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This story was from a few days ago. Looks like Chinese regulators dropped the hammer on bitcoin exchanges providing clients with borrowing to fund bitcoin investment. Makes you wonder how much leveraged buying offered by the exchanges helped push up bitcoin price.
China's Bitcoin Exchanges Quietly Made Policy Updates Overnight
http://www.coindesk.com/china-bitcoi...olicy-updates/
Saw the BTCC CEO Bobby Lee in the article above.
Margin trading gets curbed. Yawn. The bigger story that was posted years ago in this thread involved the fake trades that go on with Chinese exchanges. The biggest red flag was the zero commission. Wash trades where the exchange sells to itself, lol.
How does one make a profit on zero commission. You get creative.
The story below is just something I grabbed quickly. This isn't news - the story has been out there forever. This article is kind of good cause Bobby Lee makes the bold claim and an ex CTO confirms the practice exists.
Chinese bitcoin spot exchanges OKCoin and Huobi are faking most trading volume
https://bitcointalk.org/index.php?topic=1415808.0
It's fast & loose and a game of musical chairs.
As the Doors, Jim Morrison wrote:
" When the music's over. Turn out the lights. "
touching $900- don't think the music has stopped yet, LAAAAAAAAAADS
If you've never witnessed a triple top then you're in for a real treatQuote:
Originally Posted by Starbucks Spunk Bucket
Quote:
Originally Posted by Sanlmar
on the rise...$956
You have been given adequate warning in this thread already.
As Bitcoin ETF Nears, Analysts Warn of Trading Frenzy
https://www.wsj.com/articles/irratio...tfs-1486350601
I guess tine is the micheal angelo of bitcoin.
:lol2
Seriously folks, as long as trump is in office those chinks know what time it is, bitcoin hitting 1400 for sure this year, maybe more.
You were warned at $40, $200, $400
It is rare that you get a second chances like this to save your ass.
Sometimes the most earnest effort to be helpful falls on deaf ears. Don't blame the messenger.
I sent 2.5 btc from a wallet to another. Didn't really pay attention to fees.
Turns out the fee was automated at 0.0001469 (0.19 usd). It has been hours and it hasn't gone through.
I looked at other transactions going through and it appears had I put another 5-7 cents into it, it may have already went through.
Now I'm left in an endless waiting game where I just hope & pray.
SanImar:Quote:
Originally Posted by Sanlmar
Do you believe this article and the possibility of a potential frenzy?
Have you stocked up on btc?
As an informed person on these kind of things I trust your unbiased opinion- I believe you are hinting at a huge price rise soon but I just want to check to make sure I understand this correctly.
TIA
My understanding is if it doesn't get processed the transaction will drop off the network after 72 hours.Quote:
Originally Posted by simpdog
Who is going to all at once sell off their BTC because of this ?Quote:
Originally Posted by Sanlmar
You're on the 'everyone get out of BTC because it will fail' ? It is still 1/25th the size of a large international company.
It will keep going up until it no longer goes up. This ETF thing says we're headed towards volatility, I don't see why it means BTC is headed down. If anything, it is just more reason to be bearish?
No need to pray. The BTC will just time out and be back in your wallet. It is sorta shitty how that stuff works, but this is still totally normal behavior. If the payment doesn't go through, it is never spent and will revert.Quote:
Originally Posted by simpdog
BTC plummeting and changing wildly as we speak
As a follow up it did go through in the end.Quote:
Originally Posted by simpdog
But it did leave a sour taste in my mouth. I want the security of blockchain technology but increased speed.
gee, you think?Quote:
Originally Posted by donkdowndonedied
Uh, oh.
Two of China's Biggest Exchanges Stop Bitcoin Withdrawals
http://www.coindesk.com/two-chinas-b...n-withdrawals/
Quote:
Pete Rizzo (@pete_rizzo_) |Published on February 9, 2017 at 13:00 GMT NEWS
UPDATE (9th February 16:22 BST): This article has been updated with new information regarding BTCC’s bitcoin and litecoin withdrawal policy.
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately.
Yuan recharge, withdrawals and other services will not be affected, the exchanges said.
In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected.
Both OKCoin and Huobi indicated that their platforms would now go through an “upgrade” to combat “money laundering, exchange, pyramid schemes and other illegal activities”, though no further details were provided.
Following the publication of this article, BTCC announced that it would also upgrade its internal systems. In the meantime, the exchange said, bitcoin and litecoin withdrawals will take 72 hours to process.
All told, the move comes amid a rocky period for local exchanges that began with the wider scrutiny of major bitcoin exchanges by the People's Bank of China (PBOC), the country's central bank.
Earlier today, China's central bank issued a warning to domestic exchanges, going so far as to state it would move to shutter startups that violated its guidance through the necessary government channels.
In statements provided to CoinDesk, Huobi indicated that the move was a proactive one that found the two exchanges seeking to "promote bitcoin industry self-discipline".
Quote:
Originally Posted by MumblesBadlyUh, oh.
Two of China's Biggest Exchanges Stop Bitcoin Withdrawals
http://www.coindesk.com/two-chinas-b...n-withdrawals/
Quote:
Pete Rizzo (@pete_rizzo_) |Published on February 9, 2017 at 13:00 GMT NEWS
UPDATE (9th February 16:22 BST): This article has been updated with new information regarding BTCC’s bitcoin and litecoin withdrawal policy.
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately.
Yuan recharge, withdrawals and other services will not be affected, the exchanges said.
In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected.
Both OKCoin and Huobi indicated that their platforms would now go through an “upgrade” to combat “money laundering, exchange, pyramid schemes and other illegal activities”, though no further details were provided.
Following the publication of this article, BTCC announced that it would also upgrade its internal systems. In the meantime, the exchange said, bitcoin and litecoin withdrawals will take 72 hours to process.
All told, the move comes amid a rocky period for local exchanges that began with the wider scrutiny of major bitcoin exchanges by the People's Bank of China (PBOC), the country's central bank.
Earlier today, China's central bank issued a warning to domestic exchanges, going so far as to state it would move to shutter startups that violated its guidance through the necessary government channels.
In statements provided to CoinDesk, Huobi indicated that the move was a proactive one that found the two exchanges seeking to "promote bitcoin industry self-discipline".
http://i.imgur.com/nqNJ0XG.jpg