Topic: Insider: China gov warns citizen about the incoming crack down on exchangers (Read 3483 times)

Transfer your wealth out of China in 5 minutes

http://money.163.com/16/1116/23/C61GN8MO002580S6.html

u guys love to feed the trolls.... im surprised that this thread is still active and not removed yet....

If China restricts bitcoin then this is bad for bitcoins progress. China is a huge bitcoin market and anything they do has a big affect.

cmon lets panic sell everybody so chaser can buy cheap coins... people really think, spreading fud on this forum can crash the price lol...

Just another fud stated, let it happen if that is true but you cant stop us to hold and got huhe belief for the price rise, and surely your thoughs is just only a short simple manipulation to create little mass panic selling if head shakers will sell their coins, but surely those bitfinex issue will not happen again this time or if theres another one exchanger will compromise surely bitcoins price would rise up again since the people adoption are getting more bigger at this time around.

Price crashing? we all see this coming. Chinese Government Plans Bitcoin Cap? Hell yeah.

^^now you convinced me. i will sell all my coins. thank you for warning us. 

More reports and warning today:

http://news.sina.com.cn/o/2016-11-10/doc-ifxxsfip4301214.shtml 比特币变相换汇恐遭限制 bitcoin bypass capital control, it might get limited
http://finance.jrj.com.cn/2016/11/03155121660993.shtml 政府考虑限制比特币变相换汇 China gov considering limit bitcoin for bypassing the capital control
http://epaper.jinghua.cn/html/2016-11/10/content_344422.htm 比特币变相换汇恐遭限制 bitcoin bypass capital control, it might get limited

The crackdown is close..

since when government warns people before raiding them?

fud much.

If bitcoin was being officially banned on X date I think the Chinese would buy like crazy
Bitcoin being legal or not has been highly questionable in China for years and it never stopped anyone buying

the FUD's keep on coming to curb the price growth,this is quite silly to see all these news and the funny thing is the market is moving according to the rumors and that is not a good sign at all for potential new investors 

NO

NOOO

NOOOOOOOOOOOOOOOOOOOOO

China ban bitcoin again

https://www.youtube.com/watch?v=Ry6PpRXk0dQ

 

and btw. if they WOULD reduce the number of BTC leaving the county, that would cause a huge price increase, because most BTC these days are mined in China.  

http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

Yes they can. It won't stop the current users and believers but it'll suppress the interest of many possible future users and almost everyone in China is still a future user.

People often seem to make the comparison with dollars in wobbly economies but that's as close to universal money as possible. Maybe in 20-30 years Bitcoin may have a status not too far off that but much depends on other jurisdictions too.

This is true.
However an official law against the use of Bitcoin would have definitely an effect on it's price, at least for some short term while.
It would mostly be the same as with the prohibition.
The only good thing I can see is that this "strange behaving" chinese online exchanges would disappear. Ok not really. They would just move to somewhere else and continue their business.

The Chinese government can not stop the widespread adoption of bitcoin in China, it's too late for that.

OK - so what are your estimations?

If you take Chinese volumes seriously - then it would be over 40 billion CNY weekly on one exchange.  This is a big if - but it is actually quite reasonable that the Chinese authorities take the official Chinese volumes seriously. So that is let's say $5B weekly per exchange - let's say $20B weekly overall - that is about $1000B yearly - and that is a big number (10% of the Chinese GDP)

But even if you treat the volumes more realistically - then still the authorities cannot ignore it much longer. It is not that important how big it is - what is important is how much common knowledge it is.

China's Bitcoin Miners See Profit in a Bigger-Block Blockchain:
http://www.coindesk.com/china-miners-big-blocks/

Xinhuanet.com is an affiliate site of Xinhua News Agency. It says that in their Wikipedia page - or do you not read so carefully yourself?

Then you haven't read my topic carefully. one site is an affiliate? what a joke.

