Breaking News! PBOC inspects Chinese Bitcoin Exhcanges

[Bitcoin Kan]

The People's Bank of China Shanghai headquarter and the Shanghai Municipal Finance Office and other units formed a joint inspection team and carried out on-site inspection on BTCChina. The operation is focused on checking whether the company is operating beyond its scope, whether it is conducting the business of credit(loans), payment, remittance and/or other related business without necessary license or authorization, whether there is market manipulation, the implementation of anti money laundering system, financial security risk and so on.



The price in Chinese market suddenly fell down.

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[Isildur23]

This is not good at all 

[OmegaStarScream]

This could be a disaster If those exchanges have indeed something they are hiding (which I think Its the case) hopefully the price will stay in the 800$ range after this. (Already dropped by almost 50$ in the last hour)

[Searing]

This could be a disaster If those exchanges have indeed something they are hiding (which I think Its the case) hopefully the price will stay in the 800$ range after this. (Already dropped by almost 50$ in the last hour)

heh..fake volume...on those exchanges..no fees ...what could go wrong (sob) ...but imho .games are being played bet on it....even if China does a legit investigation without any bias to

bitcoin...it will be ugly imho....you look at these

exchanges under say USA law and it would be bad. IF China has an agenda to squash them on top of the finding of what I expect ....it will be much worse.

Then again I'm in this long term (crypto big $$$ or ZERO bet) and trying to get back to 100 btc.. (at 95 now) thus CHEAP COIN!!!!
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The catch is ....if they don't find much..not a big deal....if they find much....a big deal.....trouble is this could just be an unkown for 3 months or so then

blamo..info hits one way or another ....again ...depending on China's Gov't mood towards btc and/or findings.

(gets popcorn...scary movie time)

[adaseb]

This could be a disaster If those exchanges have indeed something they are hiding (which I think Its the case) hopefully the price will stay in the 800$ range after this. (Already dropped by almost 50$ in the last hour)

heh..fake volume....games are being played bet on it....even if China does a legit investigation without any bias to bitcoin...it will be ugly imho....you look at these
exchanges under say USA law and it would be bad. IF China has an agenda to squash them .it will be much worse.

Then again I'm in this long term (crypto big $$$ or ZERO bet) and trying to get back to 100 btc.. (at 95 now) thus CHEAP COIN!!!!

The catch is ....if they don't find much..not a big deal....if they find much....a big deal.....

(gets popcorn...scary movie time)

Generally not a good idea to post how much BTC you own. You might get hacked.

[Searing]

This could be a disaster If those exchanges have indeed something they are hiding (which I think Its the case) hopefully the price will stay in the 800$ range after this. (Already dropped by almost 50$ in the last hour)

heh..fake volume....games are being played bet on it....even if China does a legit investigation without any bias to bitcoin...it will be ugly imho....you look at these
exchanges under say USA law and it would be bad. IF China has an agenda to squash them .it will be much worse.

Then again I'm in this long term (crypto big $$$ or ZERO bet) and trying to get back to 100 btc.. (at 95 now) thus CHEAP COIN!!!!

The catch is ....if they don't find much..not a big deal....if they find much....a big deal.....

(gets popcorn...scary movie time)

Generally not a good idea to post how much BTC you own. You might get hacked.

Well if they can get into the safety deposit box at the bank and get to my only copy paper wallets with only btc in...I"m outclassed

[erikalui]

Why do exchanges operate illegally causing harm to not only the users of the exchange but it hampers the reputation as well of bitcoins. Chinese markets being the backbone of the currency, they can have a huge impact on the price. If it reaches $600, the other exchanges will have bigger losses.

[BillyBobZorton]

This could be a disaster If those exchanges have indeed something they are hiding (which I think Its the case) hopefully the price will stay in the 800$ range after this. (Already dropped by almost 50$ in the last hour)

Im sick of the damn chinese government causing ups and downs within the bitcoin market. Everytime the PBOC says whatever, no matter the fuck they say it's always the same shit: price moves. Even if all they say is "hey bitcoin is volatile" then that creates volatility itself. It's really depressing, but we can't do anything about it until the marketcap is way bigger.

