This week´s rumor “China Bans Bitcoin”

During this past week the bitcoin world was dominated with speculation around a new “report” that was published in many major media sources but never confirmed by the chinese goverment. “China´s central bank tells banks to close all accounts related to bitcoin by April 15th” that would mean that if you are running an exchange then you could not get a bank account. A defaco end to chinese bitcoin excchanges is and was the speculation. This started a sell off that started slowly and reached it´s “low point” on Sunday when the price went below 450$ across most exchanges.

The rumor still has not been confirmed and it might not be for some time. China is ripe with bank runs, in small cities (small for China) there have been bank runs in the past weeks. With a big rulling -against- bitcoin the goverment would be advertising bitcoin to many people looking or a way to get funds out of the country. China has a history of strictly regulating the flow of funds in and out of it´s boarders and is still trying to figure out what to do in regards to bitcoin. An all out ban might be counter productive and perhaps we are seeing a kind of hush hush way of implementing a defacto ban on bitcoin exchanges. The exchanges themselves have not been notified by the authorites, however that does not rule out that the banks have been contacted and that the exchanges will be contacted in the future. In a reaction to all this the exchange BTC-E has added Yuan “offshore yuan”.
China bank runs fuel bitcoin ban

What will happen in April? More Chinese bank runs? An outright ban on Bitcoin? Chinese exchanges moving to Hong Kong?

BTC-E adds YUAN Trading Pairs BTC/CNH LTC/CNH USD/CNH

“We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols: USD/CNH (available on WebTrader only), BTC/CNH, LTC/CNH”

During the current Fear Uncertiny and Doubt regarding a supposed “China ban on Bitcoin” BTC-E has taken a big step forward and added 3 Yuan based trading pairs “offshore yuan”. This would enable Chinese that wish to depost Yuan to BTC-E to be able to trade for Bitcoin and Litecoin and other altcoins at BTC-E. Maybe this will put an end to easy merket manipulation. Right now just start a rumor with the word “China” in it and ddos a few exchanges in order to instill market fear and panic. Time will tell if this will increace the volume at BTC-E or not.

How to lease a mining rig at leaserig.net

Lease a mining rig
LeaseRig.net
altcoin mining but dont have any gear? Not sure about investing in gear that will be useless in a few months? Then try out Leaserig.net. It is easy to get started and you can mine bitcoin as well as altcoins: Scrypt, Sha-256, Sha-3, Scrypt Jane, and Darkmix.

Here you can see a list of mining rigs offered. You can use the menu to choose which type of contract that you would like. Simply click on the algo that you want and you will see a list of offers. The prices are listed in cost per Mega Hash- per day. So if someone has a price of 0.0001 BTC and is offering 10 MH then it will cost 0.001 BTC per day of mining. You can use the filter to help you find a contract that will help you get more coins.

You can filter miners geographicly and according to the mininum or maximum hours that they allow per contract. Some miners have contracts starting at 1 hour others only starting at 12 or 24 hours. You want to choose a miner that is geographicly close to your mining pool.

Before you get started finding a contract you are going to need to load your wallet with some bitcoin or dogecoin. Yes you heard right, a lot of miners at leaserig accept dogecoin as payment, you will notice a doge logo in the list of mining rig offers.

Go to my account> BTC wallet or Doge wallet and then press -generate address- . Then send some bitcoin or dogecoin to the address in your wallet. You will only need to wait for 2 confirmations before you can start using your deposit. While you are waiting set up your preconfigured pools.

Go to my account > Pools , there you can add preconfiured pools. Keep in mind that they only stay in your account as long as you have your browser open, when you close your browser then the preconfiged pools go away. Ok now are deposit has been confirmed two times, lets go lease a rig.

This one looks interesting. Click “hire and you can get more info.

The blue line is the speed of the rig. Red is downtime. If you click on the miner name then you get linked to a bitcointalk thread with feedback on this rig. Below the graph you can enter in your pool info. If you have preconfiged pools this is really easy.

Then after you have entered in your pools decide how long you want to hire the miner for. Then click “hire” at the bottom and you are mining!