ok so let me guess how this might play out:
1. FXBTC played a Gox (fact)
2. Other exchanges might be operating a fractional reserve too (speculation, https://bitcointalk.org/index.php?topic=592760.msg6505570#msg6505570) (meh, call me fudster if you want)
3. Chinese traders are worried that other exchanges might pull a Gox too and hence a part of them will aim for the fiat exit door, depressing the price.
4. 1 and 2 add another reason for PBoC to want to "protect the people" and pull the plug on the other exchanges before a large scale Goxxing happens.
5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.
1. FXBTC played a Gox (fact)
2. Other exchanges might be operating a fractional reserve too (speculation, https://bitcointalk.org/index.php?topic=592760.msg6505570#msg6505570) (meh, call me fudster if you want)
3. Chinese traders are worried that other exchanges might pull a Gox too and hence a part of them will aim for the fiat exit door, depressing the price.
4. 1 and 2 add another reason for PBoC to want to "protect the people" and pull the plug on the other exchanges before a large scale Goxxing happens.
5. When/if 4 happens, we will soon discover how much is the impact on price on western exchanges. It might as well be the final test (bit like the "Silk Road bust" test last year) and bring the decoupling that everyone here seems to be expecting.
Maybe if they're running fractional reserve there's even less coins in Chinese hands lol. Now that would be funny. I'd call this a pretty positive weekend absent any new news in the next hour or so. Even at this point a $27 price rise and no super fud from China is a good thing.