China Bans Financial Companies From Bitcoin Transactions
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Re: China Bans Financial Companies From Bitcoin Transactions
#2So, in short, they are still allowed to trade with it and use it, as long as they are 'okay' with the 'risk'. It's only financial institutions that can't work with Bitcoin anymore? Is this right?
Re: China Bans Financial Companies From Bitcoin Transactions
#3Difficult to understand at this point what this decision really means. Are bitcoins still able to be traded as a commodity but not currency?
What does "The public is free to participate in Internet transactions provided they take on the risk themselves, it said" even mean?
Are they saying people deciding to exchange goods and services for bitcoin is ok, but not exchanging it directly into currency?
If anyone has actual insight or knowledge here it would be greatly appreciated.
Re: China Bans Financial Companies From Bitcoin Transactions
#4BTCChina reaction: http://i.imgur.com/cNuESY7.png
Re: China Bans Financial Companies From Bitcoin Transactions
#5"Bitcoin prices plunged after the PBOC announcement."
Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin.
This is an interestingly biased article, actually. It quotes Alan Greenspan, whose history as a stubborn gold bug (in his Ayn Rand worshiping days) and whose pretty awful performance at the Federal Reserve make his opinion on this matter somewhat expected and mostly moot.
I'm willing to believe Bitcoin is overvalued for its current utility. Maybe. But, this article exhibits such a lack of understanding of what it is that I find it hard to take them seriously when they discuss what it might be worth or how this policy in China will effect it.
Re: China Bans Financial Companies From Bitcoin Transactions
#6So, in short, they are still allowed to trade with it and use it, as long as they are 'okay' with the 'risk'. It's only financial institutions that can't work with Bitcoin anymore? Is this right?
Yes. I read the full text and it said that websites are people can have and trade bitoins at their own risk. Financial institutions cannot join this market due to the non-currency property.
Re: China Bans Financial Companies From Bitcoin Transactions
#7"Bitcoin prices plunged after the PBOC announcement." Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin. This is an interestingly biased article, actually. It quotes Alan Greenspan, whose history as a stubborn gold bug (in his Ayn Rand worshiping days) and whose pretty awful performance at the Federal Reserve make his…
Are you watching the markets now? It just dropped 100 points in a few minutes on the exchange I'm using (coinbase).
Re: China Bans Financial Companies From Bitcoin Transactions
#8"Bitcoin prices plunged after the PBOC announcement." Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin. This is an interestingly biased article, actually. It quotes Alan Greenspan, whose history as a stubborn gold bug (in his Ayn Rand worshiping days) and whose pretty awful performance at the Federal Reserve make his…
> Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin.
Well, the prices did drop about $200 on MtGox after the news. It's debatable whether this qualifies as 'plunged'.
Re: China Bans Financial Companies From Bitcoin Transactions
#9I read the full text. They said that "Bitcoin is not currency. It is a tradable virtual good. You can buy and sell it, but financial institutions cannot work with BTC."
Re: China Bans Financial Companies From Bitcoin Transactions
#10Well, this was predictable. https://news.ycombinator.com/item?id=6818821
Edit: Having read the (Google translation of the) PBOC's Notice, it looks like concern over money laundering contributed to the decision to issue this notice. There's a fairly comprehensive ban on financial institutions doing any kind of Bitcoin-denominated business. It also appears that Bitcoin exchanges must register with the telecommunications regulatory agencies and comply with anti-money laundering provisions (i.e. similar to the approach FinCEN took in the US).