Confirmed: china central bank issued a new document against cryptocurreny

[make_up]

http://kuaixun.stcn.com/2018/0119/13914527.shtml

1.China exchanges overseas are also included
2. guide mining relevant enterprises to exit
3. prevent payment channels for virtual currency transactions

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[Beefcake]

Not surprising.  China, USA, all countries with a central bank really, manipulate their currency heavily.  They hate bitcoins because it can't be manipulated as easily.  They can't control the supply with interest rates, they can't print more of it, they can't easily sieze it.  They can't control it.

This is China, where they don't even have free speech.  Of course the government will crack down on bitcoin, it is inevitable.  The government wants to control everything as much as possible and there is no way they will give bitcoin free reign.  However I am not sure they can actually enforce the blocking of bitcoin.  People will get around blocks I think.

Maybe this will cause a crash, a real one, and I will be able to buy some more!

[Mpamaegbu]

We really can't be bothered any more than we already are with China and her ill decision concerning Bitcoin. The world had moved on without China and it should remain like that after the first ban. Bitcoin is surviving without China anf her miners.

Not surprising.  China, USA, all countries with a central bank really, manipulate their currency heavily.  They hate bitcoins because it can't be manipulated as easily.  They can't control the supply with interest rates, they can't print more of it, they can't easily sieze it.  They can't control it...

Is there really a country that doesn't do all that? Yet some are adopting the Bitcoin.

[zoran.drobnjak]

It seems its just a game to create more FUD to push price down and accumulate more BTC for themselves.
Big players in Asia know exactly what they are doing, they are repeating same cycle over and over again.

[squatz1]

It seems its just a game to create more FUD to push price down and accumulate more BTC for themselves.
Big players in Asia know exactly what they are doing, they are repeating same cycle over and over again.

I hope people do know that this isn't just present in Crypto, insider trading is something that is grossly common across all types of securities and investments. Cause when there's money to be made, there are going to be ways to make it illegally -- happens all the time. Though, this isn't me trying to say it's OK -- I'm just saying that this was bound to happen as it happens in stocks, and of course is going to happen in crypto too.

Regulations won't stop this, this is just incompetence by the government.

[agorkems]

For now, they are trying to do what they can to protect the countries' well being and preventing money laundering and bad activities. But soon they should be able to come up with long-term and stable solutions to tackle the issues and concerns of the government. I believe all countries are looking into blockchain and bitcoin matters.

Which can be a good thing for cryptocurrencies if everything goes well.

[pooya87]

yaaaaaay! this is good news

if it is true and they stick to it this time not like all the previous ones they "banned bitcoin" all these years, we will finally get rid of Chinese for good and the same FUD every 4-6 months is put to rest. and as bitcoin recovers and continues to grow people will finally realize that governments and banks,... issues statements like this are just kidding themselves.

[ihaveaquestion]

That is the hugest bullshit that i heard about. They are the hugest corrupted countries that exist at the moment,
 they are heavily printing & printing money non-stop. This is a shame, but this is the real truth, they are not going to stop nothing and they are a bullshit in all aspects. They are hardly manipulating everything at the moment, including cryptos.

Not surprising.  China, USA, all countries with a central bank really, manipulate their currency heavily.  They hate bitcoins because it can't be manipulated as easily.  They can't control the supply with interest rates, they can't print more of it, they can't easily sieze it.  They can't control it.

[yonjitsu]

It's not surprising anymore how this country is against into crypto currency when it first banned the ICO. It's not a surprise anymore if their hate to ICO will push through the cryptworld. What the cryptoworld can do now is to move on without the involvement of china for this may cause yet another downfall to bitcoin and the cryptos but it will eventually be alright.

[bingble]

It seems its just a game to create more FUD to push price down and accumulate more BTC for themselves.
Big players in Asia know exactly what they are doing, they are repeating same cycle over and over again.

Agree, it may pull the price down for a short time, and the millionaires can buy more at a lower price.

I think in the long run, Bitcoin will continue to go up, because the amount of Bitcoin is limit.

[serjent05]

This had been an issue with china eversince.  But I think they escalate their hostility once they saw that their previous action have no effect anymore.  Well, I guess Bitcoin is immune to this and time will come when China realized that they cannot really control the booming of Cryptocurrency, and they will embrace it one all laws and rules are set in their territory that will protect their people from other entities that uses Cryptocurrency to exploit their people.

