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Beijing Court Has Dismissed Allegations on Huobi Exchange

Tags Huobi

Since the Chinese Government banned the trade of cryptocurrencies, nothing has been heard from most Chinese cryptocurrency exchange.  There is a Beijing district court that has ruled in favor of such exchanges, though some traders had criticized these exchange platforms for being accountable for their financial losses.

A Decision Favors Chinese Cryptocurrency Exchanges

It is following complaints from traders that they have lost their money on Chinese exchanges while trading Bitcoin. Most notably, there is a Huobi exchange platform user who sighted that Bitcoin is just a theory and their previous trades would be canceled. This statement was crucial for individuals who have never traded in any form of virtual currency.

However, in the real world, such statement is considered mistaken. It is not factual to trade anything for real money if the product is not available in the first place. It is a fact that Bitcoin is not in tangible form, but it exists. Bitcoin is a legit investment opportunity, though it faces massive price fluctuations. Traders can lose vast sums of money through both purchase and sale of Bitcoin at the wrong time.

On this note, the exchanges are not to be blamed for such losses, but users should take precaution and trade on currencies that they understand well. It is a fact that exchange platforms are not accountable for its users if they fail to understand how these markets work. It would not be ideal to blame these exchanges for every lousy trade decision their users make.

According to Marxism, claims on Bitcoin not existing have been the fascinating statements for an extended period. There are current rising debates on whether Bitcoin has any worth and the origin of this value. With Marxism in this crypto industry, all financial institutions are incredibly worthless. It shows that the trade of Bitcoin may not be ideal for” normal “individuals.

About the author

Jason Manolopoulos co-founded Dromeus Capital Group in April 2008 and is the co-CIO of the firm. Jason leads the firm's investment activities is a member of the Firm's Executive and...

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