China is coming back to the game, moon?

[talkbitcoin]

so it seems like Chinese exchanges fate are finally coming to a conclusion. the AML laws soon to be applied to these exchanges and they say Withdrawals will possibly start in June.

so how do you think this affects the whole market, with all the Chinese big exchanges being out of the game and now a lot of hungry Chinese traders coming back with their price being much lower than USD value (practically free bitcoin at this point).

currently ~10100 CNY = $1,463.25

link: http://www.newsbtc.com/2017/05/10/chinese-bitcoin-exchanges-may-resume-btc-withdrawals-june-new-regulation-introduced/

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[kwukduck]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

[talkbitcoin]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

lol, you are too active these days as when there was a price rise... hmm...

and only an idiot would leave a $400 discount on bitcoin (30% off) and leaves. and only an idiot thinks Chinese which still have the highest total trading volume compared to USD market want out. with their withdrawals disabled their exchanges are still showing a high volume and that is not even considering the huge volume coming from localbitcoins.

[1Referee]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

Please, can you only show up when the price is tanking REAL hard? You shouldn't be active now...

and only an idiot would leave a $400 discount on bitcoin (30% off) and leaves. and only an idiot thinks Chinese which still have the highest total trading volume compared to USD market want out. with their withdrawals disabled their exchanges are still showing a high volume and that is not even considering the huge volume coming from localbitcoins.

Don't look at kwukduck, he is just trolling everyone. No matter how bearish he acts, he is buying and selling the waves all the way up to now - he is making big money. Regarding China, at some point the major difference will be gone. Especially when you consider that the lower price offers whales with enough on exchange funds to slowly buy up everything. Nothing happens without a reason.

[Slow death]

Fines For BTCC, Huobi, and OKCoin

Unfortunately, it appears some exchanges will not get off scot-free either. BTCC, OKCoin, and Huobi will all receive a financial penalty. This is not surprising, as the PBOC hinted at how some platforms were not adhering to AML guidelines properly. It is unclear what type of penalty they will face in the end, though. All things considered, a lot of people will be pleased to hear business will resume as usual shortly.

I wonder what kind of penalty these exchange will suffer? Always the government puts their hands on something becomes boring and problematic

[iqlimasyadiqa]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

Yes we better follow the tracks that exist today. Without that the bitcoin price is still going up very well.
We all certainly do not want any bad intervention against the digital currency market.

[mikenz]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

They can go out all the time. They can sell and withdraw to CNY anytime. Just not bitcoin. Once they can again -> very bullish

[Yatsida]

Even if they come back, which i don't expect since an all out ban on crypto is in the works, they will not help us to the moon, the chinese want out.

I think the Chinese market will be irrelevant for the next few months at least.

[mikenz]

they are 40-45 % of the market. Its everything else but irrelevant if they can withdraw BTC again. We just went with applied handbrake to 1800. imagine what can happen if they release it.

[gentlemand]

they are 40-45 % of the market.

No they're not.

In the brief period when they were operating with fees they were just another player among many others. China was quickly exposed as the mirage it is. Them getting shut down was the best thing that's happened to this market in years. There's absolutely no way it would be where it is if China had been allowed to continue operating as it had.

[surix]

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

[BitcoinPanther]

It seems this news somehow bring another hype to BTC.  Bitcoin breaks its ATH again setting up another New ATH today.  Having a news that these Chinese exchanges will be back in Bitcoin circulation again. 

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I agree, Chinese people have lots of spare money in their stash.  They can use them to push bitcoin price higher if they decided to.

[NeuroticFish]

so it seems like Chinese exchanges fate are finally coming to a conclusion. the AML laws soon to be applied to these exchanges and they say Withdrawals will possibly start in June.

so how do you think this affects the whole market, with all the Chinese big exchanges being out of the game and now a lot of hungry Chinese traders coming back with their price being much lower than USD value (practically free bitcoin at this point).

currently ~10100 CNY = $1,463.25

link: http://www.newsbtc.com/2017/05/10/chinese-bitcoin-exchanges-may-resume-btc-withdrawals-june-new-regulation-introduced/

"Buy the rumor, sell the fact". What if the current "steady grow" is just a pump before the Chinese coming in; and then the dump will happen?
I don't like to be on the same with Kwukduck but watching your back never hurts.
Bitcoin had a great rise lately and sooner or later it will need a correction.

[BTCLovingDude]

some stats from bitcoinwisdom:
USD market > price = $1827 > volume 30 days = 881,963
CNY market > price = 10378 > volume 30 days = 764,432

https://coin.dance/volume/localbitcoins/CNY
localbitcoins CNY volume last 4 weeks > 199,466,11 (this amount has risen 30 times since last year)

[gentlemand]

"Buy the rumor, sell the fact". What if the current "steady grow" is just a pump before the Chinese coming in; and then the dump will happen?

But this time around dumping and buying back costs them money in fees. If they attempted it in the volume they used to they'd all be skint within a few weeks. They're going to be players of course but the behaviour will be a lot more staid than before.

[n0ne]

I don't think China can easily retain the lost control that China had over bitcoin in the past. China once made the fake volume to generate the market value which too made it downfall in their​ own economy. Right now without any external influence the price move is quite good and will reach peak values.

[BrewMaster]

I don't think China can easily retain the lost control that China had over bitcoin in the past. China once made the fake volume to generate the market value which too made it downfall in their​ own economy. Right now without any external influence the price move is quite good and will reach peak values.

from what i have seen China never had any real influence on the market. they just showed a very big trading volume which was partly because of their margin trading partly because their 0 fee trading and also partly because of competition.
and whenever price went in any direction people said it is because of China.
rise > China was pumping
drop > China dumped.
now that they are out, the same rises and falls are happening and people have nobody to blame!

[Biodom]

i agree... did china mattered one iota during the last 3-4 mo. Clearly, NO.
They (PBOC, politburo, etc) thought that they would matter, but they did not...surprise, surprise.
China would continue to matter even less now...in fact, i would prefer that they close their 'exchanges' for a long time.

[SHAWN-MIDWAYS]

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I would not underestimate them either but china has to many strings attached to centralization and bureaucracy
i would not like to see them drag bitcoin to its  knees with all these PBOC counter measures ....so top spot definitely not china

[pooya87]

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I would not underestimate them either but china has to many strings attached to centralization and bureaucracy
i would not like to see them drag bitcoin to its  knees with all these PBOC counter measures ....so top spot definitely not china

"drag bitcoin to its knees"!!! LOL
in the past few months bitcoin has grown way too big and all of a sudden. and i am not talking about the price rise, that part is obvious and irrelevant to bitcoin growth that i am talking about.

what i am pointing out is all the positive news that is coming out. we saw Japan adopt bitcoin as a real currency. we saw Russia finally stop treating bitcoin with such negativity. we saw a lot of other countries follow Japan, the other day i read Australia is planning on doing the same. all these are bringing a lot of new people in, China is just one country against all of these.