China moving forward to shut down all Bitcoin exchanges

China is not playing around. All Bitcoin exchanges are to be closed by Sept. 30.

China to Shut Bitcoin Exchanges

Breaking: “All” Chinese Bitcoin Exchanges Must Close By September 30

Chinese Bitcoin Exchange ViaBTC Becomes Second Platform to Shutdown

Bitcoin drops to $3000

Related thread:

University chair of Economics says Big Government will crush Bitcoin

Imagine if governments can no longer create money out of thin air to bail out their favorite banks and corporations? They would not allow that.

originally posted by: nOraKat
Imagine if governments can no longer create money out of thin air to bail out their favorite banks and corporations? They would not allow that.

To be fair it isn't exactly like Bitcoin is commodity-backed either, most of the Bitcoin mining took place in China as well.

originally posted by: nOraKat
Related thread:

University chair of Economics says Big Government will crush Bitcoin

This is all excellent news. It will end a lot of corruption. Bitcoin is subversive and is allowing some very vile people to do business globally. They have an easier time operating globally than Bank of England, lol.

I think it should be made illegal in the West and U.S. It has been an interesting experiment. May be use some of that experience when the world is ready for an official universal currency. That is not yet. It would create many issues for vulnerable people to lose cash currency. Cash is still king for a while.

originally posted by: Revolution9
Bitcoin is subversive and is allowing some very vile people to do business globally.

You raise an interesting point. I read an article recently that said most child porn is now sold via crypto-currencies since they are harder for investigators to trace.

a reply to: AugustusMasonicus

you guys are perhaps unwittingly using the same failed logical argument authorities are making for the end of cash, i.e., most criminal transactions use cash.

so, its an empty argument unless what you want is a total 1984 style police state.

A look inside

a reply to: nOraKat

as far as im concerned its a good time to get into bitcoin and other cryptos.

how do we know china isnt rattling nerves so they can buy up something they know is worth more than their worthless and endlessly manipulated and devalued yuan and do so at a bargain basement price?

all i see is more synthetic manipulation to gain an advantage.

New York Times

China Bitcoin Exchange to Stop Trading Virtual Currencies Amid Crackdown

originally posted by: tribal
you guys are perhaps unwittingly using the same failed logical argument authorities are making for the end of cash, i.e., most criminal transactions use cash.

Not correct. Online transactions take place on platforms that are traceable, who uses cash for online purchases? Crypto-currencies do not which is why they are used by people like those engaging in child porn sales or other illicit behavior.

a reply to: AugustusMasonicus

Its not, but it cannot be created in mass at will. It is limited and can only be created at a limited rate which becomes more difficult over time.

originally posted by: nOraKat
Its not, but it cannot be created in mass at will. It is limited and can only be created at a limited rate which becomes more difficult over time.

Are you saying it's creation algorithm is hacker proof? That was rhetorical, we both know it isn't.

And the fact that most of it is created in China should give anyone purchasing it some pause, particularly if you have done business in or with China.

a reply to: Revolution9

This is all excellent news. It will end a lot of corruption.

I don't buy that as the excuse to shut it down.

While it can be used for criminal activity, that is a tiny downside to the glorious upside of a truly free system where governments cannot manipulate money. Where winners win and losers lose.

a reply to: Revolution9

An official universal currency? Controlled by who? The same bankers who perpetrate the scam known as fiat currency (aka creating money out of nothing or legal counterfeiting)?

a reply to: AugustusMasonicus

If you think China is shutting it down so that child porn crimes dont happen and drug cartels don't launder money, you are fooling yourselves. The answer for the real reason is in this article:

Big Governments Will Crush Bitcoin

originally posted by: nOraKat
If you think China is shutting it down so that child porn crimes dont happen and drug cartels don't launder money, you are fooling yourselves. The answer for the real reason is in this article:

I never said that they were, it's just a happy byproduct.

a reply to: AugustusMasonicus

I think the whole purpose of block-chain is that a copy of past history is copied over and over again and everyone has a copy. I don't think you can just create it out of thin air and have it consistent with everyone's records.

I am no expert but those are my thoughts..

a reply to: nOraKat


It is obviously not fraud-resistant as several notable incidents have proven. I personally don't have or will not invest money in that platform.

The dream and aspirations behind Bitcoin is that it can create a new financial system - one that is free from government corruption. A crime much greater than any drug cartel can produce.