Quote from: aminorex on April 15, 2014, 12:08:02 PM

Quote from: JorgeStolfi on April 15, 2014, 11:55:30 AM

In spite of what the CNBC article says, there has not been, to my knowledge, any denial by PBoC of the Caixin article. Bobby Lee did not say that (did he?). If there had been such a denial, it would be in block letters all over the place. I found no new announcements on the Huobi and OKCoin websites. (Are there any?)

On the contrary, it seems that all major Chinese exchanges except BTC-China have had at least one bank account closed to client deposits, and they remain closed. However Huobi and OKCoin still have accounts on other banks that (according to the exchanges) have not yet received any orders in this regard.

One of the two banks used by Huobi that did block client deposits has set an April 18 deadline for blocking withdrawals too. So the only part of the Caixin report that was proved wrong, so far, was the date of the final deadline (which Caixin reported as April 15).

The market may be assuming that the bank situation will not get any worse. If that is the case, all exchanges should be able to function normally. (As long as they have one bank account open for deposit, the closure of other accounts should not make much difference, should it?)

We'll see.

What your comments suggest to me, Jorge, is that my initial reading of the December announcement was correct, and the consistent content of all the official statements of the PBoC confirm, that there is no prohibition on banking relationships with exchanges in China. The restriction is on banks taking on exposure to BTC, meaning they cannot have risk positions in BTC, nor can they denominate accounts in BTC.

As all the fear mongering is rendered foolish, the result may be that every auntie and grandmother in China buys a bitcoin for the baby. About 200 million out of perhaps 200,000 floating bitcoin.

The July bubble may be a second China bubble.

The December bubble will be the ETP bubble, and much larger.

And that would make so much more sense than "dont let our folks get them western bitcoins", since they are mining the shit out of them already, and it would be a wise move to keep the banks out of risk considering recent loan crisis that can still escalate

Zule

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