PDA

View Full Version : Bitcoin falls 5% as China plans to investigate exchanges



Silver and Gold
01-11-2017, 07:27 AM
The price of bitcoin fell by around 5 percent after Chinese authorities announced plans to inspect bitcoin enterprises.

The People's Bank of China published an announcement this morning that it will carry out site inspections on January 17 to check whether enterprises dealing in bitcoin have the correct licenses, have implemented anti-money laundering systems and whether there is market manipulation.



http://www.cnbc.com/2017/01/11/bitcoin-falls-5-as-china-plans-to-investigate-firms.html

Silver and Gold
01-11-2017, 07:38 AM
I would be out out quick.... If they find any problems on the 17th it could hurt bitcoin price even more...........JMHO








The price of bitcoin fell by around 5 percent after Chinese authorities announced plans to inspect bitcoin enterprises.

The People's Bank of China published an announcement this morning that it will carry out site inspections on January 17 to check whether enterprises dealing in bitcoin have the correct licenses, have implemented anti-money laundering systems and whether there is market manipulation.



http://www.cnbc.com/2017/01/11/bitcoin-falls-5-as-china-plans-to-investigate-firms.html

coinman13
01-11-2017, 10:24 AM
I would be out out quick.... If they find any problems on the 17th it could hurt bitcoin price even more...........JMHO

And if they don't find any problems it will rocket back up. So far all these 'China bans Bitcoin' stories have been short lived to shake out weak hands.

AnotherDave
01-11-2017, 06:12 PM
TPTB, including China's TPTB, can crush commercial trading. But they can't stop EVERYBODY.

My money's on everybody winning this one.

Prins
01-14-2017, 08:40 AM
A short story about digital trading in a 40% drop, nota bene (bitcoin) 'investors':

"With the market in free fall, Ding was unable to log into his account with China’s biggest bitcoin trading platform, Huobi, meaning he could not sell off his holdings or top up his principal to meet the margin call.
By the time he managed to log on in the evening, most of the bitcoins in his account had been compulsorily sold off by Huobi..."

Huobi reaction (I liked that) : "We are sorry and understand the feelings of the investors”.

I know the fans will blame Ding, Huobi and China, and point out this can happen with diamonds too, but the fact of the matter still is ... if you don't hold it, you don't own it.
It can be gone in nanoseconds, and it will be gone at some point. The same goes for paper gold, plastic diamonds, digital platina, etc. Beware of the Page404-experience.

To quote a very relevant reply: "Ding should have taken possession of physical bitcoins to avoid the counterparty risk."

http://www.zerohedge.com/news/2017-01-13/chinas-next-time-bomb-look-inside-insane-world-chinas-bitcoin-traders (http://www.zerohedge.com/news/2017-01-13/chinas-next-time-bomb-look-inside-insane-world-chinas-bitcoin-traders)

coinman13
01-17-2017, 09:59 AM
And if they don't find any problems it will rocket back up. So far all these 'China bans Bitcoin' stories have been short lived to shake out weak hands.

Gee on the day that the PBoC is investigating the Chinese BTC exchanges (and going to ban bitcoin ofcourse!) the price shoots up more then 5%. I am shocked :rolleyes: