Topic: Hypothetical seizure of exchange BTC by PBOC (Read 478 times)
The people bank of china has a very big interest on bitcoin and other cryptocurrencies, that is the reason why their doing everything possible to establish control over the price of bitcoin. My insight is this, bitcoin is going to be a forces to reckoning with in some years from now and the world powers are doing everything possible to establish their control over it. China, Russia and united states of America including Japan are all interested in bitcoin mostly importantly because of the acceptability of it all over the world.
why are you guys giving weird information and making weirder assumptions here?!!
A lot. According to Bloomberg[1][2] the yuan accounted for 98 percent of bitcoin trading in the past six months so If that ever happens , It definitely won't be beautiful.
the answer to OP's question is unknown and there is no way we can possible know that for sure.
what you are showing here is trading volume not how much they are holding. for example if you sell 10BTC at 5050 CNY and buy it back at 5000 CNY (zero fees both ways) the volume exchange reports will be 20BTC and so on. but exchange after this has 0 bitcoins and do this 50 times * number of traders doing this. and i am not factoring in the fake volume they report. (and remember there is 16M coins in total and they are reporting 200M)
you can however check https://www.walletexplorer.com/ for the wallets associated with these services and interestingly enough
huobi has 1415BTC
OKCoin has less than 100BTC
bitstamp has 4100
(although you have to do more analysis to find out the real balances the above are just a quick look)
how?
lets assume government seizes the bitcoins on these exchanges and they have 98% or whatever crazy percent people think these days. then who has any bitcoin left to dump? lol
How many total BTC are held by Huobi, OKCoin, and BTCC?
A lot. According to Bloomberg[1][2] the yuan accounted for 98 percent of bitcoin trading in the past six months so If that ever happens , It definitely won't be beautiful.
the answer to OP's question is unknown and there is no way we can possible know that for sure.
what you are showing here is trading volume not how much they are holding. for example if you sell 10BTC at 5050 CNY and buy it back at 5000 CNY (zero fees both ways) the volume exchange reports will be 20BTC and so on. but exchange after this has 0 bitcoins and do this 50 times * number of traders doing this. and i am not factoring in the fake volume they report. (and remember there is 16M coins in total and they are reporting 200M)
you can however check https://www.walletexplorer.com/ for the wallets associated with these services and interestingly enough
huobi has 1415BTC
OKCoin has less than 100BTC
bitstamp has 4100
(although you have to do more analysis to find out the real balances the above are just a quick look)
~ Probably the biggest instadump ever.~
how?
lets assume government seizes the bitcoins on these exchanges and they have 98% or whatever crazy percent people think these days. then who has any bitcoin left to dump? lol
It is unlikely that the Chinese government would be able to seize the Bitcoin contained in any of the Chinese exchanges because I believe that they have their cold storage private keys stored in various countries (and iirc, entire private keys are not stored in any one place -- at least for OKCoin).
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
What price freedom?
The Chinese government might be able to wipe the hot wallet and possibly some percentage of cold storage though.
It is unlikely that the Chinese government would be able to seize the Bitcoin contained in any of the Chinese exchanges because I believe that they have their cold storage private keys stored in various countries (and iirc, entire private keys are not stored in any one place -- at least for OKCoin).
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
What price freedom?
It is unlikely that the Chinese government would be able to seize the Bitcoin contained in any of the Chinese exchanges because I believe that they have their cold storage private keys stored in various countries (and iirc, entire private keys are not stored in any one place -- at least for OKCoin).
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
The Chinese government might be able to effectively shut down the Chinese exchanges and make it very difficult for customers to withdraw if their employees and Chinese located servers are being held.
To answer your question I would give a guesstimate that each Chinese exchange hold hundreds of thousands Bitcoin if not a million plus Bitcoin (a million bitcoin is probably a little on the high side though)
How many total BTC are held by Huobi, OKCoin, and BTCC?
A lot. According to Bloomberg[1][2] the yuan accounted for 98 percent of bitcoin trading in the past six months so If that ever happens , It definitely won't be beautiful.
[1] https://www.bloomberg.com/news/articles/2017-01-06/bitcoin-buyers-eye-beijing-nervously-as-prices-slide-from-record
[2] http://data.bitcoinity.org/markets/volume/6m?c=e&r=week&t=bar
Yep, if the chinese government decides to confiscate the bitcoins from all the exchanges, that would be a sight to be reckoned with. Probably the biggest instadump ever. Let's just hope that it never happens. What would the chinese government achieve with that? They would lose their positon as top bitcoin country and some other country would take the deal. Let's hope they are not that dumb.
OmegaStarScream, many thanks for that info.
My first order estimate is a PBOC seizure of the top three exchanges would result in PBOC owning 25% of all BTC.
My first order estimate is a PBOC seizure of the top three exchanges would result in PBOC owning 25% of all BTC.
How many total BTC are held by Huobi, OKCoin, and BTCC?
A lot. According to Bloomberg[1][2] the yuan accounted for 98 percent of bitcoin trading in the past six months so If that ever happens , It definitely won't be beautiful.
[1] https://www.bloomberg.com/news/articles/2017-01-06/bitcoin-buyers-eye-beijing-nervously-as-prices-slide-from-record
[2] http://data.bitcoinity.org/markets/volume/6m?c=e&r=week&t=bar
How many total BTC are held by Huobi, OKCoin, and BTCC?
Jump to: