Wednesday, December 18, 2013

BREAKING China Bans Bitcoin Exchanges From Taking New Cash

China has blocked the country's Bitcoin exchanges from accepting new inflows of cash, a move that imperils the much-hyped virtual currency in its biggest market, writes the FT's Simon Rabinovitch in Shanghai.

The head of BTCChina, the world's largest Bitcoin exchange by trading volume, said he had received word at midday Wednesday that his platform would no longer be able to accept renminbi from would-be Bitcoin buyers, according to FT

"As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange," Bobby Lee, a former Yahoo developer who co-founded BTCChina earlier this year, told FT.

10 comments:

  1. So, China has "quasi banned" Bitcoin. Why? Normally they just outright ban anything that is harmful to its glorious people, so why this partial ban?

    I will tell you why. Bitcoin is a threat to the supremacy of the PBOC that has a monopoly on all wire transfers into out of and across the country. They understand that Bitcoin works exactly as it says it does on the tin. It means that Bitcoin is good for business, good for individuals and is sound. It means person to person transfers from anywhere in the world outside of the control of the PBOC.

    Do you get it yet?

    What a problem this is for Wenzel and Gary North! They are now on the same side as Keynesians, Chinese Communists and ignorant foaming at the mouth luddites.

    This Chinese attack on Bitcoin is a clear signal that Bitcoin works and is a threat to the Banksters, Chinese or blond haired. The only question now is this; which side are YOU on?

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    1. You've done an excellent job setting fire to a strawman. Its quite evident that you haven't actually read either Wenzel's or North's critiques of bitcoin

      Delete
    2. "What a problem this is for Wenzel and Gary North! They are now on the same side as Keynesians, Chinese Communists and ignorant foaming at the mouth luddites."

      LOL

      I agree.

      Bitcoin is the real deal.

      I also think these bans aren't going to prevent people from trading in the currency. All they will do is drive the bitcoin trade underground. Prohibition does not work. Prohibition doesn't work for drugs, alcohol or music downloads, and it will certainly not work for an anonymous digital currency.

      Delete
  2. newsflash retard...r.w. & north both support "free banking" so have fun with bitcoin, it's your own funeral. you're going to be regulated into the ground on the bricks and mortar side, it's already starting.

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    1. Newsflash: Bitcoin is speech, and there is US case law from the 90's covering it that will prevent the Feds from regulating it. Try buying a clue with Bitcoin before you post your all lower case drivel.

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    2. charming. hey everyone, good news, there's case law from the 90's and stuff, bitcoin can't be stopped.

      your anticipation of the future is rivaled only by your knowledge of history. you're dealing with bankers that will lob hellfire misses into schoolyards if they feel they are losing control of the financial system. i'm pretty sure there are some regulations against that too....but hey, you're the expert.

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  3. We saw this coming years ago:

    From June of 2011:
    The Coming Attack on Bitcoin and How To Survive It
    http://economicsandliberty.wordpress.com/2011/06/07/the-coming-attack-on-bitcoin-and-how-to-survive-it/

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  4. No average Joe would use a currency that has such a wildly fluctuating value. Until average Joe decides Bitcoin is "safe", he's not going to give up his debit card. I should know. My name is Joe.

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  5. Sound the Death March. Honey badger will be on here defending this somehow but I know he'll be the one that Wenzel spoke of when he said people won't know when to cash in a get out. If you bought in at a low price then CASH OUT NOW. Put your money into something real like GOLD or SILVER. Shitcoins isn't worth the code it was written on. HA!

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    1. I really wish you'd find a new nickname for bitcoin. Your comments consistently go from clever and funny, to dimwitted boob as soon as you drop that vulgar nickname. As they say on he interwebs.....you're doing it wrong.

      Delete