Bitcoin Forum

Here is the news:
https://www.reuters.com/article/us-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-from-sept-30-idUSKCN1BP1J8

BTCChina, which also runs an international exchange out of Hong Kong, also said on its official microblog that it would stop registration of new users from Thursday.
China has boomed as a cryptocurrency trading venue in recent years as its domestic exchanges had previously allowed users to conduct trades for free, attracting investors and speculators who boosted demand.

So, is this the beginning of the end of the so called chinese boom ?

What will happen to those China major miners though? I wonder if they are the one dumping currently.

I think we're in for a very long bear market. The Chinese can't stop cryptocurrency forever, but they can slow it down, and they will. The Chinese have never been fond of things they can't control. They do everything in their power to get the biggest piece of the pie they can possibly get, so if that means closing down their exchanges and banning ICO's, they will.

Looking at the future I'd say it looks really bright. Once the governments figure out how they can benefit from this market, they'll allow it again. I predict we'll end 2018 at a 250 billion dollar marketcap.

Miners and pools are not affected. BTCC pool will operate.

I think all drops priced-inn allready. I dont expect further drops if offcourse someone willing to shake the boat further.


Also when exchange will be closed localbitcoins in China will be the most popular choice. How big will be price there 5500$ for 1 BTC?

They will try to sell coins in HK or in South Korea or in Japan.
If they don't get arrested and have their brains blown in a stadium.

I think these are temporary problems knitted with a lack of regulation.

They are closing on their own will. Not because they are shut down.
So I guess they will have a plan on how to proceed.
Reopening in anothere country, that is the step I expect them to do. Everything else would be a really big surprise.

What i see here is that the chinese government also wanted to have income from bitcoin transactions in china, they cannot regulate it, however they may need a fee, and that may be the key in their regulation, in my country we do have exchanges, but since we are not that advance in technology, we ignore them, since there are a lot of trusted exchanges in the internet, and it will be just the same as our local exchange. I think it might help them rrgulate, whenever they will buy bitcoin ut should be higher than the price and when selling, it is at the price of bitcoin, that is what is happening to us here, and we don't hear any banks nor the government saying that bitcoin is fraud, but just some personalities who are connected with the banks. I think if we also paid a percrlebtage to the government, like taxes, they would spare us hard times like this,  though it will loose the essence if bitcoin, i think it is not going to hurt that we only pay them when ee convert bitcoin to fiat, if we want to, since in the stock market, it is also like that, you pay them when you withdraw your shares. Hope china can fix this soon.

Chinese government seems to have been very closed against bitcoin. they have openly rejected bitcoin to flourish in the country. I think this is a tough stance from this country with the largest population, we just wait for the next decision that will be made by the Chinese government. it will definitely affect how bitcoin evolves next.

I think this is a temporary Chinese act because if this happens there will be a lot of opposition because China has the most influence in the cryptoucurency market. If the ban is not abolished then surely this market will. lost a lot of investors.

I think Chinese government is afraid it's economy is going fail someday because of the way how chinese people are investing their money on cryptocurrency. Well, bitcoin has no country whether china like it or not bitcoin will still survive with china or without. 

The main reason for it is that government wants to control each money that comes and out their country, business man there are somehow powerful but if they're not part of cryptocurrencies they will take any actions for it. They know that bitcoin has a good features but they want to make them themselves what I think is that governments and businessman will collaborate to create an system just like bitcoin.

Closing for new registrants isn't the same thing as closing down. Perhaps this is what more exchanges should do when they are experiencing a flood of new users/customers. The issue could be a lack of capacity to manage and support a growing customer pool. Either way, this is just going to fuel the rumours, but the damage is already done. It could get worse, but not much more.

Why should a exchange stop doing business if they make a lot of money with it? I think all chinees exchanges will follow because the government don't allow it anymore.

They close the registration for new user but they will also stop trading at 9/30. China government looks like they want to regulate crypto for good this time. Last time they freeze the withdrawal in some exchange but this time looks like it's a serious one. I wonder where the miner will sold their btc now.

I think all of these are just temporary, sure bitcoins price now is down because of the news about China and the Chinese government. Because the government wants to regulate the usage of bitcoin in China that's why maybe the coins now are flooded with red flags, but I really think this will just subside and get back to its path back again.

We need to wait for further explanation from BTCChina, will they close forever? Will they open again when the new regulations are set? Will they open again from another country?

