Chinese Exchanges Are NOT Being Banned!
(Terry Pratchett)
There´s not a single piece of Evidence...
(Sources - Cryptocoinsnews.com & Reuters.com)The whole CryptoCurrency market suffered a huge loss of more than $20 Billion Dollars in regards to its market cap. All just due to some news, which were based on zero evidence. At least there was nothing officially provided yet and no major exchange received any notice at all about anything being shut down.
That being said it´s hard to believe that the officials are actually planning to shut down the Chinese exchanges. To be honest I rather believe that it was a clever move from someone to gain some profits from a cheap rebuy or some opened short Positions...
Actually the Chinese Government seemed to have clarified the legality of Bitcoin earlier this year, which pretty much already shouts for none exchange being closed. Especially as they all comply to any regulations being pushed on them until today.
Further Fake News keep coming...
Even a day after the huge price drop on basically all Cryptocurrencies there are still some fake news being published in order to get the market to even lower levels. One example on this is a fake Twitter Account on the Chinese Exchange BTCC, which published that it would have to shut down its operations within 24 hours...
But fortunately Users recognized the fake pretty quickly on Twitter as many left a link to the official BTCC account or exposed the Tweet as Fake in the comments. Taking a look on the account data it´s as well just too obvious as it only got created in May 2017. About 3 years after BTCC started its operations...
So don´t believe everything that you might hear or read. Some people will always try to influence the markets to their favor just to make some extra dollars. Go through all information carefully and do your own research first before you react. That´s what I can recommend ;)
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Usually when regulation is about to happen in China it will come from a government source. If they do implement some kind of regulation it will affect small exchanges. Larger ones will also be forced to bend the knee but this wont be reflected in the markets much if at all.
True. An official statement without any proof or references is definitely just fake...
When such news is spread, fear of loss is high.
And it's like the small investors who lose.
Re-steemed and upvoted!
Yes, unfortunately it´s mostly the small investors who will loose their hard earned money. But that´s how the world works these days...
agree with you
Good stuff, didn't hear about the fake tweet yet. Last night i also wrote something about rumors vs facts in this matter. Check it out if interested: https://steemit.com/bitcoin/@attalis/china-crypto-regulations-fears-vs-facts
Would be delighted if you chose to follow me based on the quality of my articles, not just because i ask so.
Regardless, I upvoted your article and will follow you going forward as I see we have common interests: cryptos!
The sad truth is that people don't check their facts and markets will continue reacting to these kinds of rumors in the future. Your post really made this whole fiasco clear for me. Cheers!
That is one problem with the human race. We don't look before we leap. A minnow i personally introduced to steemit got down-spirited upon hearing this.
True, market prices are made by humans and we all are likely to overreact or make mistakes in regards to such decisions.
thank you, for this post
you're welcome ;)
I suspect that the whole fiasco was deliberate FUD from PBoC officials who are trading on insider info. And that is precisely why the statement was very vague to achieve maximum fear and uncertainty.
Has anyone else noticed how these scary statements are always released when bitcoin is in a bull market?
Well the market isn't regulated yet and its real small so far. Manipulation is therefore easy for the whale traders.
I would agree that whales are playing the altcoin markets as they see fit, but I'm not sure it's so easy to manipulate bitcoin as there is much more liquidity. Which is why I can see whales paying off certain news outlets and/or gov. organizations to spread fear in the market with fake news.
I'm pretty sure they're planning on something big. They won't let this opportunity pass without getting any profit from it.
Let's see which news there will be over the next days :)
This is the one things that we must beware of , people who put out messages for their own gain. But how do we know? Fortunately from those who saw the news about the Chinese shutting down bitcoin exchanges or whatever it was. I saw this and cynically thought Ah yes! great way for someone to make money and thought nothing more about it. Just a curious note to add: I get meet up notices as I am interested in data in particular and know lots of data scientists, data miners and data analysts. One recent invitation was by the "China-UK Blockchain Association" (apparently a new group of 3) and the meeting title was: ICO goes Viral- How to Build an Ecosystem for Blockchain Technology. Interesting eh? JV
They won't shut down anything but rather use it to improve their own profits. Just like you mentioned the China-UK Blockchain meeting there´s just too much to gain in this industry.
IMO they just want to make sure that no scammers ruin it and that people are not able to avoid taxation through the use of Crypto. But that´s totally fine for me in the end.
Thank you steembusiness for your reply. You raised a query in my mind. About taxation. I have always dutifully paid my taxes, probably because when living abroad and working, I was always fearful that if I didn't pay, I would get a hand on my shoulder at the airport preventing me from doing so! Where do I find out about taxation re Steemit? I have earned thousands (in it for the long term mainly) but if I did take some out what then? Maybe others have this in mind as we have people from all walks of life on here.
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