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China bans new Bitcoin deposits

• fragsworth 13y ago
  I see no article text here...
  • oscilloscope 13y ago
    I also see no article text. Is this only getting voted up by people who didn't click through?
  • rahimnathwani 13y ago
    Try searching Google for http://www.ft.com/intl/cms/s/0/6707013a-67af-11e3-8ada-00144feabdc0.html http://www.ft.com/intl/cms/s/0/6707013a-67af-11e3-8ada-00144... If you click through from Google, you will probably see the article text.
• obilgic 13y ago
  BTCChina closed bank deposit as a way to deposit Chinese Yuan. Right now no way to deposit CNY into the exchange: http://www.reddit.com/r/Bitcoin/comments/1t5cfx/btcchina_closed_bank_deposit_as_a_way_to_deposit/ http://www.reddit.com/r/Bitcoin/comments/1t5cfx/btcchina_clo...
• skloubkov 13y ago
  Ouch, that market crash: http://markets.blockchain.info http://markets.blockchain.info Here is another article: http://www.scmp.com/business/banking-finance/article/1384688/bitcoin-price-slump-after-beijing-bans-clearing-services http://www.scmp.com/business/banking-finance/article/1384688...
  • johnpowell 13y ago
    There was a lot of work to keep it over 500 for a bit.
• M4v3R 13y ago
  As far as I know they closed Chinese Yuan deposits. Bitcoin deposits or withdrawals are NOT affected [1]. [1] http://www.reddit.com/r/Bitcoin/comments/1t5cfx/btcchina_closed_bank_deposit_as_a_way_to_deposit/ http://www.reddit.com/r/Bitcoin/comments/1t5cfx/btcchina_clo...
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• sillysaurus2 13y ago
  I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to ignore Sam Altman and lose more than half your money." http://blog.samaltman.com/thoughts-on-bitcoin http://blog.samaltman.com/thoughts-on-bitcoin EDIT: I'm holding onto my coins. But, now that China is strongly incentivized not to invest in Bitcoin, it's going to be a very slow climb back to $1106. And at the end of that long road (I'd say at least several months, but what the hell do I know, right?) I get to look forward to: "Yay. I've lost $0. I've also gained $0." EDIT2: Oh, nope! It just fell from $520 to $500. So, at current market prices, my $11k is now $4,780. Of course, we've all seen bitcion dip and quickly rise again. It's just very... interesting... to me that within the timespan of writing a HN comment, I'm down another $320. Yes. Interesting. That's the word. I'm interested. In learning from my mistakes. FYI, that -$5,900 was enough to pay off my car loan in its entirety, or all of my (admittedly small, relatively speaking) credit card debt. Oh well. I'm going to go build a product and sell it now. EDIT3: The market rose from $500 to $540, so that means I've earned back $474! And since my last edit was an hour ago, that must mean I'm earning $474/hr writing HN comments in my pajamas! Why hold down a programming job when you can write HN comments fulltime for 4x the wage? Quit tomorrow, sell everything you own, and invest it all in bitcoin immediately!
  • optimiz3 13y ago
    Have an upvote for your sorrows. It takes guts to admit that in public.
  • rdegges 13y ago
    Sorry for your luck. If I were you, however, I'd hang onto the Bitcoin you have. If it continues to gain adoption, those coins will rise in price again (don't let temporary drops get to you too much). Good luck!
  • corin_ 13y ago
• dil8 13y ago
  Bitcoin is a threat to the Chinese government's control over the populace so it's not surprising to see this...
• wtpiu 13y ago
  Am I the only one whose link has "Authorized=false.html?"...? Can't get to the article...
• Mchl 13y ago
  An article behind paywall? I'm sorry but I'm disappointed
• deleted 13y ago
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• thkim 13y ago
  This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so it reduces tax revenue and adds noise to national statistics. Bitcoin or any other crypto-coin has real chance of adoption only when it's sponsored by government.
  • vitobcn 13y ago
    I am not so sure that no governments would like to sponsor cryptocurrencies. Obviously, not states with dominant currencies for the reasons you mentioned, but I could see other countries jumping into the opportunity of altering the status quo.
    • SwellJoe 13y ago
      This is an interesting take on it. I assumed all governments would want to destroy Bitcoin (once they see its impact), but that really only applies to nations that have a dominant currency to defend, as well as a need for inflationary debt-based currency to support massive deficit spending for war and/or empire building (so, the US, China...maybe nobody else).
  • SwellJoe 13y ago
    "Bitcoin or any other crypto-coin has real chance of adoption only when it's sponsored by government." While I agree with your assertion that governments have no reason to support Bitcoin, I don't believe it follows that government sponsorship is necessary for the success of Bitcoin. I suspect most people betting on Bitcoin are aware that at some point, governments are going to act forcefully to kill Bitcoin, and the fallout will be utterly unpredictable. But, I don't think it's something that can be put back in the bottle. We're crossing into uncharted waters here. Nothing like Bitcoin has ever happened before...so, we don't know how it's going to play out. I'm bullish even with the expectation that major world governments will collude with current financial elites to kill Bitcoin, because I suspect there is no way they can actually kill it.
