the first million people who buy the mickcoin get in before it to late to do so

Shami-Amourae
29th March 2014, 03:15 PM
i have a site up and running for anyone who wants to buy mickcoins right now theres a real good deal running on the first million people who buy the mickcoin get in before it to late to do so

Okay show us.

Horn
1st April 2014, 04:18 PM
China cracks down on bitcoin




April 02, 2014 6:58AM



CHINA’S central bank has ordered the country’s commercial banks and payment companies to close bitcoin trading accounts in two weeks, according to people with knowledge of the matter, dealing another blow to the virtual currency.
Bitcoin prices are down roughly 8 per cent since the new rules were first reported in financial publication Caixin last week. The rules affect more than a dozen bitcoin exchanges, and are a further tightening of regulations the central bank put in place last year. The accounts must be shut down by April 15, the people said.

Authorities have kept an eye on bitcoin’s expansion here as it poses a potential threat to financial stability and because it has attracted swarms of speculative retail investors looking for ways to make quick profits. China imposes strict capital and currency controls, but bitcoin, in theory, offers its holders a way to bypass those rules. Chinese demand for bitcoin soared late last year, contributing to a rise in global prices and attracting the attention of regulators.

Regulators are also concerned about the safety of bitcoin exchanges following the collapse of Japan’s Mt. Gox exchange after most of the bitcoins it was holding were stolen.

The latest move by the People’s Bank of China is a huge blow to the country’s bitcoin exchanges, which have found their footing in the more than three months since Chinese authorities appeared to take measures clamping down on the industry.

http://www.theaustralian.com.au/business/wall-street-journal/china-cracks-down-on-bitcoin/story-fnay3ubk-1226871916868#

Horn
1st April 2014, 04:22 PM
SHANGHAI—An official from China's central bank voiced his skepticism toward bitcoin (http://on.wsj.com/17w5giu?lc=int_mb_1001) on his personal microblogging account, a move that comes amid uncertainty around the digital currency's future in China.


Zhang Niannian likened bitcoin (http://on.wsj.com/17w5giu?lc=int_mb_1001) exchanges to "casinos" on Chinese microblogging website Sina Weibo in a post dated Friday. Mr. Zhang asked several rhetorical questions in his posting, including "Aren't you afraid that a bitcoin platform will leave with your money?" as well as, "Do you think the court would protect you?"


"Cherish life, walk away from bitcoin," he added.


Chinese media reported that the People's Bank of China has ordered domestic banks to stop doing business with websites that trade in bitcoin.

http://online.wsj.com/news/articles/SB10001424052702304157204579473390236208608

Horn
6th April 2014, 10:58 AM
Two China bitcoin exchanges end yuan deposits

Two small bitcoin exchanges in China are stopping customer deposits in yuan, suggesting that exchanges are starting to take action after what people familiar with the matter say are a behind-the-scenes order from the central bank for banks and payment companies to close bitcoin trading accounts.

The Wall Street Journal reported this week that accounts must be shut down by April 15, according to these people.

One of the two exchanges, Shenzhen-based BTC38, is discontinuing bank transfers, saying it has received news of the central bank’s intentions from banks and third-party platforms.

The other, Shanghai-based FXBTC, is ending deposits effectively now and suspending bank-card withdrawals on Sunday, saying it has received phone calls from several banks urging it to cancel accounts as soon as possible.

The exchanges are less well-known than BTC China, Huobi and OKCoin — three of the most commonly used platforms by local investors — but their announcements is an indication how murky regulatory directives are reining in the market without authorities’ outlawing the digital currency completely.


http://www.theaustralian.com.au/business/wall-street-journal/two-china-bitcoin-exchanges-end-yuan-deposits/story-fnay3ubk-1226874175293#

Soon only dollars may be circulating in China.

madfranks
11th April 2014, 10:33 AM
It was just a rumor:

China’s Central Bank Governor: PBOC Won’t Ban Bitcoin (http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/)


The price of bitcoin recovered from a low of roughly $380 and rose past $420 at press time on 11th April, on the news that Zhou Xiaochuan, the governor of the People’s Bank of China (PBOC), had issued new statements potentially clarifying the central bank’s position on bitcoin.

According to reports, during Boao Forum, Xiaochuan offered his opinion on the nascent technology, saying that China would not seek to ban bitcoin and other digital currencies entirely.

Said Xiaochuan:

“It is out of the question of banning bitcoin as it is not started by central bank.”

Xiaochuan continued his statements, offering a potential new potential classification for bitcoin, and suggesting that the PBOC may be actively considering how to treat bitcoin.

Xiaochuan said:

“Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.”







(http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/)

Horn
11th April 2014, 10:43 AM
Who needs to ban it, when you can just shut off the faucet?

Its basically just saying seek your water elsewhere, while we figure out how to control you further over there.


China’s Bitcoin Exchanges Say Banks Will Close Their Accounts

Apr 10, 2014 10:00 AM GMT-0600

Chinese Bitcoin exchanges said domestic banks closed their accounts after the nation’s central bank (http://www.bloomberg.com/quote/PBCZ:CH) barred financial institutions from handling transactions in the virtual currency to curb risk.

BtcTrade (http://www.btctrade.com/) said on its website yesterday that an Agricultural Bank of China Ltd. (601288) (http://www.bloomberg.com/quote/601288:CH) sub-branch in Hangzhou will close its account by April 15 if it continues to use it for Bitcoin-related settlement services. Huobi.com said Industrial & Commercial Bank of China (http://topics.bloomberg.com/china/) Ltd. will close its account by April 18 and Btc100.org said it received a notice from an unidentified lender to cancel its account.

The account closings come after the People’s Bank of China in December banned financial institutions and payment companies from buying and selling Bitcoin or dealing in linked products. The ban reflects concern about the risk the digital currency may pose to China’s capital controls and financial stability after trading surged, according to exchange operator BTC China.

The PBOC ordered lenders and payment companies to close the trading accounts of more than 10 domestic Bitcoin exchange platforms, Caixin reported on March 27, citing a notice from the central bank. Accounts must be shut by April 15, preventing investors in the digital currency from transferring funds to the exchanges, according to the report.

http://www.bloomberg.com/news/2014-04-10/china-s-bitcoin-exchanges-say-banks-will-close-their-accounts.html

Horn
11th April 2014, 11:44 AM
It was just a rumor:


http://www.youtube.com/watch?v=96YQdiMV-Jc