Bitcoin Forum

"Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

"The government should clamp down on bitcoin, said lawmakers Leung Yiu-chung and James To, who accompanied the complainants, among them Nepalese and mainland Chinese, as well as Hong Kong citizens.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211


Most of the huge exchanges (Bitfinex, Huobi; Okcoin..) are located in Hongkong. These are pretty huge (and bad) news for Bitcoin, at least the price of it.
I am a bit worried what will happen when those bans will be outspoken? Will the exchanges dissapear with the money/coins due to fractional reserve banking.
Or willl users have the possibility to withdraw their funds in a given timeframe?

The thread title is pretty alarmist and misleading. They don't want to ban it but this one guy seemingly does.


No, but it's a communist one (or at least belongs to one - China).

well that's the reason why i'm using other bitcoin exchange that is not quite as popular as bitfinex
but what i do is i find an exchange that has been running for a long time like 1WBE (http://1wbe.com/?aff=YkEzVnQkDcTZ) because it is established since 2010 and it is still running good until now

So one guy wants to ban Bitcoin, and then all of the sudden a whole country does.

Great FUD spreading Fonzie!!!   :D

http://hotmeme.net/media/i/8/d/1A8-fonzie-meme.jpg

You sure you got everything right over there? Except for Bitfinex, Okcoin and Huobi headquarters are located in Beijing.

I live in China but didn't hear the kind of new like this, the HK government just warned citizens not to use Bitcoin to defraud.

Another thread by fudder fonzie, it's only one person that wants to do that so NOBODY is in danger.

Oh my god fonzie!Please mate!
Stop your ridicolous FUD!

Nothing like this will happen!

Bitfinex
Bitfinex Limited has its office in Hong-Kong, with one of our associate living there.
https://en.bitcoin.it/wiki/Bitfinex


Okcoin:

At least margin trading is registered in hongkong

This User Agreement covers the P2P Margin Trading services
(“the Service”) as offered through the domain www.okcoin.com (“the Site”) under the Heading Margin Trading. The
Service is provided by OKCoin (HK) Company Limited, a company incorporated
under the laws of Hong Kong SAR under registration number 2080496 at Rm 20A Kiu
Fu Comm Bldg, 300 Lockhart Rd, Wan Chai, Hong Kong SAR (“OKCoin HK”)

https://www.okcoin.com/shequ/themeview.do?tid=88

Huobi

Huobi, registered in Hong Kong, plans to release both a new platform and a new product used within CoinSaving. The new platform is the first to open in the country since domestic exchanges in China were all closed down.

Plz stop spreading bullFUD, facts only in here, thx

Person is a lawmaker aka government, and not a private person.

People like you tried to tell me the same when i warned about Gox...

https://bitcointalk.org/index.php?topic=433094




How much longer will Mt.Gox exist before they´re out of business?

I hope this is fud, otherwise the mining guys in the huge chinese bitcoin mine will have a hard time selling all that.

Really? The title is misleading. I thought that HK is one of the places where Chinese mining guys are based? And why will they ban bitcoin in the first place? Correct me if I'm wrong, but they are a separate entity, apart from Mainland China, right?

Here are a few other ones


https://anxbtc.com/
Your most trusted bitcoin exchange providing a safe, globally compliant and ... 701, 7/F, The Sun's Group Centre, 200 Gloucester Road, Wanchai, Hong Kong.

796.com

"Money service license from Hong Kong customs"

They want to ban Bitcoin due to the bitcoin ponzi "mycoin" that blew up a few days ago with ~400 000 000$

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211

"(Reuters) - Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

I see where Fonzie is coming from, but where exactly do you read that they are considering to ban it, unless this is an assumption based off a variety of articles.

The biggest problem in bitcoin is that many people think that they could easily go away with their scams thinking that bitcoin is "anonymous." This is  bad pr for bitcoin.


Not good. Not good.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""


"Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin"


You guys could at least try and read the first few lines of an article, before screaming "LIES; FUD ; NOT TRUE"

Ok, keeping an eye on it. But 1 article isnt enough for me to start to panic.

