The investigation of exchanges, including BTCC, Huobi and OKCoin, was to look into "possible market manipulation, money laundering, unauthorized financing and other issues", according to the statements posted on the People's Bank of China's website. To regular readers this should come as no surprise: Should Beijing mandate that bitcoin no longer be a means to illegally transfer capital offshore, there is risk of a dramatic, and sharp, drop in its price.

Well, Beijing noticed, and the "dramatic, sharp" drop in price has taken place as expected; worse with China now openly aggressive against bitcoin "manipulation" it is difficult to see where the next burst of buying momentum will come from, if only in the near term. However, one possibility is that Chinese capital control-evaders will now gravitate to other alternative digital currencies, such as Ethereum, which have so far been far less prominent among Chinese bubble chasers.

As Reuters further adds on the Chinese crackdown, authorities have been ratcheting up efforts to stop capital outflows and relieve pressure on the yuan to depreciate. The currency lost more than 6. With bitcoin's soaring price and the relative anonymity it affords, some believe the digital currency has become an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit the amount of foreign exchange individuals can buy each year.

However, after surging five-fold it was inevitable that China would notice, and the time to take profit had come. In a separate statement, the PBOC in Beijing, where officers visited the offices of OKCoin and Huobi, said "the spot checks were focused on how the exchanges implement policies including forex management and anti-money laundering".

A Huobi executive who declined to be named confirmed the PBOC visited their office on Wednesday, but declined to provide details. A spokeswoman for OKCoin told Reuters its platform was operating normally, and it was working with the authorities. Last week, PBOC officials meet with the three exchanges, and the central bank publicly urged investors to take a rational and cautious approach to investing in bitcoin.

Shanghai-based BTCC's CEO Bobby Lee confirmed the visit, but said he believed the company was not out of line.

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We think we are in compliance with all the current rules and regulations of running a bitcoin exchange in China," he told Reuters by phone. I think they are working closely with us to learn more about our business model and the bitcoin exchange industry.

We had a very fruitful meeting today," Lee said. Judging by today's plunge in the price of bitcoin, which has taken it back to levels just before last December's blast off, the market disagrees. Any BTC guys who are considering jumping: Better yet, don't jump I would gently advise any and all Chinese citizens looking to safeguard their wealth to quietly return to buying gold.

Shit went up too quick! Backed up by processing of the largest computer system in the planet updating a ledger! That's worth something, and the market well eventually settle on that value of that! Gold is a shit investment compared to the other bubbles forming with way higher return potential.

I have stock market manipulation in china bitcoins. I can't spend them anywhere and it's a bitch to even transfer them to another wallet on another computer I own. I get hit with fees now just moving some to my phone for fun.

And to do it any other way requires backing the. It's not that user friendly. If you are having that much trouble moving coins, you must not be doing it right. Transfering from one PC to another should not cost you fees. Of course, it will not be immediate. And what are the fees? Im with you there. However, I also have a few and they sit on a Ledger nano s, which I can hold in my hot little hand. I find it easy to send and recieve, even on someone elses computer.

Stop China’s Market Manipulations - The New York Times

No, they are not easy to spend yet, but stock market manipulation in china appears to be coming. You can by phyzz on JM Bullion with it and if Kimdotcom brings up Megaupload 2. In addition to Au, Ag, Pb, we trickle stack BTC. All you have to do is send it to a new address on your other computer if you want to move it There isn't just ONE Bitcoin.

It's not hard to transfer from wallet to wallet Shutting down Chinese miners only shifts it do otc stocks trade after hours somewhere else. There is nothing China can do to stop Bitcoin short of shutting down the internet. Seriously, take some profit and reload.

China to probe stock market manipulation - BBC News

But, if you still want to ONLY buy gold, a commodity with not much movement and not nearly as fun to trade than by all means buy it!!! I don't know if you anti bitcoiners realize all the stock monos say the same shit about gold every time it falls! Shut up and trade And they are RIGHT HERE Has been since I checked fifteen minutes ago.

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Jan 11, 8: China Market Manipulation Reuters Yuan Bitcoin.

Printer-friendly version Jan 11, 8: Comment viewing options Flat list - collapsed Flat list - expanded Threaded list - collapsed Threaded list - expanded. Date - newest first Date - oldest first. Select your preferred way to display the comments and click "Save settings" to activate your changes. BullyDog Jan 11, 8: Nothing to see now. Golden opportunity to grab more physical, oh wait.

Croesus BullyDog Jan 11, 8: It'll make you feel better. Serfs Up Croesus Jan 11, 8: Actually, I'd advise that to anyone, so pay no attention to me. Abitcoinbrain Serfs Up Jan 11, 9: Rather Sit in Silver, Bitcoin And Guns than Gold!

Used horse trailers for sale in colorado springs Vs Reward Ratios! ShorTed Abitcoinbrain Jan 11, 9: The central planners ShorTed Jan 11, Croesus Jan 11, GGuy not verified BullyDog Jan 11, 8: The Harry Potter of BitCoin. StackShinyStuff GGuy Jan 11, 9: Don't say it three times or he will appear.

Arnold Jan 11, 8: On to Goldman Saches.

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That's where I want to park a hundred grand! SpanishGoop indygo55 Jan 11, 8: Don't forget to epoxy your ethernet port I heard that buttcoiners do that to keep their butts secure Txpl indygo55 Jan 11, 8: Your fake outrage is cute though.

Mustafa Kemal indygo55 Jan 11, Trubador indygo55 Jan 11, 9: SpanishGoop Jan 11, 9: Not after the morning coffee and smoke. I make a bigger dump. Byte Me Jan 11, 8: Bullish for BitMiner stocks? Nah, let's just rip on DD, fonestar et al.

BandGap Jan 11, 8: FreeShitter BandGap Jan 11, 8: Dropthebomb Jan 11, 8: But, I thought bitcoin was as good as gold! Dropthebomb dasein Jan 11, 8: Stu Elsample dasein Jan 11, 8: Arnold dasein Jan 11, 9: Most ZH armchair generals are too pussy to trade crypto it seems. ItsAllBollocks dasein Jan 11, 9: Latitude25 Jan 11, 8: Stu Elsample Jan 11, 8: Yes, I have those too. We aren't fucking prepping morons you know. Ecclesia Militans Jan 11, 8: Panic Mode Jan 11, 8: SpanishGoop Panic Mode Jan 11, 9: Green Bastard Jan 11, 9: RightlyIndignent Jan 11, 9: RightlyIndignent fredquimby Jan 11, 9: Give me your log in details and I'll BTFD for you haha.

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