Bitcoin Forum

Bloomberg: China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades (https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20)

I know, there were a lot of "this is FUD" posts last week, but this report is less than an hour old from the time of this post. It appears to be new confirmation of the ban. The Wall Street Journal is reporting the same news within the last hour.

Would love to get others comments, especially a report that says Bloomberg is just late to report fake news.

Some details from the report:



And what would a mainstream news article on Bitcoin be without a presumption that this is all the hype is built upon a bubble of rainbows and unicorns.


If you want some laughs search "china bans bitcoin" on Twitter. Fucking hilarious.

Wall Street jornal reported too. So it must be true, but, apparently, not even the Chinese is caring about that. Prices still up.

ok, but howcome the Chinese exchanges are still working with high volumes, and also report on their public places like twitter or blogs that they have never received anything from the authorities?

and these are the details of the article:
"China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades"

this part is actually funny:
"The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private."

"OKCoin, BTC China and Huobi, the country’s three biggest bitcoin exchanges, said on Monday that they hadn’t received any regulatory notices concerning bans on cryptocurrency trading."

I think the whole world is now getting to be crazy and the whole of China is laughing its way to the bank. Let's see how this news can fare in the coming days. Certainly, there has to be an official pronouncement coming from the authorities otherwise this can just be another FUD. Will this affect the current value of Bitcoin? That can be a big possibility and so we can have another opportunity for buyers to get hold of their Bitcoin once again.

Sounds like fake news.
Exchanges haven't issued an official statement yet whatsoever.
Also take a look at this article from 13 hours ago: https://cointelegraph.com/news/great-time-to-buy-bitcoin-as-unreliable-sources-from-china-spook-markets-

We needed the correction anyways. It will be just like pre-brexit, everyone was so focused on China until we realized it wasn't even China that was causing the rising in the first place.

If they do ban exchanges, my next question is what comes of bitcoin miners?

Funny? Sure. Common? Yes.

I'm not defending the legitimacy of Bloomberg's reporting but nearly every "breaking news" event that comes from the press is from "a source who chose not to be named."

That part of this article does nothing to prove or disprove the actual information being reported.

It is not a confirmation and do look like fake news.

But there are Chinese user on Weibo said that the 2 news giant in China do not simply report fake news.
They have their own sources and reasons to report China's plan to ban Fiat to Bitcoin transactions. It will happen sooner or later.

There have been surge in panic withdrawal request since Friday.
On the other hand there are a few smart ones in China bought more Bitcoins when the price are as low as $3300-$3400 at one point.

I wouldn't worry so much about it. Even if China bans it, it's only temporary while looking at ways to regulate it.
Bitcoin ain't illegal and people will flock to P2P exchange.

that is the issue with the news at times like this. they never say something clear. part of it is because of naughty journalism though :)
they always say things like this: "it is said they are going to ban", "Craig Wright claimed to be Satoshi", "some random dude: bitcoin is going to fall", "some other random dude: bitcoin is going to moon",...
and although they are spreading the false news they are doing it in a way that you can never blame "them" because for example they are just quoting someone. how reliable that someone is and why they quote unreliable sources is open for debate.

This is a good share.

The article claims China has waffled on their decision to ban bitcoin in the past (implying years ago, but not actually stated.) I didn't realize that. If they've had the same talk back in say 2013 I'm not worried at all about this.

Agenda probably exists, but not for a pump and dump. More of an agenda of media outlets to prove Bitcoin is in a bubble, and thus publish articles with information that may not be corroborated.

what? are this news is true? if this news is true its so bad for bitcoin. china have a huge market volume of bitcoin and altcoin. and china's have a new trading exchange binance.

yeah~ It sounds like fake news as there are some exchanges haven't issued an official statement yet there are running normally. Like the huobi, okcoin, btcchina. Don't know why the news were reported to make surge in panic withdrawal request since Friday. FUCK fake news.

One of two things might be going on here :

1. Market manipulation - Someone at Bloomberg know their platform can be used to sway Bitcoin markets and they deliberately publish FUD to manipulate the price.

2. Bloomberg is a paid shill - The amount of negative articles that are being published on Bitcoin from this platform, might suggest that they are being paid to do this.

The media cannot be trusted anymore and things like this just strengthen this statement.  

Totally agree, which is why i brought this new article here for scrutiny or confirmation.

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The Blockchain News just published an article on the status of legality of cryprovurrencies in Russia. So while China appears to be limiting Bitcoin, Russia appears to be trying to embrace it with the right balsnce of regulation.

