Bitcoin Forum

Latest news, participants revealed.http://weibo.com/1896151327/AnzFZ21Zp?mod=weibotime

BREAKINGNEWS:央行支付结算司12月16日上午约谈各大支付机构，周金黄司长从反洗钱、保护消费者等几个方面分析了比特币的风险，并要求：禁止银行、支付机构为比特币、莱特币等交易网站提供支付与清算服务；对于已经发生业务的支付机构应解除商务合作；对于存量款项可在春节前完成提现，不得发生新的支付业务.

User was already banned/deleted from weibo - this could likely be FUD.

english translation NOT coming from google translate?

Can we get a native speaker in here to translate?  Remind me again which subforum we should cross post this to.

I'm curious because I've been tracking this fall all night.  The market was due for a slight downturn anyway, but China's movement was far more precipitous and preceded the other markets, indicating that they're driving it.

sorry， this weibo is deleted . And most  players in chinese btc community think it's a FUD .  Plz offer a convincing news source

Use your biggest account to re-post this FUD on weibo . Dare you ?

It's confirmed FRAUD news someone try to get profit from it. I live in china. Ignore it.

Quotes dont lie
btcchina http://info.btc123.com/index_btcchina.php

Exactly, market is voting with huge dumping.

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

Well, whoever bothered to post this likely has arranged for some sort of dump of coins.

Might be a good opportunity to make some quick money buying some cheap coins.

Yup - *buy* but do not *panic sell*.

Source?

Why is it legal or not?

Its their service they can terminate bank acct as they want.

I'd like to get a Native speaker's interpretation of this: http://www.cryptocoinsnews.com/2013/12/16/china-prohibits-banks-bitcoin-exchange/
EDIT: The text has now changed, could be a simple FUD case after all

And then this comment of reddit:


http://www.reddit.com/r/Bitcoin/comments/1szzy3/potentially_bad_news_out_of_china_this_morning/ce2y9l7?context=3

It's not clear yet exactly what is going on but indeed tenpay is not working from btcchina (Bank Of China still seems to be working though).

Assuming that there is no problem withdrawing BTC then it might be a good idea to consider buying the cheaper coins and moving them out of the exchange pending the final outcome of this.

It's more of a grey area when it comes to bitcoin and banks. It's possible they could consider it too high of a risk or the fact that they would lose out on transaction fees.

China banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8

Canada banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=bitcoin+canada+banks

No i'm not talking about bitcoins

I'm answering the question about legality of terminating bank accts. Ofcourse its legal. Its their service, they have the right to terminate it if they want.

Heck they can terminate your bank account if you're rude to them.

www.cryptocoinsnews.com/2013/12/16/china-prohibits-banks-bitcoin-exchange/ It's quoted from the deleted weibo source.

Caifutong is not supporting BTCC and okcoin at this moment , Caifutong said it's only self biz adjustment （No Available news source yet this is what FUDers are using ）. Deposit and withdraw are all fine on BTCC and OKCOIN thru banks .

Not quite. There has to be a legal reason to the termination. For bitcoins, with all the bad press of Silk Road and everything else, the banks could have it fall under illegal or misuse of the account and funds. Like how they freeze the accounts for criminals.

Idiot, terminating accounts is NOT seizing them.
Its their business they have the right to terminate accts with customers they dont want to do business with.

Understand?

With btcchina the Bank Of China withdrawals are *not* working (support is currently claiming some crap about a browser bug).

The meeting is real. Just the outcome is not clear.

Knowing Chinese stock markets, i'm sure this is inside trading.

That means bad news.

Yes , there're some problems on withdrawals thru Bank of china (BOC www.boc.cn ) using IE . But other banks are ok .

And they can be taken to court for it. They don't have to GIVE a reason to YOU but they still NEED a VALID reason. But since you have to resort to name calling online, I am done talking to you.

Wrong - this is what their support is saying - but it appears that you cannot withdraw to *any* bank using either IE or FF now (still checking into this).

The problem is that you cannot select the city or the bank in the withdrawal form.

