Bitcoin Forum

What's Next For Hong-Kong Cryptocurrency after Hong Kong Central Bank Warns People About Investing In Cryptocurrency  (http://bitforum.info/t/hong-kong-central-bank-warns-people-about-investing-in-cryptocurrency/262?u=angelo)?

Bitcoin Regulation or eventual Bitcoin Ban?

Your link isn't up to date, the loss wasn't $387mill but merely $8.1mill.

Here's the most up to date news article about the Mycoin theft:

http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/

Small potatoes when you're dealing with "Ponzi Schemes".  It sucks, and the HK authority should go after those crooks.  That said those investors didn't do their due diligence and left their investment at an unsupervised, shady, and unregulated exchange hoping to get rich.  Not their fault, but I guess they didn't listen or pay attention to what happened to Gox and Stamp.

So although $8mill might seem like alot, compared to Gox which was $450mill, and to Bernie Madoff who "made off", pun intended, with $18 Billion...it's not a whole lot comparatively.

We might see a ban in the next 2-4 weeks, maybe earlier, no one knows for sure. But i assume that the experiment Bitcoin in China ends for now.
If the chinese government issues an official warning that´s almost the same in China as an outspoken ban. If the exchanges don´t close out of free will , then they will probably be forced to do it. That was the reason why they moved from China Hongkong last year, after the warning. So either they close their shop or they move to another country. Of course this would be a problem for chinese customers, as there are strict regulations about transferring money out of China. :-\ :-\

A Ban would definitely be bad, but I don't think it will be happening . Its just like a case of invest properly. It could also have happened with fiat, and wouldn't mean a ban in that case.

there will be no ban because only a moron would ban BTC in that case. it has nothing to do with BTC .


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

^^^
To put all the blame on bitcoin reflects on how shallow the knowledge and information people have about bitcoin. Sadly there's nothing we can do about it.  :'(

I wouldn't be surprised if central banks were deliberately allowing these scam artists to operate in order to discredit Bitcoin, because when it came to people like Bernie Madoff they didn't rest until he was put in jail and certainly didn't call for a ban on the U.S dollar. It's interesting because on the one hand they cry for regulations that strange otherwise pretty innocent people and on the other when something bad happens they just shrug and talk about how they can't do anything about it.

Puts law abiding people in a pretty shitty situation if you ask me because when something goes horribly wrong they don't have anyone to turn to and of course, they'll be labelled criminals and terrorists if they decide to try and take matters into their own hands.

I really hope that they will not ban it.

Central Banks across the world seem to be adopting the same posture, which is very, very strange.

Not really when you consider the sheer scale of the conspiracy that we face, this is probably just the first of many of their suicidal and ridiculous plans they have, too bad for them we're getting our own pro-Bitcoin media outlets up to counter their bullshit lol :P

Neither at the moment.