I see that one site is an affiliate of Xinhua, so you evade my poison dart this time.

let´s just imagine what even the smallest effect on yuan/usd would mean for the price of btc... 

nope, and thats why the chinese government is not very keen about banning btc. until now there is simply no necessity.

the chin gov is keen about the exchange rate between yuan/usd thats all.

edit: like i said

are you suggesting that bitcoin purchases could possibly have a measurable effect on the value of yuan? a currency used by more than a billion people?

no but a crackdown could be even harder to organize for them. chinese folks i had contact with told me their government sucks when it comes to actually manage this vast country, in good parts of it there is basically anarchy.


no big deal. mining power is there cause of low electricity costs. if they go after miners, diff drops and miners in us, iceland, elsewhere get profitable. could even be a good thing as it would certainly mean less decentralization.


fake volume is just that: fake volume.


thats just an assumption. imo chinese exchanges follow western exchanges and not the other way around. but of course no one knows exactly what actual money flows are coming from china.


i guess if save this thread and push it again in one year from now nothing of substance will have happend expect that your account will be abolished at that time. i have seen hundreds of those folks in my years in bitcoin, they die as fast as they pop up. otherwise you could have used your real account, but you didnt. why so? cause you are afraid of ruining your reputation with spreading stuff like that. thats why.

China is not venezuela.
over 85% hash power are located in China.
over 90% trading (fake or not) volume is in China.
Almost every (> 90%) pumping money come from Chinese.
You can't imagine what would it be like when that crackdown action happens. tips: much worse than the Vancouver's Housing Market lost Chinese pumping money overnight with huge sell-off waves.
Since the "warning" are already out, i guess it will happen really fast.

you see the point is, there will be eventually some actions towards bitcoin from the chinese government. nevertheless this topic has been played out ad nauseam, so if it will happen OK, but dont expect anyone to start gettin hysterical about any rumors about it. that credibility is long gone.

additionally to that there exists some valid doubt if and how those "actions" would reflect the price. it could even have an opposite effect just like in venezuela where the government cracked down on bitcoin and even brought miners into jail but the weekly bitcoin volume goes through the roof anyhow.

its just a non-event and fud until actually something happens. any credibility in any kind of such rumors has been lost long time ago.

2013 China clear declared bitcoin is not a currency but a commodity.

On the central bank’s website the People's Bank of China said financial institutions and payment companies cannot give pricing in, buy and sell bitcoin or insure bitcoin-linked products. On 16 December it was speculated that the People's Bank of China had issued a new ban on third-party payment processors from doing business with bitcoin exchanges.

On 1 April 2014 China Central Bank ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks.Trading bitcoins by individuals is legal in China.

And this makes bitcoin completely useless in China and you should be aware of it.
Currently Chinese exchangers are accepting deposits directly via bank wire which was not allowed back in 2013. Those exchangers got their companies bank accounts closed right after the 2013 statement. However they just opened many private personal bank accounts to receive trader's fiat deposit at few months ago. I think such act in violation of regulations will be used in their prosecutions later.

Now comes back to the China is actually beginning to enforce capital controls situation. guess what China gov/central bank will do on them?

you mean just like all the "authority's actions" we saw in 2013/14 after all those leak rumors?

Wrong. Chinese media report on specific bitcoin usage (e.g. single trade of bitcoin, 5m CNY flow out of the country, people using bitcoin to transfer their wealth outside of China etc..) of  bypassing the capital control. You can use google translate to read those Chinese news.

ZH quoted Bloomberg source, Bloomberg quoted Chinese source. Since it comes from Chinese gov & central bank's insider after all.

You will soon see Chinese authority's actions on okcoin,huobi,btcc and so on after all these "news" "leak rumors" aka "warning to their own citizen" are well delivered. Those mainstream media are ministry-level institution subordinate to the Chinese central government, they don't just report random junkies but carefully pick things that the gov want it to be out there. Calling this FUD only make you look like a fool.

you misunderstand how their capitalcontrols are intended to work. they dont just want to hinder that yuan is leaving the country, they want to hinder the EXCHANGE of yuan to other currencies as it undermines their control of the exchange rate. they want to rule over the exchange rate between yuan/usd which is only possible if you forbid everyone to exchange apart from places where they are exactly determine the price.
so bitcoin does undermine this, albeit to a very very minor extent cause its peanuts compared to the overall capital flows.

