China Banning Bitcoin

With the rise of bitcoin happening so fast in the last 12 months and when I say rise I mean the price of bitcoin. With such a rise there will always be people out there that try and make a quick buck trying to scam people and that was starting to happen with all the ICO's which is short for initial coin offerings. Things were starting to get out of hand as they were large amounts of money being sent and spent for these new coins and some companies not been even real or having no actual product. Which meant that they got their money and vanished. 

This is where China jumped in and decided to really mess things up for everyone out there. China first banned all exchanges that dealt with crypto currency's and then decided to ban bitcoin in a way that no one can trade it at all now I have heard small talk that they want to ban it entirely and that it may be illegal to hold how true this is I don't know but maybe not far out of the reach of what China can do.

"I see the crackdown on bitcoin as part of this larger multi-agency program to reduce financial sector risk, which will unfold over months and probably years," said Jim Stent, author of "China's Banking Transformation." "I do not see risk reduction as something temporary prior to the [Communist Party Congress], nor do I see the bitcoin crackdown as temporary."

My understanding of this is China have done this before in 2013 I believe they did the same and that time they just drove the price down on bitcoin before buying it really cheap and letting the price go back up. I think something like this is incline to happen again in the near future and will make plenty of rich people more money.