^ Wups... Maybe it's exactly why the Chinese regulators want those exchanges to close. Running a fractional reserve is a nono, unless you're a bank regulated by the government.  That's very ironic. Yes - the Chinese authorities have been investigating the exchanges since the start of the year and it's obvious that some shady stuff has been going on. |
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Back in February 2017, a Chinese bitcoin mining company opened a branch in Sweden: https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.
Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future. So they at least are preparing for the possibility that China will ban bitcoin mining and are setting up operations abroad. |
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Everything is about to pump. When btc slows down, altcoins pump
Actually most things are down at the moment due to this China drama. The pumpers usually need a period of accumulation at low values before they pump, so it's possible a lot of accumulation is going on right now because everything is cheap. |
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Charles Lee wrote another tweet which he then deleted, but you can see it on the following reddit thread: https://www.reddit.com/r/Bitcoin/comments/70c6pp/charlie_lee_if_you_have_money_in_chinese/It said: If you have money in Chinese exchanges, I recommend withdrawing now and not wait til last minute. Just in case they don't have full reserve. It implies that some Chinese exchanges have been operating a fractional reserve and won't have enough bitcoin to allow people to withdraw. I wonder what they do in that situation - just let users take a loss, or try to buy some coins on the western exchanges to be able to fulfil their obligations? I'm guessing the former. If it turns out that the exchanges were operating a fractional reserve, we have another bloodbath coming later this month. |
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Next year , china call next year is dog year
i think they like dog ,so Dogecoin will be best choice, they will buy so many dogecoin , i bought dogecoin with price 79 satoshi and i don't worry when i invested money to it .
Ummm... China is closing down their exchanges, they won't be able to buy any cryptocurrency, let alone dogecoin... |
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Looks like they have rebranded. https://btc-e.nz/ now redirects to https://wex.nz/Interesting also that they have chosen New Zealand domains for their new trading engine. It remains to be seen whether they manage to make a go of their new exchange. |
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I'm actually waiting from Huobi and Okcoin official announcement, being the top 2 trading exchanges in China, closure means that the massive nose dive will continue and I'm speculating that it can go as low as $2000. However, we see a dramatic rise today. I'm still trying to understand what brought this price to go to very quickly. I don't know if this is a trap or dead cat bounce. However we can all sleep and relax again after a weeks carnage. I haven't sold and bought bitcoins though, was out of funds but can bought it about few days. But the buying point is no longer there. But at least really nice to see bitcoin rebound once again.
The thing is, those two exchanges never traded any ICOs, unlike BTCC and the others. So I wonder if they'll be treated differently? If it looks like they are staying open, then there will be a relief surge up. |
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I am a big bitcoin supporter, but this was expected the way the Bitcoin price rose. There was a massive pump in my opinion, the max stable price i expect is around 1800 dollars. There was no significant breakthrough in bitcoin which could have caused that rise. Plus the recent China ban has made the situation worse. Fingers crossed for the next two months.
Yup - the rise from $3000 to $5000 was just too fast. If it stabalises at $3300 or so, that will be a result. It's actually a good thing that China is closing it's exchanges - they were never going to allow adoption there (they'd already banned merchants from accepting it), so it was only ever a token for gambling over there. |
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It's because the Chinese exchanges are shutting. The market makers on there have already exited to the western exchanges, which means that those selling on the Chinese exchanges are selling into an abyss.
This leads to a drop on the western exchanges, because the automated bots have been programmed to take account of prices on all the exchanges, including the Chinese exchanges.
Once we are past September 30th and the Chinese exchanges are closed, the selling pressure will abate and we return to normal.
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So the question is: Can Bitcoin survive without China?
Yes. Bitcoin was simply used to gamble in China, and some people used it for capital flight. They weren't allowed to use it to buy stuff, so there was zero merchant adoption over there. Whereas in the west, there is quite a bit of adoption, in some municipalities in Switzerland, they even accept taxes paid using bitcoin. This is a temporary setback, like the closure of Silk Road in 2014. Once people have got over their panic, it will rise back up again. |
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How many people on this board actually use cryptocurrency to buy stuff? Very few, most use it simply as a speculative tool.
And if a bunch of crypto-nerds isn't using it, why on earth would mainstream people use it?
If you'd asked me this question in 2013, I'd have said it would be mainstream by 2020. Now, I think it might not happen at all.
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I make that four exchanges now closed: Bitkan (the OTC exchange), Yunbi, BTCC and now ViaBTC.
I guess those folk that sold immediately when the PBOC news came out and got an exit price of about $4400 are the smart ones...
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It was at around $3000 on August 1st when the hard fork happened. So I don't think it will go lower than that.
I reckon it will stay where it is at the moment and then on the next good news, it will start climbing again.
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So guys, what your thoughts is?
Will we see Black Friday tomorow? Is it only a begining of bear market till October?
Or China exchange closing on 30 of September is allready priced inn?
I think it's mostly priced in - we've had nearly a week of this already. |
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Jihan Wu tweeted this a couple hours ago about China's supposed ban on Bitcoin: Jihan Wu @JihanWu
Replying to @mrvcrypto
China has not banned Bitcoin https://twitter.com/JihanWu/status/907665487856881664So according to Jihan Wu, china has not banned Bitcoin. Im honestly sick of the back and fort. If they are going to ban it, then ban it already, because after they ban it, they can no longer interfere with the Bitcoin price. We will survive all bans in the world. They haven't banned bitcoin - mining will still continue. The exchanges are another matter though... So far three exchanges have said they are closing, Bitkan, Yunbi and BTCC. |
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What is the list of Chinese exchange?*
Well so far, bitkan (OTC exchange), Yunbi and BTCC are suspending trading. The others haven't said anything. |
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The next support line is $3200.
Of course if some of the other Chinese exchanges pop up with a statement that they arn't going anywhere, the price will jump again and investors will assume BTCC is closing for reasons specific to them.
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i tried to warn everyone. Its $3500 right now.
BTC Its the end.
F**K
They knew. THEY FKN KNEW.
Sry but You are new, you know nothing He did know - he knew that chinese were offloading coins based on some insider information, and that it signalled something bad. And today we found out what that info was - BTCC is closing down. lilRoy07, well done on your call. |
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Well - BTCC has announced it is closing at the end of September, saying this is in response to the new PBOC rules: https://twitter.com/YourBTCC/status/908285586368167936So Chinese exchanges ARE shutting down - the question is how many will go, and whether any will be allowed to continue to trade. |
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