Yeah, China is a country that has a huge number of miners, they contribute a lot of tax money and help the economy of China developing more, and if China wants against Bitcoin, it would also mean they want to prevent the economic development of their country. Rebellion will occur, the Chinese government will be under tremendous pressure from the bitcoin users in their country, they will face two options, one is to cancel the ban, two is to resume the ban and face many problems will happen next when the market and social chaos, hopefully they will rethink the decision before the bad situation happens

I'm hearing that China is shutting down all exchanges in its country by September 30 but when I fact-check the source I only found an article that says BTCC exchange is voluntarily closing registrations.  What is actually going on?  Is my source just regurgitating fud? 

Either way I think this could be a very good buying point.  If you're in this for the long-run, don't change a thing.  Just hodl even if it dumps to $1,500 because it WILL eventually recover with a bang and you don't want to miss out.

sad enough this is having it toll on BTC prices already but i would want to believe there are so many good that can come out of this. I will rather be pissed if mining was banned in the Imperial nation. HOPE FOR THE BEST  ::)

Decentralized exchange: https://bisq.network/

Of course this is a good buying point for everyone. But I guess some of the investors are really afraid to go enter the market because a lot of news coming from China is making them nervous. Yes, if you are in for the long haul its better to hold. For me the price is still good though and even if we go to $3000. Everyone who is really for the long term have seen and should not be shaken. I'm seeing that bitcoin can recover from all of this negativity and bloodbath.

This is what we need for the chinese people

I do agree with that fact that they want everything under their own control. Perhaps before they have been looking for a way to do that and up until now they cant find one and just given up with it. So this is PLAN B for them. Just take it out of their country cause they cannot get something out of it.

The news put out seems to disadvantage for BTC. The market is going down, i don't know this situation will last for how long? I still keep faith with BTC but when prices fall below $ 3500 I was really worried. Cryptocurrency community can rescue the market, while China is the dominant guy BTC

Don’t think so because China itself has a huge number of bitcoin users who daily uses their bitcoins for trading, investment and sale/purchase of online products. Apparently it seems to be happening but it is not as it seems, all the state holders of China has also many investments in bitcoins, so it is impossible for them to completely ban bitcoins.

The decision made by Chinese is just a nonsense decision and they are neglecting the Importance of the most profitable coin of the world and they should accept this because this will also gave boost to their economy and the bitcoin business will grow in china faster if the biggest country will accept it than other countries will also join the lane of profit and business. They will allow it again when they will see that it’s not working for them.

In China, all things that can not be controlled will be blocked

It's possible they'll legalize ICO's on october 18th, and this was all just a farce to drop the prices and buy in cheaper

They have already published the news that on October 18 there will be an abolition of restrictions and so on. In general, this is all a temporary phenomenon that was very obvious. Do not believe everything that is written in the news and is spoken on TV. Always under the news there is a hidden meaning.

Bad days coming really for bitcoin holders in china.What a dramatic change within few days.Once,chinese enjoyed more profits from bitcoin by dumping their bitcoins,creating fake trade volumes in exchanges.

I think even if china allows exchanges to work once again,still chinese would not be enjoying benefits as they had before.Bitcoin price has already faced china's impact and now,there would be no more price falls.Don't exactly whether china would allow localbitcoins to work freely or not.

end of bitcoin in china but good beginning of bitcoin in japan

The ban is temporary, Bitcoin will be a major player in China next year, no doubt.

sounds better right? its too funny how i see people's reaction about the declaration of china banning bitcoin on their country. im not gonna be surprised on the next they bitcoin will dump because of that. so better be ready to buy :)

I don't think it's the end and Bitcoin is recovering again. I heard that many exchange will be down next days but nothing is really done yet.

hopefully this is only temporary, and I hope people in the country have their own way to continue their work with bitcoin

Could you please give me a link for the same? I have checked the BTC China website, and I could not find any (unless the statement was posted only in Mandarin Chinese). There are issues ongoing with China. And we can't sweep them under the carpet.

The only one reason why China govt shut down exchangers because bitcoin is a real threat to the regime. The regime can't control the people properties in cryptocurrencies. it is a fact in my opinion , it s not about scam or fake ICos, "Control the Citizen money". i I think Chinese who had been rich by cryptocurrencies will not keep silent, they will seek other ways to trade and to make money.

china makes a lot of rumors, too confident china will decrease the value of bitcoin. I'm sure china will not really be out on bitcoin. let's see what will china do again.

China is really a country that has a great influence on Bitcoin and the pre-coding industry
Nothing is impossible, believe it, there is faith
China will not be able to stop the development of bitcoin

I don’t understand what is the big deal. The China exchange can always move their business out of China. And Traders can use VPN to trade out of China.

Absolutely agree with you
Personally, I realize that bitcoin and cryo are controlled, heavily influenced by Chinese tycoons
Keep in mind, whenever there is bad news about bitcoin in China it is unlikely that bitcoin will be discounted without brakes.