LOL Good luck with that thinking kiddo. I'm done explaining to an idiot anyway.

Now BTCChina adding trading fees - somethings up for sure!

BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013

No， there is no need to enter city details .  All you need to provide is 1.bank name  2. account number 3. Your name . ( It's OKCOIN's rules, i'm not using BTCC now so not sure about BTCC )

How can BTC market be taken seriously in the world if some kid with his laptop can cause panic selling?

Just tried that - it says you need to enter the city (which you can't). What browser are you using btw?

Can you please provide a URL link or a screenshot for this?  I don't have direct access to BTCChina

This is not just that - the problems are real even if they might only be some glitches (and the rumors are spreading).

There's no such city selection part in any browser

http://p2pbucks.com/2.png

goxxed again  ::)

Am talking about btcchina not the other exchange you mentioned.

李笑来转发造假微博 假冒央行支付司  
建议党国把他抓起来 十万比特币充公。

http://translate.google.com/translate?hl=en&sl=zh-CN&u=http://tieba.baidu.com/p/2763600442&prev=/search%3Fq%3D%25E6%259D%258E%25E7%25AC%2591%25E6%259D%25A5%25E8%25BD%25AC%25E5%258F%2591%25E9%2580%25A0%25E5%2581%2587%25E5%25BE%25AE%25E5%258D%259A%2B%25E5%2581%2587%25E5%2586%2592%25E5%25A4%25AE%25E8%25A1%258C%25E6%2594%25AF%25E4%25BB%2598%25E5%258F%25B8%2B%25C2%25A0%2B%25E5%25BB%25BA%25E8%25AE%25AE%25E5%2585%259A%25E5%259B%25BD%25E6%258A%258A%25E4%25BB%2596%25E6%258A%2593%25E8%25B5%25B7%25E6%259D%25A5%2B%25E5%258D%2581%25E4%25B8%2587%25E6%25AF%2594%25E7%2589%25B9%25E5%25B8%2581%25E5%2585%2585%25E5%2585%25AC%25E3%2580%2582%26num%3D100

Now let's see what the 'real' volume is like (IF they report the correct numbers)..

good job  ;D

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon (hopefully the truth is just website bugs and some rather poor timing followed by some rather clever FUD).

Or could make price inflate like Gox  ???

Here is what started it all: http://tieba.baidu.com/p/2763806115

Can someone explain in English for those of us who don't understand Mandarin?

Weibo : http://e.weibo.com/okcoin

Terrible translation: "We still do not quote, and wait for the end of today's meeting of the third party payment."


Google translate it


TLDNR; there is a meeting with regulators and all 3rd payment processors in china, and is not just  two CEOs of payment processors in Chine made a weibo post saying transactions to exchanges will be banned, they later deleted both posts after the panic sell they triggered in china

Not sure what It's really saying as my main language isn't really chinese.. But what I could ROUGHLY figure out is that he/she is say that "Bitcoin" is used for money laundering etc .. and he want investors to stop supporting it or ..?

THIS IS JUST A ROUGH ASSUMPTION as my chinese is not that "Elite". And I think this article has something which concerns money laundering etc ..


"http://tieba.baidu.com/p/2763806115" - Translation

Who is this person and why does he matter?

Just to update in regards to btcchina - withdrawals in RMB are still working (they are just not working in the "old web design" version of the website).

I think it's important to not spread FUD but to instead work out what is actually happening.

Well don't forget btcchina has a 10 BTC withdrawal limit. I mean this looks like FUD, but still... be very careful how much you leave on all the exchanges these days imo.

I've no Idea who is he, but to translate his name to "English" it would be "Lee Wen Buo". Not sure If It rings any bell to the bitcoin community.

Here is his profile "http://www.weibo.com/wenboli?&topnav=1&topsug=1"

thats the bitcoin world, haha  :D

one guy posted something and alot of people get crazy but nobody knows anything. we are in the very early phase of bitcoin  ;)

you can even say that this is good/neutral news because: the 3 CEOs of the biggest exchanges meet some regulators and they will discuss the money laundering problem. so whats the problem of this? cant see something bad. they will talk about how they can avoid that laundering.

