[2017-02-15]BTCC latest move indicates more regulation on the way

[hl5460]

Wednesday afternoon Shanghai, BTCC just released a latest announcement, tightening regulations even more by halting real-name verification of all new users till 15th March, one month from now. However, the announcement was soon deleted. But 8btc managed to get a screenshot.

BTCC latest move indicates more regulation on the way

http://news.8btc.com/btcc-latest-move-indicates-more-regulation-on-the-way

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[1Referee]

It's funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn't any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

[hl5460]

It's funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn't any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

You maybe right. People are already talking about imposing limits on bitcoin withdrawal.

[zby]

It's funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn't any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

The market was so small back than that it did not matter for national monetary policies. China might be the first to regulate - but Europe is not far behind - in the end all economies relying on capital controls will have to regulate.

[cr1776]

It's funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn't any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

You maybe right. People are already talking about imposing limits on bitcoin withdrawal.

Then, perhaps, people will just realize there may be no need to convert back to fiat.  So this may in the longer term, work against the interests of the globalist authoritarians since once people begin to realize they don't need to convert back, they'll lose more control.

Once you have some store of value that has exited the fiat world and is less under their control, why go back?  Gold, without the confiscation at the borders problem.

[maku]

What is even more interesting is a fact that Chinese traders are are losing confidence in exchange prices.
They find that constant 'bullying' and introduction of new regulations every week.
Not to mention, recent suspension of withdrawals on major Chinese exchanges is impacting bitcoin trading negatively.
What is interesting traders are switching from centralized exchanges to p2p trading platforms, mainly Bitcoinworld and Bitpie.

[1Referee]

The market was so small back than that it did not matter for national monetary policies. China might be the first to regulate - but Europe is not far behind - in the end all economies relying on capital controls will have to regulate.

If it was Europe that we were talking about, then you could have a good point, but it's China that we are talking about. In most cases they know very well how to calculate the danger of certain projects, sites, services, where they act directly by imposing a total ban. Back in 2013 would be a perfect opportunity to force through regulations when the price reached an all time high and the usage exploded. I highly doubt they just started with realizing what Bitcoin is capable of.

[digaran]

Is this a bad thing or good? I think it's a good thing that they are trying to identify and keep record of every one trading crypto, they already know that they neglected such situations before and trying to make up for it. I agree they should've done this at least 4 years ago but appears they doubted the hidden potentials of cryptocurrencies and slowly waking up to it.

[morantis]

Wednesday afternoon Shanghai, BTCC just released a latest announcement, tightening regulations even more by halting real-name verification of all new users till 15th March, one month from now. However, the announcement was soon deleted. But 8btc managed to get a screenshot.

BTCC latest move indicates more regulation on the way

http://news.8btc.com/btcc-latest-move-indicates-more-regulation-on-the-way

that's china and the "announcement" was hacked in, that is why it was removed, try reading a little deeper before attempting to create drama

[hl5460]

Is this a bad thing or good? I think it's a good thing that they are trying to identify and keep record of every one trading crypto, they already know that they neglected such situations before and trying to make up for it. I agree they should've done this at least 4 years ago but appears they doubted the hidden potentials of cryptocurrencies and slowly waking up to it.

It depends. AML requires every taders to be realname.

[hl5460]

that's china and the "announcement" was hacked in, that is why it was removed, try reading a little deeper before attempting to create drama

update: 17:46pm 15th Feb, BTCC released the revised version and "halting verification of new users" was removed. You may find screenshot in the article.