Bitcoin Forum

I guess that is good news, the cat is out of the bag and no more rumors. China closes all exchanges based on the fact that they are operating without a formal license.

Which means there will be regulation and licenses coming soon, a good step forward.

https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

Is there any possible impact on Hong Kong exchanges, Bitfinex eventually?

The way I understand is, China based exchanges are not going to close, they're just closing their CNYs pairs. Is that correct assumption?

Well you could understand it that way, but closing CNY pairs mean closing 90% of their trades, so essentially most exchanges will close altogether except maybe BTCC which is also running a successful BTCC international.

"The Chinese government might have felt that their softly-softly approach earlier in the year was too light touched and might be looking to make a sterner reproach this time," said Charles Hayter, CEO of CryptoCompare, a digital currency comparison website. "Heads could roll in this one."
China's central bank did not immediately respond to a request for comment.

All of these only China's Drama for cheap bitcoin. After that good news come. >>> Quick MONEY

Hong Kong-based exchanges operate out of Mainland China's laws and jurisdiction so no, they aren't affected of any sanctions and regulations imposed by PBoC or the government itself.


Scary thing is that the government might put up its own exchange to profit even more than what the previous exchanges did, or the Chinese traders would move to other exchanges (e.g. Japan or Hong Kong) to stay out of China's strict stance about trading. China is not out of the picture, but their exchanges are.

It was big lie by haters that china is closing bitcoin market because bitcoin was going high while haters was quite jealousing from bitcoin that's why they have told to bitcoin lover a big lie.

Well this is absolutely a good news for cryptocurrency! For days we've been haunted by the FUD that Bitcoin is going to be banned in China and massive price drops and finally someone has shed some light upon us  :o . Bitcoin is going to jump in price thanks to this, and Bitcoin is going to even grow stronger if China is regulating it to be fully legal.

Exactly my point, get rid of the ICOs and "unlicensed" (what ever that means) exchanges and replace them by some regulated ones. We can only win from that.

The majority of Chinese exchanges have announced full closure.
Some of the larger ones such as OKCoin will continue offering crypto-to-crypto pairs only.

So my previous question, would there be any impact on Hongkong (Bitfinex)? I've some coins there for lending but considering pulling them out until this is over.

But you see they have done the damaged already to the market, and its been one hell of a week for us. But we have to embrace this news just have a breathe of fresh air from all the FUD, fake news we are getting. As I see things now, the price has temporary recovered and moving to past $35xx. Its a good sign that after all the negativity surrounding bitcoin in the last 2 weeks, in just a single day alone, bitcoin has grown exponentially. I hope the market continues to go South so that we may see $4000 or maybe $5000 again. Let's all moved forward and be optimistic and consider that we are indeed in the road to recovery.


I think Hongkong operates outside of China so I don't think that Bitfinex will be directly impacted by the closure of the "local" exchanges in China.

Damage has been done because the news were not clear, so everybody did a part in speculation. Not that it is clear, the smoke should disappear and we know what to expect.

There's no need to be panic , I suggest lets grab the opportunity to buy bitcoin at low cost, because whatever happens this past few days , There are big chances to recover based on its uses brings to the mass , the popularity and etc, As we recall back to the past , we already witnessed the high and low of its value. and again im totally confident that there's a lot more to offer in the upcoming days through bitcoins.

Regarding Hongkong, I don't know enought about their big firewall and whatever systems they have in place. It is part of China nevertheless and why would the Chinese not simply trade in Hongkong if possible. So there is some risk here.

we will safe from china affect by this way.
i hope they won't come back again this market. i am bored from their scenerios.

i was surprise of the rapid gain of bitcoins... yesterday.. i just posted that it reaches all time low below USD 3500... but i did not expect bitcoin can climb the market that fast... just being happy after all the scare and doubt... here we are... continue to soar... just happy... feeling happy about it....

For some people that is not good step forward, for some  that is bad, because they need to pay their country part of their earnings. I thought about it for quite sometime, and come to a conclusion that it was inevitable for that to happen, it started in china, but it will spread to other countries too. But what ever happen, bitcoin and altcoins will continue on, they will survive no matter what.

