Charlie Lee: China Bitcoin Mining Ban Rumors are False

[BADecker]

Charlie Lee: China Bitcoin Mining Ban Rumors are False

Litecoin creator Charlie Lee says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.

Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public.

With this tweet, Lee joins MGT Capital's John McAfee in contradicting a series of rumors suggesting that China would widen its crackdown on cryptocurrency to extend to mining. Citing a conversation with Bitmain co-founder Jihan Wu, McAfee stated that regulators will not make mining illegal.

Nevertheless, Chinese miners account for a majority of the bitcoin hashrate, and the markets have been shaky as they attempt to separate rumor from fact.This fear, uncertainty, and doubt (FUD) present within the market "is propagated by large manipulators trying to make money shorting," Lee suggested. "They know that China ban FUD works and cannot be proven wrong."

He added that the order-book exchange ban "is still absolutely true," although it is "not clear" whether China will shut down all peer-to-peer trading platforms (BitKan has already announced it will terminate its trading platform). Of course, many industry observers–including Blockchain Capital's Spencer Bogart–have pointed out that a ban on peer-to-peer trading would indirectly ban professional bitcoin mining as well since miners would not have an outlet to sell the coins they mine.

Lee has been ahead of much of the recent news regarding China's cryptocurrency squeeze. Citing an anonymous source, he predicted the bitcoin exchange ban, along with OKCoin and Huobi's meeting with regulators to discuss the terms of their closures.

Read more and click the links at https://www.cryptocoinsnews.com/charlie-lee-china-bitcoin-mining-ban-rumors-false/.

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[HabBear]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

[BitWhale]

Charlie Lee is definitely one of the more credible sources of information in regards to this type of stuff. I am definitely taking note.

[eckmar]

Huge part of bitcoin mining community are in fact Chinese people. If they ban mining it will be a huge trowback for the network

[bnkj76]

Keep in mind that the big miners are essentially the big exchange operators. btcc exchange run their own pool. so does viabtc.
so exchanges ban is going to significantly affect the their cash flow source being that exchange no longer has any cryptocurrency/fiat pair.

The miners have hard time to gather cash to pay for the expenses. the exchange operators have a hard time gather cash for their servers....so essentially they have to rely on OTC trades to exchange cryptos for cash whereas before they can just withdraw exchange cryptos to fiat and then withdraw fiat to their bank accounts.

[Rahar02]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

What was only rumors has become reality, but I've never find an article/news that mentioned about China regulators will shut down mining operations as well. Which mean; there's no any further information about this rumor, I don't buy it but better to prepare before the storm hit us. All of this down trend because people believe in the news, even though it's true but at least we're not involved to dump bitcoin, how the market react because of China is unbelievable.

[AnisahSiti]

Charlie Lee: China Bitcoin Mining Ban Rumors are False

Litecoin creator Charlie Lee says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.

Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public.

With this tweet, Lee joins MGT Capital's John McAfee in contradicting a series of rumors suggesting that China would widen its crackdown on cryptocurrency to extend to mining. Citing a conversation with Bitmain co-founder Jihan Wu, McAfee stated that regulators will not make mining illegal.

Nevertheless, Chinese miners account for a majority of the bitcoin hashrate, and the markets have been shaky as they attempt to separate rumor from fact.This fear, uncertainty, and doubt (FUD) present within the market "is propagated by large manipulators trying to make money shorting," Lee suggested. "They know that China ban FUD works and cannot be proven wrong."

He added that the order-book exchange ban "is still absolutely true," although it is "not clear" whether China will shut down all peer-to-peer trading platforms (BitKan has already announced it will terminate its trading platform). Of course, many industry observers–including Blockchain Capital's Spencer Bogart–have pointed out that a ban on peer-to-peer trading would indirectly ban professional bitcoin mining as well since miners would not have an outlet to sell the coins they mine.

Lee has been ahead of much of the recent news regarding China's cryptocurrency squeeze. Citing an anonymous source, he predicted the bitcoin exchange ban, along with OKCoin and Huobi's meeting with regulators to discuss the terms of their closures.

Read more and click the links at https://www.cryptocoinsnews.com/charlie-lee-china-bitcoin-mining-ban-rumors-false/.

Yup.. news that does not include proof is fake. they are trying to control the price. And this is a test for the weak-hand.

[avikz]

I really have no idea about it whether it's just a rumor or a reality. The previous two rumors about China banning ICO and exchanges turned out to be true and hence people are believing the news of banning mining as well. But I really hope that China will at least not ban mining operations in its soil. If it happens in real, that is going to work as a massive shock on the bitcoin network. We will see bitcoin price sinking only from the current level.

[alyssa85]

Charlie Lee is definitely one of the more credible sources of information in regards to this type of stuff. I am definitely taking note.

