China is well know for their cat and mouse moves in order manipulate the the situation to their advantage. The recent unofficial, official, unofficial ban of Bitcoin mining and Bitcoin exchanges will prove that they are once again master manipulators. Miners are already moving to Japan and Vietnam as well as many other countries. Does China really want to lose that revenue?
With anonymity through proxy servers and likes, China's ban is only a media circus designed for one thing, to increase their holding and a discounted price.
Litecoin creator Charlie Lee of Litecoin, through Twitter, says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.
Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public.
With this tweet, Lee joins MGT Capital’s John McAfee in contradicting a series of rumors suggesting that China would widen its crackdown on cryptocurrency to extend to mining. Citing a conversation with Bitmain co-founder Jihan Wu, McAfee stated that regulators will not make mining illegal.
Nevertheless, Chinese miners account for a majority of the bitcoin hashrate, and the markets have been shaky as they attempt to separate rumor from fact.This fear, uncertainty, and doubt (FUD) present within the market “is propagated by large manipulators trying to make money shorting,” Lee suggested. “They know that China ban FUD works and cannot be proven wrong.”
He added that the order-book exchange ban “is still absolutely true,” although it is “not clear” whether China will shut down all peer-to-peer trading platforms (BitKan has already announced it will terminate its trading platform). Of course, many industry observers–including Blockchain Capital’s Spencer Bogart–have pointed out that a ban on peer-to-peer trading would indirectly ban professional bitcoin mining as well since miners would not have an outlet to sell the coins they mine.
Lee has been ahead of much of the recent news regarding China’s cryptocurrency squeeze. Citing an anonymous source, he predicted the bitcoin exchange ban, along with OKCoin and Huobi’s meeting with regulators to discuss the terms of their closures. He has not revealed the name of his source, but many on social media have speculated that it is his brother, BTCC CEO Bobby Lee.
Congratulations @awkie! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP