7788bitcoin
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August 14, 2016, 12:10:48 PM |
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I think we must all very careful with using the exchanges. We shall see more of them come and go. The actual details of the recent hack of one of the biggest exchanges is still unknown; exchange with 80% (!) global bitcoin exchange volume is under money laundry investigation... These are creating bad images for bitcoin.
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unamis76
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August 14, 2016, 12:21:48 PM |
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I think the question here, that we should care about is that how much do you think it can affect the price.
I know that OKCoin was the biggest Chinese exchange that existed. but also I remember that their price did not really have any big effect on bitcoin price since a while back when the price was rising towards the moon, price on OkCoin was already a great deal above dollar value and it didn't seem to affect bitcoin price in any positive way.
so what do you guys think?
Since the Bitfinex hack affected the price, I'd risk in saying that if OKCoin closed down right now there would be a small(er) "dump" in price too, not because of lack of trust in Bitcoin, but because whales take advantage of pretty much any piece of news to make the market go up or down... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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European Central Bank
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August 14, 2016, 02:48:16 PM |
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I think the impact won't be that big because we know that volume trading is fake/manipulated. The trader/whale only going to another exchange. Would be different if they can't pay fine, got hacked or run away with customer money.
despite the fact that everyone knows what's going, markets run on perception and enough stupid people would panic for there to be a hefty fall and more doldrums. the whales depend on the sentiments of the dimwits to take more coins off them.
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Hide_ip112
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August 14, 2016, 02:55:00 PM |
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I think we must all very careful with using the exchanges. We shall see more of them come and go. The actual details of the recent hack of one of the biggest exchanges is still unknown; exchange with 80% (!) global bitcoin exchange volume is under money laundry investigation... These are creating bad images for bitcoin.
Yeah, this greatly influences the growth and image of the bitcoin. If this still happens then growth will be hampered by the bitcoin news such as this and this will also have an impact on the price of the bitcoin unchanged (stable). I hope we can improve themselves and browse in advance all of the sites. cause if not then a case like this will increasingly occur whenever
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Red-Apple
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August 14, 2016, 03:09:16 PM |
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I think the question here, that we should care about is that how much do you think it can affect the price.
I know that OKCoin was the biggest Chinese exchange that existed. but also I remember that their price did not really have any big effect on bitcoin price since a while back when the price was rising towards the moon, price on OkCoin was already a great deal above dollar value and it didn't seem to affect bitcoin price in any positive way.
so what do you guys think?
Since the Bitfinex hack affected the price, I'd risk in saying that if OKCoin closed down right now there would be a small(er) "dump" in price too, not because of lack of trust in Bitcoin, but because whales take advantage of pretty much any piece of news to make the market go up or down... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I think the impact won't be that big because we know that volume trading is fake/manipulated. The trader/whale only going to another exchange. Would be different if they can't pay fine, got hacked or run away with customer money. well, it is not yet closed down and doesn't seem to be closing down either. because i think the authorities knew about everything before and they have to be doing something right to stay open for this long. also about price i have to say it has nothing to do with volume being fake etc, just as the hack had nothing to do with dumping because the hacked coin are not moved. it is all about "panic" and that is what controls the dump size.
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xdrpx
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August 14, 2016, 03:14:59 PM |
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I wouldn't trust an exchange that faked the Bitcoin trading volumes. Also, for the safety of performing ethically and running their business operations legally, they've had to have legally applied as a Bitcoin exchange. I'm assuming somehow legally applying as a Bitcoin exchange might be illegal in China. Also, I fear a fall in price of Bitcoin if OKCOin is taken down, since it is presumed to be one of the largest Bitcoin exchange.
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btcdevil
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August 14, 2016, 03:15:29 PM |
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I think the question here, that we should care about is that how much do you think it can affect the price.
I know that OKCoin was the biggest Chinese exchange that existed. but also I remember that their price did not really have any big effect on bitcoin price since a while back when the price was rising towards the moon, price on OkCoin was already a great deal above dollar value and it didn't seem to affect bitcoin price in any positive way.
so what do you guys think?
Since the Bitfinex hack affected the price, I'd risk in saying that if OKCoin closed down right now there would be a small(er) "dump" in price too, not because of lack of trust in Bitcoin, but because whales take advantage of pretty much any piece of news to make the market go up or down... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I think the impact won't be that big because we know that volume trading is fake/manipulated. The trader/whale only going to another exchange. Would be different if they can't pay fine, got hacked or run away with customer money. well, it is not yet closed down and doesn't seem to be closing down either. because i think the authorities knew about everything before and they have to be doing something right to stay open for this long. also about price i have to say it has nothing to do with volume being fake etc, just as the hack had nothing to do with dumping because the hacked coin are not moved. it is all about "panic" and that is what controls the dump size. That is the reason if the small traders start to panic and sell then we can see some 5 to 10% of btc price going down as their will be small sell, but if the site is running even after news then i think their may be anything big surprise is waiting for all bitcoiners.
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Ayers
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August 14, 2016, 05:28:38 PM |
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the warning is very clear. DO NOT keep your funds with Okcoin.
i guess you should avoid keeping your funds in any exchange not only okcoin, and i'm not trusting any exchange let alone chinese exchange with fake volume, and right now we have only kraken at this point which was not hacked
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mayax (OP)
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August 15, 2016, 05:32:50 PM |
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the warning is very clear. DO NOT keep your funds with Okcoin.
i guess you should avoid keeping your funds in any exchange not only okcoin, and i'm not trusting any exchange let alone chinese exchange with fake volume, and right now we have only kraken at this point which was not hacked correct! you must withdrawn your remaining funds(if you are a trader) as soon as you hear something like money laundering accusation. OKcoin may be raided any day and the funds will be seized.
