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Author Topic: Chinese Investors to Trade Bitcoin Over-The-Counter Via Telegram  (Read 320 times)
krishnapramod
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September 17, 2017, 05:26:57 AM
 #1

As Chinese-based bitcoin exchanges plan to shut down, bitcoin investors are taking their trading elsewhere. They will now focus on broker-facilitated, over-the-counter exchanges.

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Prior to exchange shutdown notices, most traders conducted OTC exchanges on Weechat messenger. As a result of government crackdowns on Weechat users, bitcoiners have made an exodus over to privacy-centric messaging app Telegram.

A surge of traders have now moved to Telegram for its encryption protocols. They should now be able to disregard government as they continue to trade and speculate on various cryptocurrencies.

It appears this investor pivot to secret OTC trading, foreshadows how underground bitcoin Chinese Investors to Trade Bitcoin Over-The-Counter Via Telegram trading may manifest in China. In this sense, it is unlikely bitcoin or cryptocurrency will be harmed in the long term. The resiliency of the technology will emerge while under duress from the Chinese government.

Even though Bitcoin will survive regardless of what happens — there are a myriad of unverified reports coming out of China that authorities may block certain bitcoin sites.

It is good to keep in mind that these reports are unverified, and they could, in part, be “fake news.” Nonetheless, it is clear the Chinese government is clamping down on cryptocurrencies, but traders appear to be unfazed as they maneuver to access underground and OTC trading networks.

https://news.bitcoin.com/chinese-investors-to-trade-bitcoin-over-the-counter-via-telegram/

https://data.bitcoinity.org/markets/volume/30d/CNY/localbitcoins?r=day&t=b

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September 17, 2017, 05:36:48 AM
 #2

It`s normal for the chinese traders to move to a more private and anonymous way to buy and sell bitcoins.
But there`s no scam protection and the increased risks might increase the trader fees and the bitcoin price.
I`ve never used Telegram and i won` t use it,because i`m not a big fan of such apps.
The next thing chinese government will do is to try to block the access to Telegram from China IPs,i guess.



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September 17, 2017, 06:01:17 AM
 #3

in other words ... just like last time! Smiley

last time when Chinese closed down their exchanges, the volume of some other exchanges went up but the most rises were in over-the-counter type exchanges. and this time the Chinese government even said in their statements that OTC trading is fine.
and that is why it always made me mad to hear the FUD saying they banned bitcoin!

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September 17, 2017, 06:05:54 AM
 #4

in other words ... just like last time! Smiley

last time when Chinese closed down their exchanges, the volume of some other exchanges went up but the most rises were in over-the-counter type exchanges. and this time the Chinese government even said in their statements that OTC trading is fine.
and that is why it always made me mad to hear the FUD saying they banned bitcoin!

Exactly, last time when they suspended the trading platforms because of fake volume transactions, traders shift to OTC exchanges and the Chinese government is ok with that. However, if they are really waging war against bitcoin, sooner or later we are going to see another crackdown on such activity. Let's wait and see how the authorities will react though, but I'm assuming that a likely ban is on its way as well with regards to OTC exchanges.

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September 17, 2017, 06:06:01 AM
 #5

Yes i think china will BAN all VPN starting 1st quarter of 2018.

Buying over the counter is the last option to chinese people. I think that is secure as long a you know the broker. They just use telegram for faster transaction rather than traditional method on which is you call thru phone or go to broker's office to Buy or Sell your bitcoin.

If im there i will use also that option.

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September 17, 2017, 06:29:01 AM
 #6

Maybe it's time to bring p2p networks like Zeronet to a new different level with all bans from governments in various countries.

Ha ha!



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September 17, 2017, 06:33:05 AM
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Another goodnews for bitcoin community.. After the shutdown issue on china it is now proven that bitcoin cannot be stop as china release news for bitcoin to be done with permit.. This shows that china only want taxes to be paid for bitcoin earners...


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September 17, 2017, 08:12:21 AM
 #8

The banning of Chinese exchanges will not prevent the Chinese from buying Bitcoin. Evidence of this can be seen when you look at the love affair that the Chinese have with overseas property. In the last few years the Chinese government has come down hard on money leaving the country, and this has not even paused the relentless buying in countries like Australia and Canada.

I imagine buying Bitcoin is a hell of a lot easier than getting money out to buy overseas property, so, don't worry, the chinese will continue to buy large amounts of bitcoin without issue. People need to unnderstand that the Chinese government is not all powerful.
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September 17, 2017, 10:15:37 AM
 #9

Another goodnews for bitcoin community.. After the shutdown issue on china it is now proven that bitcoin cannot be stop as china release news for bitcoin to be done with permit.. This shows that china only want taxes to be paid for bitcoin earners...

Well if the news is credible then it's welcomed because there are a lot of negative news that finds its way to cause newbies especially to panic and sell their initial investments in Bitcoin and so if this counter need holds any worth then I think it will also go well to turn some doubting hearts back.



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Rainbot
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Victorycoin
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Only Fools Say There's No God!


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September 17, 2017, 10:52:38 PM
 #10

Another goodnews for bitcoin community.. After the shutdown issue on china it is now proven that bitcoin cannot be stop as china release news for bitcoin to be done with permit.. This shows that china only want taxes to be paid for bitcoin earners...
They are of course fighting a losing battle and their experience way back 2013 ought to have told them better, but no, they keep underestimating Bitcoin and the revolution it has unleashed. I think they had better learn from their past that attempts made anywhere in the globe to eclipse Bitcoin ended up making it more popular and in high demand. History is repeating itself one more time!

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CuriousGeorge
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September 17, 2017, 10:58:01 PM
 #11

Another goodnews for bitcoin community.. After the shutdown issue on china it is now proven that bitcoin cannot be stop as china release news for bitcoin to be done with permit.. This shows that china only want taxes to be paid for bitcoin earners...

Well if the news is credible then it's welcomed because there are a lot of negative news that finds its way to cause newbies especially to panic and sell their initial investments in Bitcoin and so if this counter need holds any worth then I think it will also go well to turn some doubting hearts back.
As long as i understand a lot of people are not only from the china but like venezuela already used the telegram as them main the social chat to encrypt their chats and gives the more privacy. Thousands ways to the rome, But honestly i like the picture that someone already posted above. The truth is crypto will never get crackdown just caused by the government.

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