Breaking News! PBOC inspects Chinese Bitcoin Exhcanges

[1Referee]

I don't understand why people get so upset or surprised by happenings as these. It has been part of the Bitcoin market since the very beginning. This is what traders look out for, and where rookies get seperated from well minded investors. Instead of complaining about something you can't do anything about, use it in your advantage to either buy back the coins you sold far above current levels, or to trade this volatility where there is a good amount of money to be earned. After a few days when the market calms down, people will realize that their panic selling reaction was completely useless as it costs them only money. Expensive lesson.

[royalfestus]

Is not a reason to worry, it will always find its balance. The loss of over $136 dollars value in a week due pronouncement in a country show what centralization could cause.

[TKeenan]

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

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

Punishment is good.  I hope they do it with a cane.

[strasboug]

Not a bad news, Chinese try to hide their money in bitcoins due to the money export restrictions. The government will look into that for sure. This will make the bitcoin market healthier.

[franky1]

BTCC has an official license, making their operations perfectly acceptable. However, it seems the PBOC is mostly interested in potential market manipulation and “cooking the books.”

yes its a regular/routine checkup..which is part of their licence agreement

its not raiding an unlicenced exchange.. hence all this drama is FUD

[olubams]

And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

[Isildur23]

This reminds me of 2013 when after the news from China, everyone here was like "this is actually a good news, they give it a legal status..blabla", while the price kept sinking days, weeks and months after that.

PBOC is investigating the biggest exchanges in China, which have been showing an insane volume, have driven the price in all kinds of directions at random times and have been promoting bitcoin in China, while the PBOC is doing everything possible to prevent capital outflow! What could possibly go wrong?!?!

Who is actually spreading FUD? One of the exchanges say they were "discussing" with PBOC... wtf?! They were not discussing, they were being investigated!

They also said "stay rational"? What is rational? To buy bitcoin now and pray all gods that the PBOC won't find anything suspicious and they will just say "Everything is fine, you can just keep on doing what you are doing, keep buying bitcoins while we try to stop capital outflow at all costs"? Really?!

PBOC have already prohibited all promotion of bitcoin as an alternative to their currency, which was the reason why price went up on the first place. What do you expect now? PBOC blessing bitcoin?

[franky1]

yes, and guess what

Their attack on BTC will serve nothing but to show to the world that they themselves are in fear. Furthermore, the crypto community will respond appropriately and move out of their grasp. Next, cryptos will grow in other nations, eventually catching up to China and causing China a huge disadvantage for having been so stupid as to attack cryptos. BTC will flee china temporarily and be harder to get back.

And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

Any nation with a brain will grab hard to get cryptos into their borders now. All economic models heretofore are outdated. That means that PBOC is making decisions based on a jurassic economic model  LOL

they are not in fear...

seriously calm your mind. try researching rather than speculating.
china dont care about the money supply in regard to bitcoin.. for every buyer there is a seller.. so the chinese money circulates the exact same as someone buying a loaf of bread. the fiat does not evaporate. it just moves from a buyers to a sellers account.

all that ultimately changes is whos holding the fiat..

china is just doing what it does to ALL financial firms.. it periodically does routine checkups to ensure the business is working within its scope. and periodically informs the nation that trading and investment is a risk.

it does not matter if it is an asset commodity stock or share or forex.. the PBOC drama is the same for all financial services.
its nothing special about bitcoin

seriously calm your mind. try researching rather than speculating.

[Xircom]

Well spoken Franky1,
This shit happens all the time and as well for EU exchanges and I think it is healthy that some of the big piles of BTC in china is distributed by massive sales.
Time to suck up some cheap BTC :-)

[LeGaulois]

yes, and guess what

Their attack on BTC will serve nothing but to show to the world that they themselves are in fear. Furthermore, the crypto community will respond appropriately and move out of their grasp. Next, cryptos will grow in other nations, eventually catching up to China and causing China a huge disadvantage for having been so stupid as to attack cryptos. BTC will flee china temporarily and be harder to get back.

And here it is coming gradually the regulations but I still see this as a stunt they are pulling over there and this will affect the price of bitcoin in a way whether positive or negative because its this same China that the massive increase in the price of bitcoin started towards the end of last year as their exchanges were at the forefront of pushing the price upwards... And the down trend we are witnessing now cannot be totally ignorant of their activities over there...

Any nation with a brain will grab hard to get cryptos into their borders now. All economic models heretofore are outdated. That means that PBOC is making decisions based on a jurassic economic model  LOL

they are not in fear...

seriously calm your mind. try researching rather than speculating.
china dont care about the money supply in regard to bitcoin.. for every buyer there is a seller.. so the chinese money circulates the exact same as someone buying a loaf of bread. the fiat does not evaporate. it just moves from a buyers to a sellers account.

all that ultimately changes is whos holding the fiat..

china is just doing what it does to ALL financial firms.. it periodically does routine checkups to ensure the business is working within its scope. and periodically informs the nation that trading and investment is a risk.

it does not matter if it is an asset commodity stock or share or forex.. the PBOC drama is the same for all financial services.
its nothing special about bitcoin

seriously calm your mind. try researching rather than speculating.

fear may be an exaggerating word but one truth is:
BTC enables the retention of capitol into China right now .. just the exact opposite of what PBOC guys are thinking