Monday, December 16, 2013

BITCOIN DOWN China Bans Payment Companies from Working With Bitcoin Exchanges,

Sources close to China’s Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges, reports CoinDesk.

A reputable source told CoinDesk that the People’s Bank of China (PBOC) met with most of the top third-party payment companies this morning.

The source said the meeting topic was unrelated to bitcoin, but digital currency became an important part of the discussion.

“PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China,” they explained.

Bitcoin is selling off on  the news.


  1. Bitcoiners are about to get an object lesson on the power of the state from China. Just think, the Chinese gov't isn't yet as powerful in its edicts as the US government either...

    You'd think if anyone understand the ability of the state to crush/destroy so many things, it would be liberty oriented Bitcoiners. You have to avoid & evade the state on big issues. You are crazy if you think you are going to put your thumbs in your ears and stick out your tongue at them on an issue important to them and not get crushed.

    Now that we all know that Bitcoin is not anonymous and that its major proponents, including core developers, are all looking to "cooperate" with gov't, it's clear that it will be impossible to avoid getting squished by the state if it wants to reach out and "touch" you.

    1. So which is it? State hates BTC or BTC will merge with the State through regs? You guys can't ever make up your mind.

      Also, we do have examples of times when things have thumbed their noses at the state and won, specifically "illegal" downloading of music. Which parallels BTC so closely, I can't believe you other libertarians don't see the opportunity BTC presents to take down the state completely.

      In my opinion, you anti-BTC libertarians are traitors in a sense. Not a malicious sense or anything, but one born out of cowardice. We have a real opportunity to try and take the whole system down right at our fingertips and you cowards are running in fear of "risk", and "volatility" or whatever other BS you can come up with to not support BTC.

      You have been granted a gift from the heavens, a chance to bring down the FED in your lifetime and you sit condemning those of us who don't care about the potential failure, calling us fools and greedy. How about the potential success, the freeing of humanity, the end of wars financed through inflation? Aren't those reasons worth taking the risk? Even if it was 100:1 that BTC will succeed, it is still worth the risk. You disgust me, all of you. We are slaves because the majority of men walking this earth are COWARDS, and I am ashamed so many of you claim the honor of libertarian.

    2. Well said! There are a lot of "Armchair Libertarians" around here that want freedom handed to them on a silver platter with State approval. The "doers" are in the trenches building out the infrastructure that will make bitcoin stronger and better.

    3. "So which is it? State hates BTC or BTC will merge with the State through regs? You guys can't ever make up your mind."

      Is it that hard to see that they will co-opt it because they don't want it? You act like the two things are mutually exclusive.

    4. "Armchair Libertarians"- in HB's world, that would be people that don't want to run towards an oncoming train for something that isn't a sure thing to start. Ask Adam Kokesh what it's like to make a stand on a meaningless issue.

    5. @ Anonymous December 16, 2013 at 8:52 PM

      No one should ever invest any more than they are prepared to lose. With that said, pursuing and promoting a free-market monetary alternative is not a "meaningless issue." There are ways to support it and you don't have to stand in front of a train to do it.

    6. "There are ways to support it and you don't have to stand in front of a train to do it."

      And what would that be? Seriously, you have the Winklevoss twins saying Bitcoin embraces gov't regulation as well a core developer dissing Ron Paul people and saying for it to be successful that Bitcoin has to become easier for government to work with.

      What is it going to take before a thinking person scratches his head and says, "Maybe Bitcoin is a waste of time?" or more importantly, "Maybe Bitcoin will cause me grief." ?

      The ban in China isn't enough either? You really can't see what's coming?

      Tell ya what sport, I don't want to be anyone near Bitcoin when all this comes down here int he US. No FBAR forms, no gov't regulated currency(and all that comes with it), etc.

      If that makes me an "armchair libertarian", laughably in my world view, so be it. You are truly ignoring the coming reality. You want so badly an escape hatch from the Fed(and we all do) that you have chosen fantasy over reality(which we haven't all done).

      "pursuing and promoting a free-market monetary alternative is not a "meaningless issue.""

      No, but the vehicle that you've chosen to do it with, Bitcoin-does make it a meaningless issue.

      You've chosen a currency that isn't anonymous and with major backers that want to work with gov't, aside from all the questions surrounding security and its ability to perform as a stable medium of exchange.

      It might be painful for you to hear, but Bitcoin ultimately is meaningless. There will be no good outcome for Bitcoin in the end and you don't have to be prescient to see it.

      If you've made money, take it and run before the boot comes down on the whole thing.

  2. First accurate, relevant, unbiased, and helpful post you've made about BTC in a very long time. Cheers Robert.

  3. Every time they act against it only makes it stronger and more popular.

  4. The "honey badger of money" takes a hit today but that's okay. We've known all along that the attacks would come - and we're ready for them.

  5. Ha I've said all along, shitcoins: here today, gone later today. aren't you happy you didn't take me up on that bet, Honey Badger?