Russia is Working on Legalizing Status of Bitcoin, Other Cryptocurrencies: RT - The Blockchain News
https://apple.news/A4GBJBuonRqiIO-BSePc38w (http://Russia is Working on Legalizing Status of Bitcoin, Other Cryptocurrencies: RT - The Blockchain News
https://apple.news/A4GBJBuonRqiIO-BSePc38w)

even if it were true, i say it is a very good news. because we simply will put an end to Chinese FUD. all these years i have seen thousands of this very same news about China doing this and China doing that to bitcoin and each time the timing is perfectly in sync with price correction which causes a bigger dip!

If China do ban it once and for all at least it will stop all their threats which effects the stability. Onwards and Upwards

It is still speculation until it is confirmed by official sources from China. The timing makes me suspect it has something to do with the 19th national congress of China starting on 18th of October. Bitcoin prices in china is already around $600 lower than other exchanges to reflect this risk.

From what I've seen concerning any recent activity from Beijing... It may be that China is seeking to "ban" businesses that exchange their currency, renminbi, for cryptocurrency.  I believe this is actually an attempt to regulate this activity -- not one to truly end it.

But as always, the headlines are painted to make it sound apocalyptic.  Fake news.

It's something to watch, as China is a hugely important economy.  However, I really don't see them missing out on this revolution.  They already have some rigorous controls over their currency with respect to foreign exchange, and especially the use of their currency by Chinese nationals in transactions out of the country.  I believe this to be more of that.

Buy Bitcoin Cash.

Fake news has been around forever, it's only recently that people have started calling it out which it a good thing in my opinion.  People are not believing everything they seen in the headlines and that things are taken out of context to get a certain reaction from the person reading it.

Despite that it is still having an impact on the markets, but not as much as it would have done previously and the markets are recovering pretty well.

About time China did it and bans Bitcoin exchanges but before we all loose control and create panic read the lines, only exchanges are banned not Bitcoins in china, that means China people yet can trade their coins internally but not through Chinese exchanges, that means within a period of time Bitcoin prices shall be back to normal, and Chinese people will find a way to trade. Now it's simple right you can't trade on Chinese exchanges but you can trade outside China exchanges and internal trading is allowed. I feel sooner or later government will create it's own exchange.

I would say that it is just late FUD news, trying to get Bitcoin to 4000USD level or lower to get cheap coins before new ATH which will be here within few weeks, and most of the traders that panic sold their BTC last week will be buying it for much higher price. It is always happenning. New ATH, holds value a bit, correction, quite before storm.. new ATH.. remmember this comment when you will be watching BTC graph soon :D

I don't like Bloomberg news though, they are leaning more on the financial aspects like stocks, mutual funds and other investment portfolio and crypto and bitcoin in general in not their cup of coffee to say. And this kind of news really impacted the market in ta very negative way, so I don't know what their intentions are. But I guess bitcoin is too resilient to this kind of negatives or fakes and I'm seeing that the market is now clear and going in a plus side. I guess we already read this news and we are already immune and they just write this articles for clickbait purposes only.

I have learnt to take with a pinch of salt all this classic FUD from china

We can't be sure until we get some sort of official statement from the Chinese authorites. In spite of a clear announcement, and taking into consideration the FUD spread by WSJ and Booomberg, I can't help but wonder why we don't see any signs of panick-selling in the BTCCNY markets? I understand that BTC trades at around ~3800$ in the Chinese markets but that is since Friday when Caixin released their article, but other than this, the Chinese markets don't look like they are preparing for the banhammer. Just my 0.2$.

fake news for sure
its a good time to buy some btc ;)

This could be either a case of media interests being put first, or (quite literally in this instance) a case of "Chinese Whispers".  For the former, consider that just because two mainstream media outlets report something, that doesn't necessarily make it true.  Always remember that these media empires are companies.  Companies have owners.  Owners have their own agendas.  The agenda is usually profit.  Or, if it's not a deliberate misrepresentation of events because it's financially beneficial for someone, then it's probably the latter, in that so many people have spread rumours and gossip about the ban on ICOs that the original idea has become distorted from reality with each new participant and now the distorted idea about exchanges being banned is being reported as news.  "Purple monkey dishwasher".  

https://i.imgur.com/buLpxEc.gif

I'll believe it when it's from a verifiable source.  Until then, it's speculation.