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manselr
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August 15, 2016, 06:07:05 PM |
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Thanks for posting this! I try to comb through 8btc but it can be quite the headache when you don't read Mandarin. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I've always thought Okcoin was shady. First, it was volume pumping allegations, then bucket shop/trading against users/skipping orders allegations. Then the CTO admitting that they gamed the proof-of-reserves audit, and that they trade against users with money unbacked by real assets. They have a real shady corporate structure too, shady people involved (criminals). can you imagine that Okcoin "owns" 80% from BTC trades? ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) The world is up side down. The fraudsters are ruling BTC and the people are OK with that. They keep depositing the money into a DEEP shit whole like Bitfinex even Bitfinex stole their funds; they use unlicensed exchangers and then...they are winning on forums that their money are gone and someone must help them ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) That is the beauty of bitcoin, it's hardcore self responsibility. If you dont want to get scammed, understand that all exchanges are prone to being "hacked" unless they are decentralized.
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Lionidas
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August 15, 2016, 06:14:25 PM |
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"More, the judge said that Okcoin favorize the criminals for laundering money." Money laundering? How is this possible if it is with bitcoin? They have been around ever since I started using bitcoin so why now are they just seeing it as an illegal exchange? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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takingthis4
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August 15, 2016, 06:16:23 PM |
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the warning is very clear. DO NOT keep your funds with Okcoin.
i guess you should avoid keeping your funds in any exchange not only okcoin, and i'm not trusting any exchange let alone chinese exchange with fake volume, and right now we have only kraken at this point which was not hacked thats true, exchanges might easily run away in the future and because of that you would lose all the money you have deposited in it
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mayax (OP)
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August 15, 2016, 06:24:23 PM |
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"More, the judge said that Okcoin favorize the criminals for laundering money." Money laundering? How is this possible if it is with bitcoin? They have been around ever since I started using bitcoin so why now are they just seeing it as an illegal exchange? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) they received money(fiat) and the send money(fiat) in exchange for Bitcoin. It's so simple.
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Kprawn
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August 15, 2016, 06:52:49 PM |
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the warning is very clear. DO NOT keep your funds with Okcoin.
i guess you should avoid keeping your funds in any exchange not only okcoin, and i'm not trusting any exchange let alone chinese exchange with fake volume, and right now we have only kraken at this point which was not hacked thats true, exchanges might easily run away in the future and because of that you would lose all the money you have deposited in it If you lose all your money invested in Bitcoin in this manner, you are straight out stupid. We warn against storing large amounts of Bitcoin on exchanges in every second thread about exchanges and we have had MANY warnings from actual exchanges going down, like Crypsy / Mt Gox etc.... So do not come with this shit excuse when you lose money at dodgy sites like this. People who use these unregulated exchanges for illegal things, should also lose their damn coins... the more they lose, the better for all of us, who wants to use Bitcoin for legal things. ![Angry](https://bitcointalk.org/Smileys/default/angry.gif)
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QuestionAuthority
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August 15, 2016, 07:16:55 PM |
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Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities. http://8btc.com/thread-37836-1-1.htmlThe Higher People's Court of Heilongjiang Province, rulled that Okcoin business is illegal because they don't have a proper license. Okcoin company declared that they will only offer: technology development, transfer of technology, technical services, technical marketing, consulting and investment management. Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities. They would need many other licenses. More, the judge said that Okcoin favorize the criminals for laundering money. Okcoin is well know for their shaddy business like fake volumes and price manipulation. Even Lee, the BTC China CEO said that a while ago "... Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand." http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/http://bitcoinpricelive.com/chinese-bitcoins-crash-market/Their clients should be aware that OKcoin can be closed anytime.Don't keep your funds in Okcoin ! Aren't fake volumes and/or price manipulation standard operating procedure for all Bitcoin related exchanges? You've obviously been paying attention. Yes it is normal. The worst case was MtGox. They artificially pumped bitcoins price to $1,200 per coin.
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M28MmickT
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August 15, 2016, 07:28:31 PM |
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I believe the main problem on exchanges still belong to people leaving all their bitcoins inside them, that produces most kind of problems, there is the need of strong advertising about the advantages of moving Bitcoins to websites only when it is needed for a trade or investment and not use them as store vaults.
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BTCBinary
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August 15, 2016, 07:31:23 PM |
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OKcoin always was a shady exchange. They had all the indications of running a shady business... and this news are not the first
I never put my money overthere. Best to put it at BTCChina.
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cr1776
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August 15, 2016, 07:44:21 PM |
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wasn't this the place that turned out to be keeping their cold storage in the ceo's girlfriend's moms closet? ...
You are thinking of the United States State Department's Secretary of State's email server, right? :-) That is pretty funny though - cold storage in the closet. At least do it in the freezer.
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franky1
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August 15, 2016, 08:13:09 PM |
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I believe the main problem on exchanges still belong to people leaving all their bitcoins inside them, that produces most kind of problems, there is the need of strong advertising about the advantages of moving Bitcoins to websites only when it is needed for a trade or investment and not use them as store vaults.
yet some dev's want the opposite.. they want you to deposit bitcoins into exchanges. and instead of withdrawing funds to arbitrage, they want to give you some sidechain or altcoin that represents your balance to internally move between exchanges. research : Liquid sidechain
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Quickseller
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August 15, 2016, 08:24:45 PM |
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Yeah it's chump change anyway, 600k yuan. But it does make me wonder if it could lead to further investigations into their operations.
Even if no enforcement action is taken against OkCoin, this will impact them negatively because many people do not want to engage in business with someone who is "illegal". If OkCoin is in fact insolvent (I have no idea one way or another if they are), then this fact will likely become apparent in the coming weeks, as their customers attempt to withdraw.
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