Exchange inspections should be a good thing.

[Alley]

It should give confidence to investors that no funny business is going on.  But instead people hear exchanges are getting inspected and everybody sells there coins.  Bitcoin is getting very frustrating and I'm starting to think it does indeed have a low ceiling.

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[BitcoinHodler]

i completely agree. inspection are good and regulations that they are talking about is also good. it actually helps people start believing in bitcoin and stop thinking it is a virtual play thing. it gives bitcoin a more legit face.

and it is not people who sell by hearing this it is mostly manipulation, they dump to push the price down at times like this and it creates panic. and a snowball effect.

[zby]

Inspections are not good if people used BTC for working around the capital controls.

[BitcoinHodler]

Inspections are not good if people used BTC for working around the capital controls.

the amount of capital control is $50,000 and Chinese either didn't use bitcoin to work around it or those who wanted to use bitcoin has bought bitcoin through other channels otherwise we would have seen a continued massive price rise in the previous weeks instead of a rise and then decline.

[LLec]

Inspections of these exchanges should happen because we are talking about millions of dollars going into them per day.
And nobody thought of doing this in the first place?
I know there are laws against going into them and governments don't have a say to them because they are businesses but still.
That leaves them to do unlawful things if they don't abide by some kind of law within the country that they are working out of.

[alyssa85]

In western democracies inspections and regulations they ARE good things.

But the Chinese govt rules are extremely opaque, which is why the exchanges are nervous. Some new rule could be pulled out of someone's backside and they could be found in breach of it. There is no accountability in their system. That's why the price fell.

[manselr]

In western democracies inspections and regulations they ARE good things.

But the Chinese govt rules are extremely opaque, which is why the exchanges are nervous. Some new rule could be pulled out of someone's backside and they could be found in breach of it. There is no accountability in their system. That's why the price fell.

Regulations should be a good thing, but I don't think it's only because it's the chinese government and not other governments. As far as I know, everytime any government talks about "regulation" whatever it might be, price crashes. The other day the chinese government talked about how bitcoin as volatile, and that caused the crash itself. Every statement by governments create an opportunity for whales to try to short and get the rest following the lead by panic selling. Now whales have made a lot of money with this short and people that sold at the bottom will lose it since we are going up again.

[olushakes]

It should give confidence to investors that no funny business is going on.  But instead people hear exchanges are getting inspected and everybody sells there coins.  Bitcoin is getting very frustrating and I'm starting to think it does indeed have a low ceiling.

This is what I called unnecessary panics and its something one should be weary of. But the reason for going that is kind of justifies because people believe when that is happening, then my anonymity is no longer guaranteed in which the simple "checking" might lead to other forms of investigation which I am sure people are not ready for but at the same time its good it will take time for it to sink that its actually in everyone interest.