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Good, but also note that the FUD isn't from China, it's about China from people who clearly have motives.  The distinction is crucial.  Wait until you hear what the Chinese government have to say about it directly.  The reason there's so much speculation is because they haven't clarified their stance yet, so people are just guessing.

Agreed, the official statement from China government is what I will believe now. Too many fake news around.

I find it hard to believe that China would issue an all out ban on crypto-currency exchanges, wouldn't it be far more likely that they would opt for regulations instead?
Even if this news turns out to be true, the effect on the Bitcoin price would only be temporary and cheaper Bitcoin isn't too bad either for a while

no real updates, just the same FUD spreading diseases...

tsk tsk tsk!!!  >:( >:( >:(

My concern really. The article itself is not solid enought to be trusted. The way they constructed is quiet unsure and made it appear as heresay. I would appreciate more about a post starting "what if" then how will the miners base on China would deal with this and what would the Chinese governments action to enforce their regulation or can they.

Well this's bound to happen so long as people won't stick to the main ideal. Centralized Exchange is totally against it. Nothing is wrong in using them though just that they shouldn't  be the most used exchanges.  Why most people choose to promote them against the main thing is what I don't fully get. Guess crypto journalists should  promote the decentralized ones more in their publications to attract businessmen and encourage them to solve the problem associated with Decentralized Exchanges,if any?
The creator of Bitcoin took all these problem into consideration, . so unfortunate he left so soon.

I will believe the news if they would post the real notice of banning signed by their central bank. All of these speculation really hurting the market so badly. But it is certain that these are not true at all.

Just more fucking around by the usual suspects. If they really ban it, then their opinion is now irrelevant, they can't no longer keep FUDding with other news. You banned it? okay, now shut your dumb commie chink mouth and watch the price go up, because you made the mistake of actually banning it. Bitcoin will survive your commie garbage government.

Now, what's most likely is, it didn't even get banned and these news sites are looking for easy views and will come up with a clarifying statement in the next hours.

In any case, buy the dip.

Well, I think the ban will only apply to trading of cryptocurrencies on exchanges in China but it is not yet disclosed. They need BTC anyway specially ofr their traders.

Wait, their government is starting its own crypto? I guess that explains the ban then? That's messed up.

Maybe it's just the project of banning of Chinese exchangers that's why they still didn't get the official announcement from the Government and keep working hard.
Meanwhile I believe that Bloomberg is not just a gossip girl and he would not talk about some unproved facts. I suppose in a short time everything is going to be clear.

Sorry but I do not believe it. Yes, they are reputable news but they cite anonymous sources, which could be wrong. It is just hard to believe, it does not make any sense to ban exchangers again now when they are fully regulated. I think a government has to act in a more serious way than that, not changing direction like a weather vane.

I v'e read several articles saying it wasn't official and in fact just third hand talk. So Chinese fake/creative news.

Here a recent article but I will try to find the others again. It's not happening. Most chinese with steady hands are actually buying again.

https://themerkle.com/bitcoin-price-rises-to-4150-again-after-tough-weekend/?utm_medium=push&utm_source=onesignal&utm_campaign=traffic%20boost&utm_content=extended%20%traffic%boost

I'm actually buying BTC up while it is low atm.

Just more mindless ignorance by the usual suspects.  If they haven't banned it, then your opinion is now irrelevant, you can no longer keep echoing and reinforcing the FUD when you don't even know what the truth is yet.  You got it wrong?  Okay, now shut your dumb racist mouth and stop tarring an entire nation with the same brush, because you made the mistake of actually not realising that not everyone in China is a communist.  Bitcoin will survive your ignorant, prejudiced garbage hatemongering.

Reporters have lost their fucking minds.  They care nothing at all about whether their story is based in fact.  Those days are long over.  They don't even care whether or not they understand the topic upon which they write.  Journalism is at an all time low.  Guys with the very highest integrity in the business today are nothing at all like those just 15 years ago when truth and accuracy meant something.

There are 2 issues here:
1. Many people don't stop reading "newspapers" that bring fake news and, even more, many don't even care to read the next thing that tells that this didn't happen. So the news are read, the banners shown, the "journalists" earned their wage.
2. A market fluctuation caused by such news fill some large pockets with big bucks. I wouldn't be surprised if some such news are planted intentionally for a high fee by some big players.

...But maybe I'm overthinking it.

I actually not really understand what's just happen in china and i don't understand china do that but if that was really happenthis will be a bad news for bitcoin and other cryptocurrency because it's means cryptocurrency just lost much investor which is quite influential on the price of cryptocurrency, because China is one of the countries with the largest market cryptocurrency.

