Alibaba division bans bitcoin after China crackdown as IPO ...

BREAKING NEWS: Taobao.com (China’s Ebay) Bans Bitcoin Payments

BREAKING NEWS: Taobao.com (China’s Ebay) Bans Bitcoin Payments submitted by Andtis to Bitcoin [link] [comments]

China Online Marketplace Taobao to Ban Bitcoins

China Online Marketplace Taobao to Ban Bitcoins submitted by rob-ot to moneylaundering [link] [comments]

Taobao, China's largest e-commerce platform, yesterday banned cryptocurrency bitcoin, the mining software and related materials, citing new government regulations.

submitted by EFINI to worldnews [link] [comments]

The state of cryptocurrency in China. If anyone tells you otherwise, they are lying.

It's been a while since I outlined the state of cryptocurrency in China, but I should probably tell you guys why this is important first: Journalists will do anything to shill you their "news" so they can get their sponsor dollars. Crypto YouTubers who comment on the story without reading the original news story or transpiration of events in Chinese further distort this message. With that out of the way, let's dive in to free knowledge.
-Mining is just fine, so long as miners have all of their documents properly registered. The Chinese government thinks, "Whatever, sell this stuff to foreigners. We'll gladly let more USD flow in to our economy in exchange for thin air." -Most Chinese-owned exchanges set up offices abroad, usually in Singapore. Some have dev teams in Malaysia / Taiwan. -The Chinese government hasn't really out-right BANNED crypto ownership as far as I know, but they have certainly made it very difficult to own it. Which leads me to these two points: -I tried sending an APK file for an android phone wallet app to an American buddy of mine and his Chinese-made phone with a specialized Chinese distro of android would not allow him to install it. He sent me a screenshot that showed his phone basically displayed, "Unable to install application." or something similar. -I wouldn't be surprised to learn that Chinese-made distros of Windows, Linux, or Macintosh-specific operating systems do not allow users to install wallets to their desktops either - but I have not verified this. -These last two points can be circumvented by buying phones and operating systems made for foreign countries on China's ebay equivalent, Taobao. -There have been previous court-rulings where bitcoin was recognized as PROPERTY. -My view is that the CCP's attitude is, "Less crypto, less headache. Turn it in to USD and bring it in to China." -I would not be surprised to learn that later down the road the CCP makes a list of present cryptocurrencies that may be bought and sold legally in China in the future. I would only be shocked if bitcoin were not on that list. -It is commonplace for employees of exchanges to get paid in crypto in China. This is usually done with a stablecoin. -I have an undergraduate degree in Chinese and previously worked for a Chinese-owned exchange. This is where my knowledge comes from. -Everything listed here to this point in time should be treated like "law" unless Xi Jinping himself or another government official say otherwise in the near future.
Any questions? Fire away.
submitted by sgtslaughterTV to CryptoCurrency [link] [comments]

Important NEW Seller Advertisement Restrictions

Let's be honest, these sellers have been taking over. This is a buyers market, not a seller's market. Although we love seeing new products that our favourite sellers have, we think it is time to scale it back a bit.
So, going forward, SELLERS MAY ONLY POST ONCE PER WEEK. If a seller breaks this rule (which will be updated in the rules located directly on the sidebar), they will receive a temporary ban. The only exception to this is if a seller contacts us directly with justified reasoning as to why they need to post more than once. An example of this was UABat needing to clear up issues (he wasn't advertising directly in the first place)
For further justification of this change, we have noticed that sellers will post every four days and only actually have 2-3 new products. By prolonging their posts, we expect to see more new products.
As a reminder, SELLERS MUST CONTACT MODS TO HAVE THEIR POSTS APPROVED. Sellers usually do a video + a bunch of links. This gets stuck in automod, and half the time their comment doesn't show up due to the links. We need to manually approve it. Additionally, we don't allow sketchy sellers to just join in and post whatever they want. We do not want anyone in the community to get ripped off. You guys would be surprised at the number of sellers that try to post sketchy stuff on here (no Taobao store, bitcoin only, etc.)
Now, I ask for YOUR help - Please ensure sellers see this. Obviously, if they slip up once it is, that is understandable. We will just remove the post and remind them. The more they see this the better ;).
TLDR - Too much spam. Sellers, you may now only post once a week and it needs to be approved. Users, get some finds/review posted ;)
submitted by repknowledge to FashionReps [link] [comments]

