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gazmac
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September 13, 2017, 01:16:16 PM
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http://www.caixinglobal.com/2017-09-13/101144679.html

Behind a paywall, but first paragraph is supportive of blockchain, which is encouraging:

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China’s recent ban on cryptocurrency crowdfunding should not deter future research on blockchain technology that backs those “coins,” the country’s central bank said.

Last week, China became the first country to outlaw raising funds through virtual currencies that are built on this young and more secure computing technology. The People’s Bank of China (PBOC) and six other regulatory bodies deemed so-called initial coin offerings (ICOs) illegal, leading to the almost immediate closure of at least two-thirds of the country’s 60 ICO platforms.

Rumours in Chinese financial circles - according to someone I know in Shanghai who works for an exchange - says that the authorities are always very nervous before CPC Congresses - the 19th Congress opens on 18 October.

Apparently, small investors have been complaining about losses on ICOs and threatening to protest on the streets. The authorities have form on making seemingly draconian moves only to reverse once dangers of things getting out of hand calm down.

Strange though that there hasn't been any follow up on the Caixin story about exchanges being closed. Is there an argument going on at the top? Maybe they don't want to be surrender their position in the crypto space. Who knows? Thoughts people?
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BenOnceAgain
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September 13, 2017, 06:07:51 PM
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It's just a cover for the bigger emerging story that the sons and daughters of the global elite are usurping the power and control of their parents. 

While Xi and Dimon are growing old and getting into diapers, their kid are learning how to survive on a planet full of unstoppable robots

http://www.zerohedge.com/news/2017-09-12/dimon-doubles-down-my-daughter-bought-bitcoin-it-went-now-she-thinks-she-genius



IMO, just talking down the market so they can load up.  Wall Street is thin during the summer.  They all came back to a big increase in BTC price and decided they want in on the action.


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exstasie
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September 13, 2017, 07:21:32 PM
 #3

http://www.caixinglobal.com/2017-09-13/101144679.html

Behind a paywall, but first paragraph is supportive of blockchain, which is encouraging:

Quote
China’s recent ban on cryptocurrency crowdfunding should not deter future research on blockchain technology that backs those “coins,” the country’s central bank said.

Last week, China became the first country to outlaw raising funds through virtual currencies that are built on this young and more secure computing technology. The People’s Bank of China (PBOC) and six other regulatory bodies deemed so-called initial coin offerings (ICOs) illegal, leading to the almost immediate closure of at least two-thirds of the country’s 60 ICO platforms.

Rumours in Chinese financial circles - according to someone I know in Shanghai who works for an exchange - says that the authorities are always very nervous before CPC Congresses - the 19th Congress opens on 18 October.

Apparently, small investors have been complaining about losses on ICOs and threatening to protest on the streets. The authorities have form on making seemingly draconian moves only to reverse once dangers of things getting out of hand calm down.

Strange though that there hasn't been any follow up on the Caixin story about exchanges being closed. Is there an argument going on at the top? Maybe they don't want to be surrender their position in the crypto space. Who knows? Thoughts people?

Very interesting take! Thank you for sharing. I am slightly encouraged by the opening line of the Caixin article; it seems to suggest that the emphasis is still on ICOs, not cryptocurrencies. As Bruce Fenton indicated yesterday, the Chinese population has billions of dollars in wealth stored in BTC/cryptocurrencies. So, to try to prohibit them specifically would lead to revolt, and to pass measures that are too draconian might also.

Still, this is like a black cloud hanging over our heads. Uncertainty is bad for investors. And if it is like the "China bans Bitcoin" rumors from 2014, then we will never get any official announcement. The uncertainty could result in a prolonged bear market, considering how important China is.

MAbtc
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September 13, 2017, 07:44:36 PM
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Rumours in Chinese financial circles - according to someone I know in Shanghai who works for an exchange - says that the authorities are always very nervous before CPC Congresses - the 19th Congress opens on 18 October.

Apparently, small investors have been complaining about losses on ICOs and threatening to protest on the streets. The authorities have form on making seemingly draconian moves only to reverse once dangers of things getting out of hand calm down.

Strange though that there hasn't been any follow up on the Caixin story about exchanges being closed. Is there an argument going on at the top? Maybe they don't want to be surrender their position in the crypto space. Who knows? Thoughts people?

The bolded portion -- this hadn't even occurred to me. Thanks for pointing it out. I remember hearing years ago that these sorts of regulatory threats often come as we approach an incoming CPC Congress. This may be important to note.

I think there is a good possibility that there is internal party disagreement. Some officials must realize that they would be handicapping their financial industry for years to come if they make sweeping regulations against Bitcoin.
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September 16, 2017, 12:43:03 AM
 #5

I hate china now i can't understand what has bitcoin done to them they are simply banning so many exchanges when it isn't there mistake nor they are doing anything illegal this recent drop in price caused me so much i see the price growing back hope it recovers soon

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October 14, 2017, 05:43:42 PM
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What do you think will be  with Bitcoin during this Congress?

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