Hongkong lawmakers wants to ban Bitcoin!! Bitfinex, Huobi, Okcoin in danger!!!

[fonzie]

"Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

"The government should clamp down on bitcoin, said lawmakers Leung Yiu-chung and James To, who accompanied the complainants, among them Nepalese and mainland Chinese, as well as Hong Kong citizens.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211


Most of the huge exchanges (Bitfinex, Huobi; Okcoin..) are located in Hongkong. These are pretty huge (and bad) news for Bitcoin, at least the price of it.
I am a bit worried what will happen when those bans will be outspoken? Will the exchanges dissapear with the money/coins due to fractional reserve banking.
Or willl users have the possibility to withdraw their funds in a given timeframe?

[Honeybooboo]

The thread title is pretty alarmist and misleading. They don't want to ban it but this one guy seemingly does.

IS HK a nanny state?

No, but it's a communist one (or at least belongs to one - China).

[thebenjamincode]

"Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

"The government should clamp down on bitcoin, said lawmakers Leung Yiu-chung and James To, who accompanied the complainants, among them Nepalese and mainland Chinese, as well as Hong Kong citizens.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211


Most of the huge exchanges (Bitfinex, Huobi; Okcoin..) are located in Hongkong. These are pretty huge (and bad) news for Bitcoin, at least the price of it.
I am a bit worried what will happen when those bans will be outspoken? Will the exchanges dissapear with the money/coins due to fractional reserve banking.
Or willl users have the possibility to withdraw their funds in a given timeframe?

well that's the reason why i'm using other bitcoin exchange that is not quite as popular as bitfinex
but what i do is i find an exchange that has been running for a long time like 1WBE because it is established since 2010 and it is still running good until now

[ChuckBuck]

So one guy wants to ban Bitcoin, and then all of the sudden a whole country does.

Great FUD spreading Fonzie!!!   

[Q7]

You sure you got everything right over there? Except for Bitfinex, Okcoin and Huobi headquarters are located in Beijing.

[zcxvbs]

I live in China but didn't hear the kind of new like this, the HK government just warned citizens not to use Bitcoin to defraud.

[SirChiko]

Another thread by fudder fonzie, it's only one person that wants to do that so NOBODY is in danger.

[Denker]

Oh my god fonzie!Please mate!
Stop your ridicolous FUD!

Nothing like this will happen!

[fonzie]

You sure you got everything right over there? Except for Bitfinex, Okcoin and Huobi headquarters are located in Beijing.

Bitfinex
Bitfinex Limited has its office in Hong-Kong, with one of our associate living there.
https://en.bitcoin.it/wiki/Bitfinex


Okcoin:

At least margin trading is registered in hongkong

This User Agreement covers the P2P Margin Trading services
(“the Service”) as offered through the domain www.okcoin.com (“the Site”) under the Heading Margin Trading. The
Service is provided by OKCoin (HK) Company Limited, a company incorporated
under the laws of Hong Kong SAR under registration number 2080496 at Rm 20A Kiu
Fu Comm Bldg, 300 Lockhart Rd, Wan Chai, Hong Kong SAR (“OKCoin HK”)

https://www.okcoin.com/shequ/themeview.do?tid=88

Huobi

Huobi, registered in Hong Kong, plans to release both a new platform and a new product used within CoinSaving. The new platform is the first to open in the country since domestic exchanges in China were all closed down.

Plz stop spreading bullFUD, facts only in here, thx

[fonzie]

Another thread by fudder fonzie, it's only one person that wants to do that so NOBODY is in danger.

Person is a lawmaker aka government, and not a private person.

[fonzie]

Oh my god fonzie!Please mate!
Stop your ridicolous FUD!

Nothing like this will happen!

People like you tried to tell me the same when i warned about Gox...

https://bitcointalk.org/index.php?topic=433094

How much longer will Mt.Gox exist before they´re out of business?

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

Money goes in, but no money goes out. How is that zero sum?

So? Even if everyone cashes out their coin and the price goes to 10k, the cash in GOX remains and the traders who stayed and accepted fiat are now legal owners of that fiat. Gox eventually fixes it's transmission woes and as per the zero sum game, the traders who didn't panic get what's theirs in the end. Gox ain't corrupt, ain't in financial difficulty, but is suffering from bad management. They retain their fees earned over 5 years and have more than enough in reserve(btc and fiat) to get through the problems and in the end the only people who lose are that newb's that panicked on the back of FUD.

You keep flailing, I'll keep profiting thank you.

I don't think MtGox will extinct,
As it gets less and less popylar,
it will be able to process more transactions

How much longer will Mt.Gox exist before they´re out of business?

Years.

[AtheistAKASaneBrain]

I hope this is fud, otherwise the mining guys in the huge chinese bitcoin mine will have a hard time selling all that.

[dothebeats]

Really? The title is misleading. I thought that HK is one of the places where Chinese mining guys are based? And why will they ban bitcoin in the first place? Correct me if I'm wrong, but they are a separate entity, apart from Mainland China, right?

[fonzie]

Here are a few other ones


https://anxbtc.com/
Your most trusted bitcoin exchange providing a safe, globally compliant and ... 701, 7/F, The Sun's Group Centre, 200 Gloucester Road, Wanchai, Hong Kong.

796.com

"Money service license from Hong Kong customs"

[fonzie]

Really? The title is misleading. I thought that HK is one of the places where Chinese mining guys are based? And why will they ban bitcoin in the first place? Correct me if I'm wrong, but they are a separate entity, apart from Mainland China, right?

They want to ban Bitcoin due to the bitcoin ponzi "mycoin" that blew up a few days ago with ~400 000 000$

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211

"(Reuters) - Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

[rememberme]

I see where Fonzie is coming from, but where exactly do you read that they are considering to ban it, unless this is an assumption based off a variety of articles.

[dothebeats]

Really? The title is misleading. I thought that HK is one of the places where Chinese mining guys are based? And why will they ban bitcoin in the first place? Correct me if I'm wrong, but they are a separate entity, apart from Mainland China, right?

They want to ban Bitcoin due to the bitcoin ponzi "mycoin" that blew up a few days ago with ~400 000 000$

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211

"(Reuters) - Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds)."

The biggest problem in bitcoin is that many people think that they could easily go away with their scams thinking that bitcoin is "anonymous." This is  bad pr for bitcoin.

But the rising popularity of bitcoin, unregulated in many places including Hong Kong, has stoked concern it can be used as a vehicle to launder money and finance militant groups.

Not good. Not good.

[fonzie]

I see where Fonzie is coming from, but where exactly do you read that they are considering to ban it, unless this is an assumption based off a variety of articles.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""


"Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin"


You guys could at least try and read the first few lines of an article, before screaming "LIES; FUD ; NOT TRUE"

[rememberme]

Ok, keeping an eye on it. But 1 article isnt enough for me to start to panic.

[johnyj]

This claim om fraud should be a setup, a small exchange lost 1 millon bitcoin, totally impossible, they might just run some money laundering and blame on bitcoin, and banks surely know all the transaction details of mycoin. It is impossible to claim loss of 300 million dollar without banks knowing all the traces of those money