It was at 70$ when I bought them first, not the all time low then :D

they are closing their exchanges everyyear. it is pure speculation by government hand.

It needs regulation, America is not the frontrunner here, too much banksters at stake. But look for instance at Singapore, they have done that years ago. Hongkong not so much, but that again is China. Also Germany took a proactive approach and those Swiss mountaineers :). If China gets it right now, they gain a huge advantage.

Yes it's good news for the rest world because there will be no fluctuation in the market anymore and we can just grab huge volume in the rest time. They used to be bad guys in this movie, no offence by the way but that was reality. They did the manipulation to bitcoin many times which we have witnessed in the past. At least there won't be anything like that happening real time sooner or later.

Licensing I think has its advantages and disadvantages, it will off lead to monitoring which might be good people in the business genuinely and not to manipulate. Also, on the other hand , it will emerge new era for bitcoin business and cryptos which might either be good or negative, maybe leading us to what we know of paper money.

Hopefull they get through all this drama quickly. They're dragging down the rest of us while they feast on cheap coins from the exchanges they are closing.


Good riddance then. I just feel sad for the people who have money in those exchanges though. Would their money just disappear into thin air or would they be given a chance to take em out (albeit, at a lower price)?

I think Chinese government will not take such steps. As per me, chinese government will come up with some strict rules and regulations regarding business related to cryptocurrency. To stay away from this heat, china based investors could shift their strategies towards the other countries trading platform.

I think the closing companies were working as Legal, and as a result of these prohibitions illegal formations will increase, so illegal companies will come out instead of loyal companies.

No problem, this will only have a small and temporary impact, the bitcoin community is global, very powerful and independent of a country's users including china. please closes the exchange in china.  ;)

this is very good news
I hope nothing else or anything can affect the bitcoin in the future.

They close the exchanges every year, perhapes the govement want to create an officail one.

I think this is a tremendous event and makes all the shake. we all know that the largest bitcoin user is china, may chinese users find other countries and start doing bitcoin business in other countries.

China closes exchanges will effect to market in short time due china hold 23% coin market. But in long time market will rehabilitate for CryptoCurrency is trend of future

Yes I agree with you that the Chinese investors of bitcoin maybe find another countries that accepting bitcoin as a legal payment because they don't want to stop their business because they seek an opportunity in bitcoin on which it become more valuable as the years past.

No yaar.Now many news are come like,China accepted the bitcoin transaction. So only the price of bitcoin again start to raise.So you can start to inverse your money in bitcoin .You will become millionaire or billionaire one day.Their is no doubt in that.If you want to rich you can choose bitcoin.

it is all about more regulations and making things more legal regarding these big exchanges that are in fact dealing with large sums of money. money or fiat that needs to always follow the regulation rules and also always needs to be in the hands of licensed businesses not the unlicensed and illegal ones.

the funny thing is that Chinese government has been transparent about it from the start and they even said the OTC trading of bitcoin and other cryptocurrencies is perfectly fine but they can not allow these unlicensed exchanges to go on working.

 this is fake news to make bitcoin price down and then buying more bitcoins

i think only yuan market can close
because okcoin international not domain cn, still open but use USD market not yuan market
and bitfinex in hongkong office(china land) not problem too,

and ready release statement only yuan market https://www.coindesk.com/huobi-okcoin-stop-yuan-bitcoin-trading-octobers-end/

Yes a lot of people suffered from loss because of selling their bitcoin because they were thinking about that the bitcoin is not going to be able in china again, it is the mistake that mostly people use to do that they become impatient and they start to sell bitcoin even at the very low price so! See now the price will rise again and they will be repent in the future for selling their bitcoin at low price.

I think so too. I know there will be sprouting businesses related to bitcoin in the next months or years maybe, they have seem to saw an opportunity and does took advantage to it. Also it is good to hear but sadly for the chinese investors but we still not know that yet, and we cannot predict what will happen.

