EXTRA EXTRA: China NOT Banning Bitcoin Exchanges After All!? WTF!?

[cryptocamacho]

Can you believe this... not even the Chinese can resist the allure of Bitcoin (or realize they don't have a choice). They say that they will ban ICOs, then regulate. They say they will ban crypto exchanges, then they regulate. They may be realizing that pandora's box has been opened. Blockchain isn't going anywhere. The game is over.

So.....

Meanwhile, back in government labs....

"How can we stop this?? Let's ban it! Wait, we can't....okay let's try to regulate it then" - classic land grab attempt.

That is the beauty. That is the power of crypto. That is the power of Bitcoin.

We've just begun folks.... Enjoy the ride.


Here is the article - for your reading pleasure:
https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

[Scorpion]

You're exactly right about that! Blockchain is here to stay whether it be Bitcoin or whatever is out there, but Bitcoin is always going to be strongest blockchain. Even a giant government like China can't ban Bitcoin exchanges.

[fanbeila]

So,china has only the idea of regulating bitcoin exchanges with strict rules and to temporarily suspend the licenses of those exchanges which do not have AML and KYC strictly implemented.Surely,it would be a great relief for bitcoin from the price fall and price would once again soon recover.It seems that the three big exchanges OKCOIN,HUOBI and BTCC would be granted licence to trade bitcoin continuously.So,buy as much bitcoins as you can before the price skyrockets.

[harryyjjones]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion.

PS: I don;t have anything against AML policy.

Harry

[peter0425]

So,china has only the idea of regulating bitcoin exchanges with strict rules and to temporarily suspend the licenses of those exchanges which do not have AML and KYC strictly implemented.Surely,it would be a great relief for bitcoin from the price fall and price would once again soon recover.It seems that the three big exchanges OKCOIN,HUOBI and BTCC would be granted licence to trade bitcoin continuously.So,buy as much bitcoins as you can before the price skyrockets.

The three big exchanges as far as I can remember has been complying already since they were caught doing fake volume transactions around Jan-Feb and was allowed to function again in March. But PBoC has laid down the regulations needed and anyone caught again will be fined with heavy penalties. That's why we don't see them confirming the news that they are going to be shut down by the government. But already have seen the devastation of the China news to the market. But yeah, everybody should buy while bitcoin is cheap, we might see it rise again next week and that window to buy maybe be missed by some.

[CryptoBry]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion. PS: I don;t have anything against AML policy. Harry

In a perfect world, there should be no KYC to be imposed and maybe I would surmise that maybe we don't need Bitcoin in the first place but the problem is that we are in an imperfect world where people can be taking advantage of each other and can use any platform for their own evil purpose. I am not saying that the government imposing exchanges to do KYC is perfect but certainly we have to understand that there are also basis why they are imposing that rule...it is because human as we are we may abuse the platform given to us.

Now, back to the main story, I have been telling others that eventually China would be back on the table this time around it would be bringing and imposing stricter rules for all to follow. The government is always knowing that cryptocurrency is also bringing in money into the country and certainly it can be a partner for growth, after all.

Cryptocurrency can all live without China but it would China's loss it they will close their doors into this new platform...a revolutionary and life-changing platform.

[TravelMug]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion.

PS: I don;t have anything against AML policy.

Harry

Bitcoin is pseudo anonymous. And I think the basis for the KYC/AML implementation by the government is to combat illegal activities associated with using bitcoin.

I also don't see China totally banning bitcoin but will put up a stricter regulations and exchanges should comply with a tighten policies. They can't ignore bitcoin in their country since they are one of the prime movers specially in the mining industry. And I'm assuming the bitcoin is really huge is China and almost in mainland already know what is like to invest in bitcoin. It's their citizens that will really have a negative impact if they really goes anti-bitcoin now. And bitcoin market can still flourish if China will be out of the picture.

[RawDog]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion.

PS: I don;t have anything against AML policy.

Harry

This is totally incorrect.  Bitcoin was never meant to be anonymous.  Some users mistakenly believed that it was and they tried to use that to their advantage and now live in prison for the rest of their lives.  Just because the address isn't the user's name, doesn't make it anonymous.  Satoshi never meant the address system to conceal identity.  In fact, it does just the opposite.  The blockchain leaves a perfect and indelible paper trail that lasts forever and cannot be destroyed.  'supposed to be anonymous' is totally incorrect.

[illyiller]

Can you believe this... not even the Chinese can resist the allure of Bitcoin (or realize they don't have a choice). They say that they will ban ICOs, then regulate. They say they will ban crypto exchanges, then they regulate. They may be realizing that pandora's box has been opened. Blockchain isn't going anywhere. The game is over.

So.....

Meanwhile, back in government labs....

"How can we stop this?? Let's ban it! Wait, we can't....okay let's try to regulate it then" - classic land grab attempt.

This is nothing new. China did this in 2014 too, reinforcing the ~$1200 top for years to come. This time around, they have less effect on the markets, though. I think that many people saw this coming; it doesn't make sense to shut down the exchanges, putting their future financial sector (and really, their population) at a disadvantage to the rest of the world.

With the value of cryptocurrencies rising so much, capital flight becomes a bigger issue for the Chinese government. They want stricter regulation and KYC procedures to keep people from violating their annual capital outflow quotas.

[cryptocamacho]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion.

PS: I don;t have anything against AML policy.

Harry

This is totally incorrect.  Bitcoin was never meant to be anonymous.  Some users mistakenly believed that it was and they tried to use that to their advantage and now live in prison for the rest of their lives.  Just because the address isn't the user's name, doesn't make it anonymous.  Satoshi never meant the address system to conceal identity.  In fact, it does just the opposite.  The blockchain leaves a perfect and indelible paper trail that lasts forever and cannot be destroyed.  'supposed to be anonymous' is totally incorrect.

