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Tron_fdc · 09-15-2017, 08:56 AM

I watch this pretty closely. In fact, my partner in trading is in China.

It's going to be pretty hard to shut this down without some pretty serious losses in China. I would be surprised if they actually do it, but it's China so who knows. They announced the same thing last year, and it caused the same drop. Then they came back and said "not closing, just re-regulating". Price shot right back up. Likely that's why the price is bouncing around from 12 month lows to 20% increases in the matter of minutes; people are speculating the same is coming. I'm not so sure.

I see 2 scenarios here.

1) They re-regulate, and the price goes back up. Chinese exchanges are closing, so that's probably not going to happen. If I were Chinese regulators I would be opening a state run exchange, and shutter the rest.

2) They close the exchanges altogether, and the price craters (moreso than what we see now). I don't see it being suppressed long term however, there is too much money and too much potential with cryptocurrencies to stop them. China's trying to close the gate and the horses are already out of the barn. It was originally being used to move cash out of the country (avoiding the currency controls), but it's gone so much further than that now.

This is a 150 BILLION dollar industry. It's not going to disappear, especially with the blockchain applications that companies are implementing. It did however need some regulating, and I'm all for that. There are a lot of whitepaper ICO's happening right now, and the VAST majority are total junk. People are getting soaked out of millions of dollars investing in crap like Paragon tokens that is not much more than an idea, pushed forward by B list celebrities to give it legitimacy.

IMO the entire industry needs to keep evolving, and needs regulation similar to IPO's on the stock exchange. 16 year old kids shouldn't be allowed to run ICO's, make millions, then f-off into the sunset with everyone's money. There needs to be some kind of oversight to curb the illegal activity going on.

As for me, I sold out 75% of my holdings yesterday during the drop. I see it's back up this AM, but if China announces a complete closure in the next day or two look out.

This article sums up what I am saying.

https://thenextweb.com/contributors/...#.tnw_LkTK9dHQ

09-15-2017, 08:56 AM	#69
Tron_fdc In Your MCP Join Date: Apr 2004 Location: Watching Hot Dog Hans Exp:	I watch this pretty closely. In fact, my partner in trading is in China. It's going to be pretty hard to shut this down without some pretty serious losses in China. I would be surprised if they actually do it, but it's China so who knows. They announced the same thing last year, and it caused the same drop. Then they came back and said "not closing, just re-regulating". Price shot right back up. Likely that's why the price is bouncing around from 12 month lows to 20% increases in the matter of minutes; people are speculating the same is coming. I'm not so sure. I see 2 scenarios here. 1) They re-regulate, and the price goes back up. Chinese exchanges are closing, so that's probably not going to happen. If I were Chinese regulators I would be opening a state run exchange, and shutter the rest. 2) They close the exchanges altogether, and the price craters (moreso than what we see now). I don't see it being suppressed long term however, there is too much money and too much potential with cryptocurrencies to stop them. China's trying to close the gate and the horses are already out of the barn. It was originally being used to move cash out of the country (avoiding the currency controls), but it's gone so much further than that now. This is a 150 BILLION dollar industry. It's not going to disappear, especially with the blockchain applications that companies are implementing. It did however need some regulating, and I'm all for that. There are a lot of whitepaper ICO's happening right now, and the VAST majority are total junk. People are getting soaked out of millions of dollars investing in crap like Paragon tokens that is not much more than an idea, pushed forward by B list celebrities to give it legitimacy. IMO the entire industry needs to keep evolving, and needs regulation similar to IPO's on the stock exchange. 16 year old kids shouldn't be allowed to run ICO's, make millions, then f-off into the sunset with everyone's money. There needs to be some kind of oversight to curb the illegal activity going on. As for me, I sold out 75% of my holdings yesterday during the drop. I see it's back up this AM, but if China announces a complete closure in the next day or two look out. This article sums up what I am saying. https://thenextweb.com/contributors/...#.tnw_LkTK9dHQ Last edited by Tron_fdc; 09-15-2017 at 09:08 AM.