Actually, the "sprouting businesses" as you say is happening right now. There is a huge bubble with ICOs, Bitcoin and crypto in general. Just wait a few months and you will see. Nothing rises forever. Not stocks, not gold, not Bitcoin. it just can't continue happening. At some point, something has got to give. And then there will be blood. :o

This is the reason why China is banning exchanges because at present they are making the largest portion of bitcoins market rather the whole industry of crypto currencies. China is at present the biggest stake holder of the crypto market and this action has made her more valuable for the survival of crypto market.

this is fake news to make bitcoin price down and they buy  bitcoin and up prices to the moon

China closes bitcoin exchange seems not so noticeable, look at bitcoin prices now, still expensive and looks stable even though there is a decrease of about 4% compared before there is an official announcement banned. I sure the price will normal a month again.

As they have already banned bitcoin it might be that this is really bound to happen. The question is why would yhere be closures and banning of bitcoin. Is china closing its doors to the world or a rebellious action towards the united nations. What do you think?

yeah this is actually good news though it have a big effect in the market of bitcoin because there are so many investors in china but for sure it will increase and recover soon like what is happening right now.

I sometimes wonder this news from China happen one time and go, but looks like news are periodically repeating themselves. So, it has an effect of Bitcoin price. Maybe the effect will be less and less at next schedule of repeating news.

China will close exchanges till end of septenber, i  think they got wrong decision about exchanges and they will understand it in the future. Bitcoin can be alive without china we can see it.

That was not repeating the news but the there are some important thing needs to consider by the regulators about crypto. because the subject still same and you like see the same news everytime.

This seem a bad news for most of the people but for me it is not a bad news because if we are able to remove bitcoin from the list of the countries that are able to do bitcoins then the manipulation for the price and market of bitcoin will not exist anymore because bitcoin markets will be more active with well distributed supply to different people outside china.

I think this is just temporary and will reopen exchanges in the future. Can't tell when yet but I'm sure they will and maybe create their own cryptocurrency and blockchain too.

Let them close exchanges. Closing down exchanges wont' stop bitcoin nor the blockchain by any means. The free market will always come out on top and find new solutions to the problems. Maybe this will start to stimulate decentralized exchanges.

Hi,  
Being new to forum. My thoughts,  20% coin holder china and 60% coin maker china can't  blow bitcoin.
They take alternatives
Even if they stop exchanges /mines,  prices go up after a small fall as it will be difficult  to mine coin when 60%, not available to mine btc.

I suspect more Chinese in this forum very soon

Governments can try to create liquidity problems by getting rid of all the big exchanges. If they get rid of Coinbase, Bitstamp, Bitfinex etc, the crash would be pretty bad, but in the long run OTC would make bitcoin go ATH eventually, then governments would commit suicide since they realized they did a big mistake in fighting Bitcoin instead of adapting to it.

What to expect from a communist whole? Capitalism is good there only when the government wants to make their deals with the world, but when it gives freedom to their people as individuals it's very bad and must be stopped, regulated soon as possible.

hmm , so hard with China , like a same Russia goverment closed regulation bitcoin .

Correct this is just an underhanded way to close exchanges without actually closing them or banning them, they are just cutting their life line, the way they make money, without that then those exchanges are not going to survive for long and will have to close operations in a few months.

Don't look like its forbidden to trade abroad. That maybe the reason of the quick rebound of Bitcoin.

Actually the Chinese gov't wants to shutdown those exchanges immediately but a big exchange can't be closed that quick. And so those exchanges asked for an extension until the end of the month for their full shutdown. Chinese gov't will later on understand that they did a mistake of banning ICO's and shutting down exchanges. There are some remaining Chinese power in crypto currencies and they aren't touching it, mining.

Eventually, this is what they wanted regulation and the best way to go about it, is to first tear down the entire market and start rebuilding. If this is what is being spread, the effect wouldn't be as this but its also a lesson to those who panicked that its just a phase that would soon pass eentuakky when things stabilize. I just hope the exchange sotes are allowed to operate in peace.

Really have a point,everyone who knows btc last year were amazed on the price it goes in this year so its really a big jump, those who cried too much were maybe started just this lates that they both price too high that's why.

The subjective and arbitrary judgements of china's government may display shortcomings of socialism & some of the systemic weaknesses of having a centralized government make important decisions which affect the lives of millions of people around the world.

China's economy is certain to suffer as a result of btc exchanges closing. Just as china's economy suffers from extremely slow internet bandwidth brought about as a result of china's state based internet censorship program. China has 14 of the top 30 most polluted cities in the world as a result of poor guidelines regarding use of coal to generate electricity. Everyday it seems like china digs itself into a deeper hole as a result of state/government mismanagement, poor leadership and bad decision making.

yeah that is a good thing about the action of Chinese government regarding these "hostile" action against exchanges that has no formal license.  I believe Chinese government is going big in Bitcoin this coming months, when all the unlicensed company that deal with bitcoin shutdown.  China will be trading with Clean Bitcoins.  Is not that great?

There are a lot of articles in the internet that says chinese government are banning bitcoin and all the exchanges of bitcoin and that is not a great idea because if they are about to do that then there will be no demand coming from their country and that will affect the price of bitcoin a lot but we cannot do anything about it.

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

Dude you should stick to football. It has been confirmed alreay that they will close the exchanges on september 30th, the negative news are already priced within the last dip we saw, now the only way is up. We are recovering and we are only $200 dollars alway from bitcoin hitting $4000, and once we get past that, we will get an ATH short thereafter.

There are trillions of dollars out there outside china, stop worrying.

I initially thought that we still have the China hang over and Chinese local exchanges closing its door on the end of the month will put bitcoin down again. Luckily I was wrong. Yeah, quite surprise that the price goes up to $3800 already and making a return to $4000 which is the new mental barrier because last time we touch it, there was a price correction. I guess we really move forward and totally forgot about them. Its still one week though, so expect the unexpected. But I have a feeling that the more we get closer to the date, the more bitcoin will go up and may see a massive bull run.

China believes if they want to operate, they should operate with a regular license. They are obviously trying to find a way where the exchanges and trading activities of cryptocurrency can align with their monetary policies. This obviously will not stop anything eventually. Anyone who wants to do any business related to cryptocurrency should just get a license and that is all. If you don't want to get a license then find somewhere else to do your stuff but not in out country. Simple as ABC.

I think many people in China were getting conned. The Chinese government are doing what they see as a service to protect their people in a market that can be scary for most people.

It seems to me that you are naive. Do you believe that the Chinese government is interested in the fate of the Chinese? Lol. They only care about what you do not want to lose taxes. In addition, the Chinese have a lot of dollars. What are they going to do if people will move to bitcoin.

Exactly that. They don't give a single damn about what people think. The Chinese governments worries too much about the power and freedom people gain by using Bitcoin or basically any other crypto currency. Bitcoin is an ultimate tool to store wealth outside the banking and governmental system, and this is something the governments obviously don't like. People there are supposed to operate and move within the laws of the Chinese government, and everything that differs from that, will get eliminated by using the ban hammer. People however must understand that Chinese exchanges aren't banned, Bitcoin isn't banned, and whatever other crypto isn't banned - some people think that the latest regulations are a total ban, which isn't the case.

That's the point. Just because one country shuts itself down from using the most famous blockchain technology doesn't mean that tech will collapse. It's looscof china who will come to know the value later on. The price is dependent on the big investments that is agreed completely but investors are everywhere in the world and they will keep working on it normally and will boost he market pretty soon. Who cares if one country is out of the race. There is still big platform for bitcoin which we have to experience.

The exchangers in China, who closed their services simply have to get licences and then may continue their services also in China, I guess. It is probably to avoid scam coins and cheating services. So I don't see a ban to Bitcoin.

;D ;D he should really stick to football. I really do not know why people have been scared with this whole china news and why they keep creating unnecessary relevance around it. Even if they wanna be out totally, there is no problem about that. Any one following the news and market will understand that there is nothing to worry about cause the value is definitely going to bounce back even better. China is nothing compared to the whole world entirely.

