In a tweet which caused a drastic drop in Bitcoin price, BTCC, one of the biggest China exchanges, announced it will shut down operations starting September 30th.
What's a bit strange, though, it's that the mining pool operated by the same entity will continue to operate.
That may mean a few things:
- PBOC really has something in mind concerning Bitcoin trading in China
- generating Bitcoin is still a profitable business
- a whole new niche just appeared for the astute Bitcoin enthusiast: opening new exchanges, in more friendly jurisdictions
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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There have been fake tweets before, is this the real deal?
I think this one's the real deal.
Well the PBOC have officially shot into their own foot. The exchanges will move to Singapore, Hong Kong, Malaysia, etc... They will no more ruling against them and even more money will flow out of the People's Republic of China.
I don't know said this about "enemies", but a better tactic of the PBOC would have been: "If you can't beat them, join them". Too late, they now have no more control, and BTC will soar when this all is sorted out!
I suspect China's long term perspective may well cause all the jurisdictions you specify to join THEM - Belt and Road, my friend!
Hell, the US may need to join Belt and Road, soon.
They (them) would have to delete the internet for that! I don't see a full ban on crypto exchange possible anymore... that would be very wishful thinking by THEM
Them being China in my comment. As China is increasing it's influence across Asia, via the Belt and Road initiative, as well as around the globe, it holds increasing power over the economies of the various countries via development, and now is creating markets for oil/energy denominated in Yuan, not dollars, and backed by gold.
While I didn't propose they might ban exchanges in other countries, they certainly can assume much power, perhaps even direct control of such through economic influence.
And deleting the internet isn't necessary to end crypto, at all. Merely preventing exchange of crypto for fiat, or any other physical asset, which is well within the powers claimed by governmental regulatory agencies, is all that is necessary to do so. Also, a power outage is all that's necessary to prevent access to crypto.
Within China, at least, the internet is highly subject to both censorship and propaganda/fake news. It is difficult for me to conceive of the internet being immune to regulation. I expect that the appearance of an unregulated and uncensored medium has created the expectation that it is, while in truth there are not only means of crafting programming that precludes given mechanisms online, there are the physical servers, other hardware, and including electricity itself.
If you control the software, hardware, and electricity that people have access to, which China certainly does, or can, for it's citizens and residents, then not only cryptos, but any protocol or program is utterly subject to such control as they desire. This is true for every country in the world, and not only China.
Just because such control hasn't been visibly exerted does not mean it isn't being cryptically, or cannot be.
You're correct, but why wasn't it banned earlier then, I truly think some governments like the disturbance crypto is causing. Especially Russia.
And if we think like you tell, well the world is doomed then...
I reckon that failing to keep the reality of circumstances in mind makes one subject to them, and rather than giving up because we could fail, continuing to conduct our affairs as best we can in those circumstances, while continually seeking to improve them, will be the only way to succeed.
By knowing what we are up against, we can conceive of surmounting such challenges. Mesh networks, IPFS, and cryptos themselves are all attempts to do exactly this, and had Satoshi Nakamoto not realized the inherent problems with fiat currency, BTC would never have arisen and potentiated a mechanism to counter it.
The world was doomed to fail to get free of fiat, until it wasn't anymore. The situation hasn't been completely resolved yet, and we have more work to do.
We will not be doomed until we quit surmounting challenges. All of the challenges I point out are being surmounted now, and in addition to the protocols and means I mentioned above, 3D manufacturing, solar, and other personal power production means, and much more besides, is continuing to improve our chances of creating a free world.
It is unwise to think we've won, when we are only winning. We need to keep transforming currency, cryptography, and all of the technologies above mentioned, in order to achieve ultimate victory over banksters and tyranny in every form.
So shouldn't that mean the price should stop going down?
Until that specific exchange "dries", there might probably be more dumping. But after the situation stabilize and people will realize is not safe anymore to keep their assets in China-operated exchanges, price will go up. Probably.
@dragosroua - oh my goodness, I'm totally lost Sir. Feeling red now :'( useful information Sir.
+W+ [UpVoted & ReSteemed]
@dragosroua,
A good news :D So, BTC price will drop and look all other cryptos too! So HODL and collect more at this panic market time :D
Cheers~
I don't think the effect on the price of bitcoin will be long lasting. For a country that bans facebook, youtube , twitter and who knows what else; China has always been too restrictive. As you said, opening exchanges in less restrictive countries is the answer. That drop in price is nothing compared to how strongly bitcoin has been growing.
The next logical step should China ban Bitcoin mining and remove himself from this space. I am sick and tired of this bipolar government that creates uncertainty...
It will fall, it will rise again. Just like any other stock or asset before it.
Maybe a good moment to buy some extra btc. But anyway, Very strange that they "stop" with the Exchange. There are many other exchanges, and Chinese people like to spend money, some call it gambling 😊
nice post, strange closed exchange but their pool works, ya i think generating btc is still a profitable business.
Good news because alternative coins will continue to be challenged by the status quo. Hence steem it easy
Do you think, it will go further down ? Somewhere below 3k ?
amigo #resteemia at your service
it seems like price dropping drastically. nice info @dragosroua
ReSteemia
'UpVoted ReSteemed Commented'
The fall in the price will be short lived. Soon the price will go up.
so we are about to see some major downfall ?
i like this post and bitcoin....
thanks@dragosroua, some good news like in the dark out of lighten, thanks and keep informing.