Bitcoin Forum

thats a biggest bad news, but im not sure people in china will stop to invest at bitcoin

They are close but there are rumors again that they would re-open then when there are proper regulations for the exchanges. Rumor has it that they only did it because of the incoming conference so they need to act on the exchanges that they view as a threat to their financial institutions. They suspend trading but mining is still on-going. Maybe this is a good way then so that the government of China will not be able to spread FUD again in the future causing the price of bitcoin to have a drastic fall in price.

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

Do you have the link of that? Where they would be located, Hong Kong?

that is not a 'big' news in my opinion,
because they already gave you a sign that they will close their door 'voluntarily' if not they will force them to close it.
there'll be Huobi and else following them to shut their door for the moment
(i got a message from them about it and waiting their costumer withdraw their money from them).
also i heard EOBOT will 'close' their service if they're banning people to mine it too in there,
(that is what i heard from their support,because most of their minning hardware located in the chinese).
there'll be another news following after one and another.
but will they stop investing their money into it ? i doubt it they will do it.
it's just stop for 'the moment' until they're enabling it again

ViaBTC was not even a proper exchange with any volume. they only gained some remote popularity and their name was heard ONLY because of bitcoin cash which they listed first and remained the only one listing it for a long time.

P.S. don't confuse ViaBTC exchange with ViaBTC mining. they are two separate operations. the exchange was closed.

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

People are dying to get a piece in bitcoin, and demand is soaring. Markets have also matured since they now know that closure of exchanges in one country doesn't really affect anything.

BTC China is doing the same -- they are already promoting their USD exchange. I'm not sure what kind of business it will attract, though. It seems like it's only getting harder to move USD to and from exchanges these days, too.


Well, I think we can assume that the Chinese exchange closures were already priced in. They were announced weeks ago, and the market dumped hard on the news already. More importantly, the market didn't dump hard on news of the Korean ICO ban or the rumors of a ban on cryptocurrency payments in Russia. That indeed suggests a bullish market.

The people at the height of power within China like to control their people, whether that is through censorship or controlling any currencies that can compete with the Yuan. It is a shame they decide to target exchanges, instead of making a legal framework they can work within, because the Chinese people can still access bitcoin because of it's decentralized nature. The authorities probably didn't want them to grow or inform people that they can invest elsewhere.

it is because you can not over-use the same FUD.
FUD is like anything else, it has a limited usability. it can be strong when it is well designed and it is new. but when it becomes old the market will also grow weary of it and consequently that FUD loses its effectiveness.

at some point it will even turn into the "boy who cried wolf". the China news has always been like this. each time price was being corrected you could see them try so hard and everyone ignored them until this year where news changed since they really closed exchanges once this year. I expect this "closing exchanges" and "banning ICOs" become old news and be ignored next year. and they will have to up their game.

It's sad to see BTCC having to shut down its Chinese activities, but it's nothing new at the end of the day. I however don't care much about ViaBTC closing down due to their Bitcoin Cash support.

Important thing is that with China now eliminating their Bitcoin exchanges, the western market will likely not be affected much anymore by China's future regulations ~ exactly how it should be.

It's quite annoying that each time one country (China in this case) is suffering from whatever local regulations, that the entire market is being taken down with it, and that should never be the case ~ we don't depend on one country.

They just need to go to another country and open again

Yes, that's what I also read that there is a chance that those exchanges will resume its operations. They just need to re-apply when a proper regulations will be put into place by the Chinese government. Let's wait and see how things will evolve at this point.


The market is very bullish right now. I think it is already price in. Maybe those investors are moving their funds to other exchanges outside of China that's why we are seeing a new surge in price. Or it is just new faces are ready to join despite the negative news that we are hearing lately.

Sadly that's because of the new regulation of the Chinese government.


Give the link of this as this is a big hope for the industry. I think there's no need for them to reopen overseas as the Chinese gov't will be removing the ban and will change the regulations that they are implementing right now.

The best part is market is behaving completely opposite to what this news could have done. Bitcoin is bullish rather than being adversely effected by the shutdown announcement. This shows that market will not plunge more even if government officially bans every exchange and thus Bitcoin will remain bullish in Oct as well. Price should touch another ATH in Oct and we might see $6000 easily by Nov.

Personally i think it's just people learning about bitcoin and the demand for bitcoins below $5000 has just skyrocketed. Even though we experienced some resistance at $4k i think that it is safe to say that $4k now is the floor.

Now, i don't think that price is going to be affected much at all if even all Chinese exchanges shut down.

People already are expecting the worst.

Yes, its really sad to see BTCC or any exchanges shutting down its operations because their government says so. The only one that will really be affected by their decision is the Chinese community who learn to love bitcoin. But well the government has already made their decision so the Chinese bitcoin community should abide by it.

The recent events really show that bitcoin is not tied or depend on a country. Well on certain extend it has cause damage to the ecosystem. However, bitcoin proves it resiliency and started to rise from all this setbacks because the market seems to be very bullish despite all of this.

Today is the deadline for all Chinese exchanges to close and liquidate everything. I'm kinda wondering whether PBoC would loosen its grip in regards to exchanges and bitcoin in general. I see that they're concerned about the recent surge of ICOs that could potentially burn many people and their money but banning bitcoin exchanges because of this is completely far-off.

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

Exactly this is what's circulating on my mind about those exchanges that just recently closed. News says, that these decisions that are being stated by the PBoC are just temporary until they made rules before they will distribute license to those exchange that will file their interest of operation again. I like on how the market reacts, as we did saw the reaction before and now there's no more dips happening.

I wonder if all their users were able to withdraw everything without problems?

A few weeks back there was a rumour that they were operating a fractional reserve and wouldn't be able to pay everyone. Any Chinese users here who can confirm whether everyone got their money out?