If I could do it all over again

I have bought over 50 replicas over the past three years and I would like to pass on that knowledge. The first thing you need to know is that the factories and middlemen don't give a fuck about you. Second thing is that I don't know what I'm talking about and I don't want this to be a discussion on which factory is best. I just wanted to give my perspective regardless of how wrong it may be.
Also I think it would be a good idea to talk about my background because if we have similar backgrounds or interests this information will be valuable and if we don't, hopefully it will be entertaining. I'm your typically 30 year old nerd that likes art and history which is the reason why I like sneakers. To me the shoes I bought is a form of art and every shoe has some history/story behind it. I live in a area where know one knows or cares about sneakers. Which is totally fine for me because I'm not buying the shoes to impress and I couldn't possibly imagine a place where people are impressed by shoes just because they cost a lot or live in a place where people could actually tell if a shoe is fake. I personally don't think those people exist in RL but just on this sub. I just want to say again that I don't have a clue on what I'm talking about.
My ranking of shoes.
Jordans: 1, 4, and 11 in that order
Yeezy: 700, 750, and 350v2 - I don't recommend the 350v1 because the v2 are better in every way. The only reason why the v1 cost so much resale is because of the rarity.
Shoe Factory Comments
350v2 Sesame, Cream, and Butter BMLin 160 Super cheap and extremely accurate
Jordan 1 Chicago BM Lin P420 I have the Will version but I would go with the BM Lin because I don't think there's much of a difference to justify double the price. Granted I don't beat my shoes so all the shoes I've bought will probably last me my entire life, I think I would still save the money and buy more quantity of shoe because I don't see the quality difference.
Jordan 1 Banned BM Lin 420
Jordan 1 Game Royal BM Lin 420
Jordan 1 Pine Green BM Lin 420 I bought the 158sir and they are freaking awesome especially for the price, but I don't think this will ever come back.
Jordan 1 Purple BM Lin 420
Jordan 1 Bred Toe BM Lin 420
Jordan 1 SBB BM Lin 420 This particular colorway has a lot of hype because of the tumbled leather, I have the solefly from Will and people compare that leather to the SBB and I don't see much difference than my solefly to my BM LIN 420 bred toes. In fact I had five people that don't know anything about shoes compare the leather between the solefly and the bred toes and everyone said the bred toes were better.
Jordan 1 Fragment BM Lin 420 text
Yeezy 700 Wave Runner PK The shoe I have know is a $60 dhgate which to say the least is crap, but I wasn't totally sold on this silhouette of a shoe, but once I had it in hand, I think now its my favorite shoe of all time. That and because the PK is practically perfect is the reason why I would splurge on this shoe.
Yeezy 700 Mauve BM Lin 160 It's not my favorite colorway and the 160 version I own is so good I don't think spending more than double is the best bang for my buck.
Yeezy 700 Interia ??? I like this colorway better than the Mauve but there is only higher end batches out and I have more patience than money so I'm waiting this out.
Yeezy 750 Grey Gum PK This is another shoe that I thought was ugly until I saw it in person, now its one of my favorite shoes and I have all four colorways. The problem is the KO batch I have doesn't seem to have that thick suede like retail. The pictures I've seen of the PK seems to be thicker but Bruce told me the KO batch is the best batch so I went with that.
Yeezy 750 Chocolate BM LIN? The 158sir might be awesome but by the time you are reading this they are probably sold out. I've seen some pictures of BM Lin and they look good but I'm not sure if anyone makes a great batch of 750's anymore.
Yeezy 350v2 Beluga 1 and 2 I would get the 1.0 from Tony and the 2.0 from BM Lin, I saw a user compare the bm lin and retail and I couldn't tell enough difference to justify the price. The 1.0 don't have the heel tabs and most factories don't do a great job at the heel fades. Personally I can't tell the difference, I'm just parroting what I read.
Yeezy 350v2 Zebra G5 I keep seeing this and they look the best to me. Worth the extra money
Yeezy 350v2 Oreo and Infrared I like this colorway a lot, I have a old version of these and they look spot on but I'm not sure which factory but it was a budget batch. Like I said before I read that the heel fades aren't that great even on the higher end batch but I think you have to really know what to look for. Plus I heard that the retails had some interesting QC issues, I heard that the infrared could be pink or reddish.
Yeezy 350v2 Blue Tint I recommend a higher tier batch because this colorway has vertical lines and a lot of batches mess that up which it's super noticeable.
Yeezy 350v2 static reflective BM Lin 250 I've seen a few QC pictures and they look awesome to me. The higher end batches and some retail have big pull tabs which is just weird looking.
Yeezy 350v2 Bred BM Lin I heard BM lin has fixed the translucent sole which even higher end batches can have those issues.
Jordan 4 Kaws Grey BM LIn 350? I GP'd this batch today because I'm a huge fan of kaws and the higher end batches aren't close to being perfect. Most of the flaws I've seen on other batches is the sole is too cloudy and the hand imprints on the suede aren't defined enough.
Jordan 4 kaws black Pretty much the same as above except I haven't ordered this pair. I bought a $170 pair from Bruce and it's far from perfect, but I really like the shoe just wish I didn't spend so much.
OW Presto OG OWF I've read that this colorway is practically perfect. I would like to add the white and black version but I hear they are way too flawed and maybe with enough patience it will be better. But it's a real comfortable shoe.
Jordan 11 Bred, 72-10, Space Jam BM LIN I have some cheap ass DHGATE of these and they look really good with decent materials except for lack of carbon fiber, which changes a lot of the feel and sound of the shoe. As far as I can tell the cheap BM LINs have carbon fiber.
Ultraboost cream and Panda BM Lin This shoe is so awesome
Tom Sachs Mars Yard 2.0 PK God This shoe is just awesome and so comfortable, theres a regular user here that is an expert on this shoe and it will probably roll his eyes on this one.
Jordan 1 OW Chicago OWF I have bought two pairs of these. The first was like the first batch and it was so flawed the shoelaces said "shoestrings" and the second pair is the latest batch of OWF. The second batch I would probably buy again because to me it's pratically perfect and I don't mind spending a lot of money if the shoe is close to or perfect. The only problem with this shoe is that it's more a museum piece to me. I don't know how many times I just pick up the shoe and look at it. I rarely ever wear because it's really hard to pull off this shoe not including that its $3000 But the story behind this shoe and it's probably the most "art' shoe I own.
Jordan 1 OW NRG white
Jordan 1 OW UNC Might as well finish the collection
Sean Wotherspoon 97/1 none This is one of my favorite shoes and I would spend $200 for a great pair of these. But right now no one comes close to .8:1 let alone 1:1 , I hear that factories are milking people and that's why they won't make a perfect batch but I also think it's really difficult to make this shoe. This is a perfect example of people that buy retail/resale shoes and then buy replicas to wear. If those people would just post comparison pictures, it would save so many people so much money and make the factories to be more competitive and release a better version quicker.
Jordan 4 White Cement BM Lin? If BM Lins kaws comes out good enough I will buy this shoe and do a review and I will probably buy a few more Jordan 4's like the bred and pure money.
Jordan 3 ? I keep reading that no one makes a good version of the 3's and 4's, something to do with the tongue being too tall or too short.
EDIT: BM Lin or Boostmaster Lin is rather famous seller but is not recommended going directly because he/she supposedly can't be trusted, I have never bought directly but that's what I hear. It's really not a big deal because Ytaopal/Superbuy are super easy to use. It just might feel foreign to you if the only online shopping you ever done is Amazon.
The first thing you should do is find out what shoes you want. But if you don't have a clue,
Or you can go to the search bar and search for BM Lin or Boostmaster LIN and then you can see what others have posted. The only shoes I can recommend are the plain Yeezy's Cream,Sesame, and Butter. The beluga 2.0 looked really decent too. The Jordan 1 p420 are really nice for the price.
Go to this website https://www.cnfashionpub.com
You can sort by and possibly search but if you search I think you will see everybody's store, so this part isn't the easiest I guess.
But lets say you like this shoe here https://www.cnfashionpub.com/product/p160-tosv2%e5%85%a8%e7%99%bd-%e9%98%bf%e8%bf%aa%e8%be%be%e6%96%af%e6%a4%b0%e5%ad%90350%e4%ba%8c%e4%bb%a3%e6%9c%ac%e5%9c%b0%e7%9c%9f%e7%88%86%e7%b1%b3%e8%8a%b1-cp9366-adidas-yeezy-boost-350-v2-cream-wh/
Scroll to the middle and click on "Please click to check more detail photos from Boostmaster’s album."
This will take you to his/her yuppo album where you can see more pictures and this is URL you give to YTAOPAL so they know which shoe to buy.
The next step after you find the shoe you want is to create a ytaopal or superbuy account. I've used both and I like ytaopal a lot better. Some people claim superbuy is easier etc... but I don't see how it's easier but superbuy nickel and dime you on everything.
In this example I will use ytaopal
Copy and paste the yuppo link into the bar in the middle that says "Please enter taobao link" and then the next page will ask you to copy and paste the title of the yuppo for example
TITLE:【AE1LO】 TOSv2全白 阿迪达斯椰子350二代本地真爆米花 CP9366 Adidas Yeezy Boost 350 V2 Cream White Real Boost45
Price: 160 ( you got this from the cnfashionpub site)
shipping: 10 (don't know why it's 10 but I heard its typically 10 yuan for the shoes to be shipped from the factory to the ytaopal warehouse)
remark: I type the shoe size here
Then submit and go to the checkout and then you pay. I believe you can pay via paypal if you do it through wechat but I never done that. I always pay with bitcoin ( I buy my bitcoin through the cash app which I highly recommend you get into bitcoin/crypto because its 2019)
You can also pay with western union which I've done a few times in the past to pay middlemen like Tony and Bruce.
Using Ytaopal is essential for buying good quality reps of shoes and clothing.
Here is a link I used to learn to use yuppo and ytaopal https://www.reddit.com/FashionReps/comments/78riee/how_to_order_through_a_yuppo_seller_with_ytaopal/?st=juofq826&sh=5453578b
submitted by flyspaghettimonsta to Repsneakers [link] [comments]

Chinese Government-Backed TV Program Bashes Bitcoin, Outrages Community

Chinese Government-Backed TV Program Bashes Bitcoin, Outrages Community submitted by NeutralityMentality to Bitcoin [link] [comments]

Taobao prohibits Bitcoin and perhiperals trading from 1/14

Taobao prohibits Bitcoin and perhiperals trading from 1/14 submitted by lordsonkit to Bitcoin [link] [comments]

Discussion: Taobao's effect on BTCChina

This is all based on my understanding of the current system BTC China uses to buy bitcoin.
  1. BTCChina.com uses a voucher system that users redeem to get bitcions into their account.
  2. These vouchers are sold through various online retailers.
  3. All of the major retailers that sell vouchers route their business through Taobao.com similar to the way businesses sell through Amazon.com or ebay.com
  4. Taobao.com will not allow anything bitcoin related to be sold through their website.
Does this effectively shut down BTCChina.com? Are there other places people can buy vouchers that doesn't route through the Taobao.com website?
submitted by MurrayTheMonster to BitcoinMarkets [link] [comments]

Today I learned that Taobao censors results for Bitcoin only when searched for in Chinese.

Today I learned that Taobao censors results for Bitcoin only when searched for in Chinese. submitted by Liongrass to Bitcoin [link] [comments]

I'm a Chinese. About "Bobby Lee's statement", I have something to say.