[xuan87]

this is really a bad news, most of the user is from china and with this case it will affected the transaction and the usage of bitcoin, if the government keep on interfering bitcoin problem, then we will see the lower transaction flow and the price will go down, hopefully the case will finished soon and not causing any big harm to bitcoin

[Oggy1987]

Damn I wanna cry when I see how it sinks, minute after minute... Although im here for the long term it makes me worried. I bet they will find whatever they want, its china government after all. Well we all depend on them now, no matter if we dont like it, but considering china market and its significant to bitcoin market.... So it will be hell of a ride

[jacaf01]

There are two ways to look at this short term it might hurt but on the long run it is better, if there is market manipulation they should be punished for it, it is just that Bitcoin is caught in the middle of this mess. The price is now below $800 in some CHinese exchanges

[European Central Bank]

This is not good at all 

yes it is. the sooner china is either wiped out or brought to heel the better. there's no way bitcoin can reach its proper potential when it's controlled by fictional casinos. there'll be short term pain but long term it's the only way.

[NeuroticFish]

This is not good at all 

yes it is. the sooner china is either wiped out or brought to heel the better. there's no way bitcoin can reach its proper potential when it's controlled by fictional casinos. there'll be short term pain but long term it's the only way.

I agree. Better check now than end up with yet another MtGox.
Even if - speculation or not, related to this or not - the price is falling rapidly. But I am confident it will come back. The target is over 1k at the end of the year, right?

[Xester]

Several issues already are being thrown to China. The huge bitcoin hype increasing the price then suddenly a huge price deflation occurs and it was all traced back to China. With these reports coming the PBOC is forced to check the Chinese Bitcoin Exchangers. This is actually a good news its because if this inspection will not be done by the PBOC sooner or later bitcoins reputation will be largely affected.

[kumax]

Im sick of the damn chinese government causing ups and downs within the bitcoin market. Everytime the PBOC says whatever, no matter the fuck they say it's always the same shit: price moves. Even if all they say is "hey bitcoin is volatile" then that creates volatility itself. It's really depressing, but we can't do anything about it until the marketcap is way bigger.

In ideal world, this shouldn't happend. 
One of the biggest advantages of bitcoin should be its decentralization, but as we can see, nowadays bitcoin is most influenced only by one single market.
On the other hand - to those who complains its chinese fault that bitcoin went down - without chinese miners and holders, the price wouldn't be so hight.. there are always two sides of one coin.

[franky1]

"chinese" exchanges have been in constant communication with PBOC for years.

this topic is exaggerating a 'routine' inspection by regulators* into something sounding more like a raid.
it is not a raid. its just a routine inspection

seems like the OP wants to cause drama to cause some speculation and another discount day to buy in cheap.
and when people wise up to the truth and price then recovers, the OP can sell for profit.

*(yep many finance firms in fiat, asset and commodities get these as something treated as normal processes)

The operation is focused on checking whether the company is operating beyond its scope

BTCC for example has a regulatory agreement of what its business will do (scope of business).
the regulators are just doing a routine inspection to check

drama over

tip: this is temporary speculation drama. do not consider it a panic moment to cry about losses, consider it a discount day to increase holdings cheaply

[BitcoinBarrel]

Chinese speculators are probably selling do to fears of fraud, fines, etc from the investigations.

Price will rebound, and non-believers will be punished.

[IIOII]

China's main concern and motivation behind this inspection is clearly capital flight. Oppressive governments just don't like if people decide to opt out of slave money. If the exchanges are allowed to continue operation, significant surveillance measures will likely be put in place.

Hopefully, users will learn from that and engage more in P2P trade.

[Juggy777]

Chinese what's wrong with them, why mess around and why do it now, there's more than that meets the eye. Possibly all the data will be able to revealed and this data could be hacked, or these people have sold the coins at a high price and now want to break btc price by doing such a act. For btc sake I do hope the exchanges come out completely clean cause this could start a precedent and suddenly we realize all countries doing this.

[FaucetRank.com]

this is really a bad news, most of the user is from china and with this case it will affected the transaction and the usage of bitcoin, if the government keep on interfering bitcoin problem, then we will see the lower transaction flow and the price will go down, hopefully the case will finished soon and not causing any big harm to bitcoin

As far I know government cases do not finishes soon it will take adequate time to investigate. We can only wait or watch and other alternate option is invest in alt coin that has lot of potential so losses due to Bitcoin price fall can be avoided.