$4315 right now, bitcoin slowly recovering to $5000 on October I guess, even though Viabtc and BTCC closed but Chinese people still have OKCoin and Huobi to trade cryptocurrency, even bitcoin price reach $4345 on OKCoin right now.
Let China government crack down exchanges and check all they want about it, give them few months just like in the early of this year, and then they may come back with some licensed exchanges in the next year.

viabtc and btcc closed not big effect to bitcoin price
this now bitcoin price still trend up
but next time before end year or maybe hardfork bitcoin price can down

i have not heard any issues with BTCC, they even announced it a long time ago and gave enough time to their users to withdraw and people have been doing fine so far.
as for ViaBtc, they didn't have that many users anyways. it was a useless exchange which was created just to promote bitcoin cash and bitcoin unlimited and had those listed. nobody traded anything else there.

Even if no licensing for crypto trading will be implemented exchanges can be re-registered under different jurisdiction and be fully operable.
The issue that I see for both cases - clients and liquidity.
The longer they will be off the harder things will go.

But now BTC seems to be holding positions and no dips expected. China issue left behind.

It doesn't affect the market because it was announced quite a while ago already, so there are no surprises here. Another thing that possibly plays a role of importance is that people in China are now using their fiat to buy up what they can instead of withdrawing fiat, which might explain why the market is heading up. Another thing is that people might slowly start buying themselves into Bitcoin due to the *potentially* upcoming Bitcoin Gold chain split. In that regard, I wouldn't focus too much on how the price is going up now, especially when you take the hard fork in November into consideration. It's mind boggling how certain entities are playing a game with Bitcoin for their own financial gain...

See this link (http://www.scmp.com/tech/start-ups/article/2112339/viabtc-launch-bitcoin-exchange-overseas-after-beijing-bans-trading).

Yeah, from what I read around, they will open again in 30-60 days under new Chinese regulation rules. It's sad that they closed but it's not a big deal. I mean, if people start to use exchanges like exchanges only and not online wallets, safe's and so on, it will not have such big impact.

PBoc is accumulating cheap coinz, when done they will re-open exchanges with extra regulation of course.

In the meantime volume on localbitcoins is surging...always remember there are no legal exchanges for narcotics, but they are heavily traded anyways...  ;D ;D ;)

Ah, and remember when Top Criminal Roosevelt "banned" Gold? It was one of the biggest scams in human history, really, to get cheap gold from innocent people. Even Hitler did not ban gold outright.

This is all about scamming people, keeping the scam ponzi alive they call "fiat money" and the 2017 BTC ban is just Roosevelt Gold scam reloaded.  >:( >:(

And that's the case there will be no under that "different" jurisdiction and that's why PBoc has forced to close those exchanges. And they are starting to make their own rules and regulations where they can get enough attention and can regulate the transactions that are coming from their local exchanges since they can't control it. I did noticed that either, the price is increasing after the closure.

China will relax their ruling & unban bitcoin imo. They will just impose higher taxes on those companies for dealing with bitcoin. I can't see how a government will want to miss out on more money by tax.

This is a bad news for some people and to the community but some people are happy especially to those anti-BCH ;D since this platorrm supports BCH
Look the replies https://twitter.com/ViaBTC/status/914033593071976448

But this news doesn't affect the price after all. Bitcoin reach 4400 again after this closing and the banning in SoKor.

I don't think they'll be doing that any time soon. They want the control over bitcoin for now. Perhaps in the future (maybe like a few years). But you are definitely correct about the government wanting the tax on cash.

This sudden decision is made after the exchange denied they were closing down on September 10th, telling trustnodes at the time. That appears to have changed. The reason remains unclear at this stage. The September 4th notice concerns ICOs as far as we are aware. There are rumors of a new notice which suggests China is to ban crypto exchanges. However, some clarification appears to be developing which suggests they will only require a more strict licensing regime, rather than closing them down. But, in the transition process they might have to close. A step which BTCC has now taken.

Oh well, viabtc is my favourite site though. Btw is this txaccelerator https://pool.viabtc.com/tools/txaccelerator/ is the same site with viabtc site ? Because I still can access it right now. Thank god the price of bitcoin is not affected by that news, I think people already move one about that bad news from China.

They only closed their exchange service, their mining operation is still functional and since that accelerator is based on their mining pool, it remains to be functional and relatively unaffected.

Price of bitcoin actually rose significantly, despite these exchanges shutting down. I feel like this is a great indication of how strong a bull market we are currently in, and this is the reason why i think that by the end of the month we could potentially see $5k levels.

Where will we accelerate your transactions now :(

Glad to see tha shady exchange site such as viabtc exchange site already closed its service. I hope via will never try to open their service again.
Because via btc gives nothing for us rather than useful thing.

So far i don't think that anyone has issues getting their money out. At least the Chinese bitcoiners that i know all got their balances out and there hasn't been anyone going round complaining on the forum either.

This news has hit bitcoin much less than i would have thought it would.

Price has barely dropped when the news first came out, and now around 3 days later, price is skyrocketing. I think it'll continue to rise in the next few days.

For the time being, they are able to withdraw. But they have to be quick. The exchanges might not have enough reserve.

in few weeks all will be clear. There are too many rumors about regulation process. Maybe they will finish regulation stage and re-launch in 2018
I hope they will re launch soon. on the other hand china is still trading bitcoin and altcoins outside of china :)

That's still pure speculation from you. The exchanges above are gets burdened by the regulation and by that they were closing down their service until no specific date.
I pretty agree that china will not going to miss tons of money by taxing bitcoin users, but they juts make too strict rules that affecting the whole bitcoin ecosystem there.