Yicai is reporting that China might ban all local cryptocurrency exchanges by September. Zerohedge delves into the price differential quoted in Yuan, down 35% now.
Yuan-denominated Bitcoin has crashed as much as 25% 35% in Chinese trading, plunging from 25,000 yuan to as a low of 16,000 on local exchanges BTCChina (and as low as 20,000 on OKCoin), following confirmation of last week’s Caixin report that Beijing would stop cryptocurrency exchange trading. China’s second largest exchange, BTC China, said that it would halt all trading on the platform beginning September 30, launching a liquidation panic.
I know some of you are thinking ‘so what, who cares, BTFD’. Let me remind you that the only reason why Bitcoins and other cryptocurrencies were trading up in the first place was because of Chinese demand. It wasn’t because some fucking idiot in Bushwick, Brooklyn was buying ETH and hoping it would replace the dollar once day.
WRONG.
The very essence of cryptocurrencies is to enable fraud and money laundering. Jamie Dimon was right and you should heed is warnings, in spite of what his daughter is doing. Governments will shut it down.
This was published on Weibo earlier today:
China will stop all trading business on September 30th
Dear Bitcoal Chinese users: According to the September 4 issue of the “People’s Bank of China Central Office of the Ministry of Industry and Information Technology Ministry of Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission on the prevention and treatment of the risk of the issuance of the currency,” the spirit of the document, adhering to the protection of investment risks, the maximum protection of users
The principle of interest, Bit Coin Chinese team by careful discussion, is to make the following decision:
1. Bit currency China’s digital asset trading platform today to stop the registration of new users;
2. September 30, 2017 Digital asset trading platform will stop all trading business.
Beitou China’s pool (pool) and other business will not be affected, continue to normal operation.
We apologize for the inconvenience. If you have any questions, please contact [email protected].
BTC and ETH are leading the fray lower. Total market cap is now ~$115 billion, which is still very, very, rich.
1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.
— BTCC (@YourBTCC) September 14, 2017
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What is dead may never die.
BTC may see $2500. It won’t die.
Tulips are still around and will be around for a long time. They are beautiful flowers.
China is going to try their hand at a state run crypto coin. It will fail. They will come back because BTC is global. State controlled currencies are going to die like all fiat has in the past.
True. But not until everybody is completely fleeced by fiat/state-run-crypto-coin first, my friend. You’re missing the point and not seeing the reality. If we lived in your world, gold would be (still) money. Because gold is global.
they can shut down exchanges but btc cant die
you own the btc if you store off exchange and hold your own keys
the cost per btc is another story. short term, its going to hurt
what happens to stocks when short selling is banned? they go up
could have the same effect
all i know is free trading commissions and 100x leverage for the past year
I know you cryptofags are wilfully blind to reality, but the whole “BTC can never die” angle is fucking retarded.
If all governments of the world’s major economies move in lockstep to ban all exchanges, ban it’s use a currency or outlaw possession of it outright, it will lose all legitimacy, purpose and value.
Sure, it won’t be “dead” but it might as fucking well be.
Fly, China only represents about 20% of world wide trading volume. Sure it’ll cause a temporary dip in price, but this “crash” is actually not bigger, in percentage terms, than the “crash” from 1300 to 900 earlier in the year. And notice that these “crashes” are common to bitcoin. If, like me, you’ve held bitcoin for a long time, you get used to them and don’t panic every time you see one. Wall Street types like to declare something dead every time it drops 20%. But look at the long chart, Fly, and you’ll see this thing ain’t going nowhere.
At some point, perhaps very soon, we will hear our politicians decrying how the widow Mrs. Applecheeks lost her home because of the instability the bitcoins into which she invested her pension. “Something must be done to protect the people!”
And we’ll follow China’s lead.
Will you come back and comment when you’re down 98%?
Now for sure Rare Pepes will shoot through the roof!
All due respect to comrade Fly, but you have called the end to BTC and cryptos so many times, only to see them sky rocket.
Your right call was on MGTI but I don’t think you bought any. However, I thank oh for the 200% return. Best way for a stock guy to “trade” bitcoin movement.
He’s cracking people. Le Fly is starting to see the value in crypto. I nibbled at $3330 this morning and happy with that. Bring your OSCs Fly and let’s get cracking, Grumpy Kangaroo style!
incredible