'No, don't panic Mr. Lee. You can still drink as much water as you want. All we are simply doing is tying your hands behind your back and sowing your mouth shut. '

His exchange can still trade in USD or EUR just not Yuan/RMB. So he opens Unionbank USD account and trading resumes

as a native english speaker its very dumb so say that. can you speak any other language than yours?  

so, thats not the topic for such a discussion 

So, I start sentences with 'so' all the time. So what?

Bobby Lee is the least trustworthy person in the Bitcoin world right now.  Just 2 days ago, BTC China released a statement saying they were re-implementing 0.3% fees "to prevent market manipulation".  You really believe this was not in response to private talks with government officials?  They knew the rug was being pulled out from under them.

http://www.cryptocoinsnews.com/2013/12/16/breaking-news-btc-china-trading-fees/

Bobby Lee is also saying he's never heard of anyone using BTC in China to get money out of the country.  What a lying sack of shit.  Bitcoin's Chinese value was derived almost exclusively from the ability to circumvent currency controls.  This guy has been in the e-commerce game for over 15 years, he graduated from Stanford.  He's playing everybody for a fool.

Now he's telling everybody not to panic.  Uh, hello dude?, your company was the BIGGEST BTC exchange in the world.  In the past week the perceived message from the PBOC has gone from:

- Bitcoin trading is allowed, banks just can't manipulate the prices
- Bitcoin trading is allowed, third party processors are now banned
- Bitcoin trading is allowed, but no banks third party processors can do business with anything bitcoin-related

It's bad, Bobby.  Don't lie to us.  You'll keep working on trying to figure out a compromise with the PBOC, but the odds are slim.  Bitcoin stands for everything China is against.  If the ability to search for information on Google is perceived as being a threat to the system, where does that put Bitcoin?  The ability to instantly transfer wealth, anonymously, to people around the world.

My post was largely misunderstood but glad to see at least one person knows what I was getting at. I'm not picking on Bobby Lee in particular a lot of native English speakers have been infected with the "So..." virus too, I notice it a lot on the US business channels.


This is an interesting thought. What would you have somebody who is watching a crowd of people panicking say, in order to try to stop them panicking?  

I expect him to put his money where his mouth is.  It's clear he was panicking himself.  He added fees to BTC China less than 48h before deposits were disabled.


Right, the #1 market for Bitcoin, the market which fueled the entire rise up in the first place, is insignificant.  Tell me, what is significant?  If Bitcoin added 47% market share in one day, would you say that is significant?  Wouldn't you expect your coins to skyrocket?  But when it's the opposite, it's simply a "blip in the road". 

nice chart, glad I saw this!

Which, if anything, would support the view that this crash isn't as volume intensive.

Don't panic BECAUSE, you lose only 70% capital,