I just saw a post on this sub discussing the conclusion Bobby made saying that "china for now will NOT allow goods and services to be sold and paid for by bitcoin". There is another post saying Bobby was wrong. I'd like to share some of my thoughts about this as a Chinese lived in mainland China for 20 year+. I don't want to turn this into a wall of text, so I will separate this into couple segments.
1. Even though I do not have any direct proof, Bobby Lee himself is probably not a native Chinese. He's probably a ABC(American born Chinese) or moved to the US in his early age. His ascent doesn't sound like he learned English in China. He uses surname "Lee" instead of "Li"(This is the biggest surname in China). People from mainland China at his age generally don't use "Lee" when they go to the western world. He could be possibly from Hong Kong or Taiwan, but I don't know. I'm saying this because I saw people mention this and give him credit as a native Chinese, therefore give him credit about his conclusion. He is running his business in the new "Shanghai Pilot Free-Trade Zone", and his business is not at the stage of threatening the interest of those business run by the government or top politics's relative, he doesn't have to or doesn't necessarily have connection to the top politics.
2. Virtual commodities is not new in China. As the government gave bitcoin a definition of virtual commodities not currency, I want to point out that this is never a new concept in China. Back in late 1990s, China's biggest online instant messaging service provider Tencent had release their own "money" called "Q coins", which is sold for 1 RMB each. (some details in the Q coins section at :http://en.wikipedia.org/wiki/Tencent_QQ) Even though it is only supposed to be used to buy services and goods from Tencent, it is actually quite close to be considered as "hard currency". Lots of online games that is not provided by Tencent also accept Q coins as legit payment.
3. Bobby's conclusion is wrong, but he could possibly misrepresent his idea. He said bitcoin is NOT ALLOWED to xxx. That's definitely not true. Only financial and payment institute can't provide service that is related to or priced by bitcoin. But if you are someone selling a smartphone on Taobao(Chinese version of Ebay), you can definitely accept bitcoin if you like to. The problem is: normally both sellers and buyers prefer to finish the purchase via "Alipay"( Chinese version of Paypal). Since payment institutes cannot touch bitcoin after the announcement. Any default risk during this process would be taken by sellers and buyers themselves.
Back in May this years, there had already been many online shops on Taobao accepting bitcoin. They did that mainly because it was cool. But since the general public in China aren't desire to use this fancy way of buying stuff, sellers don't have enough reason to promote bitcoin. As for now, there is almost no one on Taobao accept bitcoin.
4. Lots of people think people shouldn't read the announcement too literally as the Chinese government is always trying to send a message that if I say do not do something, do not even try. Well, that is partially right. But for this particular case, I think they are more emphasizing "take your own risk". If you are a individual trying to invest or accept bitcoin, any losses due to that is not protected by the law and government.
For banks, financial and payment institutes, bitcoin is strictly banned. China had a history of very strict financial policy, and this type of strategy helped China became the least affected country by 1997 Asian financial crisis(Thailand, Korean, Hongkong and many other countries in east Asian were badly hurt by). Chinese government learned a lot from that and they are still very proud of themselves about it. They will definitely keep being conservative and strict for many many years. I read some comments and article written by major Chinese media in the past month. A lot of them are concerning about the fact that bitcoin comes from the western world, even though it is designed to be international. Some people even say bitcoin is a just a conspiracy of US government. US simplely wants to use bitcoin to maintain the dollar's dominance, which is more and more threatened by euro and rmb. Even the most optimistic people won't believe bitcon can someday completely replace fiat currency. Imagine if bitcoin managed to widely spread in the future. And if something really bad happened after that. US would be the country that dodge that disaster most easily, because bitcoin would be mainly priced by dollars.
submitted by Nutomato to Bitcoin [link] [comments]

I live several years in Asia and speak Chinese. Here is my stand: Btc is legal in China, there are a lot of shops accepting it right now. We need to dig deeper

Like all you I was puzzled by opposite opinions - some people say shops can't take btc for products, others say they can, only banks can't deal with it. Finally Bobby Lee hammered us with his insider opinion and now 95% of the people are convinced that btc is banned and the only thing you can do in China is to buy it on an exchange. But actually the Regulation Notice said: the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.. So who is right?
First of all in China things are not always black and white and there are a lot of groups in the government, some of them want to tighten things up, some want to open up to western influence (remeber Deng Xiaoping?).
So why did China Telecom and Baidu started accepting bitcoin in the first place? It was cool, and also you can see it every day in newspapers and on TV, and don't forget that mass media is controlled by the govt. So it was a signal: It's Ok to do it, nobody objects. So China telecom started using www.bitbill.com and Baidu just published a bitcoin address. After the Regulation Notice came out, China Telecom had to shut down the bitcoin payments because the Notice quite clearly said that websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities and www.bitbill.com doesn't have such registration. And Baidu said they are stopping accepting bitcoins because of price fluctuation ;).
What about the others? They are fine! There are hundreds of products on taobao that you can buy with bitcoin! Just search for 支持比特币 (support bitcoin). Check out this piece of Japanese ass
But then why not thousands? Because actually Chinese have alipay which is a kick-ass virtual money, when using it people get customer protection, I am sure they pay no more than 1% fee. So let's be honest: Chinese don't have much incentive to use bitcoin inside the country unless you are buying a plastic ass and want to do it anonimousely.
Actually If paypal would charge me 1% instead of 9%, bitcoin wouldn't be so attractive.
What about Bobby Lee? Why did he say what he said? As you might remember Bobby Lee just ate 5 million $ and suddenly Regulation Notice comes out and most of the people pause their activity. Just imagine what his situation can be: he convinced people to invest based on very sunny future in China, including the news about China telecom and Baidu. I can't be sure, but I would say it's quite typical to blame some external factors in such a situation rather than face the reality that average Chinese consumer doesn't get much benefits when buying something inside the country and this was just a hype and fad. It is much easier to say - everything was so well but now the government banned everything. What about the insane volumes on btcchina? 150,000 BTC per day, 4 times more than MtGox!!. Where do all these bitcoin go?? I have two versions here, may be they are both effective:
Can somebody confirm does http://www.igeak.com still accepts bitcoin?
enjoy ;)
Edit: some urls and grammar
submitted by realhuman to Bitcoin [link] [comments]

Battle Over Bitcoin: China Backs US Startup Coinbase And US Falls Behind In Virtual Currencies.