They would surely bother and would mind and cry for those people who did bought on the price of 4500-4900 since you would really feel the thrill and panic when you do see the price had gone down.Its easy to say like that but for those investors who put huge money on those peak prices will surely be worried.We dont like to go back on those prices on previous months or previous year.This is why we dont like to see the price going back again but same as you said we should see that we are still on 3700 and not completely going back on the prices just like before.

Well if the measures being taken from China are connected into the legalization and a real license i do understand and support such behaviour, since crypto does need safety places to be traded like people does trade over stock market. One thing is sure, the China has big influence over crypto since big miners are located there and there is a big interest from there as well, last days were a nightmare to handle with rumours, now knowing this will really happen and possible in the future exchanges will be reopend and legalized does make me feel more safety as trader.

The medal of legalization has two sides. The one is, that customers can feel more secure, the other side is, that we loose our freedom and privacy against financial systems.

Yes!
Great news at the end of the day(rainy by the way)...
Currently China closes all exchanges without license, what means that next exchanges(the same copmanies but with licenses or brand new) will bring new quality into market and as a consequence more faith(investorns).

I am afraid to suppose how much this license is going to cost. Only strong and trustworthy exchangers are going to allow themselves to work. That the first step to bitcoin regulation and all crypto-currencies in general. I think other countries will follow this example soon.

What do you consider a disaster ,the price drop after an increase of over 300% in the last few months  ::) expect these sort of movements in the market and especially in the crypto currency market as a single news could move the market in either directions,China closed its doors for exchanges to regulate them and i think it is for the better as we wont see any more manipulation with volumes from their exchanges.

people have been tripping about this minor retraction in the face of triple digit gains  ;D there is no end to the enthusiasm here. but folks will learn when we have a real and serious correction, which shouldnt be too far out.

it seems like people are intentionally being dense about this. language matters people, and China isnt 'banning' a damned thing. the worst case scenario is an extended pause; they are simply putting the markets on ice until everyone comes into compliance. i dont know which objection came first, the reaction to the ico craze or the reaction to the surge in bitcoin price (coincidence my ass, every time we approach ath levels, we get a Chinese rumor that brings shit down a bit.

we have been here before, people. hold the damned coins and continue on as normal. and stop making this fud-ish assed threads, you would be surprised how many people use this board as gospel.

just say no to fud.

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

Closing their exchange is like they pull out a thorn in our throat.
Look at the brighter side of this, as they closed their exchange the scam or fraud exchange in the market are lessen and traders can breathe easily like no more worrying if you got scam.
However, China is planning to create their own exchange that's why when bitcoin had dumped they bought as many as they can and surely taking profit afterwards.

They are closing their own exchanges and this is damaging their people. This is interesting and first time I've ever seen that a country damages its citizens. Most of the chinese guys are in blockchain as we all know.

This would not surprise me in the slightest. I can see China opening their own exchange most certainly, a government regulated, data-collecting exchange to take all of the profits for themselves.

That is how the governments will regulate or control the cryptocurrencies. They might open their own exchange of cryptocurrencies where they can control anything, they can charge the fee that they want where they will also earn money from that. They will also want to see the information of the users so they will have a great point of view and there is no chance for the user to do bad things. It might seem a bad thing for us to be controlled by the government but overall, i can say that it is for good.

I think it is mostly that they want control of the exchanges , they want to know who has bitcoin and how much they have.

No one can banned bitcoin because it is decentralized and everybody know that but if it is about china and there are closing exchanges so you are right somewhere that they are closing fake and scam coins. So be avoid scam coins.

or perhaps the government of china is tracking down who among their people are laundering in and out. USD getting into China are massive too knowing there are tons of US companies in there. maybe this is just part of a bigger plot apart from bringing the price down who knows.  the rich ones are very much lucky to have bought about a hundred btc by now.

How come some Chinese exchanges are not closed? I saw that some like OKCoin.cn, BTCC and BTC38 are functional, but others like Yunbi and ViaBTC shut down? Will they shut down later this month?

Well the only that will be closing are the pairs on the exchanges such as BTC/CNY, ETH/CNY and so on. Its not the exchanges themselves however it will crippled the market as most of the money comes from the their Yuan. Investors from China will have to buy USD first.

