BLOOMBERG JUST REPORTED: China bans cryptocurrency exchanges

[HabBear]

Bloomberg: China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades

I know, there were a lot of "this is FUD" posts last week, but this report is less than an hour old from the time of this post. It appears to be new confirmation of the ban. The Wall Street Journal is reporting the same news within the last hour.

Would love to get others comments, especially a report that says Bloomberg is just late to report fake news.

Some details from the report:

While Beijing’s motivation for the exchange ban is unclear, it comes amid a clampdown on financial risk in the run-up to a key Communist Party leadership reshuffle next month.

The People’s Bank of China has done trial runs of its own prototype cryptocurrency, taking it a step closer to being the first major central bank to issue digital money.

And what would a mainstream news article on Bitcoin be without a presumption that this is all the hype is built upon a bubble of rainbows and unicorns.

“Whenever you start to hear about Hong Kong taxi drivers becoming millionaires from buying bitcoin, you start to think this is not necessarily driven by fundamentals,” he said. “So you will get quite substantial pullbacks at some point."

If you want some laughs search "china bans bitcoin" on Twitter. Fucking hilarious.

[vit05]

Wall Street jornal reported too. So it must be true, but, apparently, not even the Chinese is caring about that. Prices still up.

[Herbert2020]

ok, but howcome the Chinese exchanges are still working with high volumes, and also report on their public places like twitter or blogs that they have never received anything from the authorities?

and these are the details of the article:
"China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades"

this part is actually funny:
"The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private."

"OKCoin, BTC China and Huobi, the country’s three biggest bitcoin exchanges, said on Monday that they hadn’t received any regulatory notices concerning bans on cryptocurrency trading."

[CryptoBry]

ok, but howcome the Chinese exchanges are still working with high volumes, and also report on their public places like twitter or blogs that they have never received anything from the authorities?

and these are the details of the article:
"China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades"

this part is actually funny:
"The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private."

"OKCoin, BTC China and Huobi, the country’s three biggest bitcoin exchanges, said on Monday that they hadn’t received any regulatory notices concerning bans on cryptocurrency trading."

I think the whole world is now getting to be crazy and the whole of China is laughing its way to the bank. Let's see how this news can fare in the coming days. Certainly, there has to be an official pronouncement coming from the authorities otherwise this can just be another FUD. Will this affect the current value of Bitcoin? That can be a big possibility and so we can have another opportunity for buyers to get hold of their Bitcoin once again.

[Emoclaw]

Sounds like fake news.
Exchanges haven't issued an official statement yet whatsoever.
Also take a look at this article from 13 hours ago: https://cointelegraph.com/news/great-time-to-buy-bitcoin-as-unreliable-sources-from-china-spook-markets-

[BitWhale]

We needed the correction anyways. It will be just like pre-brexit, everyone was so focused on China until we realized it wasn't even China that was causing the rising in the first place.

If they do ban exchanges, my next question is what comes of bitcoin miners?

[HabBear]

this part is actually funny:
"The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private."

Funny? Sure. Common? Yes.

I'm not defending the legitimacy of Bloomberg's reporting but nearly every "breaking news" event that comes from the press is from "a source who chose not to be named."

That part of this article does nothing to prove or disprove the actual information being reported.

[AlfredKo]

It is not a confirmation and do look like fake news.

But there are Chinese user on Weibo said that the 2 news giant in China do not simply report fake news.
They have their own sources and reasons to report China's plan to ban Fiat to Bitcoin transactions. It will happen sooner or later.

There have been surge in panic withdrawal request since Friday.
On the other hand there are a few smart ones in China bought more Bitcoins when the price are as low as $3300-$3400 at one point.

I wouldn't worry so much about it. Even if China bans it, it's only temporary while looking at ways to regulate it.
Bitcoin ain't illegal and people will flock to P2P exchange.