Indeed, virtual currencies are nothing new to the Chinese. For example, more than 100 million people on the social platform QQ have used the Q coin for more than 10 years. And after China’s state-run China Central Television, or CCTV, ran a half-hour-long documentary on bitcoins, downloads of apps for processing and “mining” bitcoins soared in the world’s second largest economy.
Bitcoin, long the plaything of the Western ubernerd, now appears poised to grow substantially in China and other markets, like the euro zone, where government meddling in native currency valuations has left many distrustful of the money in their bank accounts.
Americans don’t have this problem -- yet. And that may be a problem in itself. According to bitcoin proponents, if the U.S. tries to ignore the nascent currency, writing it off as a financial fad with less value than the seemingly stable dollar, Americans risk ceding to the Chinese and others control of the future of what could be the most disruptive force in monetary exchanges since the credit card. In turn, the dollar and the ability of the U.S. to navigate global currency conflicts could be seriously weakened.
“Here’s the bottom line: Bitcoin has much higher popularity outside the U.S. and much higher potential outside the U.S.,” observed Andreas M. Antonopoulos of the Bitcoin Foundation. “If you go to an American and say, ‘Hey, there’s this new thing, bitcoin,’ they say, ‘Well, what’s wrong with the dollar?’ That question is different in other countries.”
Bitcoins are a finite, Web-based currency created in 2009 by a group of hackers working under the nom-de-Internet Satoshi Nakamoto. Exactly 10,952,975 bitcoins are in circulation, all of which have been purchased on exchange networks or mined. The currency is mined using software that processes transactions on the bitcoin network, adding groups of transactions, called blocks, to the chain. Miners are paid about 25 bitcoins per block. That digital money can then be used to purchase a variety of goods online, from legitimate software to heroin on the infamous virtual black-market Silk Road.
Bitcoin surged in value to $266 last month, thrusting the currency into the mainstream spotlight as investment poured in from sources as diverse as the hapless Brothers Winklevoss (of Facebook infamy) and Union Capital Ventures principal Fred Wilson (an early investor in Zynga, Twitter, and Kickstarter). Suddenly, everyone was talking about buying bitcoins. But the bubble burst in late April, and in the U.S. at least, bitcoin faded from the news. That was not the case in China, where Antonopoulos said downloads of bitcoin clients have eclipsed those in the U.S.
Bitcoins are mined in several steps. After downloading a bitcoin client, such as Coinbase (which serves as a wallet in which to store the bits of code that constitute the digital money), miners often join pools where they share computing power to decode algorithms in which bitcoins are hidden. The concept of bitcoins and bitcoin mining is cryptic for many people, even some otherwise forward-thinking American investors. The irony is that, for now, American startups are leading the bitcoin charge, and the U.S. government was the first to issue guidance on using the currency as payment -- a seemingly tacit recognition of bitcoin’s validity as legal tender.
Why China Poses A Threat
Feng Li, the IDG partner who chose to fund Coinbase, said the Chinese have yearned for access to a virtual currency since the central government cracked down on the use of Q coins.
Q coins were introduced in March 2002 by Tencent Holdings Ltd. (HKG:0700), the parent company of the country’s most popular instant-messaging service, QQ , and they currently average an annual transaction value of more than 1 billion yuan ($163 million). That value is growing at about 15 to 25 percent each year.
Q coins, purchased with yuan, are predominantly used to buy virtual products and services in QQ and its related online games and social media. Originally, Tencent regulations prevented Q coins from being traded between users or converted back to yuan, but allowed users to trade points and purchase Q coins with their game accounts, then use the black market to convert them into cash. That caused concerns at the People’s Bank of China, China’s central bank. In January 2007, converting game points to Q coins was banned, and Tencent reiterated that Q coins constitute a product, not a currency, which seemed to satisfy the concerns.
“There has already been proof with the Q coin,” Feng said of the Chinese likeliness to start using bitcoin. “It’s been very well circulated and very well adopted.”
Already, shops on Taobao -- the Chinese equivalent to eBay Inc. (NASDAQ:EBAY), owned by Alibaba.com Ltd. (HKG:1688) -- accept bitcoins as payment for goods, as does the similar service, Tencent’s PaiPai.com.
The Chinese are embracing bitcoins in other ways. The first bitcoin fund began to raise money in June, with the goal of raising 20 million yuan. The fund’s investment threshold is 10,000 yuan, and it will mature in four years.
Q coin’s popularity isn’t the only reason bitcoin has appeal in China. As it turns out, China is the perfect place for bitcoin mining. While much of the developed world is well into the transition from personal computers to mobile devices, China’s PC market is still thriving, which provides the necessary computing power to run a successful business converting electricity into mined coins. Price caps on electricity already create wasteful use of energy in China, so running a code-crunching computer for hours on end isn’t as costly an investment as it would be in the U.S. And so-called “gold-mining” or “gold-farming” businesses already exist in China’s cybersphere. None of that will come as a surprise to any “World of Warcraft” player: Gamers in Chinese urban sweatshops are known to sit in front of glowing blue screens for hours, slaughtering players in the game for their spoils or mining gold deposits found in the sprawling milieu of Blizzard Entertainment’s international blockbuster. Those treasures are then sold to players in the game for real money.
China has a heavily controlled currency, which also makes bitcoin attractive.
“The more controlled the currency is, the harder the transactions are, the more friction there is in the national currency, the more appealing the coin is,” Antonopoulos said, noted that the most appealing place to use bitcoin would be a country whose economy is a veritable train wreck -- like Zimbabwe, except that the southern African nation lacks the necessary technology. “I would say China is perfect,” he said. “It’s got the penetration, it’s got the smartphones, it’s got the Internet and the people are familiar with virtual currencies. And, it’s got the not-as-appealing national currency.”
Regulation In The U.S.
Guidance issued in March by the U.S. Treasury Department said that companies issuing or exchanging online cash, including bitcoin, would be subject to the same scrutiny as traditional firms such as the Western Union Co. (NYSE:WU) to prevent money laundering.
Less than two months later, the Department of Homeland Security proved that edict had teeth.
Federal officials obtained a warrant Tuesday to seize an account tied to Mt.Gox, the Tokyo-based exchange company that handles about 80 percent of all bitcoin trades. Authorities accused Mt.Gox’s U.S. subsidiary, Mutum Sigillum LLC, of failing to register as a money-services company with the Treasury’s Financial Crimes Enforcement Network. An account held by the online-payments firm Dwolla was subsequently seized.
Many feared the warrant execution could cast a chill over the bitcoin industry as a sector centered on a borderless, decentralized money came under the scrutiny of the federal government.
That proved not to be the case, Coinbase’s Ehrsam said. “For bitcoin to go mainstream, or as it goes mainstream, it will be used in a higher and higher amount of transactions,” he said, adding that Coinbase is registered as a money-services firm. “There’s no way there will be all this money flowing through an unregulated system.”
Chris Larsen -- the CEO of OpenCoin, a fellow San Francisco-based payment platform that processes most national currencies as well as bitcoin and its own virtual cash, Ripple -- agreed. “They definitely are regulating them, [and] we actually think that’s a really good thing for the industry,” he told IBTimes. “I thought the guidance was a good idea. One of the things the guidelines seem to make clear for the first time is that a virtual currency could be used for goods and services.”
The Price Of Regulation
But such regulation is a slippery slope, said Jerry Brito, a senior research fellow at the Mercatus Center at George Mason University.
Perhaps it begins with measures to prevent money-laundering, he said. But what measures would the government take to prevent the untraceable currency from being used for child pornography or human trafficking?
“Bitcoin has the potential to be a disruptive technology that would be beneficial to the economy, and we don’t want to kill off that potential to get at the other potential for bad stuff,” he observed. Brito, who plans to speak next month at a conference on virtual currencies organized by the National Center for Missing and Exploited Children, added: “We’re already the first country to enforce money-laundering laws against bitcoin. But the U.S. would be shooting itself in the foot if it went too far [with regulations] and either outlawed bitcoin or made the legal guidelines impossible to comply with.”
Will China Step In?
So far, Chinese bitcoin merchants have little to fear. For many, the CCTV segment on bitcoin seemed to be a signal from Beijing, which heavily controls the channel’s content, that the currency is worth exploring.
Some of those interviewed speculated that the Communist Party wants to see bitcoin stockpiled in China, allowing the government to invest in it if, or when, the dollar is shaken from its perch as the world’s reserve currency.
It remains to be seen whether -- or, more likely, when -- China will intervene in the trade of bitcoin in its own economy. But for the U.S. to experience widespread adoption of the currency, which is considered a necessary step for gaining a grasp on the bitcoin market, limited government control will have to allow the money, like the Internet that birthed it, to develop organically.
submitted by kazzZZY to Bitcoin [link] [comments]