The effects of these announcements are getting milder, the Chinese government thinks they are always going to be the most influential country but that is slowly changing and if they keep doing things like that then they are going to lose that spot very soon and I cannot wait for the day that happens and they give news such as the ones in the last weeks and the market does not move at all.

I think we have a lot of misunderstanding here. From my point of view the intention of China was not to close exchangers and ban the bitcoin but to regulate them. Exchangers will adjust and regulate their business and there is no reason for this to further affect bitcoin price, it's time for users to open up again and for price to recover.

I think that hong kong exchanges stay totally out of china's regulations and they would continue to work as before.The new regulations and license are only for chinese exchanges out of which BTCC has voluntarily shut down few days before.very soon,we could expect that other exchanges like OKCoin,Huobi would apply for a license and then continue to function.But,i think that bitcoin trading will not be in huge volume here after in china as before.

Of course, there are spreading many FUD last couple of weeks. For now, ICO's will continue in China, but with more regulations so scammers don't steal citizens' wealth. But, it's true some big exchange were shut down, but I think they will come back again some different way.

It seems to me that I have already seen the news that the stock exchanges will not be closed. They will simply be required to obtain a license. I think that this will cause a rise in the price of bitcoin in the coming days

People have very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

Those complaining are not in it for the long haul. They always complain and not looking for the future. As you mentioned ETH reach its peak around May if my memory serves me right and yet they are not still satisfied with it. Too greedy I guess.

Its a blessing in disguise for bitcoin as well. Now we are seeing a good price movement since the Chinese news came out, I agree that we are in the peak of making another ATH when the announcement came out and the timing was really bad. But I'm still positive that we can reach $5000 very soon or even more in the latter part of the year. So no complains for me.

It is actually the fact that after the news, we are now seeing a bullish movement on bitcoin. Investors are now resolved and focus as to their decision. We could withness a huge bullish movement and drop to 4k before the final bullish trend is formed.

I suppose that explains it, I’m in bitcoin for the long term, so I do not need all time highs every month, I buy as much bitcoin as I can afford monthly and let it there, I do not even look at the price when I’m buying I do not want to think about waiting to get a better price for my fiat since I know that a few dollars are not going to make the difference in the future.

I am the same person at you. I hold a lot of bitcoin without looking at the price. However, it is still better if we know whether the price is dumping or not so that we can sell bitcoin and rebuy it when it is at the bottem of the chart. That is why trading brings a lot of money to traders and investors. Buy when low and sell when high. Unfortunately, I do not have much time to do what I want and learn trading as well as look at the chart. THerefore, I just keep holding my bitcoin

With the right knowledge I could get better prices but I do not have the time to do that, I’m as busy as I can be, so the best strategy for someone like me is to buy bitcoin whenever I can afford, I’m not going to get the best prices but on average I will be better than all of those that decide to trade and fail.

You will succeed if your prediction is right and you can keep your rule in a long time. Although there are many traders know that, but almost traders can not keep their patience till the end and give up their profits.

Soon or later, a country should regulate bitcoin an exchanges due to trading volume getting bigger as time goes on.
As long as government doesn't ban bitcoin and people could trade in exchnges, even though it was stated as illegal, not to be used as medium of payment, it doesn't matter. Actually, Chinese people still have 2 biggest exchanges to trade cryptocurrency until the end of October, so the cat still in the bag.

I hope it is for a good cause and the intention of China government is genuine and transparent for checking by the Chinese bitcoin community that might be the first that been targeted on this policy. Regulation is necessary when the one implemented it doesn't think about self interest or corruption. We just hope for the best of both parties.

I guess it is. With the exchanges without formal licenses being closed, a new legit one will be opened.  This will make the image of Bitcoin clean and may set to the world that Bitcoin can be use and transasct without any trace of illegal activities if the government just act accordingly to get rid of illegal people and transaction in Bitcoins.  Though it might have been used to mislead weak hands into selling their coins. Oh well sad for those who sold all their coins though I guess they deserved it.

