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China Not Ban Bitcoin, A Ban Should “Target Risky Products and Foul Players, Not Bitcoin Itself”

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LiamNoah

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Thomas Xie, LakeBTC CEO, made the following explanation:

The latest official policy was published on December 5 by the five central government agencies including PBOC (People's Bank of China). It's clearly stated that Bitcoin is a type of commodity that people are free to own, buy, and sell. Other than that, everything else is speculation, hearsay or rumors. We are running a legitimate business with all required government paperwork.

That being said, there are a number of flash crashes and high-risk products provided by certain local Bitcoin exchanges. If there were a ban, it should be targeting those risky products and the foul players, not Bitcoin itself. The exchanges in question promise 0% fee forever and in the mean time are promoting high-risk businesses such as margin, short trading, and P2P lending without proper risk management. For example, there's an LTC flash crash to 1 CNY from 100 CNY in seconds, thanks to shorting trading in a platform.

From CoinTelegraph interview: http://cointelegraph.com/news/112112/a-ban-should-target-risky-products-and-foul-players-not-bitcoin-itself-lakebtc-ceo-thomas-xie

Posted on December 11, 2014 at 9:32 PM
Last Edited: December 11, 2014 at 9:33 PM

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• XCoinCall

  

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  This seems to be a logical policy. Then again Chinese regulations have a historical tendency to favor the Government more so than the people. It's wonderful to see a fresh perspective on Bitcoins, however. Anyone else have a take on this?

  Posted on December 15, 2014 at 8:17 AM
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• Febo

  

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  No one will prohibit you to hold bitcoins. They are not something you can harm others. In some countries you can even poses guns, so there you could have bitcoin even if it would be killing tool.

  Posted on December 15, 2014 at 10:20 AM
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• RDX

  

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  The trading volume on China exchanges is really high.

  https://bitcoinity.org/markets/btcchina/CNY

  Maybe they want to get hold of as many Bitcoins as possible by spreading FUD about banning BTC, and buying cheap coins at the same time.

  Posted on December 15, 2014 at 11:50 PM
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• LiamNoah

  

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  @febo No one will prohibit you to hold bitcoins. They are not something you can harm others. In some countries you can even poses guns, so there you could have bitcoin even if it would be killing tool.

  Agree, People Kill not Gun

  Posted on December 16, 2014 at 12:05 AM
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• LiamNoah

  

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  @rdx The trading volume on China exchanges is really high.

  https://bitcoinity.org/markets/btcchina/CNY

  Maybe they want to get hold of as many Bitcoins as possible by spreading FUD about banning BTC, and buying cheap coins at the same time.

  Greedy thoughts

  But see another three CNY market

  • https://bitcoinity.org/markets/okcoin/CNY
  • https://bitcoinity.org/markets/huobi/CNY
  • https://bitcoinity.org/markets/lakebtc/CNY

  this seems to be the norm

  Posted on December 16, 2014 at 12:09 AM
  Last Edited: December 16, 2014 at 12:10 AM
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• Isabella

  

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  @liamnoah

  @febo No one will prohibit you to hold bitcoins. They are not something you can harm others. In some countries you can even poses guns, so there you could have bitcoin even if it would be killing tool.

  Agree, People Kill not Gun

  Nobel created bombs, but it still set up a Nobel peace prize

  Posted on December 21, 2014 at 11:38 PM
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