For Promotion Of PIVOT app

Hey guys check it out ... This is one of the best app these days for cryptocurrency ..✌️👇
Whats Pivot? Pivot is a community app for those interested in blockchain and world of cryptocurrency. It serves a tool for blockchain investor community to collaborate and communicate freely. Pivot started off in China. The Chinese version launched in March 2018 and the international version was launched in July 2018. The main mission of PVT Community is to empower blockchain investors through the community, discover quality projects. The community members can improve their awareness of the blockchain, collaborate within the community, and ultimately guide their investments and entrepreneurship.
How does it work? You earn POWER daily from reading posts as well as sharing and inviting friends, this power is converted to PVT and stored in your wallet. Currently Pivot allows users to earn PVT, PVTP and Bitcoin by reading posts, participating in market predictions, sharing posts, and engaging in airdrop events. You are able to change between BTC and PVTP in the app. You are also able withdraw your BTC to a external wallet and the option to withdraw PVT is coming soon. The total circulation of PVT is 31,415,926,535 and it will never be increased. The allocation of PVT is as follows: 18% towars the team, 20% towards the foundation, 32% ecology and cooperation and 30% towards the community members. The current supply is at1% of the total maximum supply. Users can receive these incentives for participating in a wide range of community activities.
Features: The app contains news articles by popular names like Coin telegraph, Coindesk, Binance News, Eth news, BTC Manager, AMB crypto, Daily Hodl Bitcoin and many others. Pivot provides cryptocurrency markets, prices and charts in real time of more than 1400 cryptocurrencies. All users are able also to write posts and share links and contribute to the community. This gives all users a chance to be heard by the community. Pivot is constantly keeping the community informed of their latest projects and features. The Pivot immune system keeps us aware of the actions taken against spammers and scammers.
Projects: Project X- Pivots announced its plan to be listed on exchanges and a new domain name (pivot.one) .
Carnival for Pivoters - a big project involving a daily PVT bonus for sharing, market predictions, airdrops and bounty tasks.
Market Predictions - user are given the opertunity to put their knowledge of the markets to the test and try to predict market trends while earning rewards for correct trends.
Pivot Master- allows users to apply to be Pivot Master. This includes analyst masters, trading masters, project masters etc.
The pivot ecology: There are 5 key players in the Pivot ecosystem. 1. The founding team- they have brought pivot to where it is today and will continue to develop the community. 2. The creative partners - are the content creators and provide valuable market related news and information as well as personal opinions. 3. Promotion partners- these are the members that strive tows growing the pivot community. 4. Joint Development Partners- are managers and builders of the community. Joint development partners are all from community members and are nominated and voted out. 5. Community members- are the audience of the pivot community and share opinions as well as participate in activities to share rewards. Community Proof Of Contribution (CPOC) is an algorithm that measures the contribution of community members to the community and assigns PVT to each community member according to the CPOC.
Comparisons: There is currently no project that can really match what the pivot community has done. The scale of the project and the notoriety of their investors put them right at the top. Pivot one is still in its early stages but has already reached over a million downloads on the google play store. The earnings and offering have been amazing and the payouts fair. The pivot equation can been described as follows: Reddit + Coindesk= Pivot. Another great feature is that besides rewarding users, pivot also takes a strong stand against cheaters, scammers and spammers. These users can face temporary bans, suspensions or even account deletion. More than 2,5 million people have joined Pivot and lets bear in mind the English version was only released in September 2018.
Investors:
BINANCE- A top 10 crypto exchange and one of the most popular exchanges.
HUOBI - a top 10 cryptocurrency exchange.
LD capital- a digital asset investment fund focused on blockchain projects
INBlockchain- is the most influential investment group in the Chinese blockchain space.
Link VC- leading crypto fund which aim to incubate the most creative and game-changing companies in the blockchain industry
Daniel Yang (General Partner of SAIF Partners)
Qi Yujie (Former CEO of DOMOB, former Senior Technical Director at Baidu, responsible for the R&D of Baidu Tieba, Fengchao and Zhidao)
Lucas Lu (Founder of 5miles and Cybermiles, First GM of Alibaba’s Taobao Mobile platform, Co-founder and CTO of Light In the Box)
The founding partners:
Lin Yingming (first CTO of Thunder, Founder of Kuailexue, former Research Consultant at Tencent, Senior R&D staff at Baidu)
Xu Lin (former Technical Director of Zuiyou, former Technical Director of Sogou Image Search, continuous entrepreneur (Moving Cloud Architect, CTO of Ixianxia, Founder of Flower Baby Album, CTO of emotional community Zuoyou)
Wang Pan (former Product (Community Department) Director of Zuiyou, former Data Product Director at AMAP, Social Product Director at UMeng, Founder of Flower Baby Album)
If you are interested in blockchain and crypto then this is the ideal app to gain and share knowledge while keeping updated with latest trends. You download the Pivot APP on the Google play store or Apple iOS store.
Pivot Nickname - Abhishek Pandey ZID- 196798945
submitted by Abhishek8290 to u/Abhishek8290 [link] [comments]

PIVOT IMPORTANCE FOR ALL NET USER

My view on Pivot and PVT Project Analysis
DEFINITION OF PIVOT:- Pivot is a community app for those interested in blockchain and world of cryptocurrency. It serves a tool for blockchain investor community to collaborate and communicate freely. Pivot started off in China. The Chinese version launched in March 2018 and the international version was launched in July 2018. The main mission of PVT Community is to empower blockchain investors through the community, discover quality projects. The community members can improve their awareness of the blockchain, collaborate within the community, and ultimately guide their investments and entrepreneurship.
PIVOT PLANNING:- You earn POWER daily from reading posts as well as sharing and inviting friends, this power is converted to PVT and stored in your wallet. Currently Pivot allows users to earn PVT, PVTP and Bitcoin by reading posts, participating in market predictions, sharing posts, and engaging in airdrop events. You are able to change between BTC and PVTP in the app. You are also able withdraw your BTC to a external wallet and the option to withdraw PVT is coming soon. The total circulation of PVT is 31,415,926,535 and it will never be increased. The allocation of PVT is as follows: 18% towars the team, 20% towards the foundation, 32% ecology and cooperation and 30% towards the community members. The current supply is at1% of the total maximum supply. Users can receive these incentives for participating in a wide range of community activities.
FEATURES OF PIVOT:- The app contains news articles by popular names like Coin telegraph, Coindesk, Binance News, Eth news, BTC Manager, AMB crypto, Daily Hodl Bitcoin and many others. Pivot provides cryptocurrency markets, prices and charts in real time of more than 1400 cryptocurrencies. All users are able also to write posts and share links and contribute to the community. This gives all users a chance to be heard by the community. Pivot is constantly keeping the community informed of their latest projects and features. The Pivot immune system keeps us aware of the actions taken against spammers and scammers.
PROJECTS IN ORDER:- Project X- Pivots announced its plan to be listed on exchanges and a new domain name (pivot.one) .
Carnival for Pivoters - a big project involving a daily PVT bonus for sharing, market predictions, airdrops and bounty tasks.
Market Predictions - user are given the opertunity to put their knowledge of the markets to the test and try to predict market trends while earning rewards for correct trends.
Pivot Master- allows users to apply to be Pivot Master. This includes analyst masters, trading masters, project masters etc.
Pivot ecology- There are 5 key players in the Pivot ecosystem. 1. The founding team- they have brought pivot to where it is today and will continue to develop the community. 2. The creative partners - are the content creators and provide valuable market related news and information as well as personal opinions. 3. Promotion partners- these are the members that strive tows growing the pivot community. 4. Joint Development Partners- are managers and builders of the community. Joint development partners are all from community members and are nominated and voted out. 5. Community members- are the audience of the pivot community and share opinions as well as participate in activities to share rewards. Community Proof Of Contribution (CPOC) is an algorithm that measures the contribution of community members to the community and assigns PVT to each community member according to the CPOC.
Comparisons of Pivot with other Projects:- There is currently no project that can really match what the pivot community has done. The scale of the project and the notoriety of their investors put them right at the top. Pivot one is still in its early stages but has already reached over a million downloads on the google play store. The earnings and offering have been amazing and the payouts fair. The pivot equation can been described as follows: Reddit + Coindesk= Pivot. Another great feature is that besides rewarding users, pivot also takes a strong stand against cheaters, scammers and spammers. These users can face temporary bans, suspensions or even account deletion. More than 2,5 million people have joined Pivot and lets bear in mind the English version was only released in September 2018.
Investors:
The founding partners:
Lin Yingming (first CTO of Thunder, Founder of Kuailexue, former Research Consultant at Tencent, Senior R&D staff at Baidu)
Xu Lin (former Technical Director of Zuiyou, former Technical Director of Sogou Image Search, continuous entrepreneur (Moving Cloud Architect, CTO of Ixianxia, Founder of Flower Baby Album, CTO of emotional community Zuoyou)
Wang Pan (former Product (Community Department) Director of Zuiyou, former Data Product Director at AMAP, Social Product Director at UMeng, Founder of Flower Baby Album)If you are interested in blockchain and crypto then this is the ideal app to gain and share knowledge while keeping updated with latest trends. You download the Pivot APP on the Google play store or Apple iOS store.Written by : Nick Name :-Kumar Chandan Priydarshi
ZID :- 136096160
submitted by kcpriydarshi to CryptoAirdropsNew [link] [comments]

My review on PVT

My view on Pivot and PVT Project Analysis
DEFINITION OF PIVOT:- Pivot is a community app for those interested in blockchain and world of cryptocurrency. It serves a tool for blockchain investor community to collaborate and communicate freely. Pivot started off in China. The Chinese version launched in March 2018 and the international version was launched in July 2018. The main mission of PVT Community is to empower blockchain investors through the community, discover quality projects. The community members can improve their awareness of the blockchain, collaborate within the community, and ultimately guide their investments and entrepreneurship.
PIVOT PLANNING:- You earn POWER daily from reading posts as well as sharing and inviting friends, this power is converted to PVT and stored in your wallet. Currently Pivot allows users to earn PVT, PVTP and Bitcoin by reading posts, participating in market predictions, sharing posts, and engaging in airdrop events. You are able to change between BTC and PVTP in the app. You are also able withdraw your BTC to a external wallet and the option to withdraw PVT is coming soon. The total circulation of PVT is 31,415,926,535 and it will never be increased. The allocation of PVT is as follows: 18% towars the team, 20% towards the foundation, 32% ecology and cooperation and 30% towards the community members. The current supply is at1% of the total maximum supply. Users can receive these incentives for participating in a wide range of community activities.
FEATURES OF PIVOT:- The app contains news articles by popular names like Coin telegraph, Coindesk, Binance News, Eth news, BTC Manager, AMB crypto, Daily Hodl Bitcoin and many others. Pivot provides cryptocurrency markets, prices and charts in real time of more than 1400 cryptocurrencies. All users are able also to write posts and share links and contribute to the community. This gives all users a chance to be heard by the community. Pivot is constantly keeping the community informed of their latest projects and features. The Pivot immune system keeps us aware of the actions taken against spammers and scammers.
PROJECTS IN ORDER:- Project X- Pivots announced its plan to be listed on exchanges and a new domain name (pivot.one) .
Carnival for Pivoters - a big project involving a daily PVT bonus for sharing, market predictions, airdrops and bounty tasks.
Market Predictions - user are given the opertunity to put their knowledge of the markets to the test and try to predict market trends while earning rewards for correct trends.
Pivot Master- allows users to apply to be Pivot Master. This includes analyst masters, trading masters, project masters etc.
Pivot ecology- There are 5 key players in the Pivot ecosystem. 1. The founding team- they have brought pivot to where it is today and will continue to develop the community. 2. The creative partners - are the content creators and provide valuable market related news and information as well as personal opinions. 3. Promotion partners- these are the members that strive tows growing the pivot community. 4. Joint Development Partners- are managers and builders of the community. Joint development partners are all from community members and are nominated and voted out. 5. Community members- are the audience of the pivot community and share opinions as well as participate in activities to share rewards. Community Proof Of Contribution (CPOC) is an algorithm that measures the contribution of community members to the community and assigns PVT to each community member according to the CPOC.
Comparisons of Pivot with other Projects:- There is currently no project that can really match what the pivot community has done. The scale of the project and the notoriety of their investors put them right at the top. Pivot one is still in its early stages but has already reached over a million downloads on the google play store. The earnings and offering have been amazing and the payouts fair. The pivot equation can been described as follows: Reddit + Coindesk= Pivot. Another great feature is that besides rewarding users, pivot also takes a strong stand against cheaters, scammers and spammers. These users can face temporary bans, suspensions or even account deletion. More than 2,5 million people have joined Pivot and lets bear in mind the English version was only released in September 2018.
Investors:
BINANCE- A top 10 crypto exchange and one of the most popular exchanges.
HUOBI - a top 10 cryptocurrency exchange.
LD capital- a digital asset investment fund focused on blockchain projects
INBlockchain- is the most influential investment group in the Chinese blockchain space.
Link VC- leading crypto fund which aim to incubate the most creative and game-changing companies in the blockchain industry
Daniel Yang (General Partner of SAIF Partners)
Qi Yujie (Former CEO of DOMOB, former Senior Technical Director at Baidu, responsible for the R&D of Baidu Tieba, Fengchao and Zhidao)
Lucas Lu (Founder of 5miles and Cybermiles, First GM of Alibaba’s Taobao Mobile platform, Co-founder and CTO of Light In the Box)
The founding partners:
Lin Yingming (first CTO of Thunder, Founder of Kuailexue, former Research Consultant at Tencent, Senior R&D staff at Baidu)
Xu Lin (former Technical Director of Zuiyou, former Technical Director of Sogou Image Search, continuous entrepreneur (Moving Cloud Architect, CTO of Ixianxia, Founder of Flower Baby Album, CTO of emotional community Zuoyou)
Wang Pan (former Product (Community Department) Director of Zuiyou, former Data Product Director at AMAP, Social Product Director at UMeng, Founder of Flower Baby Album)If you are interested in blockchain and crypto then this is the ideal app to gain and share knowledge while keeping updated with latest trends. You download the Pivot APP on the Google play store or Apple iOS store.Written by : Nick Name :-Kumar Chandan Priydarshi
ZID :- 136096160
submitted by KUMARCP to u/KUMARCP [link] [comments]

A native Chinese' interpretation of latest TV program from China

http://v.baidu.com/kan/tvshow/?id=1650&site=&n=20140111&url=http://tv.cntv.cn/video/C10329/61f395422e384964b13e7d3140930cbb#frp=v.baidu.com/v
My interpretation of how Bitcoin was portrayed in the program coming from a native Chinese speaker:
Bitcoin is a high stakes game. That's all it is. They highighted a few individuals. One was someone who bought at the top with all his savings and capitulated and sold at the bottom - citing many others who did the same. Wretched impact on these families. A businessman got into selling Bitcoin mining machines and after the price collapse, many customers returned or cancelled their orders forcing this businessman to lose his entire year of profits that he had made on Taobao from his main cosmetics business. OKCoin saw their customer base double from 60,000 to 120,000 during the boom and then saw volumn collapse after the government laid out their measures. Lastly they cited how many students and young people lacking in life experiences and trading experiences had borrowed money from their friends and put it in Bitcoin, and now cannot get the money out from the exchanges to return to the other students. This supposedly led to life threats and violence. This is especially bad, as we are approaching Chinese New Years and so many people have suffered from this wild game.
Almost no mention during this video about anything to do with the lower transaction fees and how it can help merchants save. They also did not mention the technological innovation that is the blockchain. Of course, the program did not mention the ability to send money privately to anyone and anywhere in the world. As for the government's own measures taken, they tried to play it off as the government doing it's job to protect its people's interests. To support their position, the program cited that Thailand had banned it, South Korea heavily warned against it, and India had taken measures against it. A fascinating can't keep your eyes off of it game they called Bitcoin and it was the mania of 2013 because of its extreme volatility and tempting price action. We should feel sorry for the people's losses and the state is doing the right thing to prevent such tragedies in the future. No mention of anything other than this is one big game. Bitcoin buyers were described as 'players' of this addictive game but that the real consequences were tragic.
TL;DR: In the states at least the media joke about whether it can replace the USD or make the Fed nervous. In China, the preferred strategy seems to be to make it seem like a virtual game.
submitted by Jackcliu to Bitcoin [link] [comments]

Answer to "What will the China government do to bitcoin?"