I hope your guess is right. I don't know much on how central government on china is running especially about monopoly of business. If all be given fair licensed and not be chosen by the government officials  for a personal reason. Regulating exchanges at that rate maybe good to all. But if it is the other way around, transaction fees will be much higher than a decentralized concept where compitetion is available.

Other people said bitcoin in china or exchanges will not close. But if its true its good to use because the price will continue to increase again. But if china close all exchanges site in bitcoin and if the price decrease for sure it will increase or recover again. But as of now the price of bitcoin increasing and it will continue it for sure so we can make a lot of profit in the future.

China has an economy that is still relying on its exports and foreign demand, if the Chinese currency is getting more expensive than foreign demand will decline and hurt Chinese exports. This is why China has put a lot of efforts in keeping its currency ‘export friendly’. In order to keep it ‘export friendly’, China has limited the amount of capital outflow to $50000 per person. This means that is has become increasingly more difficult for Chinese businesses as well as rich individuals to move money abroad as part of for example an investment.

So it is. I really thought China will release another type of cryptocurrency reason why they close the exchanges in the market. Well if licenses and regulations will be be imposed , lets just hope they will take this scenario as an advantage to them. I mean I hope they will do this for good deed and not for they know that industry is booming and they want to get something big from it.

One of the factors that led to the decline bitcoin prices was due to the Chinese government that closed bitcoin in their country. I think they have made a mistake and throw away a golden opportunity to shine with bitcoin in the future, because I think if the bitcoin legal in the country, they have a great chance of being a country with more advanced economic developments than ever before.

I don’t know what is right and what is wrong. Yesterday I got a report in which China had condemned on the news of banning bitcoin exchanges and now still news are roaming around about its being banned. Still China will never do it because they don’t want to lose the future economics.

China has also reportedly issued specific instructions as to how the exchanges should close, according to leaked documents reported by Coindesk. China’s crackdown on cryptocurrency also includes bans on Initial Coin Offerings, or ICOs, about which several additional countries have expressed concerns. Bitcoin’s sharp drop comes after rising uncertainty in the Chinese market, with two major Chinese currency exchanges, China BTC and ViaBTC, having announced that they will halt trading by the end of this month.

I consider the reason for China to ban ico because this country has planned strategy in marketing system later so that government can get big advantage and can improve prosperity of its people in a relatively short period of time.

One of Major reason is millionaires and billionaires from china are moving wealth out of country to same safe places. The fiat currency transfer is limited thus these guys are moving their wealth via cryptocurrecies. Now China govt is not letting go their control so easily thus they have came with restrictions and ban.
It may be possible govt is looking for big benefit.. long shot.
Now largely chinese influence on the bitcoin prices is faded and bitcoin is standing stronger on its own. So we don't have to bother much about the china now.

 I think China not ready issue CryptoCurrency and China government not 100% supporting these. Many issue couldn't run smoothly.
So these good news for us whose already trade BTC but bad news for whose already investing their money on BTCC.

Well China only needs control and taxes after this they will again make this operated as they created possible grounds to make rules and to have more control with incoming and outgoing money from cryptocurrency and by the way who needs them? We are now seeing great support even this news spread out.

This Chinese decision is the stupid one and they will know this in future that they made a wrong decision as world is adopting bitcoin and they are banning it they think bitcoin is danger to their currency but it is totally wrong concept and in future when the whole world is developing because of it Chinese are scolding each other on decision of ban.

That's fine, in my opinion. That doesn't seem to affect bitcoin as a whole as I can see, especially that bitcoin value today is higher than it was in the past weeks. And you're right: this is a good news because those CHINA RUMORS will end now. There's even a lot better exchanges and trading sites out there than China. We can't deny, China is a big player in crypto-trading, but we are bigger compared to them.

This is one of the oldest strategies of governments as long as a business remain small then they are not going to bother with you but once the business gets big enough then governments are going to begin to hit you with all kinds of taxes to try to get what they think it belongs to them.

Long term this will be good news as it will force regulation into the Chinese market. Once it is legal again, the money will flood back into cryptocurrencies with the market cap heading towards $1 trillion. This is an amazing opportunity for many poorer people in the world to have access to an investment vehicle like this.

