BLOOMBERG JUST REPORTED: China bans cryptocurrency exchanges

[Juggy777]

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.

About time China did it and bans Bitcoin exchanges but before we all loose control and create panic read the lines, only exchanges are banned not Bitcoins in china, that means China people yet can trade their coins internally but not through Chinese exchanges, that means within a period of time Bitcoin prices shall be back to normal, and Chinese people will find a way to trade. Now it's simple right you can't trade on Chinese exchanges but you can trade outside China exchanges and internal trading is allowed. I feel sooner or later government will create it's own exchange.

[revinvested]

I would say that it is just late FUD news, trying to get Bitcoin to 4000USD level or lower to get cheap coins before new ATH which will be here within few weeks, and most of the traders that panic sold their BTC last week will be buying it for much higher price. It is always happenning. New ATH, holds value a bit, correction, quite before storm.. new ATH.. remmember this comment when you will be watching BTC graph soon

[TravelMug]

I don't like Bloomberg news though, they are leaning more on the financial aspects like stocks, mutual funds and other investment portfolio and crypto and bitcoin in general in not their cup of coffee to say. And this kind of news really impacted the market in ta very negative way, so I don't know what their intentions are. But I guess bitcoin is too resilient to this kind of negatives or fakes and I'm seeing that the market is now clear and going in a plus side. I guess we already read this news and we are already immune and they just write this articles for clickbait purposes only.

[Kumarodus]

I have learnt to take with a pinch of salt all this classic FUD from china

[alex_rada]

We can't be sure until we get some sort of official statement from the Chinese authorites. In spite of a clear announcement, and taking into consideration the FUD spread by WSJ and Booomberg, I can't help but wonder why we don't see any signs of panick-selling in the BTCCNY markets? I understand that BTC trades at around ~3800$ in the Chinese markets but that is since Friday when Caixin released their article, but other than this, the Chinese markets don't look like they are preparing for the banhammer. Just my 0.2$.

[3ABXO3]

fake news for sure
its a good time to buy some btc

[DooMAD]

This could be either a case of media interests being put first, or (quite literally in this instance) a case of "Chinese Whispers".  For the former, consider that just because two mainstream media outlets report something, that doesn't necessarily make it true.  Always remember that these media empires are companies.  Companies have owners.  Owners have their own agendas.  The agenda is usually profit.  Or, if it's not a deliberate misrepresentation of events because it's financially beneficial for someone, then it's probably the latter, in that so many people have spread rumours and gossip about the ban on ICOs that the original idea has become distorted from reality with each new participant and now the distorted idea about exchanges being banned is being reported as news.  "Purple monkey dishwasher".  



I'll believe it when it's from a verifiable source.  Until then, it's speculation.

I have learnt to take with a pinch of salt all this classic FUD from china

Good, but also note that the FUD isn't from China, it's about China from people who clearly have motives.  The distinction is crucial.  Wait until you hear what the Chinese government have to say about it directly.  The reason there's so much speculation is because they haven't clarified their stance yet, so people are just guessing.

[tyuner4]

This could be either a case of media interests being put first, or (quite literally in this instance) a case of "Chinese Whispers".  For the former, consider that just because two mainstream media outlets report something, that doesn't necessarily make it true.  Always remember that these media empires are companies.  Companies have owners.  Owners have their own agendas.  The agenda is usually profit.  Or, if it's not a deliberate misrepresentation of events because it's financially beneficial for someone, then it's probably the latter, in that so many people have spread rumours and gossip about the ban on ICOs that the original idea has become distorted from reality with each new participant and now the distorted idea about exchanges being banned is being reported as news.  "Purple monkey dishwasher".  



I'll believe it when it's from a verifiable source.  Until then, it's speculation.

I have learnt to take with a pinch of salt all this classic FUD from china

Good, but also note that the FUD isn't from China, it's about China from people who clearly have motives.  The distinction is crucial.  Wait until you hear what the Chinese government have to say about it directly.  The reason there's so much speculation is because they haven't clarified their stance yet, so people are just guessing.

Agreed, the official statement from China government is what I will believe now. Too many fake news around.

[eternalgloom]

I find it hard to believe that China would issue an all out ban on crypto-currency exchanges, wouldn't it be far more likely that they would opt for regulations instead?
Even if this news turns out to be true, the effect on the Bitcoin price would only be temporary and cheaper Bitcoin isn't too bad either for a while

[Voice-Of-Reason]

no real updates, just the same FUD spreading diseases...

[kinzey]

tsk tsk tsk!!! 

[SoulBargain]

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."

My concern really. The article itself is not solid enought to be trusted. The way they constructed is quiet unsure and made it appear as heresay. I would appreciate more about a post starting "what if" then how will the miners base on China would deal with this and what would the Chinese governments action to enforce their regulation or can they.

[Ucy]

Well this's bound to happen so long as people won't stick to the main ideal. Centralized Exchange is totally against it. Nothing is wrong in using them though just that they shouldn't  be the most used exchanges.  Why most people choose to promote them against the main thing is what I don't fully get. Guess crypto journalists should  promote the decentralized ones more in their publications to attract businessmen and encourage them to solve the problem associated with Decentralized Exchanges,if any?
The creator of Bitcoin took all these problem into consideration, . so unfortunate he left so soon.

[criz2fer]

I will believe the news if they would post the real notice of banning signed by their central bank. All of these speculation really hurting the market so badly. But it is certain that these are not true at all.

[pereira4]

Just more fucking around by the usual suspects. If they really ban it, then their opinion is now irrelevant, they can't no longer keep FUDding with other news. You banned it? okay, now shut your dumb commie chink mouth and watch the price go up, because you made the mistake of actually banning it. Bitcoin will survive your commie garbage government.

Now, what's most likely is, it didn't even get banned and these news sites are looking for easy views and will come up with a clarifying statement in the next hours.

In any case, buy the dip.

[Bastime]

Well, I think the ban will only apply to trading of cryptocurrencies on exchanges in China but it is not yet disclosed. They need BTC anyway specially ofr their traders.

[jseverson]

Wait, their government is starting its own crypto? I guess that explains the ban then? That's messed up.

[SvenBomvolen]

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."

Maybe it's just the project of banning of Chinese exchangers that's why they still didn't get the official announcement from the Government and keep working hard.
Meanwhile I believe that Bloomberg is not just a gossip girl and he would not talk about some unproved facts. I suppose in a short time everything is going to be clear.

[aretebit]

Sorry but I do not believe it. Yes, they are reputable news but they cite anonymous sources, which could be wrong. It is just hard to believe, it does not make any sense to ban exchangers again now when they are fully regulated. I think a government has to act in a more serious way than that, not changing direction like a weather vane.

[StrongHandsProfit]

I v'e read several articles saying it wasn't official and in fact just third hand talk. So Chinese fake/creative news.

Here a recent article but I will try to find the others again. It's not happening. Most chinese with steady hands are actually buying again.

https://themerkle.com/bitcoin-price-rises-to-4150-again-after-tough-weekend/?utm_medium=push&utm_source=onesignal&utm_campaign=traffic%20boost&utm_content=extended%20%traffic%boost

I'm actually buying BTC up while it is low atm.