Bitcoin Forum

just see this article on the wall street journal
https://www.wsj.com/articles/china-to-shut-bitcoin-exchanges-sources-1505100862
 :'( is this bad for us

The news is surely bad for bitcoins but then bitcoin is not a currency of china and also bitcoin is not only used in china. Even if china backs out of bitcoin, it will still be used and accepted everywhere, so we should not panic on hearing such news. There are also lot of positive news about bitcoins which includes countries making bitcoin  legal, the high prices and more market cap. We should focus on these good and positive news and facts.

It is just a rumor. Do not care about it. Just keep holding your bitcoin and crypto. Even if they shut down everything, bitcoin will still there and nothing can stop it from increasing. The effect after banning maybe strong. But bitcoin is stronger and it will recover after all. Bitcoin provides a lot of benefits to users and that is why there are always people using bitcoin

It is bad if it is real but bitcoin can recover from that. Even if Chinese exchanges shutdown, there are still other exchanges all around the world that can cover the gap the chinese exchanges will leave empty. The price may go down a bit but it will recover for sure.

There is no any official announcement regarding this news and all media sites are just writing with only one chinese media site as reference. Also no any chinese exchange have heard any new directions or updates from their government including btcchaina they have already stated this here https://bitcointalk.org/index.php?topic=2161506.msg21641210#msg21641210

so right now this is just another fud to drive down the price so whales can buy some cheap coins.

I don't think it's a good idea to go with the media. Most of the media houses are of politicians and show people what they want to show, so it's best to wait for an official statement rather than believing some news.

Great! More unnecessary FUD by the media. If we really think Bitcoin will ever become global, we should stop crying "Bitcoin is dead" whenever we hear something like "China is banning Bitcoin" again.

Not the first time China claimed to ban bitcoin: https://www.forbes.com/sites/kashmirhill/2013/12/06/bitcoin-in-china-the-fall-out-from-chinese-government-banning-real-world-use/#340c350e481a

---

More: https://www.reddit.com/r/Bitcoin/comments/6zddnk/psa_prices_up_significantly_on_chinese_exchanges/

That's really a bad news for the crypto world .. As a result of it btc price is down for now.. But this is for some days ..It will take some time to make btc market price rise again .. So we just need to be patience now .. Soon the btc will be rise again for sure  8) 8) 8)

this news is not true and already old. some people want to create panic in this market and they did.

ya we dont need worry about bitcoin future or altcoin too. We can live without China. And for China people. I believe they have their own way to keep using crypto. No one can control it

It looks like China is cleaning out the garbage first before placing in the treasures. Based from what I read on twitter, China is only making sure that the ICOs and exchanges are complying to their RnLs... I guess this is just going to be the same with what had happened to ICOs. China will temporarily stop them to polish the rules. They just want to make sure that no monkey could steal their hard earned Yuans.

China is only temporarily banning ico in the country for the purposes of their country's regulation because it has not made regulations about the crypto currency.

i was not ban the BTC exchanger to ban just the china ico ico because there are scams so those investors fear that they can invest in other ICO cleaning are just doing china they not allowed to ban the BTC exchanger

Reading through the news about the possibility of China not just banning ICOs but also Bitcoin exchanges, it can indeed be a bad news if this rumor can be true. But we have to also understand that China is not actually banning Bitcoin but just the operation of Bitcoin exchanges. In fact, they can allow over-the-counter and peer-to-peer Bitcoin transactions and admittedly they do not have that power to ban Bitcoin at all.

In other words, citizens in China can continue on holding and trading their Bitcoin but they can not anymore do it with the help of the local exchanges. And I am sure that as creative as the Chinese are, they can find different ways to continue dealing with Bitcoin sans the exchanges they used to deal with. In fact, LocalBitcoins is now having a surge of transactions due to some shift of volume to the said site.

True mate. Agree to your statement. Earlier when I read this news I was literally shocked and the first thing I did was to check the price.
But the price didn't go down, it was moving at the same pace as before which was quite fishy because if China was to ban Bitcoin exchanges then there would have been a huge sell wall as China is a big contributor towards the adoption of bitcoin. So banning the exchanges would have just decreased Bitcoin's price drastically. Then I got to know it was just a rumor and no official statement had been passed towards the ban of bitcoin exchanges in China. I am sure these rumors are the reason why people are selling their bitcoins as we can see some significant dips in the charts.

nah.

they will send their btc to foreign exchanges.