• xfour 13y ago
  Well now, let's hope after all this we can find a stable price, so people can actually use this stuff as a mechanism for transferring money, though I suppose with this China crackdown it's losing some of that appeal even. I guess we're stuck with Western Union forever, nice pivot btw. Telegrams were pretty cool though.
  • seanmcdirmid 13y ago
    You do know that RMB is not fully convertible right? This is just the government cracking down on a forex loophole; you can still buy bitcoin in China with your $50K/year USD exchange limit (available to all Chinese citizens, foreigners with tax receipts). Of course, you have to take a hit on forex now.
• shadowmint 13y ago
  ft.com, source of all amazing paywalls. Here's the same content from a non-paywall provider: http://www.scmp.com/business/banking-finance/article/1384688/bitcoin-price-slump-after-beijing-bans-clearing-services http://www.scmp.com/business/banking-finance/article/1384688...
  • retube 13y ago
    Yeah I don't know how they get away with breaking Google's sacrosanct rule of not sticking content behind a paywall that they make visible to Google.
    • gabemart 13y ago
      Anyone visiting from Google sees the full article with no paywall. You can test this yourself: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC8QqQIwAA&url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F6707013a-67af-11e3-8ada-00144feabdc0.html&ei=U3mxUpaLOY-ShQfpioDYDg&usg=AFQjCNGw8dx8RLkD6od7_RmTI632CfZmpQ&sig2=YxY5zmippvgxXKbE1eFMlw&bvm=bv.58187178,d.ZG4 https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...
      • haakon 13y ago
        I wouldn't even dream of doing this myself, but my friend is using the RefControl Firefox extension which lets you set a Referer header per domain name, and he has set ft.com to send http://plus.google.com http://plus.google.com as referer. This simply disables the paywall. He says that it works on many other sites as well.
      • peteretep 13y ago
        Actually, I had to answer a question in order to see it, having Googled the article. Weird question too, about what kind of accomodation I'd use if I was on holiday in Tanzania!
      • retube 13y ago
        Doesn't work for me. Get the sign up prompt. It may work the first time or two but after that....
• lucb1e 13y ago
  Cannot read article. Paywall.
• omegant 13y ago
  Now with this temporary crash what will happen to the farms that heavily invested in ASICS, and that with difficulty will be mining at a loss in weeks? (honest question)
  • gokhan 13y ago
    What makes you say temporary?
    • omegant 13y ago
      I guess that bitcoin´s price will continue to rise steadily and reach 1000$ again in some time. Maybe years, maybe months, I don´t know.
  • ars 13y ago
    As long as they are making back their electrical costs they have no choice but to continue. Their expensive machine is a sunk cost and they can't return it.
• MattyRad 13y ago
  By "ban", I assume they mean "made illegal." The former of course being a euphemism for the latter. A couple questions come to my mind as such.... How will China enforce such a ban? Can China physically or technologically bar access to Bitcoin deposits? Regardless of the Chinese government's ability to effectively enforce such a ban, the price of Bitcoin has begun another wild (and fascinating) price fluctuation period.
• gokhan 13y ago
  For serious entertainment, Bitcoin markets now are great places to try some day trading rodeo. Instant buy/sell with lots of drama and reasonable depth. Stick with your stop-loss strategy and it's a real adrenalin rush. I trade a small amount up and down and even made 40% profit for the last two weeks just by trying to catch bottoms and selling a little higher. Cheap entertainment IMO.
  • locusm 13y ago
    Same here, done OK just watching the BTCWisdom charts with a few basic indicators. Its good fun...
• DustinCalim 13y ago
  Yes, Bitcoin dropped 40% today- but keep in mind that on any average day it swings 20%. If you invest because you believe in the underlying technology, you'll have to ride out the volatility waves until it matures(or dies). But, it's going to take more than people holding onto their bitcoins and waiting for the value to go up- people need to spend them on things for it to work.
  • haakon 13y ago
    20% swings over the course of a day is not at all average, and is in fact seen as quite dramatical.
• ck2 13y ago
  If your digital currency relies on governments accepting a competing currency their own currency - you are going to have a bad time.
• bitmania 13y ago
  Check the latest update at http://www.cryptocurrencylive.com/ http://www.cryptocurrencylive.com/
• aabalkan 13y ago
  Why are you even posting a news site requires paid subscription? I cannot read this article!
  • gabemart 13y ago
    https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC8QqQIwAA&url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F6707013a-67af-11e3-8ada-00144feabdc0.html&ei=U3mxUpaLOY-ShQfpioDYDg&usg=AFQjCNGw8dx8RLkD6od7_RmTI632CfZmpQ&sig2=YxY5zmippvgxXKbE1eFMlw&bvm=bv.58187178,d.ZG4 https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...
• userulluipeste 13y ago
  The Chinese are just against the trend of leaking Yuan's value to Bitcoin (hence the RMB->BTC restriction), not against the Bitcoin itself. People are still free to bring value in China through Bitcoin! ;)