Quote from: fabiorem on September 13, 2017, 04:32:56 PM

Quote from: alyssa85 on September 13, 2017, 04:21:25 PM

The problem with that is, say you were Chinese and had bitcoin. You now can't trade it on Chinese exchanges for yuan, once they have been closed in three months time. And thanks to the Great Firewall you can't access the western exchanges and sell for dollars (and in any case can't open a western bank account to pay those dollars into). And you are scared that your govt will prosecute anyone caught with bitcoin.

You have two choices - sell now while you can (and the price on the chinese exchanges is lower than on the western exchanges, indicating this is what people are doing). Choice #2 is to hold and take a trip to Macau and sell the bitcoins in person to someone from local bitcoins, to cash out later. Most seem to be doing the former.

Except there is no confirmation that the chinese government have banned it, there's only rumours. The chinese are right to panic, tough, as they live in a dictatorship.

In fact, the rumors about China banned crypto market not truth, just by the FUD of China banned ICO market makes the rumors hype more. Therefore, not only Chinese traders are panic seller, almost speculators also panic and they want to sell their Bitcoin soon.