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While I share your opinions re: use of power to protect national currency, I don't see how they apply to this topic. The PBoC didn't ban exchanging cryptocurren

While I share your opinions re: use of power to protect national currency, I don't see how they apply to this topic. The PBoC didn't ban exchanging cryptocurrency with local "fiat", just fund raising outside of regulation via ICOs. This is the FUD that is artificially tanking the market at the moment.

Nursie 9y ago
>> The PBoC didn't ban exchanging cryptocurrency with local "fiat" http://uk.businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9?r=US&IR=T http://uk.businessinsider.com/initial-coin-offering-china-bi... It's possible they did.
- nipponese 9y ago
  I think a major contributor to FUD in this case is the translated interpretation of "financing trading platforms". In my observation, this does NOT mean mean "Yuan to BTC" exchange, but instead exchanges that are set up specifically to host ICOs, for example ICOINFO: https://translate.google.com/translate?hl=en&sl=zh-CN&u=https://ico.info/ https://translate.google.com/translate?hl=en&sl=zh-CN&u=http...
  - Nursie 9y ago
    Perhaps so, I'm not an oracle on this matter, but it at least seems possible that this is wider that just banning ICOs and ICO trading platforms. I guess wait and see what happens, because even if the official statement was explicit, whether any action is taken and what action that might be is another question entirely.
AndrewKemendo 9y ago
I think they actually did. However, even if they didn't, the are intentionally keeping the velocity of Yuan>x-coin low to keep an eye on it. So the BoC might be saying, ok fine, buy bitcoin and then exchange it for trash-coin all you want, and if we see too many capital flows through Y>BTC we'll turn that off cause it's easier.
- nipponese 9y ago
  While that is certainly possible, no government can resist the temptation to collect tax on capital gains until the problem threatens national sovereignty, and we are pretty far away from an eject button scenario like that.

Nursie 9y ago

>> The PBoC didn't ban exchanging cryptocurrency with local "fiat" http://uk.businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9?r=US&IR=T http://uk.businessinsider.com/initial-coin-offering-china-bi... It's possible they did.

nipponese 9y ago
I think a major contributor to FUD in this case is the translated interpretation of "financing trading platforms". In my observation, this does NOT mean mean "Yuan to BTC" exchange, but instead exchanges that are set up specifically to host ICOs, for example ICOINFO: https://translate.google.com/translate?hl=en&sl=zh-CN&u=https://ico.info/ https://translate.google.com/translate?hl=en&sl=zh-CN&u=http...
- Nursie 9y ago
  Perhaps so, I'm not an oracle on this matter, but it at least seems possible that this is wider that just banning ICOs and ICO trading platforms. I guess wait and see what happens, because even if the official statement was explicit, whether any action is taken and what action that might be is another question entirely.

AndrewKemendo 9y ago

I think they actually did. However, even if they didn't, the are intentionally keeping the velocity of Yuan>x-coin low to keep an eye on it. So the BoC might be saying, ok fine, buy bitcoin and then exchange it for trash-coin all you want, and if we see too many capital flows through Y>BTC we'll turn that off cause it's easier.

nipponese 9y ago
While that is certainly possible, no government can resist the temptation to collect tax on capital gains until the problem threatens national sovereignty, and we are pretty far away from an eject button scenario like that.