Exactly, no real news but everybody's selling, especially on "bitdump". http://www.abc.net.au/news/image/2829656-3x2-340x227.jpg

http://v.youku.com/v_show/id_XNjQ5MDg4MjAw.html

doubt it they are governed by pretty strict rules and if the government isn't out there

with loudspeakers blaring bitcoin is illegal which they would never do, then the bank is at fault and

very liable, even in the China case the statement was almost totally contradictory

"not money continue to trade as money"  ???

doesn't help. Shows english words, but mandarin meaning. ;)

Is there any legit english coverage on this?
In the meantime my orders are waiting around $550ish..  ::)

yeah but its never going to get that low, never seen anything trade with so many death defying drops that seems to hits a springboard everytime

If have to say the following: It is really great news, that there are finally fees on BTCChina. This will be VERY good for the market as it will calm it down immensly and attract more serious investors.

This. After the dust settles, it will be quite interesting to see the trade volumes.

the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China

I think the one key point they're hinging on is whether the People's Bank of China is going to try to cut off money from moving into and out of the chinese exchanges. 

Part of me fears the worst, but if they do then I suppose good riddance for now.  If it turns out to be no big deal after all, then sheesh people here have some trigger happy sell fingers.

Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).

I think we have seen some FUD and opportunism but will not know if any change has actually happened until we get a more "official" statement.

Or people with inside information are selling early.

So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?

I am not sure about the rules in terms of westerners (I am not personally trading on btcchina but am in close touch with Chinese people that are).

Arbitraging is never as easy as it appears in any case as there are always problems of delays (for a start the 6 confirmations to transfer BTC and then normally daily fiat withdrawal limits).

It would seem this might have more to do with it:

http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular

as long as you had enough liquidity it wouldn't do anything, the only problem is if they shut down the exchange and confiscated everything

China has specifically said it ok to trade on the exchange, just not buy sell food

technically that means they should also enforce large speedy capital exchanges to allow you to quickly sell your coin to make large cash purchases

once again if you can't confuse them with brilliance baffle them with ....

 

This seems more probable to me.

Either way it is interesting watching the market, not to mention worrying about my minuscule investment.

I think that the [FUD] prefix added to the topic is a good call for now.

Dam it! We need to employ Chinese translators this whole episode is so confusing.

we have 3 issues

1: OK coin in some kind of meeting with regulators

2: BTCCHINA now charging .3% is it because there is going to be a run and they finally want to make a profit?

3: BTCCHINA withdrawl issues but this seems to be a browser bug in IE and firefox. google chrome working?


Whats going on?

At least in regards to this issue - it does not appear to be a browser bug but instead a bug with their "old website" (an option you can click on).

If you use the "new website" (which is the default for new users) then this problem is not occurring as far as I am aware.

防范比特币风险连出招
央行约谈第三方支付“釜底抽薪”？

http://epaper.yicai.com:81/site1/html/2013-12/17/content_198652.htm

严湘君

　　“央行规定第三方支付机构不得为比特币交易网站提供托管、交易等业务。”昨天下午，央行召集第三方支付公司开会透露出上述消息。

　　《第一财经日报》记者独家获悉，继12月5日发布《关于防范比特币风险的通知》（下称《通知》）后，央行昨日再度“出击”，约谈10余家第三方支付公司相关负责人，明确要求其不得给比特币、莱特币（LTC）等的交易网站提供支付与清算业务。

　　在半个月不到的时间里，央行连出“两招”防范比特币风险，而此次会议所传达的精神更是被不少比特币业内人士解读为“釜底抽薪”。

　　第三方支付“三条线”

　　一家大型第三方支付公司的参会人士对本报记者证实，昨天上午，10余家第三方支付公司受到央行召集，在北京召开了一次闭门会议。上述人士在接受本报记者采访时透露，会议由央行支付结算司副司长周金黄主持，每家公司都派出了1~2名相关人士参会。