Well his brother owns and ran the BTCC exchange, so he probably has some official contacts via his brother. That means he knows more about what is going on in China than some random person.

[hatshepsut93]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

Except Charlie Lee predicted exchange closure days before it happened. Maybe it doesn't mean that he is always right, but at least his sources are somewhat credible. There are also rumors that exchanges will open again after getting licenses so in this case there will be no ban. Also now is the perfect time for fake rumors and FUD, because rumors about closure of exchanges got confirmed. But we usually don't have any trusted sources for such rumors (except maybe Charlie Lee) so it's hard to know which ones are fake.

[Ryan Dugan]

I never believed it from the start. I know the communistic but that is going to far trying to take enterprising careers from its citizens doesn't look or go down well with other countries. That is too much control that will prevent evolution.

[ecnalubma]

China keeps on monopolizing everything and that really sucks. They seem very dictatorial in terms of economy and I think bitcoin is likely a commodity to me now just like oil. If this continues bitcoin is not a bitcoin no more. I hate manipulators, but who are we to stop them.

[DoublerHunter]

Looks that the Chinese people are just trying to manipulate the market of bitcoin so they can bring down the price and get a better deal price with bitcoin. The price of bitcoin right now is falling down but if the chinese bad news or rumors are just false alarm then we should buy right now and wait for the price of bitcoin to go up after confirmation of fake news.

[AnisahSiti]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

What was only rumors has become reality, but I've never find an article/news that mentioned about China regulators will shut down mining operations as well. Which mean; there's no any further information about this rumor, I don't buy it but better to prepare before the storm hit us. All of this down trend because people believe in the news, even though it's true but at least we're not involved to dump bitcoin, how the market react because of China is unbelievable.

yup.. people always trust with the news rumors.. and weak-hand follow that news too. We need smart people, to strengthen the bitcoin and counteract the bitcoin-related bad issues. if we are always fixated on fake news, it's proof that we are still weak, we have to be strong because what we will actually face are the government and central bank. and I think they are a very scary specter.

[Casabrandy]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

What was only rumors has become reality, but I've never find an article/news that mentioned about China regulators will shut down mining operations as well. Which mean; there's no any further information about this rumor, I don't buy it but better to prepare before the storm hit us. All of this down trend because people believe in the news, even though it's true but at least we're not involved to dump bitcoin, how the market react because of China is unbelievable.

yup.. people always trust with the news rumors.. and weak-hand follow that news too. We need smart people, to strengthen the bitcoin and counteract the bitcoin-related bad issues. if we are always fixated on fake news, it's proof that we are still weak, we have to be strong because what we will actually face are the government and central bank. and I think they are a very scary specter.

It's really the FUD that makes the price down, whoever behind these news ,all that I see is they have something they wanted for their benefits like when it dips they will took advantage on buying ot.

[Tukang Becak]

If bitcoin mining banned true will certainly make the stock bitcoin drop and this will bring the impact of bitcoin prices skyrocket. but I hope bitcoin mining banned is just a rumor and will never happen in china and anywhere.

[Yakamoto]

Good to know that there is some relatively credible info in the sea of FUD we've been having, I haven't really been paying an insane amount of attention to the ban but I have been keeping track of the market (and the affect the news is apparently having on the various investors). I heard that in China BTC started to trade around $2.6k at the bottom, so it sounds like there were some serious issues going on at some point. No idea what the situation is looking like right now.

[ramsdaj28]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

What are you referring to as FAKE NEWS? Is it the China banning ICOs and bitcoin exchanges OR Charlie Lee saying that these rumors are FALSE? Lol. Whatever it is, I believe that Charlie Lee is more reliable than those RUMOR MAKERS who keep on telling that China gonna ban ICOs and bitcoin. I believe, Charlie Lee knows better than most rumor makers. Those people are trying to condition the minds of people that bitcoin will be a failure in the future, but majority of bitcoin users have their trust on bitcoin.

[TryNinja]

I remember people saying "the news is false" about the ban on ICOs. Then i remember people crying "fake news!" About the reports that China banning bitcoin exchanges. Both of those rumors turned out to be true.

I think i'll take this one as true.

"YOU'RE FAKE NEWS!", BA!

Charlie Lee actually claimed that both news were true. That's the first one from the recent events that he claims to be fake news, which is the reason why I prefer to trust his words this time.

And of course they will say that every bad news is actually just FUD. People will usually tend to avoid the truth when there are news about something as bad as China banning exchanges or even Bitcoin. Why would you want Bitcoin to get dumped in the market?

[Bacotan Bae]

Everything is still an issue and I hope the Chinese government is not banned bitcoin, they should think about the negative impacts for its citizens involved in bitcoin business, more than 15 billion USD bitcoin marketcap in china.