Bitcoin breaks 30,000, and the largest domestic trading platform "pulls the plug" again!

On August 17, 2017, Bitcoin, which had been rising rapidly for a month, broke through the 30,000 yuan mark, with a daily increase of more than 7%. Bitcoin's new high means that more investors are pouring into the trading platform, which is also the most challenging moment for the trading platform's technical capabilities.

This time, most of the domestic Bitcoin trading platforms performed well. Although a few trading platforms had some lags, it did not affect transactions. However, one Bitcoin trading platform that claims to be the "largest in China" had a different style! Of course, this "largest" is just printed in the advertisement. After all, according to the July monitoring report of the National Internet Financial Security Technology Expert Committee, Huobi's trading volume was only 18.2%, which has fallen to third place.

How did you know that Bitcoin broke 30,000?

Because Huobi has “pulled the plug” again !

Huobi.com just broke 30,000 and then it crashed. Huobi APP in front and Huobi.com PC in the back all showed suspended trading. Many cryptocurrency groups that I secretly observed started to react that Huobi.com was down, “Damn, the bastard pulled the plug again”, “Huobi must have launched an ICO to scam retail investors”.

Logically speaking, it is understandable that the trading platform has some lags and some minor bugs. Taobao is so big and Baidu is so powerful, haven’t they also had more or less bugs? However, this is not the first time that Huobi has been down. A similar incident happened once before, which caused a big wave.

According to a report in the International Financial News on January 12, 2017, "The lag of the Huobi APP is not just this time, it has happened many times, and it gets stuck whenever there is a big drop. An investor with the online name Shuangmu reported this to the reporter of the International Financial News. In the early morning of January 12, the price of Bitcoin reached 4,902.02 yuan per coin, while the highest intraday price of Bitcoin the day before reached 6,450 yuan per coin. In just one day, it fell below the two important thresholds of 6,000 yuan per coin and 5,000 yuan per coin, with the maximum drop of 24%. What makes investors even more annoyed is that whenever the market plummets, the mobile APP port of the Bitcoin trading platform cannot be traded smoothly, and the Bitcoin in hand cannot be sold in time, missing the opportunity to stop loss in vain. "

The same report also mentioned: "Not only the APP, but the webpage is also stuck. The trading platform has the obligation to maintain the normal operation of the trading system. The system crash caused by a surge in users should be considered in advance. This should not be regarded as 'force majeure'. Investors' losses caused by system problems should be compensated." He further stated that he would not give up and would file a lawsuit against Huobi.

Huobi.com's media director responded to the reporter from the International Financial News, saying, "There is a clause in our user agreement with investors that slow website access caused by force majeure is not covered by compensation. The app cannot be used this time because of 'unpredictable force majeure', but the official website can be used."

As for the truth behind the "unplugging the network cable" incident, I will not comment, but have captured some users' opinions and put them below for your reference.

We don’t know for now whether Huobi’s downtime was caused by a technical problem or the “network cable unplugging” incident really happened, because when the secret observer searched for keywords such as “network cable unplugging” on Huobi, he found that although Baidu already had the relevant hot search terms included, there were only a few results that were actually found.

Some even only have titles, and the content has been cleared when you click in. The fact that cryptocurrency media "collect protection fees" is well known, and Huobi's Li Lin is known as the "money-spreading boy". The cryptocurrency media "Golden Finance" that just raised funds recently was invested by Li Lin. Without reference materials, I dare not speculate at will.

However, according to a report just released by Xinhua News Agency at 19:58 on August 17, 2017, it pointed out that: "Many trading platforms encourage members to participate in high-leverage futures trading, secretly manipulate the market, and make false transactions, making it difficult to protect investors' asset rights. The People's Bank of China revealed that at the beginning of this year, the People's Bank of China conducted on-site inspections of Bitcoin trading platforms many times and found that some platforms in Beijing carried out financing business without approval and did not fully fulfill their anti-money laundering obligations. Huobi.com was sued by investors in court for suspected market manipulation."

In fact, digital assets such as Bitcoin are extremely risky investments, and how can money-related matters not attract the full attention of investors? As one of the more well-known trading platforms in China, it is debatable whether Huobi.com really "pulled the plug" and destroyed its "brand effect" when the market really came . However, as a trading software, it always freezes and crashes when the market comes, which does cause great harm to investors.

Finally, I would like to remind everyone that digital assets such as Bitcoin can only be classified as an "alternative" investment product in the classification of investment products . They are not mainstream, and non-mainstream investments often mean greater risks. As the old saying goes, investment is risky and you need to be cautious when entering the market.