Chinese Capital Controls on Bitcoin

[deisik]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

I'll believe it when I see it. Right now all I see is zerohedge trying to push something that isn't being reported by any other sources. If more people start talking about this and the Bloomberg source comes out and actually starts to talk about this, then I will be more inclined to believe it. Until then I have to believe that this plan is at most a rumor, and there are very minimal plans for anything to happen beyond this.

But we should all agree that these rumors have affected the price significantly. So, if that was the plan, it did work out after all. Someone has paid Zerohedge to push that agenda, and a lot of people started panic selling their coins at a loss. Money always moves from weak hands into strong hands...

The usual day, the usual bunch

[mobnepal]

Just means cheaper coin for Venezuelans, Argentinians, India-ans, etc. to buy.....

Also add Nepal on the list, demand for bitcoin in here is very high few people are even buying bitcoin for 10%+ than market rate which is quite crazy. And this price dump made a great opportunity for us to buy more before another pump rally.

As china holding majority of bitcoin mining power right now, banning bitcoin may not be reality soon in china. There will be lots of pressure from miners to government as they have spended so much on mining infrastructure.

[yayayo]

I tend to be cautious regarding "China news" for Bitcoin. We've already seen a lot of false rumors, released with the intent to manipulate exchange rates.

Of course it's not impossible that China will implement some kind of capital controls for Bitcoin exchanges. After all, the country has a highly restrictive economic policy. However even if laws for such capital controls are adopted it remains to be seen if these are actually enforced and if enforcement is effective.

I doubt that the Chinese government will be able to effectively oppress Bitcoin use in the country. All they can do is shutting down the centralized exchanges. P2P trades will still be possible after that and sending / receiving Bitcoin could only be prevented by shutting down the entire IT infrastructure.

Let's wait and see, if anything materializes...

ya.ya.yo!

[Vinz24]

They can control bitcoin in someway because they have high bitcoin users in their country. China economy really affect the price changes of bitcoin. Most of the traders are watching the china's economy.

[BitHodler]

It's funny to see how many people believe this nonsense and started dumping their coins in full panic.

If the Chinese government wanted to highly restrict the usage of Bitcoin, they would have done it years ago, and not spontaneously right now.

The Chinese pumper team is behind this, I am sure of that. They control the entire market with iron fist for quite some time now.

[Catmony]

This can't be more than rumor like we have seen in past about bitcoin being banned in china. Another rumor, another dump, weak hands lossing and whales now will soon gonna pump the price again hard.

[Kprawn]

We expected this to happen at one stage.. { if this is true } .... China cannot just sit back and watch unlimited capital going to other

countries. The problem with this is that it's easier said than done... How do you stop someone from sending bitcoin from one address to

another? The regulation will only apply to services that adhere to these controls..... It will be interesting to see how they would be approaching

this.... Remember there are loads of other Alt coins that are more suited for this, because they are more anonymous. 

I don't think it is China that is behind this price hike.I think it is halving effect which is taking place after a long time.I also think that lots of ICO have gathered thousands of bitcoins in previous months which are still locked in escrow.Once these bitcoins will be released,bitcoin price will creash

Where do you get this information.... source? The halving is long gone, and will not have a impact anymore.. most miners worked the effect

of the mining into their mining operation and profit margins ...way in advance. China has definitely something to do with this, just look at the

volume being pushed through the exchanges. 

[Wind_FURY]

Someone out there is trying to use the ''Chinese Will Ban Bitcoin" scare tactic again. Why not ban it already and let Bitcoin move on from it. If those rumors are true, which they are not, then it could also be seen as a positive for Bitcoin for various reasons. China will slowly lose or diminish their influence over Bitcoin and will give room for other players to get in the exchange trading and mining game. Another reason is this should be seen as another test for the resilience of Bitcoin and a chance to give the finger to the man.

[hashkey]

that could be a good news for the bitcoin. It means the Chinese government will recognise the bitcoin as a currency.

nope. its use as a currency was expressly forbidden in 2013/14 by the chinese government. they stated that it could be traded and collected and nothing else.

their thinking is that people will use it to surpass capital controls. that don't make it a currency but it does make it more likely to be subjected to another crackdown.

How dumb is it? If people can trade, they can buy and hold it to hide illegal earnings.

Any country do one thing, some 'legalize' it, some ban the exchanges, some ban any other thing and well, this is a mess...