I think the fixed bitcoin price will continue to rise even though it closes the exchange. More and more countries will be interested in the existence of bitcoin, especially with the news of tantalizing media about bitcoin. when china is interested in returning about bitcoin and allowing the exchange back, imagine the price of bitcoin that will increase rapidly.

Holding is the best option at fall because if you will sell at fall you will bear a loss and there will be no negotiation of that whereas if you will hold at dump you will be able to secure enough and there is one thing more when there is fall in market buy coins and save them till the pump occurs and then sell them and you will get more than enough.

But now that China is keeping a closer look on exchanges then it is a lot less likely people are going to want to trader their money there, I think it is more likely they decide to use decentralized exchanges  and that is why I think those exchanges are going to be a great investment in the short term.

I think that if the Chinese government legalize and regularize bitcoin in their country then the value, market cap and price will jump accordingly. This is a very good opportunity for new and old investors to invest in bitcoin as much as they can, because in the near future due to the decision of china the price will grow more and the investors will earn a huge profit. The world will welcome that decision.

I don't believe that Chinese market will eventually be closed for crypto currency. I'm pretty sure one way or another investors from China will fin their way.

I realize that the Chinese decision is for the time being and with the passage of time all will be ok again and the price of bitcoin will rise even more than 5000 dollars in the coming future. We will just have to wait for Chinese future steps about bitcoin.

I also realize that china have great impact on bitcoin because they hold a lot of bitcoin miners, although many people have started mining bitcoin in other parts of the world.

China should be back with licensed exchanges, because they are the soul of bitcoin and crypto mining ,they play a very big role in cryptos and the Chinese people will find it easier to mine and get profits because of cheap labor and electricity cost. Russia wants to beat china in mining now. Chinese exchanges are a necessity to try crypto community and it would be better if China realizes before its too late.

Exactly china is the biggest market of the bitcoin and crypto currency right now and i think before 2 to 3 years they are just watching from outside and keeping it to flourish and not going to bother anyone who was into it at that time but now as it is established now they are taking steps to resolve the spam exchanges and as we seen their step against the ico's but somehow it is also good step for the development of crypto currency and bitcoin.

Chinese are now in history of bitcoin, and all the things that Chinese have done they did wrong to themselves and they will suffer about their decision in future and they kicked development out from their region and no other country will do like that because everyone know about the importance of bitcoin and they don’t want to stop the caravan of profit and development.

China is becoming powerful and is excelling a lot in so many other fields as well. China knows the worth and importance of bitcoin in a very well manner. So this is just their own move in order to take control of bitcoin. Since china’s plan has flopped quite badly, so I think there is no other reason of banning the use of bitcoin in their country.

this is all set by chinese to keep the bitcoin price down, and they can buy bitcoin at a cheap price.

I don't really think their plan was to take control of bitcoin, or to buy bitcoin at a cheap price or any of those things. They're government is well known for it's tight control over things, and bans are common there. They've banned facebook, they've banned movies like Avatar, or even celebrities like Brad Pitt. These moves where just to control their population, and the ban on ICOs and exchanges is to keep control on what they value most, that is their money. They really don't want to allow their money to exit the country, and exchanges and ICOs where doing just that. If they find a way to regulate crypto, they will allow it, if they don't, then they will ban it.

The problem is that they are probably already realizing that bitcoin is different, and can't really be banned. If it could, they would have made it illegal already. That's why I think all this is temporary, and they will just regulate crypto. Not because they like it, but because they know that if they ban it all together, it will just be used underground, and it will be much harder for them to prevent money from leaving the country.

This is good if they are planning making this exchanges to Re-Open again. It is a good step in order to having a legal running business that its citizens will be using. This exchanges will now require its members/users to identify themselves in order to verify their account so that they can use their services. If the Chinese government will make this step it would be a huge leap for us as the Chinese traders will be in action as well. Trading could be a little more profitable when that day comes.

Yes, we shouldn’t bother this news that much. China may have a large population, but not all people are using bitcoin, only some. So, it may afdect the economy of butcoin, but not that much.