　　“周司长在会议开始时就明确指出，此次会议并非是召集各家公司讨论关于比特币的相关业务是否能开展，而是传达央行高层的态度，即首先第三方支付公司不得给比特币、莱特币等交易网站提供支付和清算服务；其次，对于已经发生业务的支付机构应解除合作，存量款最迟在春节前完成提现，不得发生新的支付业务；第三，严格执行12月5日央行发布的《通知》。”上述第三方支付公司人士告诉本报记者。

　　另据本报记者拿到的第三方支付公司一位参会人员所记录的会议纪要，此次会议，除规定不允许境内第三方支付机构从事与比特币相关的业务外，央行也会在会后研究针对在境内接入比特币相关业务的境外支付机构的相关规定。

　　周金黄在传达相关精神后，各家支付公司均作出了将严格执行上述三条要求的表态。但值得注意的是，全球最活跃的交易网站之一BTCC（比特币中国）以及比特币、莱特币交易网站OKCOIN已经将第三方支付机构从原先合作的财付通换成了另一家第三方支付公司，同时，有用户反映，两家网站目前只能用财付通提现，但不能通过其充值。

　　“支付宝一直都没有和任何比特币交易网站有过商业合作，”支付宝相关人士在接受本报记者采访时表示，“如果有投资者发现充值渠道为支付宝，则需要警惕对方是否为个人账户，如果确实是个人账户，请投资者一定要留意风险。”

　　有比特币业内人士认为，从昨日央行会议的内容来看，央行对于比特币可能造成的风险防范力度较大，但他也同时表示出不解，因为此举或许会令原本在线上公开透明的比特币交易平台转移至地下，监管难度更会随之上升。

　　比特币在中国未来堪忧？

　　“《通知》发出来之后，我们就在担心第三方支付这个事情会不会就做不了了，没想到一语成谶了。”一家比特币交易网站负责人在听到上述消息后对本报记者说。

　　与《通知》发出后绝大部分业内人士所认为的“口径较为宽松”，甚至“监管的一次创新”不同，此次央行会议的精神明显给比特币行业造成了一定的打击。不少业内人士都表示，比特币在中国未来的发展形势堪忧，将选择不同程度的“出逃”，或转移至境外交易平台进行比特币交易。

　　此前，央行的《通知》曾明确要求现阶段各金融机构和支付机构不得开展与比特币相关的业务，不得以比特币为产品或服务定价，不得买卖或作为中央对手买卖比特币，不得承保与比特币相关的保险业务或将比特币纳入保险责任范围等。《通知》发出后，虽然比特币市场有所异动，出现短时间的下跌，但很快即收复“失地”。

　　而昨日的会议会对比特币价格造成多大影响还不得而知，但截至本报记者发稿，BTCC上比特币的价格已经从昨日最高的5335元下跌至4600元，下跌幅度为15%。

　　（本报记者夏心愉对此文亦有贡献）

Meaning what?

Nobody knows and the reddit threads that are created en masse smell of FUD and fake.

Yeah I agree here, there is no well known news website that is touting this.  This is probably just to get the price to drop for cheap coins.

This doesn't surprise me. A few exchanges are charging a fee now because they were losing money by paying the network fee. Cavirtex is one of them.

We really need a Chinese translator we can trust and is known in the community how can translate this sort of stuff fast. This overreactions are so annoying.

More like we need to bribe someone in the financial sector

This is terrible news:

source: http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

1. This article is posted on sina. Sina is the top 5 online medai brand in China, equivalent to Yahoo here.

2. The rumor posted on Chinese version of twitter(weibo) is true.

3. People's Bank of China banned all the third party payment company doing business related to bitcoin, including bitcoin exchange platforms.

For those who is currently doing, they are required to completely cut off bitcoin related business by the Chinese new year, which is at the end of Jan 2014.

For the business held by entity outside of China, they haven't decide what to do, but very likely to be negative.

3. Btcchina is operated in the Shanghai's new pilot free trading zone. It is at a awkward spot. They has terminate the partnership with Tenpay(probably second largest third party payment company under Alipay). They are now using Yeepay, which is probably a random small company I have never heard of.