[Kakmakr]

When a "newbie" account is used to announce a big story like this, then you know it is FUD. There are a lot of people spreading fake news like this lately, because they want to scare the newbies. Most of these newbies already jumped the ship at $9000+, so OP is a bit late with this one.

China will eventually ban Bitcoin, so we are prepared for that. What did you expect of a government like that? Do you think they are going to sit back and allow a technology to grant financial freedom to their people? They want 100% control!

[sofi@]

China has already banned bitcoin but after doing the the market remain stable and strong though normal fluctuations in bitcoin value happens from time to time still any movement of those countries doesn't really affects the market of cryptos. China is really against bitcoin but they are actually working for their own crypto currencies which maybe the reason why they keep issuing such regulations when it comes to banning bitcoin exchanges but I'm pretty sure this would not succeed and they can't eliminate bitcoin in the market

[magneto]

http://kuaixun.stcn.com/2018/0119/13914527.shtml

1.China exchanges overseas are also included
2. guide mining relevant enterprises to exit
3. prevent payment channels for virtual currency transactions

Yeah, i saw some cloud mining sites saying that they're planning on moving their mining operations overseas which is a huge blow to bitcoin, as there are so many Chinese based miners. But as far as i can tell, really the whales in China are by no means exiting crypto. If you are worrying about Chinese whales not participating, then your worries shouldn't even be there. in fact they're still holding and trading, instead of some other bitcoiners panic dumping right now.

This is a reason why i believe that this dump is irrational and illogical, and a comeback is eventual.

Governments are expected to do this, sooner or later. They will try to cut off the supply and demand of bitcoin, but they can never control the actual transactions or off exchange trading.

[Fileiro]

Everybody is acting as if the Chinese, who only a year ago (as far as I remember, please correct me if I'm wrong) made up 90% of the trading volume in the crypto-currency market, have sold off all of their mined (free) bitcoins and all of their altcoin holdings.

Obviously, this is NOT the case. They just moved it to exchanges outside mainland China and this latest flash crash had the Chinese finger prints all over it, with the well-coordinated FUD campaign from first the South Koreans, immediately followed by the Chinese government officials.

Anybody that thinks the top brass in the communist party isn't all holding massive amounts of bitcoins is seriously naive.

This is pure market manipulation by the Chinese whales that still sit on a shit-ton of crypto. They sold off at the exact time the FUD was announced to drive the market off the cliff and then all the new dumb money followed blindly after, only to hand over their coins for a pittance to the Chinese, waiting to scoop it all up.

The OP in this thread seems to be some amateur FUD'er who missed the memo about the big sell off 2 days ago.

[CryptoClown]

It seems its just a game to create more FUD to push price down and accumulate more BTC for themselves.
Big players in Asia know exactly what they are doing, they are repeating same cycle over and over again.

My thoughts exactly! China banning Bitcoin isn't really new because we've already experienced it last year and Bitcoin was able to survive that and was able to fly high even if China bans it. This news may probably affect the value of crypto currencies and exchangers but we're positive that it will still survive and fly high again soon.

[cryptolerant]

It seems its just a game to create more FUD to push price down and accumulate more BTC for themselves.
Big players in Asia know exactly what they are doing, they are repeating same cycle over and over again.

I hope people do know that this isn't just present in Crypto, insider trading is something that is grossly common across all types of securities and investments. Cause when there's money to be made, there are going to be ways to make it illegally -- happens all the time. Though, this isn't me trying to say it's OK -- I'm just saying that this was bound to happen as it happens in stocks, and of course is going to happen in crypto too.

Regulations won't stop this, this is just incompetence by the government.

You have your point, regulations cannot stop the inevitable. It is just government's illusion that they think they can control the society with their nonsense rules. But if you know the human psychology little bit, whatever you try to suppress it comes even stronger.

[cryptorampage]

Yes this news seems pretty authentic , i urge and think this will take affect the whole market as a big percentage of the miners are from china, in case of price hike and down it is still relative. But hope for the best.

[cryptotaste]

Officials from the People's Bank of China (PBOC) met with representatives of major bitcoin exchanges this week to urge their compliance with "relevant laws and regulations", according to statements from the central bank.In total, two press releases were issued today, one by the PBOC's office in Beijing, the other by its Shanghai regional office, in which they revealed the meetings, as well as some information about what was discussed behind closed doors.China is going to make a huge impact on cryptocurrencies though 80% of mining farm is in china