I have already read that the owners of some exchanges have already asked for a trading license in Hongkong.
Although Hongkong is part of China, they are an autonomous territiory as well.
It seems like the exchanges can keep on going if they have that license even if the central bank of China wants to shut them down.
Of course this is just a precaution because of all those rumors.
Maybe even just to calm the market down.

Just minor bump in the road. In the long term, no effect whatsoever.

Decentralized exchanges are coming anyway.

Recently, a lot of various rumors and hoaxes have been spreading ever since China has announced the ICO ban. Some have panicked and spread out erroneous information because of misconceptions on the ICO ban. Along with this came a lot of false news making it hard to believe everything you read nowadays.

If the article you cited were to be true, it would be bad and inconvenient for the bitcoin users in China. From my understanding, China is a massive user of Bitcoin and also they recognized the use of Bitcoin as legal. It's a wonder as to why they would ban the exchanges given these circumstances and situation in their country. It is possible that news like this is only made to create a price drop and to scare some people, leading to unnecessary fear and panic.

Yeah winter is coming and consider this as Christmas gift for us. Off course ban if bitcoin exchanges by china is good thing because frauds are no more into bitcoin industry. I don't trust the news completely as these are Chinese who have published it in their country but they are use to it and will get the regulations changes again.


The impact won't be very high and though it affects the bitcoin in terms of prices then also bitcoin can survive the whole dam thing of banning. This is not related to china only but whole world which is fan of bitcoin. Bitcoin is not staying in the china neither it was created by them so it's completely fine with whatever things they do with bitcoin. We should keep our investment ongoing as that is the only way to earn profits. The china, well it's getting wild.

The news has been going in the last few days and we already felt the effect of it. But now it looks like the dumping has stopped because the price is going green at $4200+. The Chinese investors would just have to move their coins around like in Polo or Kraken and continue to do their trading activity. So for me, we have somewhat overcome this negative news already because the price seems recovering as of this time.

This is rumored to just be FUD or 'media hype' at this stage

I'd wait for an official statement before panicking

:o

Don't feel bad of what china shutdown bitcoin exchange because it was just a strategy for the players in china to lowdown the exchange currency of bitcoin for as the bitcoin holder got panic and sell in a low price because they think the bitcoin would reach it 5000 + for this year.

China been talked of the month in bitcointalk. It juat shows how influential China is in crypto and how they want us to see that they have power over manipulating the price of btc when they do some decisions. We need to be consistent on our decisions.

are you a chinese,  even chinese don't believe  that  winter  will come  if  China Shut Bitcoin Exchanges .  it is not a big deal,  one country's  policy means nothing to BTC.

many people can write thing on wsj. dont believe media anymore

These are just rumors and speculations with no solid grounds that it could happen although yes you could say it will be bad for bitcoin and it could drop its price again especially if the news would come out that it will truly shut down bitcoin exchanges, but we'll see if it does happen.

today it's China, tomorrow it will be some other country. The point is that some regulation might attract more investors into the crypto markets, while the negative thing is that over regulating it might suffocate the market and BTC's price respectively

Don't believe such of media news! Lessons Learned from the Chinese Fud/News. This is why, people are scared, and getting rid of their crypto and ultimately the market has become extremely volatile. Just keep in mind that Nobody can stop Bitcoin.

One Chinese exchange just shut down I wonder when more will follow suit? :-\

I do believe this is going to be a temporary ban as the arm of Chinese government is to regulate the activities of trading exchanger's platform and ICO project. I read an article online that Chinese regulatory authority want to make blockchain technology more profitable to their citizen and thus the government must protect the citizens from scamming activities.

not  so simple.  chinese regulators  are afraid of  losing  control  of   ecnomic markets,  so they may shut down  btc exchages  for a long time until  the world accept  BTC  better. 

No, btc will be stronger without china,do you think china really have big impact on btc?
After btc out from china market they will need 10x from current price to have btc again
The good news is bitcoin is legal in japan and worldwide

No worry about that, China has power to decides what the best for their own country, we can't do nothing. Besides that, exchanges not only in China. We can find it around the world or even exchange from trusted friend. For me, it's just speculation and will go as soon as possible. Have a nice day.