4. You can now only withdraw your fiat fund from btcchina through online banking. You can still deposit via Yeepay and online banking, for now.

5. After Dec 5, small merchants or online shop owner could still accept bitcoin as payment and comfortably convert them to rmb through exchange like btcchina. In the future , this is going to be much harder and completely illegal after the Chinese new year. Basically, bitcoin is dead in China for the most part. People can only use it as speculative investment and store of value, but it is going to very hard for them to realize their potential profit legally in the future.

6. In the future, if bitcoin still managed to success internationally without China market, people in China would still be able to own it and sell it in a similar way how people deposit and withdraw money from Pokerstars. But it probably wouldn't be a hot topic as it was months ago.

7. People ask if btcchina will be shut down. I don't know. Btcchina is the only exchange located in the Shanghai's free pilot trading zone, it could possibly survive. But the best case scenario is that btcchina is going to the only one left.

Since people couldn't read, I just made make some words bold.

Are you Chinese chsados?

So all it says that
1) Businesses aren't allowed to accept Bitcoins (we knew that before)
2) You can't use the Chinese Paypals anymore to fund your account
3) You still can deposit and withdrawal to BTCN etc.

I don't see a big problem here.

Guys just copy and paste this to google translator and you will figure it out what they are talking about.

So... I'm usually news agnostic as it makes very little difference to me in the short run (I'm in it for the long run), and thus I don't keep myself up to date or attentive at all but this seems too obvious to be a coincidence;

- China says "bitcoin probably alright", price jumps ten fold
- China decides they're through buying USD (read it somewhere, might have read it wrong)
- China says "bitcoin is somewhat illegal, you have a short timespan to get out", everyone sells, price drops

Now, if it was me I would say 'China says' is a great market direction trigger, and if I were China (govmnt) I would buy as it drops (sure, it's illegal... for the common people) and then by CNY say "good news, bitcoin's probably alright again", thus re-inflating all the coins bought cheap.

Is it not just a tad bit too obvious?

Those crafty chinese. Well we'll see where it goes. Right now BTC-e is at $662 and Gox is at $722

I knew this probably wasn't FUD.  What tipped me off was someone selling 5k coins at market like 1 hour before this post.

Can we remove the [FUD] marker from the thread title? And be a little bit less eager next time to scream FUD!!! before we have solid information?

Yes. I agree very much.

You can still withdraw RMB from bitcoin exchanges in China so the title is still *wrong* as stands.

If the OP wants to get the FUD removed then they should change the word "settlements" to "deposits".

This is abuse of power. That is why Bitcoin was invented in the first place. To stop people like you who think they are above others.

I am not a moderator nor do I have any influence on what the mods decide or not decide to do.

The title of the OP is *factually incorrect* as it currently stands (as you *can* withdraw RMB from btcchina and okcoin right now) - so my point was if you think it is fair enough to remove the [FUD] then I also think it would be "fair enough to remove the FUD".

I am not "above you" but I think I might make more sense than you do (as you are the one calling to have the [FUD] prefix removed whilst leaving the actual FUD in place). :D

So what's bitcoin's future in China?

China did not ban bitcoin as such, but just certain businesses.

I think the way how people in China can buy & sell bitcoin in the future, should today's bitcoin exchanges become non-operational for legal reasons, is to do it via an escrow platform like the european "bitcoin.de" - there is never any fiat money flowing to or from bitcoin.de.

This mode may look strange for those of you only familiar with "traditional" modes of exchanges, but bitcoin.de is in fact the second largest EUR/BTC market behind MtGox (http://bitcoinwatch.com), and it is very usable as long as you only trade from time to time and not several times a day.

