Pictures of Technical Preplan on Blocking Bitcoin overseas Transaction were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges.
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the exchange ban.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina confirmed the authenticity, citing support from insiders.
What do you think？
For now, the market seems to have priced in the ICO and exchange ban and is showing confidence in the face of the rumors. However, if it turns out the rumors are true, and the government prohibits mining, that will have very serious, detrimental effects on both the market and the network. An immediate ban could send the hash rate plummeting, causing network disruption and massive congestion.
Jihan Wu and John McAfee seem pretty calm and collected about all this, so I am not overly worried. But if it happens, I'll be ready to dump so I can scoop up some coins in the lower $2000s!