This claim om fraud should be a setup, a small exchange lost 1 millon bitcoin, totally impossible, they might just run some money laundering and blame on bitcoin, and banks surely know all the transaction details of mycoin. It is impossible to claim loss of 300 million dollar without banks knowing all the traces of those money

Accept That Bitcoin Is A Currency And Stop Blaming The Victims of Crime

In Hong Kong the Bitcoin “investment scheme” MyCoin has reportedly disappeared, along with over $350 million. The Hong Kong government’s response was to issue a warning about Bitcoin and digital currencies in general. That probably doesn't raise many eyebrows; we have all become accustomed to that response, but replace “Bitcoin” with almost anything else of value that could be stolen and the Hong Kong Monetary Authority (HKMA)'s reaction would be outrageous. There is no talk about investigating or attempting to prosecute the crime, just a warning. The attitude that comes across is “What do you expect if you own a virtual currency?” Replace those last two words with gold or U.S. dollars, or almost anything else for that matter, and the statement becomes an insult.

http://www.nasdaq.com/article/accept-that-bitcoin-is-a-currency-and-stop-blaming-the-victims-of-crime-cm442726

$350 million yeh its near enough to $8.1 mil
http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/ (http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/)
there hasn't been a ban for a long time
ban number 826 coming up

Mt. Gox and BitStamp laugh at your $8.1 mill loss!   8)

At least BitStamp had the Slovenian balls to continue operating after their hack.

$8mill is Peanuts in the grand scheme of things (and hacks/losses) when it comes to exchanges.  If anything it'll push customers towards either decentralized exchanges, or hyper regulated exchanges like the upcoming Gemini.  Growth!

Sometimes you gotta crack a few eggs to make an omelette.

The fact(?) that only 8$ millions were lost for sure will attract new investors! Much growth! BULLISH AS FUCK! (Fuck the stupid victims btw...)

Hard to believe that you are serious, but i don´t have many doubts after what i have already seen on this board in the last 1-2 years-

Yes I'm serious.  Peanuts, man.  Compare it to Mt. Gox's lost coins and it's a drop in the bucket.

I know your sole reason is to troll the forums to get a rise out Bulltards and try to sway some noobs, but your modus operandi is so dam played out.

Hong Kong is part of China. If China wants to ban bitcoin in Hong Kong, they now have the excuse. I think they should draft regulations and not a complete ban.

I am resting my case here. If you really think that events like these will produce growth (for BTC/USD(CNY)) then i have nothing left to say. You win

Thanks, I win!  YIPPEEEE!   8)

That said, even if China/Hong Kong/1 or 2 lawmakers bans Bitcoin for the 334556 time, doesn't matter.

Bitcoin is more than 1 or 2 countries.

no!
it is just Hong Kong!!!

hey look how many people are reading my topic.  i must really be someone.  i feel better now.

This is NOT FUD.
1. The PBOC ban in China between banks and exchanges goes into effect on China's new year... a couple days away!
2. The lawmaker in HK has the backing of about 45 pissed-off customers to get the HK ban going.
3. The BIGGIE... ALL of the Chinese exchanges use vouchers claimable in HK because of the up-coming PBOC ban.

These three things = If an KH ban happens, BTC will drop to serious lows as all Chinese will be selling-off!
Market controlled price with the Chinese continuing to control over 70% of all trading spells disaster if they are forced to sell.
Strap in.
 ;D

Read, then you will find that Mycoin was not an exchange but a weird sort of investment scam that smells like Ponzi.

Completely different from what the Chinese major exchanges do.

MyCoin promised clients a return of HK$1 million ($128,966) over a 4-month period, based on a HK$400,000 investment that would produce 90 bitcoins on maturity, the South China Morning Post reported on Monday.

and the lawmakers do realize the difference, so I would be surprised if they ban Bitcoin outright...

The Hong Kong Monetary Authority (HKMA) said in a statement late on Monday that the case "may involve fraud or pyramid schemes," adding: "Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin."

Good FUD but still FUD.  ;)

Please not this shit again  :(

http://cryptocoinupdates.com/wp-content/uploads/2014/07/db6e9_bitcoin_China-banks-ban-bitcoin.png

ITT: bagholders shitting their pants in denial of reality.  'quit spreadin fud brah!'

lolllll good luck with this one, gaize!

Wont happen

You're in danger by using these exchanges regardless of if they're in danger by their own customs.

What's wrong with their site? It seems https://mycoin.hk/  is still running, did anyone call their number?

Agreed with Gadman

Lol good luck Hong Kong. It'll go about as well as shutting down the cell towers during the Occupy movement . Lookup FireChat for anyone that doesnt know.

We just got rick rolled

China is communist in name only. It's economic system is a mixed economy not a communist one.