Breaking News! PBOC inspects Chinese Bitcoin Exhcanges

LeGaulois

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Quote from: franky1 on January 11, 2017, 03:29:05 PM

Quote from: ?? on ??

yes, and guess what

Their attack on BTC will serve nothing but to show to the world that they themselves are in fear. Furthermore, the crypto community will respond appropriately and move out of their grasp. Next, cryptos will grow in other nations, eventually catching up to China and causing China a huge disadvantage for having been so stupid as to attack cryptos. BTC will flee china temporarily and be harder to get back.

Quote from: olubams on January 11, 2017, 02:53:57 PM

And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

Any nation with a brain will grab hard to get cryptos into their borders now. All economic models heretofore are outdated. That means that PBOC is making decisions based on a jurassic economic model LOL

they are not in fear...

seriously calm your mind. try researching rather than speculating.
china dont care about the money supply in regard to bitcoin.. for every buyer there is a seller.. so the chinese money circulates the exact same as someone buying a loaf of bread. the fiat does not evaporate. it just moves from a buyers to a sellers account.

all that ultimately changes is whos holding the fiat..

china is just doing what it does to ALL financial firms.. it periodically does routine checkups to ensure the business is working within its scope. and periodically informs the nation that trading and investment is a risk.

it does not matter if it is an asset commodity stock or share or forex.. the PBOC drama is the same for all financial services.
its nothing special about bitcoin

seriously calm your mind. try researching rather than speculating.

fear may be an exaggerating word but one truth is:
BTC enables the retention of capitol into China right now .. just the exact opposite of what PBOC guys are thinking

Xircom

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Well spoken Franky1,
This shit happens all the time and as well for EU exchanges and I think it is healthy that some of the big piles of BTC in china is distributed by massive sales.
Time to suck up some cheap BTC :-)

franky1

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Quote from: ?? on ??

yes, and guess what

Their attack on BTC will serve nothing but to show to the world that they themselves are in fear. Furthermore, the crypto community will respond appropriately and move out of their grasp. Next, cryptos will grow in other nations, eventually catching up to China and causing China a huge disadvantage for having been so stupid as to attack cryptos. BTC will flee china temporarily and be harder to get back.

Quote from: olubams on January 11, 2017, 02:53:57 PM

And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

Any nation with a brain will grab hard to get cryptos into their borders now. All economic models heretofore are outdated. That means that PBOC is making decisions based on a jurassic economic model LOL

they are not in fear...

seriously calm your mind. try researching rather than speculating.
china dont care about the money supply in regard to bitcoin.. for every buyer there is a seller.. so the chinese money circulates the exact same as someone buying a loaf of bread. the fiat does not evaporate. it just moves from a buyers to a sellers account.

all that ultimately changes is whos holding the fiat..

china is just doing what it does to ALL financial firms.. it periodically does routine checkups to ensure the business is working within its scope. and periodically informs the nation that trading and investment is a risk.

it does not matter if it is an asset commodity stock or share or forex.. the PBOC drama is the same for all financial services.
its nothing special about bitcoin

seriously calm your mind. try researching rather than speculating.

Isildur23

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Activity: 178

Merit: 100

This reminds me of 2013 when after the news from China, everyone here was like "this is actually a good news, they give it a legal status..blabla", while the price kept sinking days, weeks and months after that.

PBOC is investigating the biggest exchanges in China, which have been showing an insane volume, have driven the price in all kinds of directions at random times and have been promoting bitcoin in China, while the PBOC is doing everything possible to prevent capital outflow! What could possibly go wrong?!?!

Who is actually spreading FUD? One of the exchanges say they were "discussing" with PBOC... wtf?! They were not discussing, they were being investigated!

They also said "stay rational"? What is rational? To buy bitcoin now and pray all gods that the PBOC won't find anything suspicious and they will just say "Everything is fine, you can just keep on doing what you are doing, keep buying bitcoins while we try to stop capital outflow at all costs"? Really?!

PBOC have already prohibited all promotion of bitcoin as an alternative to their currency, which was the reason why price went up on the first place. What do you expect now? PBOC blessing bitcoin?

olubams

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And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

franky1

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Quote from: ?? on ??

BTCC has an official license, making their operations perfectly acceptable. However, it seems the PBOC is mostly interested in potential market manipulation and “cooking the books.”

yes its a regular/routine checkup..which is part of their licence agreement

its not raiding an unlicenced exchange.. hence all this drama is FUD

strasboug

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Not a bad news, Chinese try to hide their money in bitcoins due to the money export restrictions. The government will look into that for sure. This will make the bitcoin market healthier.

TKeenan

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Quote from: BitcoinBarrel on January 11, 2017, 08:46:28 AM

Chinese speculators are probably selling do to fears of fraud, fines, etc from the investigations.

Price will rebound, and non-believers will be punished.

Punishment is good. I hope they do it with a cane.

royalfestus

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Is not a reason to worry, it will always find its balance. The loss of over $136 dollars value in a week due pronouncement in a country show what centralization could cause.