It works like this:
- Buyer and seller open a web account at bitcoin.de.
- A seller transfers some bitcoins to his online wallet at bitcoin.de.
- A seller can place a limit order for some bitcoins he wants to sell, or directly accept a buy offer from someone else.
- A buyer can place a limit order for some bitcoins he wants to buy, or directly accept a sell offer from someone else.
- If a deal is made, the seller's bitcoins get "frozen", and both buyer and seller receive an email
  from bitcoin.de (and have it shown in the web browser):
  - The buyer is requested to send xxx.xx units of fiat currency directly to the fiat bank account of the seller,
     with a unique code in the reference field. He has to do so within [12/18/24] hours (adjusted by bitcoin.de
     based on market volatility). He has to indicate in the bitcoin.de system that he has triggered the transfer
     as soon as he has done so.
  - The seller is asked to check his bank account and confirm reception of the fiat transfer at bitcoin.de.
- When the seller confirms receipt of the fiat money, bitcoin.de will transfer the (frozen) bitcoins to the buyer's online wallet
  and the deal is concluded.

If the buyer does not transfer the fiat money within the [12/18/24] h period, he'll get a negative rating and the deal gets cancelled.
Otherwise, buyers and sellers are asked to rate each other after the deal.
Acc. to the rating system there are gold, silver and bronze users, and everyone is free to accept only users of a certain rating class. Also a personal white/blacklisting is possible.

How does bitcoin.de take commissions?
bitcoin.de takes 1% commission for each deal, so both buyer and seller contribute 0.5% (actually, from the buyer's point of view it looks like 0.50505%, see example below). It works like this example:
- Assume that the deal is about 1 BTC for 1000 fiat currency units.
- The buyer is requested to pay 995 fiat currency units to the seller (1000 - 0.5%).
- From the seller's 1 BTC, 0.01 BTC (1%) go to bitcoin.de as commission, and 0.99 BTC (1 BTC - 1%) go to the buyer.

So the deal looks like this:
- From buyer point of view, he got 0.99 BTC for 995 currency units (so he paid a price of 1005.05 fiat units per BTC (5.05% fee)
- From seller point of view: He sold 1 BTC for 995 currency units (so he sold for a rate of 995 fiat units/BTC (5.00% fee)
- From bitcoin.de point of view: They earned 0.01 BTC commission for a 1 BTC deal (1%)

Fraud prevention:
It has happened in the past that fraudulent buyers transfer the fiat money from a stolen (not their own) bank account for example by filling out money paper transfer forms from any bank and falsify the signature (banks normally do not check the hand-written signature). The seller received the money and acknowledged it and the bitcoins were credited to the buyer by bitcoin.de. Later, the fraud was detected by the 3rd person whose bank account was mis-used without his knowledge, and the fiat money transfer was reverted by the involved banks. Now the seller was left with having neither bitcoins nor fiat money.
Today bitcoin.de prevents this fraud attack by telling the seller the bank account details of the buyer! So the seller shall check if the incoming payment really origins from the correct bank account (which was formerly verified by bitcoin.de). Note that some banks do and some banks do not give their customer the information of the bank account number of the sending side for an incoming payment.

Dispute handling:
In very rare cases it may happen that the buyer says that he has transferred the money while the seller says he has never received any fiat payment, i.e. one of the two is lying. In this case bitcoin.de has to ask for proofs (scans of bank statements etc.) from both parties, or even for an authorisation to query the bank directly with regard to the particular payment. Then bitcoin.de has do decide who is telling the truth and whether or not to transfer the bitcoins from seller's to buyer's online wallet.

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I think that a web service like bitcoin.de can be readily established for the Chinese market, either within China (if legal - maybe the new operational model of btcchina?), or otherwise in Taiwan or any other country. For this service the platform does not need to reside in China, since no fiat money transfer happens between users and this platform.

The advantages and disadvantages of this model:
(-) A little more complicated for the user
(+) User does not need to "pre-pay" fiat currency to the exchange
(-) Automated frequent intra day trading not possible - all trading requires *human* interaction
(+) The previous point also has it's pros because market manipulations by the exchange (who may exploit insider knowledge of the order book) or "stop loss avalanches" are avoided, potentially yielding more stable exchange rates...
(+) This mode does not require fiat money flows between user and the platform, so it could well reside outside China, as long as it is trusted not to embezzle online wallets' bitcoins and as long as it is trusted to do good escrow service on the users' bitcoins funds.

So the future is not as dark as one may think.

Does this make sense what I wrote here?