China did it in 2014, and this has no permanent effect. This policy is only temporary aimed at protecting investors and maintaining financial balance.
China is a great community for Bitcoin users, they will not let their government take their money and then make their own harmful rules. this is impossible.

I hope this is not true. But it seems not because the price is still soaring, and nothing issues here, no Chinese reacts that much. I think it is just about banking problem, banks getting crypto in bad vibes to the people so fake news scattered. Lets not just believe in some speculations. But unfortunately market badly reacted to the news and btc is have a all red bars in exchanges.

What is really wrong with these reporters for God’s sake, have they lost their mind? All I see everywhere is “China bans bitcoin” and the next I will see is “China never did”. What is really wrong with them? I even came across a post that claims it’s all a lie. So what do I believe?

I am not so sure because it is not going to happen because I don’t think it can happen so I think we should not believe until we get some short of legal statement from the government of the chins. So I think it is fake news for sure I think the price of the bitcoin is low and it is good time to buy bitcoin and make it save soon it will be able to make bitcoin authorities in china as well.

How can the community of Bitcoin users in China stop this? China is well known for their dominance/dictatorship-like ruling.

China is same market as US, europe, third is all others countries and one last important market is china.
Its only 1 from 4 main ones, it doesnt matter that much after we know they faked they trading volumes in past :)

Bloomberg just report that China ban Bitcoin only in exchanges, because of BTC price - https://www.bloomberg.com/news/articles/2017-09-15/summer-of-bitcoin-ending-badly-as-china-clamps-down-on-trading. BTC users can use and exchange Bitcoins in China, the ban is only for exchanges. China ban on Bitcoin most possible made Bitcoin price drop to current level ~ 3500 USD.

Is this causing the bitcoin dip lately? I've been off from btctalk for a days now, don't know what's going on, didn't think bitcoin would remain under 4k after it began raising from 3200 a couple of days ago.
What's going on?

Yes yes, please sell everything.

And I believe that they are not the first. All banks and governments wont give up on their money so easily.

You are actually missing the action on here on bitcoin world.If you do try to look out the chart of bitcoins price you would definitely see up the price have dip down on 2900 price and then suddenly bump up on 3800 on a short period of time which actually made profits for those people who did bought on those dips and now are are stabilizing on 3500-3600 range as of now as if theres something gonna happen on next days to come.

They ban crypto currency they said this is illegal but soon they will adopt their very own crypto centralized currency its just WTF!

i think there is a lot going on in china right now, but with this news, following the banning of china on ICOs, i think we need to wait more for the clarification of china, since bloomberg, doesn't usually report things related to bitcoin, they are not being paid in cryptocurrency. I think this news needs come from a reliable source in china, since the media is always reporting things not give out facts these, they just wanted to have higher ratings, and you cannot also help, but to check who or what banks are funding the medias. we all know that bitcoin is a threat to banks, if banks can control the media, they can spread fear among people and again they can cause panic, the price of bitcoin will be affected again. and about them trying to ban bitcoin in their country, the can do it, they had already done it with facebook and yahoo, they had made their own, and even copies of branded wears, however if they will  try to make their own cryptocurrency, i am seeing that it will not gain that much, since it will only have limited traders and might not be accepted by other wallets we already use, though they can affect the price, they cannot affect the mind set of people who trusts bitcoin, for sure they will have a problem on people accepting their altcoin. still we need to verify this news, even if it is true, for sure we already made a way on how to deal with this, considering the news this past few days. i think china is just making a way on how to regulate their exchanges in some way that the government can earn money, still the government is a big business, let's just wait for the clarification, keep calm, buy  and hodl, repeat.

While is China is banning bitcoin exchanges The Hong Kong based bitcoin exchanges will not be banned? Since China is abiding the one country, two system  policy for Hong Kong. The price of bitcoin in Hong Kong was not affected by this policy. Can the mainland investor cash-in their bitcoin in Hong Kong?

I need another China ban on bitcoin, I'm ready to load up again on that dip. :D :D

Sweet $3000 bitcoins, want moar!

Well said mate I respect your opinion this how we should treat. I have a question for all those who are frustrated with the china government action against cryptocurrency. Why do we keep on dictating others to do things according to our wish and will? That’s their own country and they have the right to do whatever they want to for the betterment and the progress of their country.

What if you want in your home your own room a window to remain close and people from your block gather and start abusing you, do you think they are right? Not at all bro so, chill and relax Bitcoin will still progress even if china bans it.