1Referee

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I don't understand why people get so upset or surprised by happenings as these. It has been part of the Bitcoin market since the very beginning. This is what traders look out for, and where rookies get seperated from well minded investors. Instead of complaining about something you can't do anything about, use it in your advantage to either buy back the coins you sold far above current levels, or to trade this volatility where there is a good amount of money to be earned. After a few days when the market calms down, people will realize that their panic selling reaction was completely useless as it costs them only money. Expensive lesson.

FaucetRank.com

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Quote from: xuan87 on January 11, 2017, 07:10:54 AM

this is really a bad news, most of the user is from china and with this case it will affected the transaction and the usage of bitcoin, if the government keep on interfering bitcoin problem, then we will see the lower transaction flow and the price will go down, hopefully the case will finished soon and not causing any big harm to bitcoin

As far I know government cases do not finishes soon it will take adequate time to investigate. We can only wait or watch and other alternate option is invest in alt coin that has lot of potential so losses due to Bitcoin price fall can be avoided.

Juggy777

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Chinese what's wrong with them, why mess around and why do it now, there's more than that meets the eye. Possibly all the data will be able to revealed and this data could be hacked, or these people have sold the coins at a high price and now want to break btc price by doing such a act. For btc sake I do hope the exchanges come out completely clean cause this could start a precedent and suddenly we realize all countries doing this.

IIOII

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China's main concern and motivation behind this inspection is clearly capital flight. Oppressive governments just don't like if people decide to opt out of slave money. If the exchanges are allowed to continue operation, significant surveillance measures will likely be put in place.

Hopefully, users will learn from that and engage more in P2P trade.

BitcoinBarrel

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Chinese speculators are probably selling do to fears of fraud, fines, etc from the investigations.

Price will rebound, and non-believers will be punished.

franky1

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"chinese" exchanges have been in constant communication with PBOC for years.

this topic is exaggerating a 'routine' inspection by regulators* into something sounding more like a raid.
it is not a raid. its just a routine inspection

seems like the OP wants to cause drama to cause some speculation and another discount day to buy in cheap.
and when people wise up to the truth and price then recovers, the OP can sell for profit.

*(yep many finance firms in fiat, asset and commodities get these as something treated as normal processes)

Quote

The operation is focused on checking whether the company is operating beyond its scope

BTCC for example has a regulatory agreement of what its business will do (scope of business).
the regulators are just doing a routine inspection to check

drama over

tip: this is temporary speculation drama. do not consider it a panic moment to cry about losses, consider it a discount day to increase holdings cheaply

kumax

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Quote from: BillyBobZorton on January 11, 2017, 07:05:02 AM

Im sick of the damn chinese government causing ups and downs within the bitcoin market. Everytime the PBOC says whatever, no matter the fuck they say it's always the same shit: price moves. Even if all they say is "hey bitcoin is volatile" then that creates volatility itself. It's really depressing, but we can't do anything about it until the marketcap is way bigger.

In ideal world, this shouldn't happend. Undecided

One of the biggest advantages of bitcoin should be its decentralization, but as we can see, nowadays bitcoin is most influenced only by one single market.
On the other hand - to those who complains its chinese fault that bitcoin went down - without chinese miners and holders, the price wouldn't be so hight.. there are always two sides of one coin. Wink

Xester

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Several issues already are being thrown to China. The huge bitcoin hype increasing the price then suddenly a huge price deflation occurs and it was all traced back to China. With these reports coming the PBOC is forced to check the Chinese Bitcoin Exchangers. This is actually a good news its because if this inspection will not be done by the PBOC sooner or later bitcoins reputation will be largely affected.

NeuroticFish

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Quote from: European Central Bank on January 11, 2017, 07:46:33 AM

Quote from: Isildur23 on January 11, 2017, 06:12:17 AM

This is not good at all Embarrassed

yes it is. the sooner china is either wiped out or brought to heel the better. there's no way bitcoin can reach its proper potential when it's controlled by fictional casinos. there'll be short term pain but long term it's the only way.

I agree. Better check now than end up with yet another MtGox.
Even if - speculation or not, related to this or not - the price is falling rapidly. But I am confident it will come back. The target is over 1k at the end of the year, right?

European Central Bank

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Quote from: Isildur23 on January 11, 2017, 06:12:17 AM

This is not good at all Embarrassed

yes it is. the sooner china is either wiped out or brought to heel the better. there's no way bitcoin can reach its proper potential when it's controlled by fictional casinos. there'll be short term pain but long term it's the only way.

jacaf01

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There are two ways to look at this short term it might hurt but on the long run it is better, if there is market manipulation they should be punished for it, it is just that Bitcoin is caught in the middle of this mess. The price is now below $800 in some CHinese exchanges

Topic: Breaking News! PBOC inspects Chinese Bitcoin Exhcanges (Read 1568 times)