There is some serious FUD manipulation going on right now.
Do like Public Enemy says-
"Don't believe they hype!"

Those guys at the Chinese government are just stupid... Their so precious Yuan that no one want are staying in the country, just getting from bank account to bank account...

so its basically just an echo of the ZH induced fud that is now finding its way to chinese media

how does one move funds "out of china" via bitcoin? chinese government wants your yuan to stay in china. it is called capital controls. if one buys bitcoin in china @ a chinese exchange the yuan do not leave china. the exchange has it now. it does not matter if you buy a ton of gold and bury it in your garden or if you buy a ton of bitcoin and bury them in the interwebs - no yuan is leaving the country.

only if you read my topic carefully.

Care to show us where young grasshopper, because I looked at Xinhua's site and there's no mention of this?

BTC-E                       $696.2
BITSTAMP                  $703.74
Bitfinex                      $706.62
Coinbase                    $709.1
HuoBi 4747.88             $702.66094
OKCoin 4745.59           $702.32204
BTCTrade 4750.04       $702.98061
BTCC 4743.3               $701.98313

USD/CNY =          6.7565
OKCoin:   4,721 CNY =    698.73 USD
BTCC:    4,718 CNY =    698.29 USD
Huobi   4,722 CNY =       698.88 USD
Bitfinex =             702.85
Coinbase =             705.95

used to be +$20/+$40 premium price dropped to -$2/-$10 negative compare to usd eur market.

Yes actually price have already got effected due to fud few days ago and no any traders with little bit of common sense gonna fall into same FUD again and again. Market have already reacted on fud due to panic traders and now whales seem to getting ready to start another big pump wave.

You are missing the point that the Chinese want to move funds out of China - bitcoin is one avenue to work around the $50K annually limit. If it becomes obvious that this avenue is being to be closed - then people will flock to move their funds as quickly as possible.

Bullshit in the first line so we don't even have to read on to see what the hell he is talking about.
here are the so called negative values in CNY:
OKCoin:   4,825 CNY =    714.28 USD
BTCC:    4,815 CNY =    712.81 USD
Huobi   4,821 CNY =    713.73 USD

and by the way these three exchanges have 2,549,523,000 USD combined volume in the last 24 hours alone with their prices even higher than USD markets.

It is always a good idea to give little consideration to FUD spread by newbie accounts, who usually have an agenda.

just trying to make people to worried about bitcoin investment its really a good timing to wait for many panic seller for sure its a risky move but those who will believe about this news will try to liquidate their btc and whales will make some party about it.

They are citing the Bloomberg article as the source. But that article was pulled.

Appears to me that the Chinese are trying to attack the public's confidence in Bitcoin, because they can't stop determined people from using Bitcoin to escape capital controls.

I don't expect any actual crackdown, just this FUD.

i'm not disputing any of that, i ain't got a clue, i just find it silly that someone swallows some random internet guy's postulation about there being a clique inside the chinese government with a calendar with the future price written on it.

Because it's the reality happening right now right at this moment in China.
Can't you see what have been changed in the China market? from +$40 premium price dropped to -$2/-$10 negative compare to usd eur market.
Chinese are getting out no matter you like or not and you know damn well what does that mean to the global bitcoin price.

why the hell are you taking what he wrote seriously? he's some guy sitting in an apartment in america probably. what the hell would he know about the inner workings of the chinese government?

Are these state-sponsored leaks suppressing the value so the government or related officials can get in on the action, or are they trying to suppress it without receiving any direct gain from it? There's a lot to be known before anything can be determined.

This thread = typical new account spam by lying Chinamen that can't cover their open shorts.