[Herbert2020]

That part of this article does nothing to prove or disprove the actual information being reported.

that is the issue with the news at times like this. they never say something clear. part of it is because of naughty journalism though
they always say things like this: "it is said they are going to ban", "Craig Wright claimed to be Satoshi", "some random dude: bitcoin is going to fall", "some other random dude: bitcoin is going to moon",...
and although they are spreading the false news they are doing it in a way that you can never blame "them" because for example they are just quoting someone. how reliable that someone is and why they quote unreliable sources is open for debate.

[HabBear]

Sounds like fake news. Exchanges haven't issued an official statement yet whatsoever.
Also take a look at this article from 13 hours ago: https://cointelegraph.com/news/great-time-to-buy-bitcoin-as-unreliable-sources-from-china-spook-markets-

This is a good share.

The article claims China has waffled on their decision to ban bitcoin in the past (implying years ago, but not actually stated.) I didn't realize that. If they've had the same talk back in say 2013 I'm not worried at all about this.

Are some people having an agenda to pump Bitcoin and spook the market? This news may actually be doing everyone a favour, as it is likely to be the last time you can buy Bitcoin at these levels. We have just had it gifted to us, a 30 percent return as BTC will dipped below $4000 and then returned to business as usual.

Agenda probably exists, but not for a pump and dump. More of an agenda of media outlets to prove Bitcoin is in a bubble, and thus publish articles with information that may not be corroborated.

[tyoA7X]

what? are this news is true? if this news is true its so bad for bitcoin. china have a huge market volume of bitcoin and altcoin. and china's have a new trading exchange binance.

[MattHoo]

yeah~ It sounds like fake news as there are some exchanges haven't issued an official statement yet there are running normally. Like the huobi, okcoin, btcchina. Don't know why the news were reported to make surge in panic withdrawal request since Friday. FUCK fake news.

[Kakmakr]

One of two things might be going on here :

1. Market manipulation - Someone at Bloomberg know their platform can be used to sway Bitcoin markets and they deliberately publish FUD to manipulate the price.

2. Bloomberg is a paid shill - The amount of negative articles that are being published on Bitcoin from this platform, might suggest that they are being paid to do this.

The media cannot be trusted anymore and things like this just strengthen this statement.  

[HabBear]

The media cannot be trusted anymore and things like this just strengthen this statement.  

Totally agree, which is why i brought this new article here for scrutiny or confirmation.


The Blockchain News just published an article on the status of legality of cryprovurrencies in Russia. So while China appears to be limiting Bitcoin, Russia appears to be trying to embrace it with the right balsnce of regulation.

Russia is Working on Legalizing Status of Bitcoin, Other Cryptocurrencies: RT - The Blockchain News
https://apple.news/A4GBJBuonRqiIO-BSePc38w

[BTCLovingDude]

even if it were true, i say it is a very good news. because we simply will put an end to Chinese FUD. all these years i have seen thousands of this very same news about China doing this and China doing that to bitcoin and each time the timing is perfectly in sync with price correction which causes a bigger dip!

[CryptoBeefy]

If China do ban it once and for all at least it will stop all their threats which effects the stability. Onwards and Upwards

[hitlab]

It is still speculation until it is confirmed by official sources from China. The timing makes me suspect it has something to do with the 19th national congress of China starting on 18th of October. Bitcoin prices in china is already around $600 lower than other exchanges to reflect this risk.

[BenOnceAgain]

From what I've seen concerning any recent activity from Beijing... It may be that China is seeking to "ban" businesses that exchange their currency, renminbi, for cryptocurrency.  I believe this is actually an attempt to regulate this activity -- not one to truly end it.

But as always, the headlines are painted to make it sound apocalyptic.  Fake news.

It's something to watch, as China is a hugely important economy.  However, I really don't see them missing out on this revolution.  They already have some rigorous controls over their currency with respect to foreign exchange, and especially the use of their currency by Chinese nationals in transactions out of the country.  I believe this to be more of that.

[25hashcoin]

Buy Bitcoin Cash.

[psiksenz]

Fake news has been around forever, it's only recently that people have started calling it out which it a good thing in my opinion.  People are not believing everything they seen in the headlines and that things are taken out of context to get a certain reaction from the person reading it.

Despite that it is still having an impact on the markets, but not as much as it would have done previously and the markets are recovering pretty well.