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Bitcoin Exchange BTCChina Says To Stop Trading, Sparking Further Slide (reuters.com)
Several Slashdot readers have shared this Reuters story: Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month. China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand. But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year. Just hours after BTCChina announced its closure, Chinese news outlet Yicai reported that the country plans to shut down all bitcoin exchanges by the end of September, citing financial sources in Shanghai.
Bitcoin has gone from funny oddity to actual threat. China very tightly controls its money, because if it allowed free movement of money, the country would very quickly find itself broke. Nobody keeps their assets in yuan who has a choice. As a way to get money out of China, bitcoin is now a threat to the Communist Party. When nations are taking you as a serious threat, that's a genuine achievement, and I'd like to offer my congratulations.
Shutting down free speech with violence isn't fighting fascism. It IS fascism!
I suppose that's possible; but I think it's far more likely that the government is just trying to reduce capital flight. People in China who have money are always looking for ways to offshore it, and the government is always looking for ways to stop that.
For all intensive purposes, "whom" is no longer a word. That begs the question, "who cares"?
A lot of people were 'Hmmm'ing all the way to bankruptcy in 2007 when their house was 300% of the purchase price and -30% a year later. Surely bitcoin couldn't suffer the same fate as that extremely secure, tangible, asset.
It's a technologically better form of money, far more efficient for moving large sums across borders.
Really? What, a 3% surcharge (1.5% on each end) is good? I pay $15 flat rate for a wire transfer, no limit. Did one yesterday to a vendor, $380,000 for $15. I guess Bitcoin charging $12,000 would be better than $15?
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
It's like they don't have any faith in their government or something...
But it's unheard of in the Capitalist States of America - no wealthy individuals using tax havens there.