Date Registered:   Today at 06:59:48 PM

Look at "Talks_Cheep" post history.  He has 50 pages in a row of same garbage claiming price will go to 0 any second for 2 years straight.

https://bitcointalksearch.org/user/talkscheep-546102

The chinks will have to try harder to create panic, I wouldn't mind some cheaper BTC

from china? if i were in that situation i'd be having a mega dump and walking away somewhere around right about now if something like this was a dead cert.

we've yet to see how a vibrant ish bitcoin scene would weather some type of government strangulation, and forget trying to block the protocol, all you gotta do to deter 99% of people is shut the exchanges, but i don't think many people are gonna stick around for a money that has no use to them.

Eventually this will suppress the price -but if people realize that this is their last occasion to buy bitcoins before the gov closed the exchanges - then this can result in a mega pump.

These news are like a clear and loud warning. so when the gov / central bank do the actions, their citizen can't blame the authority.
"Don't say we didn't warn you. we did many times, you break the law and take the risk to gamble. this is what you get. blame no one."

surely not positive. even if it's smoke and mirrors this time, it's 100% inevitable that it will happen some day. the chinese government ain't gonna sit back and watch a giant hole grow bigger. better it happens now and once and for all.

Now that starts to look plausible.

Now - what would be the effect of this? This is very hard to evaluate - it might depress the price but it might as well lead to many Chinese people buying bitcoins while they can.

Here you go in order of the list:

http://www.cankaoxiaoxi.com/finance/20161104/1398956.shtml 中国将限制比特币兑美元 防止资金外流 China gonna limit bitcoin to stop capital outflows
http://news.xinhuanet.com/fortune/2016-11/03/c_129348631.htm 比特币交易变相换汇 风险重重 Bitcoin trading bypass China capital control
http://www.gfic.cn/2016/1103/5890032.shtml 单笔“换掉”500万元，用比特币转移人民币资产 Single trade with bitcoin, 5 millions CNY outflow beyond the borders

+There are many more reports:
http://finance.sina.com.cn/roll/2016-11-03/doc-ifxxnffr6697811.shtml
https://hk.news.yahoo.com/%E6%AF%94%E7%89%B9%E5%B9%A3%E6%88%90%E8%B5%B0%E8%B3%87%E6%96%B0%E5%AF%B5-221127801--finance.html 比特幣成走資新寵
http://hk.apple.nextmedia.com/financeestate/art/20161104/19822241 人行擬堵塞比特幣走資
http://www.todaycommercialnews.com/economics/20855 傳內地堵比特幣走資- 加拿大商報Today Commercial News
etc etc

The strange thing about this is: "restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation" - how come this can be done? Bitcoin addresses don't exist in or outside of China. I do believe that sooner or later the Chinese government will do something about bitcoin - but this ignorance about how bitcoin works shows that this warning is not really from any serious source.

And by they way - please link to those Chinese media reports that you mention - because you care to link to material about their reputation but not really to themselves this is kind of strange.

why aren't you keeping this to yourself and shorting? oh, wait....

what makes you think that they want to suppress the price of bitcoin to $300 ,what good is to the Chinese for strangling the price growth of bitcoin,i am sure the market reacted to these false news and there is no way these news are true ,These sort of FUD are created now and then when the price of bitcoin seems to move towards $1000 .

There's a clique inside the ruling Chinese government that wants to put a brake on the btc price climbing too high. They have engaged in these clandestine "leakings" of the news to manipulate the prices. They may continue to suppress the price. They want to lower the price down to 400 this year. They are aiming for 300 in January 2017.

Bitcoin market rate in CNY already falls below negative value compared to USD and EUR market.

Just like 2013, China gov uses "leak source" "local news" "rumors" to warn it's citizen about the incoming crack down actions on Chinese exchangers and sent out a clear and loud message: "Stay away from bitcoin now before the collapses. You have been warned."

Right now almost all top topics on Chinese bitcoin forum are about "Beware of the incoming gov/China central bank crack down on bitcoin". Still in denial? Ask your Chinese friends to read it for you.

