Bitcoin prices in China had fallen last week after the PBOC began to investigate platforms and now, as Beijing News reports, margin trading and short selling violations were found at Bitcoin exchanges OkCoin and Huobi.com after preliminary inspections, according to PBOC officials.
Violations were also found at the BTCC online bitcoin exchange, including unauthorized businesses and illegal margin funding, Shanghai Securities News says on cnstock.com, citing officials at the PBOC Shanghai branch.
The reaction - for now - is muted, but all three major Chinese Bitcoin exchanges are seeing prices fall...
Perhaps indicating more controls to come, officials noted "these bitcoin trading platform financing irregularities are leading to abnormal market volatility. In addition, these platforms are not required to establish anti-money laundering internal control system."
Dip has started to reverse at CoinBase.
The funding ban at chinese exchanges is actually reducing the shock (leveraged shorting) from bad news, this may well end up being a double edged sword for PBoC.
Look at the volume of China compared to the US.
Hahaha!!! Where's Fonestar?
He seems to have taken leave of this site.
Maybe he is so rich that he does not have time to come here.
ShitCoin - proof that some people have more $$$ than brains...
I could say the same of people who keep their money in private banking institutions with bail-in provisions.
Bitcoin price is all over the place as evidenced by its movements of just the last week or two. It's plainly not a stable instrument.
vs Silver/Gold's "fix" system? I can only wish my silver would be free to float on market demand as my cryptos do.
There is so much carnage in the fiat side hard to tell where Btc will end up.
I hear from $3k a Btc this year up to $1mil down the road due to many factors.
We will just have to wait and see, it's any ones guess now days.
I am sure this FRIDAY we will see all sort of movements going on and MONDAY might be amusing.
OK coin--- are you kidding me?
I've got some wooden buffalo nickels to sell you, but they're burried on my swampland in Zimbabwe.
* meanwhile gold and silver keep marching higher
Quote from an individual on these forums: "There is FA Gov'ts can do about Bitcoin."
I'll say it again, "people under estimate what Gov'ts are capable of doing."
I think it goes both way in this case. Remember the governor that committed to shutting down dark markets, never heard of him again...
Trump will change or they'll JFK him too.
And by Platform viloations they mean people moving capital out of China...
Unlike gold it CAN go down to zero. When bitcoin market manipulation is exposed, it goes DOWN. When gold/silver market manipulation is exposed, they go UP! (until the next round of naked shorts).
This whole scheme is about converting yuan to some other derivative that's convertible. China is OVER $30 TRILLION in debt!
Thanks Foneystar.
Bitcoin is a medium of exchange.
As an investment...If you put your eggs in that basket you get what you deserve. Yeah, they might make it to market but they might not.
If you are Chinese living on the mainland then things might look a little different. For some, BTC is a way to get out of the local fiat which many see as doomed. That is a good thing. The smart ones convert to gold locally or other hard assets out of the country. For that purpose BTC is serving its purpose...as a medium of exchange.
Buying and holding BTC is risky. Buying BTC also adds to its overall liquidity. This liquidity helps Chinese $ get out of China. Is that a good thing??? I dont know. It definitely drives up asset prices here where I live and makes it harder for me. On the other hand it allows the $ to leave without the person. So many sub-wealthy Chinese can diversify while simultaneously staying put. Then the great deflation can happen similar to how things went for the Japanese in the 80's.
You're delusional. BTC is a fucking FAD!
Tulips were once a medium of exchange.
LOL!!! So BTC can be hacked after all, shocker.
Look, if you can print/create all the paper/digital fiat that you want, you can manipulate the fuck out of the price of anything!!!!
Including cryptocurrencies.
Onle ONE RULE APPLIES NOW;
"when fraud is the status quo, possession is the law."
Be damn sure you can maintain that possession as well.