https://bitcointalk.org/index.php?topic=406637.0
The transcript below is by user Zhangweiwu on Bitcointalk. He is a Chinese citizen currently living in China. He has written several lengthy posts about the sentiment, mentality, politics and culture regarding bitcoin in China. Feel free to look up his post history to find his other insightful posts.
What will the government do to bitcoin?
Short answer: it will not declare a war against bitcoin but cripple bitcoin operations in China.
The recent 31st Jan ban is resulted in a typical Chinese way, a funny way to many of you. As reported in Chinese (source forgotten), the central bank organized a meeting with online financial service providers, and say: "we (and the government - central bank belongs to the government here) are concerned, please tell us what you are going to do to make sure our bosses are not worried' and the result is the 31th Jan ban. It is like a result of a negotiation, but unlike business negotions where people reach agreement through compromise, this one is a competition of obiedience, of willingly doing something without having to be ordered so, of good understanding of the government's intention. And what is government's intention? The government representatives perhaps had no intention from their bosses at all, except that they should see players docile (and they did). They want players evaluate the situation and do the right thing, despite they lack the knowledge of what is the right thing to do. Taobao's ban of 'anything related to bitcoin' was not required - Central Bank's opinion hasn't changed from considering bitcoin a tradable commodity yet - but a powerful man like Ma Yun wouldn't run away from this little docility contest, knowing the government reward most-docile players with a listening ear and free hand.
So no itention of our government is revealed through the meeting, only the intention of online e-commerce players are revealed: they intend to follow the no-ideaness of the government.
Although we do not know the government's intenion at the moment, it is more or less predictable in the future. Our government is not skillful at deliverying the right message to financial market. Its messasge towards bitcoin is now mis-interprated as "strong opression", like it was mis-interprated before. The market follows and shifted away from bitcoin. This has the effect of driving away the good money (bitcoin) and introducing the bad money (Chinese imitation coins, see my last post). Following the crash of a few bad moneies, the government identify crypto-currency as weed ('weed' is used in my other post, read it for culture background), and strongly oppress it. But, gov't won't declear a total war against Bitcoin - by listing something as enemy and not being able to crash it, goverment risk losing authority, and our government isn't sure about this "enimy" yet - when they do, they find it difficult to kill an idea. Anything that makes it insignificant, e.g. crippling the trade or forcing it into black market, would be their choice of action.
Bobby Lee of BTC China is trying two things. First is to stablize the market to buy some time for the government to make their decision (when the government is probably not least concerned with that!), and second is to do everything appear docile, hopefully more docile than online e-commerce companies, by self-regulating without regulation rules: "we are not bad seeds, let us grow, we will show that we are not weed". He for example introduced liquidity rebate for both purposes. He won't be successful on the first goal, because Huobi and dozens of Chinese-imitation-coins are doing the opposite, using the opportunity to take turf and keep it burning high (huobi means "fire coin"). He probably will achieve the second goal, and he hopes huobi's odorous marketing becames its bane, bad enough to make huobi insignificant but not that bad to beget a procrustean rule that cuts himself too.
So when will the government make a new decision? It probably is made. Recent news towards bitcoin are hasherer and hasher, as 5th Dec ban interpreated each time stricter than before. This often happen when a higher leader makes a different decision. I am not sure if it is easy to understand for western audience, so I will go through the trouble this time and explain with an mini drama I just improvised:
submitted by yomofos to BitcoinMarkets [link] [comments]

Self-censorship is why Baidu stopped accepting bitcoin

There is now an ongoing debate about whether bitcoin is banned as payment or not in China. here is my take:
It's still a gray area.
So why Baidu stopped accepting it? Because of self-censorship. For you westerns to understand this you need to understand the "river crab culture" http://en.wikipedia.org/wiki/River_crab_(Internet_slang) .
All contents on Chinese internet are self-censored. there is never an official notice about what words are banned, but every website have their own list. How do they make this list? some of them are common sense, like "64" June 4th or the name of the guy who won Noble Peace Price. others can be from a direct phone call from some officer. If your website is deemed to be not clean, then can just shut down the server. Then you move your sever abroad? then you get GFW'ed.
Baidu is just applying the same mentality to Bitcoin, The Party said it's dangerous, and we don't know it'd be deemed OK or not, Then we shouldn't risk it: what we could gain is little but what we could lose is a lot.
You really need to understand this is a different the society, there are grey areas everywhere. Recently the Premier said to Jack Ma, the boss of Alibaba.com and Taobao.com, publicly that, "Comrade Ma, according to the regulations, your companies(those that sell stuff on Taobao) were illegal, ..., they are now legal with our now regulations." http://www.techweb.com.cn/internet/2013-11-10/1354786.shtml
Don't be surprised, these are just how things work. Bitcoin will be endorsed if it helps the economy just like Taobao, on the other hand, if it endangers the regime, it'll be kill without mercy, at least they'll try.
Edit: fixed the river crab link; added google translate link for the Jack Ma news.
submitted by oxfeeefeee to Bitcoin [link] [comments]

Alibaba’s Taobao bans cryptocurrency and ICO services on its platform

Taobao, popular Chinese e-commerce site and a subsidiary of Alibaba Group, will ban the listing of services for cryptocurrencies or ICOs. The e-commerce giant updated its policy to “increase control of derivative services of digital products generated based on blockchain technology.”
https://preview.redd.it/ctqs2xti1gx01.jpg?width=810&format=pjpg&auto=webp&s=cd944814fa8fd6339822a8d66ba66260790a9c05
The Hangzhou-based company already had in place a ban on cryptocurrency miners and mining consultations. The update “changed the explicit definition of the scope of virtual currency generation.” This means that any product or service that relates to a virtual currency generated on a blockchain. This includes the sale of assets or tokens generated through blockchain like those for blockchain games and other utilities. The ban also includes services like marketing, consultancy, and business planning; as long as it has to do with cryptos or Initial Coin Offerings.
The new rules which Taobao says is “to standardize the market management order of Taobao’s online shopping platform” will take effect on April 17th, 2018. The company has followed in the footsteps of Facebook, Google, and Mailchimp who have all announced similar bans in recent times. The company based its ban on the prevailing laws in China which does not encourage cryptocurrency-related activities. The rule read:
“Taobao will follow the relevant laws and regulations of the State and stipulate the rules governing Taobao’s ban on the sale of goods. The relevant terms of the interpretation are changed.”
Along with the new regulations, the company often called the eBay of China stipulated various penalties for those who violate the rules.
The extension of the ban is somewhat surprising given that neither China nor parent company Alibaba has moved against blockchain operations. On the contrary, Alibaba is leading efforts in blockchain research and development showcased by the record number of blockchain patents they boast of, second only to Peoples Bank of China. The Chinese government on their part recently added to a $1billion blockchain fund.
Source

#Cryptocurrency #ICO #Blockchain #TokenSale #daico #w12 #Token #AI #coin #bonus #platform #bitcoin #ethereum #crypto #currencies #project #marketplace #cryptotrading #icoinvest #iconews #technology #platformmarket #China #Alibaba #Taobao

submitted by W12io to u/W12io [link] [comments]

MAD Doge - Market Analysis 1/10/2014 (Afternoon Edition) Sell Doge - Make Money

"When you live life fast, there's only one thing left to do, that's crash."
Applicable even to Markets, when the market jumps up too severe, there will be a drop in price that will be a little shocking at first. These are only growing pains of a great currency. Before we jump into it, let's cover some news.

DOGECOIN GONE GLOBAL

A Bird in the Hand is worth 2 in the bush

Where is it heading?

I'd like to continue, but a lot is happening and this was written up 3 hrs ago, I'm posting now since Cryptsy stopped their Doge Exchange.
I wouldn't recommend pulling all your doges out since this may cause problems. Here is Cryptsy's response what likely occurred was too much awesomeness.

UPDATE: Dont Worry about your Doges, I removed some from Cryptsy and they all showed up, it's fine.