Yes, and this is why we have Monero... which is in fact replacing bitcoin almost 100% on the Darknet. Why? Because it is truley Anonymoust. Boom!

[finthebar]

My head is still spinning.........

[BrewMaster]

Bitcoin is supposed to be anonymous. And KYC is exact opposite of that notion.

PS: I don;t have anything against AML policy.

Harry

exchange service =/= bitcoin

the AML KYC laws are for "money" it is called Know Your Customer to follow Anti Money Laundry laws. and that is MONEY laundry and exchanges are tightly associated with "money" so they must be tightly regulated too.

and that IS what has been going on.

[hitlab]

This article was from yesterday.

However today BTCC confirmed they will be shutting down on 30th September https://twitter.com/YourBTCC/status/908285586368167936

It is possible they got some insider info about what the chinese govt is going to do next, because there is no way they will close down a profitable exchange based on a rumor.

[cryptocamacho]

This article was from yesterday.

However today BTCC confirmed they will be shutting down on 30th September https://twitter.com/YourBTCC/status/908285586368167936

It is possible they got some insider info about what the chinese govt is going to do next, because there is no way they will close down a profitable exchange based on a rumor.

Yes, please talk to my uncle Zshing Tao on the matter.... He'll spill all of China's secrets for 5 BTC. Let me know if you want the deposit address.

[Kprawn]

My theory is this : The Chinese government are secret buying a bunch of bitcoins on the dip they caused. You create doubt and

fear and buy cheap coins on the side. They most probably anticipate a break out soon and they want to buy as many bitcoins as

possible in the shortest time possible. It might not be evident in the Chinese exchanges, but we might be seeing this distributed

across other global exchanges. 

[cryptocamacho]

With the value of cryptocurrencies rising so much, capital flight becomes a bigger issue for the Chinese government. They want stricter regulation and KYC procedures to keep people from violating their annual capital outflow quotas.

Exactly this.  It is imperative that every Chinese citizen be prohibited from doing what they want with their money.  Their financial freedom must be restricted at all costs.  And the costs will be heavy.  Like the space race of yore, governments are going to be forced to spend huge amounts of tax dollars collected from their citizens to attain their mission which is, in this case, to prevent them from spending their money on whatever they want )(last time it was to go to the moon).  In fact, this problem will probably unite the governments of the world to work together in peace and love and harmony in order to fight and win this battle against the learning of blockchain technology.  The knowledge of this advanced math must not spread no more!

Big governments were not able to restrict the proliferation of the knowledge of gravity or the solar system, but if 100% of every hard earned tax dollar must be spent fighting the knowledge of math and cryptography, then so be it.  In fact, taxes are being raised to fight the knowledge spread of blockchain tech as we speak.

Forget what you know about bitcoin now before your government knows that you understand the math behind this new math discovery

This is awesome. Governments will soon unite agains bitcoin as a form of currency. It's already happening. However, the more distributed the network becomes, the less control they will have. Think about BitTorrent... anyone use that? It's a decentralized file sharing technology that can't be stopped because of how decentralized it is. Same goes for the darknet (albeit very different in nature).

Gov. cannot monitor, regulate and enforce laws on each individual's computer - or large decentralized networks mining Bitcoin. They can make it illegal, they can impose fines, but they cannot in all reality stop it... it's too big a beast to take down and there aren't enough SS agents to accomplish something like this.

... there will be a time in the future that we will need to choose - are we with them or against them. The day of reckoning is coming. What will you choose?

[craZyLovE0916]

SURPRISE SURPRISE! (not!)

Everyone with knowledge of the financial industry knows how much China contributes to the overall global economy. However, one way they profit from this is manipulating their currency rates to accept higher taxes on imports and lower ones on imports. IT is why they are now a superpower!

[cptdome1]

Gotta love price manipulation.... Knock the price down, then buy more BTC!

[GreenBits]

Gotta love price manipulation.... Knock the price down, then buy more BTC!

fucking right, and sadly its on of the reasons we actually need more regulation in the space. Chinas comments seemed specifically timed (compare the charts with the press releases, im not kidding) to cause maximum hurt at the most sensitive moment possible. some of the same with JDs comments on bitcoin, via JP Morgan. Why express your opinions on bitcoin right now, with all this shit going on? Seems like kicking a dog when its down; and he admitted his daughter was invested in bitcoin. His comments actually had a small but demonstrable effect on her value.

bankers are vile creatures

[Yakamoto]

Can you believe this... not even the Chinese can resist the allure of Bitcoin (or realize they don't have a choice). They say that they will ban ICOs, then regulate. They say they will ban crypto exchanges, then they regulate. They may be realizing that pandora's box has been opened. Blockchain isn't going anywhere. The game is over.

So.....

Meanwhile, back in government labs....

"How can we stop this?? Let's ban it! Wait, we can't....okay let's try to regulate it then" - classic land grab attempt.

That is the beauty. That is the power of crypto. That is the power of Bitcoin.

We've just begun folks.... Enjoy the ride.


Here is the article - for your reading pleasure:
https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Seems to be a running trend with me today, I thought that China had already specified that they were more intent on banning ICOs rather than the exchanges. Maybe the info got messed up somewhere but I remember seeing threads about it being ICOs and not just banning everything that is related to Bitcoin and cryptos.

Whatever though, good for them. ICOs are stupid for anything but speculation and get-rich-quick (essentially) for the devs. Starting to limit their prevalence with the community is definitely something that would be beneficial.