There are also quite a lot Chinese mainstream media reported about this warning including:
《参考消息》 As the Chinese government's official news agency - https://en.wikipedia.org/wiki/Reference_News
《新华网》 - https://en.wikipedia.org/wiki/Xinhua_News_Agency
人民日报旗下的《国际金融报》 - sub agency of https://en.wikipedia.org/wiki/People's_Daily

Like it or not when these kinds of serious media report "things", it means it will become a reality in a short period in China.
Now, get ready for the incoming epic collapses for the Chinese fund cash out event.

There are also

http://www.cankaoxiaoxi.com/finance/20161104/1398956.shtml 中国将限制比特币兑美元 防止资金外流 China gonna limit bitcoin to stop capital outflows
http://news.xinhuanet.com/fortune/2016-11/03/c_129348631.htm 比特币交易变相换汇 风险重重 Bitcoin trading bypass China capital control
http://www.gfic.cn/2016/1103/5890032.shtml 单笔“换掉”500万元，用比特币转移人民币资产 Single trade with bitcoin, 5 millions CNY outflow beyond the borders

+many more reports:
http://finance.sina.com.cn/roll/2016-11-03/doc-ifxxnffr6697811.shtml
http://news.sina.com.cn/o/2016-11-10/doc-ifxxsfip4301214.shtml 比特币变相换汇恐遭限制 bitcoin bypass capital control, it might get limited
http://finance.jrj.com.cn/2016/11/03155121660993.shtml 政府考虑限制比特币变相换汇 China gov considering limit bitcoin for bypassing the capital control
http://epaper.jinghua.cn/html/2016-11/10/content_344422.htm 比特币变相换汇恐遭限制 bitcoin bypass capital control, it might get limited
https://hk.news.yahoo.com/%E6%AF%94%E7%89%B9%E5%B9%A3%E6%88%90%E8%B5%B0%E8%B3%87%E6%96%B0%E5%AF%B5-221127801--finance.html 比特幣成走資新寵
http://hk.apple.nextmedia.com/financeestate/art/20161104/19822241 人行擬堵塞比特幣走資
http://www.todaycommercialnews.com/economics/20855 傳內地堵比特幣走資- 加拿大商報Today Commercial News
etc etc


Bloomberg: http://i.imgur.com/AVQZ8Ku.gif

By Bloomberg News (Bloomberg) -- China’s regulators are studying measures to limit transactions that use bitcoins to take funds out of the country, according to people familiar with the matter. Officials are considering policies including restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad, the people said. Regulators noticed recently that some investors bought bitcoins on local exchanges and sold them offshore, evading rules on foreign exchange and cross-border fund flows, the people added. They declined to be identified because the information isn’t public. Bitcoin has surged 21 percent since the end of September as the yuan’s declines accelerated, boosting speculation Chinese investors were buying the cryptocurrency as a hedge against further weakness. With the risk of quicker depreciation rising along with the odds of an impending U.S. interest-rate hike, policy makers are seeking to restrict outflow channels. Just a week ago, China limited the use of China UnionPay Co.’s cards to purchase insurance products in Hong Kong -- another way of taking cash out of the country. The digital currency erased a gain of as much of 2.6 percent before rising 0.8 percent to $736.22 as of 4:11 p.m. in Hong Kong, data compiled by Bloomberg show. The yuan has weakened 1.3 percent this quarter and was little changed on Thursday at 6.7618 a dollar. The government classified bitcoin as a commodity and not currency in 2013, placing it outside the purview of the foreign- exchange regulator, the people said. Several Chinese government bodies including the People’s Bank of China and the financial regulators said in a joint notice that year that bitcoin functioned like a digital commodity without the legal status of a currency. The central bank said in January it is studying the prospects of issuing its own digital currency and aims to roll out a product as soon as possible. The PBOC didn’t immediately respond to a faxed request for comment. While China dominates bitcoin mining and trading, the government has shown caution over its spread in the nation. In 2013, the PBOC barred financial institutions from handling bitcoin transactions.