This is a mess but not a problem for bitcoin. I think the price falling since about 2-3 hours is from this stupid news article, if it is so I am not worried at all. I know bitcoin price cannot be manipulated as easy as these guys are saying.

 Bitcoin will be great until the end of time, this is as sure as death.

Be calm people and for a joke I bring you one of the top comments of the article.

You Sir made my day 

[panju1]

Someone out there is trying to use the ''Chinese Will Ban Bitcoin" scare tactic again. Why not ban it already and let Bitcoin move on from it. If those rumors are true, which they are not, then it could also be seen as a positive for Bitcoin for various reasons. China will slowly lose or diminish their influence over Bitcoin and will give room for other players to get in the exchange trading and mining game. Another reason is this should be seen as another test for the resilience of Bitcoin and a chance to give the finger to the man.

Shutting out more than a billion people won't be good for Bitcoin. We could plunge to scary levels, which would result in other people losing faith in Bitcoin as well.

[hajimasan]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

actually may be it a true news . but there is no control and not will be capital control also .
actually the distrub in the price of bitcoin is many time is du to the china . so we can say china is big user of btc and still mining in china is also profitable . so may be a mew company is going to start by them .

[Killerpotleaf]

Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

the truth is this has been "news" since 2013.

[MingLee]

Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

the truth is this has been "news" since 2013.

Probably true to be honest.

I don't think there has ever been a time where China wasn't pushing for something like this, and chances are it's been on the drawing board since people started to really get involved.

[aso118]

Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

the truth is this has been "news" since 2013.

Probably true to be honest.

I don't think there has ever been a time where China wasn't pushing for something like this, and chances are it's been on the drawing board since people started to really get involved.

They have tried to prick the bitcoin bubble before.
The Chinese government hates bubbles - people become disappointed when bubbles burst, and their ire is directed towards the government.

[maokoto]

It will be hard to ban something so pervasive. Perhaps I do not know much, but, as there are lots of bitcoin miners in China... isn´t that good for the country? Does it not mean chinese are getting money virtually from nowhere (so country gets richer)? Why would they want to ban it?

[deisik]

I doubt that the Chinese government will be able to effectively oppress Bitcoin use in the country. All they can do is shutting down the centralized exchanges. P2P trades will still be possible after that and sending / receiving Bitcoin could only be prevented by shutting down the entire IT infrastructure

But it will undoubtedly have a devastating effect on the Bitcoin price, given that the absolute majority of bitcoins that are traded are traded on these exchanges. It won't kill Bitcoin, but most likely crash its price down to two digits. And yes, I said that, i.e. below $100. What would the Chinese holders do if Bitcoin gets banned in China in a most restrictive way? Would the Chinese authorities take such drastic measures? I don't know, but I'm dead sure that they could do it, and that would be very destructive. Or they might be waiting to centralize Bitcoin both in the miner and in the buyer departments...

And then deliver a lethal blow to finish off Bitcoin completely

[davis196]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

Sooner or later the communist government of China will try to take control over bitcoin.

This will have some negative impact over the bitcoin price.

I don`t know if this info is true or not,but there is s huge possibility for this to happen.

[Wind_FURY]

Someone out there is trying to use the ''Chinese Will Ban Bitcoin" scare tactic again. Why not ban it already and let Bitcoin move on from it. If those rumors are true, which they are not, then it could also be seen as a positive for Bitcoin for various reasons. China will slowly lose or diminish their influence over Bitcoin and will give room for other players to get in the exchange trading and mining game. Another reason is this should be seen as another test for the resilience of Bitcoin and a chance to give the finger to the man.

Shutting out more than a billion people won't be good for Bitcoin. We could plunge to scary levels, which would result in other people losing faith in Bitcoin as well.

A billion people? So you think a billion Chinese people are using Bitcoin regularly in their lives now, and that shutting them out will result to dire consequences to the Bitcoin economy? I am sorry sir but most of the Chinese who are into Bitcoin are speculators. It will be surely bad if those thousands of Chinese speculators will be shut out but it will not make Bitcoin "die". Far from it sir.

[Rubberduckie]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

China honestly runs everything. This isnt surprising for me. It's the reason this
moron trump actually has traction in the US. People are so worried about the
economy and china.

[mace15]

This is not new that chinese capital control over bitcoin. Some of
cyrptocurrency really controlled by chinese people. I've heard this
news later this year. But Im hoping that they have a good plan,
I dont really know whats their intention though.