Post
Topic
Board Press
Re: [2017/02/09] Anger Grows at PBOC’s Interference with Bitcoin
by
DooMAD
on 13/02/2017, 12:05:22 UTC
Not really seeing an issue here.  While Bitcoin itself should certainly never be regulated, Bitcoin businesses like exchanges can and should be.  There have evidently been some unethical practices by some of these exchanges over the years, like padding volumes to make it look like they do more trade than they actually do.  Some small amount of inconvenience with temporary suspension of withdrawals is infinitely preferable to another Gox-level event.  These guys needed a kick up the backside to stop cutting corners and engaging in questionable practices.

People should also try to limit the amounts they keep in centralised services that hold the private keys.  I can see how it's frustrating for people who may have been unlucky to be caught in the middle of a one-off transfer, but every time you hand your funds over to a third party, you are trusting that third party and the accompanying regulators with your funds.  Buying and selling peer-to-peer (the way Bitcoin was designed to be used, not this centralised third-party custodian stuff) negates the risk of regulators preventing or delaying your transaction. 

Day-traders, on the other hand, should absolutely understand by now that they are gambling with their funds and can lose everything at any time without warning.  It's not complicated.  The longer you leave your funds in play, the greater your risk of loss.  And I'm not just preaching from the sidelines, either.  This applies to me too.  If one of these exchanges suddenly vanishes overnight and all your coins are gone, I'm sorry, but you've (and I've) forfeit the right to whine about it.  We've seen it happen before and we know it's going to happen again at some point.   

Finally, the price isn't determined by the actions of the regulators as such, but more by how people react to it.  If you're so certain that it is indeed a sinister government plot to reduce the price, why not take full advantage and buy from the weak hands while it's cheaper?  Seeing as you're already gambling on exchanges anyway?   Roll Eyes