Knowing the truth it can really give an impact on Bitcoin knowing that China is a big player on this crypto currency world and knowing they are holding up the largest mining farms on bitcoin too.This is why this news is just really temporary even though there are exchanges have been closed already wondering whos next but eventually they would go operate again but they are already have a license.

well western exchange will play a lot from now since china seems to be really serious about this matter and they are feeling that this crypto industry
really threatening their economy so for now maybe we will see more exchange to be temp or permanently closed.

Maybe forever, because they do not need to open if they want this FUD can affects the mentality of traders unstable in a long time. Then, they will have much time to buy Bitcoin till enough to create new trend and continue earn profit, very easy to make money 8)

This is also a one of the reason why bitcoin is now banned in China. If any new currency replace their Currency means,they will loss his entire Economy system and the value of their Currency to the crypto. So only they banned Bitcoin a week ago.But they can't control the bitcoin user.So only the start of Accepting bitcoin.

Japan where cryptocurrency is legal currency can save us from stupid China gouverment decisions. Yaun is devaluated - so lets ban btc, not upgrade economic  ??? XIX summit of  Communist Party of China is take place soon, I think PBOC will more soft after

You are right,
it is so scary.
I imagine that Chinese would sell their coins and it may be a short term panic sell.

Probably, I dont know, I would like to check other opinion on this thread

If you have faith in bitcoin, you shouldn't have to worry much if there is a bad or good news in crypto.

Individuals all over the world are starting to use cryptocurrencies for small every day transactions ,

Two U.S. congressional representatives have introduced a bill that would reduce bitcoin tax reporting requirements. If the bill is signed into law, U.S. bitcoin users would no longer have to report transactions worth less than $600.

Maybe China Will be imitating what the United States does.

Only thing we need to worry is that what if other countries follow China's decisions. We have seen how the ban of ICO has resulted in the drop in prices . To an extent it will fall of Chona ban Bitcoin itaelf but it could also lead other countries to think about it and how they react to this will depend where the prices of the coin will move .

I don't think any more exchanges are going to be shut because september is almost half way and closing down a exchange in a short notice is impossible most likely only few major exchanges will be shut until they bring some regulation or whatever they are planning to do in the future

There is no need to worry guys i just read the news from china that they will legalize the bitcoins in their country, Another thing is that if you will notice the value of bitcoins in the market is slightly rising again.

Bitcoin will go on with or without China. Nothing can stop it :)

From what I've heard, they didn't legalize bitcoin just as yet but tighten the rules about bitcoin, the closing down of some exchanges also because they're not capable or didn't qualify to be licensed exchange in China
but now, winter has changed to summer, the bitcoin price is now recovering and above $4k, this closing down of many exchanges actually bring good impact, also the regulation released by china means they recognise bitcoin so it's good.

I just read that news.  In my opinion, even If china regularized the use of bitcoins, many other big and progressive country still using bitcoins. Maybe there's a slight effect but still bitcoins will soar up high again

The price recovery of bitcoin is so good right now and this one seems pretty strong enough to get back again to 4k$ at piece so no wonder this winter could bring heat minded into cool and bitcoins by this time will come up and regain back its natural price level. And we should hold more and with for further pump let see how things would go for it when october will come.

it's like rumor news. although that happens of course this is not the end of bitcoin, this is not bad news for bitcoin.china only part..but full of some countries willing to open exchange with bitcoin you see bitcoin now still sturdy and standing upright above 4000 $ .so so this news is not something to be afraid of.

The news only supposed to hurt those who are emotionally inclined to there lost profit even though it can be prevented only if patience is presence. It is bad to bitcoin but on temporary only while other or most investors are waiting for this the whole time. It does more good than bad at the end as we saw how bitcoin become stronger and stronger every time.

You people have too much faith in Bitcoin. It can crash and burn, maybe it won't be destroyed completely but I would like to see how many real 'hodlers' there are when the price crashes 80%.

All Chinese regulators want - is what stock exchange will have a license, like classic one

what is the site address ?

I agree with you . China tried to make untrue rumors to bring the market into crisis but they failed. I think the Chinese are very smart because they hit the psychology of the investors very well and surely those who do not keep calm will surely fail.