China bars banks from bitcoin transactions | TigerDroppings.com
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China bars banks from bitcoin transactions

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quote:

China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months.



quote:

It did not, however, curtail the use of bitcoin by individuals.



Image: http://s3-ec.buzzfed.com/static/2013-12/enhanced/webdr02/3/12/anigif_enhanced-buzz-2848-1386091343-4.gif



Vols&Shaft83
Tennessee Fan
Member since Dec 2012
24311 posts

re: China bars banks from bitcoin transactions
Statist Bastards...................well, actually they are


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Lsut81
USA Fan
Member since Jun 2005
65732 posts

re: China bars banks from bitcoin transactions
Thats how they will crush bitcoin if they want to. They can't really do anything to stop the p2p transactions, but govts will outlaw legitimate businesses from accepting them.


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
Remember just last week a report by one bitcoin analyst said half of all bitcoin purchases are occurring in China.

Here's a slightly different perspective on the news from CNNMoney.

12/5/2013

quote:

The new rules prohibit financial institutions in China from trading, underwriting or offering insurance in bitcoin. In addition, websites in China that provide trading services are required to report investors' identities to regulators and take steps to prohibit money laundering.


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
The CNNMoney link mentions a prior virtual currency called QQ. I never heard of that so I found some information on it.

quote:

A Virtual Currency, the QQ Coin, Has Taken on Real Value in China

QQ coins, a kind of virtual money initially invented by the Chinese company Tencent Holdings, Ltd, was initially designed to allow users to buy digital commodities, such as virtual flowers, but has taken on a real market value.

It started a few years ago when the company started selling QQ coins for one yuan each, about 13 cents. The use of the coin took off, and then something very strange happened: online vendors started accepting the virtual currency in exchange for real world items. The artificially designed virtual currency had become real money. Its use took off, with massive online trade. It came to be used for gambling and prostitution, things that would be illegal in the realm of real money. Over the past month alone, the value of QQ coins has gone up 70%.
April 11, 2007


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58133 posts

re: China bars banks from bitcoin transactions


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
quote:

Finally, a pair of Reddit users say they've been chasing a series of Bitcoin transactions that they claim originate with the Sheep Marketplace theft. The amount involved is more than 96,000 BTC, almost $100 million, and has been moved from wallet to wallet several times over the past several hours.

Last week the amount stolen from users was estimated to be $44 million.

I hope no one is surprised that the bitcoin world is populated by dishonest people. After all, the original purpose of bitcoin was to help users to evade laws and it is still being touted that way to prospective buyers and users of btc.


Pankins
LSU Fan
Flahrida
Member since Oct 2010
805 posts

re: China bars banks from bitcoin transactions
quote:

to evade laws
=/=
quote:

dishonest people
ftr


Blakely Bimbo
Alabama Fan
Member since Dec 2010
1172 posts

re: China bars banks from bitcoin transactions
I wrote a history paper in College (many many moons ago) about the Louisiana Card money. It is a fascinating subject for anyone who has never heard of it. Historians say that the colonial French card money was the first fiat in America. They actually wrote the money on playing cards because of the shortage of paper. This was the precursor of Bank Notes.

One could not use the card money for geographic trade so it was not practical for mercantilism. The Louisiana merchant could not buy New York goods with the cards. Card Money did not end well because of problems in redemption and trust. France allowed the practice because of money shortages, but eventually devalued the card money in redemption.

Card money

I look at bitcoin as 21st century card money. I think that for some reason, the authorities want to see where this leads and that is why they have not totally shut this down. It's a test.

I ask myself also, if BTC fills some kind of money void like the card money performed for the French? It is true that the world is awash in liquidity, but money is becoming held in fewer and fewer hands. This will all be played out in the future and maybe we will have a clearer picture of BTC. For now, it is too complicated for my tastes and ultimately, what governments will allow taxes and fees to be paid in BTC?

With Card Money, you knew who was making the cards. The ordonnateurs in mid 18th century were such names as Descloseaux, Rochemore, Foucault, &
D'Abbadie. BTC is too cloaked in secrecy to be trusted. It stinks of the City of London IMO.

Maybe BTC TECHNOLOGY is a precursor to some new electronic global money system, but right now I don't see BTC (just like the Card Money) ending well at all.



LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
quote:

The ordonnateurs
I admit I had to look that one up. This is what google gave me.

quote:

Toi y t´aiment pas? Pourtant y z´ont l´air vachement bien organnisés, mais bon, c´est vrai qu´il une capacité de communication assez limittée... Tu dois avoir raison. Dommage, j´aurais bien aimé qu´on m´autorise enfin a zigouiller sans reflechir.
Okay, I got the 'communication' part.....


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
quote:

to evade laws

=/=

quote:
dishonest people

ftr

FTR, I disagree.

Anyone who found btc attractive because they wanted to buy or sell illegal drugs or illegal pornography, not pay their taxes or to launder dirty money is NOT an honest person.
This post was edited on 12/5 at 1:33 pm


Pankins
LSU Fan
Flahrida
Member since Oct 2010
805 posts

re: China bars banks from bitcoin transactions
I meant that, in the abstract, breaking the law is not necessarily dishonest. I don't do drugs (alcohol excluded), but buying them is not dishonest, imo.

“If the machine of government is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law”
? Henry David Thoreau


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
quote:

“If the machine of government is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law”
? Henry David Thoreau


"The bitch set me up!" - Marion Barry


Pankins
LSU Fan
Flahrida
Member since Oct 2010
805 posts

re: China bars banks from bitcoin transactions


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58133 posts

re: China bars banks from bitcoin transactions
quote:

to evade laws
=/=
quote:
dishonest people
ftr




Uhhhhhhhhh what?


Blakely Bimbo
Alabama Fan
Member since Dec 2010
1172 posts

re: China bars banks from bitcoin transactions
quote:

The ordonnateurs


Ha Ha Russian. No, in this instance the men who issued the card money were called ordonnateurs. In French it is roughly "organizers". I think it is ironic that in France, funeral directors can be called ordonnateurs.

Point being... with card money, the locals knew the men who were issuing the playing cards. I don't fully understand BTC, but I do understand that no one knows who is "behind the curtain" on the digital currency. It's anonymous, but traceable as I understand it.


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Camp Randall
Wisconsin Fan
The Shadow of the Valley of Death
Member since Nov 2005
13880 posts

re: China bars banks from bitcoin transactions
Thoreau on LSU sports alt board on a Friday at 9 am.


Pankins
LSU Fan
Flahrida
Member since Oct 2010
805 posts

re: China bars banks from bitcoin transactions


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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
24311 posts

re: China bars banks from bitcoin transactions
China hasn't outlawed ButtCoin yet


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: China bars banks from bitcoin transactions
BTC down to $850 (from $1,100) on MtGox in the last 6 hours. For anyone keeping score, that's an almost 25% drop.

Something screwy is going on with it because btc-e's price is now higher than MtGox. MG must have announced something.


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