Bitcoin Forum

They focus on whether the enterprise is operating beyond its business scope, whether it is engaged in unlicensed operation of loaning, payment, currency exchange and other related activities, whether there is any market manipulation; the implementation of the anti-money laundering.



https://twitter.com/redtheminer/status/819112826606190593

Article seems to be in Chinese, if you can share english version of this article than that will be nice. Tried google translation also but it isn't working.

The only confirmed exchange so far is BTCC . Not sure of others.

https://twitter.com/cnLedger/status/819112379417903104

https://pbs.twimg.com/media/C14WiO-VEAAy9Hx.jpg

In principle this is good since it will clear if there is something shady going on with the chinese mining business, but this panic sell is so fucking stupid. Whales sell the rumors and then panic sellers follow. Everytime something like this happens the price drops.

Chinese government is fucking stupid, they afraid people make money from bitcoin-FREEDOM. They are dictatorship country, shame on them, every big pump is destroyed by those morons.

Governments hate bitcoin because bitcoin is the currency of freedom and liberty, China is more stupid than US. But they are all bad treating bitcoins.

they dont.

remember this one simple truth..
for every bitcoin buyer there is a bitcoin seller.
meaning the chinese FIAT does not disappear, all that ultimately happens in a bitcoin trade is the name of the bank account holders of X fiat change hands.

what governments hate is people putting paper money into an envelope and sending the money out of the control of chinese banks. where it sits in some western union/bureau de change office vault in some unknown town. doing nothing and not circulating in the country of origin.

what governments hate is people not paying their taxes.. this is not a bitcoin direct issue, but an international currency issue of claiming non residence or having tax havens to avoid paying local taxes.

what governments hate is people making a financial loss, to claim it as a tax writeoff and hand less tax to the government

Wasn't China coming up with a digital fiat? They can benefit from a big dump if they intend to buy a lot of bitcoins (like some banks and companies are doing now). On second thought, that would be bad for them, people might lose their trust on the crypto. Maybe they are really just going after what they see as tax evasion. True China is a dictatorship, a communist country only in name but let us not forget that some of those money really could have been earned illegally.

For example, the Chinese are heavily involved in the drug trade in Asia. Drug manufacturing and trade itself is punishable by death in China so they manufacture those drugs in other countries instead, for example the Philippines. Drugs for the Chinese market are carried by Filipino mules but portion of the goods are also sold locally. Now if I'm a drug manufacturer in the Philippines, how would I send the money back to my boss in China?

chinese government are not buying bitcoin. they have regulations that the BANKS can only handle FIAT..

its citizens not governments that are speculating.. and at that its not 1.3billion citizens but just a few hundred or thousand citizens.. again not governments.

the government is involved in the IMF hyperledger. not bitcoin.
the government is not attacking bitcoin but just doing a routine inspection of any financial institution that is half involved with fiat trading.. even if the other half was a stock, commodity, asset or foreign currency.

soo much FUD is spread purely to create speculative panic..

Just what you would expect the chinese to say to the west while they dump on your heads..

China hates personal liberty..

Bitcoin is for not giving a shit what governments think..
Look here, currently what governments think is influencing/destroying bitcoin..

gov wants this, banks want that...

im a brit. i just hate the FUD that turns into sheeple scripts everyone repeats and circle jerks to

I meant to reply to what the info out of china is supposedly rather than your take on it..

I meant, ofcourse they would downplay the situation so they can keep us buying while they GTFO (dump on our heads)

You ever hear of any other troubled exchange in crypto history NOT tow the line "it is fine it is fin, nothing to see here" so they can keep their gig going as long as possible in order screw everyone that believes it and make out the best themselves?

BTCC "We are in huge trouble guys, the commies are coming to crush our business and this liberty.."
Not likely..
BTCC "It's not as bad as it looks, no reason to be afraid, trust us"
More likely..

For all we know they are doing the oppressive commie's bidding else have their organs harvested..

http://www.vosizneias.com/assets/uploads/news_photos/thumbnails/800_kqkt9ycelkuz2xeqbkfcrs9i4x0ortdq.jpg

Why you frucking asians always think everybory running illregal exchange? Mind you own biness! Market manipruration not you probrem. Fruckers

he is french though.. lol

I think they are fucking smart.

This could be just a very starting step in a much larger grand scheme. What if after this audit they are able to cleanse the crap out then legalize btc or exchanges afterwards? That would put a authentic tag on btc as an investable asset. Guess what? Cash hoarders (apparently there are a lot) will have another alternative to run into. Do you still remember what happened to gold not long ago?

Above is just my speculation but i do view this as a positive regardless. The panic sell will wash out traders and return btc back to a healthier status. Believers could prosper in the long run.

Nothing good will come from that, but i hope price will be stabilised on 750$ level, not less.
Who knows tho, its totally unpredictible.
China is big factor in bitcoin world, USA is behind this time.

Here is the formal report
http://news.8btc.com/pboc-onsite-inspection-exchanges

I guess all doubts about fake volume will disappear now. Will be interesting to see what kind of problems these exchanges will have if they do fake volumes and if authorities have proof on that.


This might be a big issue in the coming months.


Thanks, but Bitcoin is quite stable...

By helicopter comes first to mind. (http://www.aljazeera.com/news/2016/12/rodrigo-duterte-helicopter-161229062349259.html)

Who are you to say they are stupid? Before you say things like that, let us know what country are you from? Let us see if your government is not also stupid.

About the news, PBOC in investigating market manipulation is good news. I hope it discourages their exploitation of the Bitcoin market. A lot of people have already lost a lot of money in trading BTC.

Calm, even if China banned bitcoin, bitcoin will rise to $10000 a day. Moreover, it is absolutely impossible for China to ban bitcoin, then there may be regulatory policies in China, after all, the body has been bigger than the size of the currency. Regulatory policies sooner or later.

It doesn't look like an legal form of investment to check the legitimacy and the process of all the services provided through those exchange websites. This is just an initiation to give a panic to all its users within the country. As most people using were from china, the impact got felt through the price.

Load cash into helicopter? They might find to their horror that the president is also inside, LOL. :D

China really hate any currency that they can't control so they are creating their own virtual fiat to counter the bitcoin growing popularity in their country. These investigations they are currently taking might part of a plan to regulate or ban bitcoin to ensure the success of soon to be launch virtual currency under the management of China's central bank.

Cleaning out all the scammers can only be good for the BTC ecosystem IMO.

I believe this is only their biggest reason for some cases that occurred this month. Highly unlikely to impede circulation of bitcoin in china, because this is already world market level. Those who will lose if until one steps in its policy. In addition to the investigation of regulation, China intend to own coins that have been approved, and involves local exchange market. So there is no more space for the scammers to cheat system.

This will affect to bitcoin movement, but it will not be long.