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China Bans Financial Companies From Bitcoin Transactions

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Re: China Bans Financial Companies From Bitcoin Transactions

#81

Post by dwaltrip »

Grue3 wrote: post #71
olalonde wrote: post #61

According to someone on Bitcointalk.org, it might not be as bad as it seems ( https://bitcointalk.org/index.php?topic=358341.msg3832549#ms... ): No. You Western guys completely misunderstood the news. To me, this is actually BULLISH! TL;DR, the document says: 1. Bitcoin is a virtual commodity, not a real currency 2. People have the freedom to trade bitcoin, but they need to take their own risk 3. At this stage, finan…

When is anyone at bitcointalk not BULLISH about bitcoin? It's not like they have a financial incentive to let it tank.

While many trolls and the like do roam bitcointalk, one can also find the occasional gem of rationality, insight, and common sense.

Some people are there because, if you can believe it, they are actually intellectually interested in the complex and novel dynamics (sociological, economic, technical, etc) found in bitcoin (or that may potentially develop as the system grows).

Re: China Bans Financial Companies From Bitcoin Transactions

#83

Post by Xdes »

molf wrote: post #29
ars wrote: post #19

Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…

Intrinsic value (in the context of finance) usually refers to the value of something when not used as investment or money. Gold has intrinsic value because you can use it for jewellery and electronics. A bitcoin has no intrinsic value because you only have it to get something else in return later. Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical mo…

>A bitcoin has no intrinsic value because you only have it to get something else in return later.

The intrinsic value of Bitcoin is the payment network. That may not be a physical good, but it is a powerful idea.

Re: China Bans Financial Companies From Bitcoin Transactions

#84

Post by dcc1 »

molf wrote: post #29
ars wrote: post #19

Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…

Intrinsic value (in the context of finance) usually refers to the value of something when not used as investment or money. Gold has intrinsic value because you can use it for jewellery and electronics. A bitcoin has no intrinsic value because you only have it to get something else in return later. Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical mo…

Bitcoin has an intrinsic value

A distributed ledger with proof of ownership that makes it impossible to forge transactions

That my friends is a first in history, Greenspan and others have not realised yet the implications of this.

Re: China Bans Financial Companies From Bitcoin Transactions

#85

Post by grey-area »

rms wrote: post #44

From the Google translation of the original source: "However, Bitcoin transaction as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in the premise own risk." The new bitcoin policy here isn't that much more conservative than the USA's bitcoin policy, and Beijing just legalized bitcoin for ordinary citizen gamblers, speculators, savers, and options traders! This is a good…

I do find it remarkable how similar bitcoin proponents are to goldbugs - all news is good news and all drops in value are buying opportunities.

Re: China Bans Financial Companies From Bitcoin Transactions

#86

Post by josu »

[deleted] wrote: post #82
ashray wrote: post #77

Earlier quoted context omitted.

Not sure if you're being sarcastic but just incase.. Exchanges are not banned. They are being regulated with KYC/AML for customers. They also need to register with the telecom authority.

[deleted]

For what I've read around, "financial institutions" only refers to banks. Take into account that all these news are translations from the Chinese source, and to translators and journalists "financial institutions" and "banks" may look interchangeable.

This is what I got from using google translate on the source[0]:

>"Notice" requirement , as the main trading platform Bitcoin Bitcoin Internet sites , should be based on the "PRC Telecommunications Regulations " and " Internet Information Services" , shall be filed in the telecommunications regulatory agencies .

[0] http://tech.sina.com.cn/i/2013-12-05/15538979079.shtml

Re: China Bans Financial Companies From Bitcoin Transactions

#87

Post by dwaltrip »

[deleted] wrote: post #74

[deleted]

This is false, you can still buy/sell bitcoins in China:

In addition, websites in China that provide trading services are required to report investors' identities to regulators and take steps to prohibit money laundering. [1]

------------------

Strengthening regulation of Bitcoin websites

According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities. The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, close down illegal Bitcoin sites according to law. [2]

------------------

Sources:

[1] http://money.cnn.com/2013/12/05/investing/china-bitcoin/

[2] http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_tra...

Re: China Bans Financial Companies From Bitcoin Transactions

#88

Post by [deleted] »

josu wrote: post #86
[deleted] wrote: post #82

Earlier quoted context omitted.

[deleted]

For what I've read around, "financial institutions" only refers to banks. Take into account that all these news are translations from the Chinese source, and to translators and journalists "financial institutions" and "banks" may look interchangeable. This is what I got from using google translate on the source[0]: >"Notice" requirement , as the main trading platform Bitcoin Bitcoin Internet sites , should be based o…

[deleted]

Re: China Bans Financial Companies From Bitcoin Transactions

#89

Post by vasilipupkin »

olalonde wrote: post #61

According to someone on Bitcointalk.org, it might not be as bad as it seems ( https://bitcointalk.org/index.php?topic=358341.msg3832549#ms... ): No. You Western guys completely misunderstood the news. To me, this is actually BULLISH! TL;DR, the document says: 1. Bitcoin is a virtual commodity, not a real currency 2. People have the freedom to trade bitcoin, but they need to take their own risk 3. At this stage, finan…

So, bitcoin prices plunge 20% on bullish news ?

Re: China Bans Financial Companies From Bitcoin Transactions

#90

Post by sickpig »

ashray wrote: post #77
sickpig wrote: post #75

Earlier quoted context omitted.

no exchanges? really?

Not sure if you're being sarcastic but just incase.. Exchanges are not banned. They are being regulated with KYC/AML for customers. They also need to register with the telecom authority.

Yes it was a sarcastic comment.
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