Apologies if this isn't up to our usual standard, I'm balancing work on improvements as well as trying to write 1-2 of these per day.
submitted by DRKMSTR to MADDOGE [link] [comments]

China Banned Again. banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15.

http://finance.sina.com.cn/money/bank/bank_hydt/20140327/092518630481.shtml
Prohibit financial institutions from the Central Bank of Bitcoin transaction services At 9:25 on March 27, 2014 Financial Industry observation
Caixin reporter Zhang Yuzhe Li Xiaoxiao \ text
Late last year to prevent the continuation of bitcoinRisk, Prevention of Money Laundering regulation No. 289 Wen ideas, China's central bank [microblogging] again stressed banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15. Central Bank spokesman told reporters confirmed the new fiscal policy trends.
Caixin reporter confirmed that the central bank branches to the central bank issued a report entitled "further strengthen risk prevention bitcoins work notice" (the "Notice") in mid-March, the document requires banks and third-party payment institution, shut down all trading accounts within the territory of more than a dozen Bitcoin platform. This means that financial institutions trading account opening Bitcoin website platform is not legitimate unless cash transactions, investors not to bitcoin bank transfer transactions in China, third-party payment, unprecedented intensity.
"Notice" requirement that all commercial banks and third-party payment agencies to close all accounts of these platforms, the deadline is April 15. Before this deadline, these accounts can still withdraw cash, but can not recharge. Overdue closed, the central bank will be punished. In addition, the central bank also asked the Association to continue to track the payment and settlement platform recharge means change, and timely notification to commercial banks.
After the central bank in March, "notice", all Bitcoin website company can open a bank account, while using personal accounts recharge once found will be banned. Also means that, after a grace period of April 15, bitcoin site to the customer no longer has legal access to cash.
The document also contains the name of a Bitcoin China (BTCChina), fire currency network, OKCoin currency transactions and other 15-bit platforms, including the list (see below). Awareness among China's three highest Bitcoin Bitcoin platform for China (BTCChina), OKCoin and fire currency net. Bitcoin China was founded in June 2011, was the first carrier in China's trading platform, is China's largest Bitcoin trading platform, trading volume is also the world's first.
Not long ago, the world's largest Bitcoin trading platform Mt.Gox therefore internal mismanagement and collapse of the world's three largest trading platform for bitcoins Bittamp, Bitfinex, btc-e.
( 6.2119 , 0.0025 , 0.04% )
Although this case has been tightening policy environment, disease Bitcoin prices rose again, to March 5, again to 4068. In mid-March after the central bank notice came down again, to March 27, each costing Bitcoin China price is 3561 yuan.
Bank exit deadline
March 24, a Beijing-based small Bitcoin Exchange Vircurex announced a freeze on all accounts. But March 36 date, the aforementioned list of two bodies, both to the new financial reporters that the central bank did not receive notification.
March 19, online news that "the central bank ban Bitcoin trading platform" message. March 21, fire Wright currency currency net price from 100 dollars all the way down to a dollar.
In this regard, the central bank released the same day official microblogging microblogging called "'4 before April 15 to stop all Bitcoin transactions' is untrue, the People's Bank [microblogging] Bitcoin has been the attitude of the People's Bank and other five ministries in the "About Prevention Notify Bitcoin risk "clearly expressed."
However, according to the new financial reporter confirmed that the central bank "notification" true. Just the wrong time news spread that the central bank is not prohibited Bitcoin trading platform, but prohibits banks account for the Bitcoin trading platform, payment, clearing and other services. Central Bank official microblogging day of suspected Oolong, because even within the central bank, then understand this "notice" the presence of people is very limited.
The industry believes that if "notification" message once open fire coins network "1 per incident" fear will again be staged, including bitcoin, Wright coins and other virtual currency will be subject to a significant impact on prices. Currently, China is the world's largest virtual currency market, to a certain extent about the virtual currency prices. To Bitcoin, for example, is currently China accounted for 60% of global bitcoin trading volume. In April 2013, this proportion was only 10%.
Insiders said that if the commercial banks and third-party payment agencies to close all accounts of these platforms is in effect in the territory of those platforms requires close. "In this case, the platform is only one way out, the platform is completely moved abroad to connect third-party payment and banking abroad, but China only provides for an annual equivalent of $ 50,000 convertible currency per person, so that, Those one million domestic large customers would not be able compliance traded. "insiders said.
Man modest 289
Industry insiders said the "notification" of the regulatory requirements had 289 text the same strain, but the text is more stringent than the 289. In the industry view, the text milder No. 289, and the "notice", "blocked Bitcoin existing recharge channels, completely cut off the funding chain Bitcoin transactions."
October 2013, Bitcoin trading platform GBL responsible with money running, involving the loss of more than 30 million yuan of funds. This is the first piece from the domestic platform bitcoins fraud outbreak is believed to directly promote the introduction of 289 packets. December 5, 2013, a line of three and the Ministry will jointly issued the relevant documents to prevent Bitcoin risk that 289 packets. 289 paper defines the nature of Bitcoin is a virtual goods, not the true meaning of money. Requires financial institutions and payment institutions shall not, directly or indirectly, to provide customers with bitcoin other related services. No. 289 Wen said bitcoin belonging to a particular virtual goods market because of its small capacity, with anonymity and without geographical restrictions, there may be a higher speculation, money laundering risk, there may be criminals use.
No. 289 issued after the text, contact Bitcoin transactions between third-party payment platform and is cut off. In China, for example bitcoin, you need to recharge the users on the platform through Taobao [microblogging] channels such as electricity providers looking for distributors to purchase the platform recharge code, then buy a few yards after the recharge to the trading platform A code number is equivalent to a dollar. Equivalent to the use of third-party payment from - transfer "user platform" to "user - recharge codes Agents - platform" to achieve. Taobao January 7 night announcement, announced moratorium from January 14 Bitcoin virtual currency Wright currency and other commodities such as Internet
But the banks are not constrained by the text of the 289 current users can still bank card cash withdrawal from the trading platform. In other words, the bank account for the Bitcoin website direct services for the company, to account for the indirect recharge code platform services.
No. 289 Wen did not scare venture interest in Bitcoin trading platform. Just after the document issued shortly Bitcoin trading platform OKCoin completed the ten million U.S. dollars level A round of financing, investment institutions, including Ceyuan, Man Figure capital, entrepreneurial workshops and so on. Fire is also underway ten million U.S. dollars net currency class A round of financing, has signed a letter of intent, the investor does not open, but industry speculation is Sequoia Capital.
Currently, there are a lot of bits online currency trading institutions, to accept bitcoin exchange and legal tender. China also appeared in a number of trading platforms, the number of participating Bitcoin transactions are increasing. But these trading trading platform is also being in a gray area unsupervised. Bitcoin trading platform currently has more than 10, the vast majority of sites regarded domain name server set up overseas, there is no record.
Insiders said before mid-2013, all domestic bitcoin platforms are not registered company, through a personal account transactions. After mid-2013, several large platforms have been registered company, business license content for the "Internet hardware and software development."
At present, Germany has clearly Bitcoin legalize the birth of Canada's first Bitcoin ATM machine; birth of the black market in order to avoid similar electronic cash economy, the IRS recently for the first time to determine the substance of bitcoin property for regulated stock rules and barter transactions.
Bitcoin in China is an increasingly popular investment products, from five ministries "289 text" to the central bank in March, "notice", the Chinese government's current measures, apparently to prevent Bitcoin transactions become huge foam. But the implementation of these provisions ultimately how the situation is still difficult to say. ■
PS: be required to terminate the existence of institutions with banks and third-party payment account transactions Bitcoin trading platform has the following 15:
Bitcoin China (BTCChina)
Fire currency net
Okcoin
Fxbtc
Bitcoin trading network
China bitcoin
btc100
Bit children
808 bitcoins
Bit Era
Cattle currency net
Bitcoin International
Bitcoin days
42btc
btc star
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