China bans exchangers / China exchangers CLOSED

[no0dlepunk]

I guess this is good for all of us. It seems like the Chinese wants to clean their yards before the Russians take over the mining and launch better services compared to their's. I honestly can't find another reason why the Chinese suddenly became cautious with ICOs and Bitcoin.

Edit: but hey! Look at this https://www.cryptocoinsnews.com/bitcoin-price-recovers-major-drop-chinese-exchanges-not-banned/amp/

It seems like exchanges aren't going to be killed after all.

[GreenBits]

I guess this is good for all of us. It seems like the Chinese wants to clean their yards before the Russians take over the mining and launch better services compared to their's. I honestly can't find another reason why the Chinese suddenly became cautious with ICOs and Bitcoin.

China was reacting to the crazy amount of speculation its citizens were pouring money into. this money could be going to traditional, regulated markets, instead of unregulated exchanges and companies. although its lame, I actually understand why china would do this, and while I dont agree with the way its going down, I think this is a valid move (of course they were going to crack down on this, any sane government would. Now Russia, on the other hand, is the dubious one with its coin offering. there is a reason no sane major government has offered a crypto; it would completely undermine the fiat already in place. that they are willing to look at something even remotely resembling a national cryptocurrency, means to me this may be a ploy to get around international sanctions, or assist with government sponsored capital flight ( a common accusation against the Putin administration).


Deflation would actually be a bad idea, in that particular case. Govs need inflation to survive

[Mike Mayor]

it seems that all the chinese exchangers will be closed for a while. it's a normal decision because they made so many illegalities (willy bot, market manipulation and so on).  


http://m.finance.caixin.com/m/2017-09-08/101142797.html

That means Okcoin, BTC china, Huobi and many others will be closed. "the plague" begins to be cleaned

Caixin was the first one to report on the ICO ban before the official documents came out so, they should be credible

This is good news.  We have to find ways to get the dirty Chinese out of Bitcoin.  They love to ruin everything.

I agree. Damn Communists. Lol how can you even ban something happens online ? Noone knows what you so on your PC or where you go online. Noone knows you use exchanges or own a Bitcoin wallet. So the whole thing is ridiculous and you can count on China for being ridiculous. It's like how they rey to control the internet users in China. That cell flat on it's daxe since Chinese are still using Facebook. Banning things never works. Just look at the state of the "drug war".

[Taki]

That's fine by me, for two reasons.  One, I don't live in China, nor do
I use Chinese exchanges.  And two, those are some of shady businesses
known to man. They should be illegal and I'm not sorry China is
cracking down on them.  I won't call myself pro government by
any means, but the exchanges need some regulation.  This paves
the way for that.

You are the kind of people who think only about self as I see. I also don't live in China and don't use their exchangers, but I'm worry a lot about all those bitcoiners in China. They have the biggest part of bitcoin market and of course they affect the price a lot. Information about closing of exchangers in China is a gossip for now, because of the information is not proved from official sauces. I suppose it can be a new game of speculators with the target to dump the price. The time will show.

[darkangel11]

China can not completely prohibit bitcoin. They can prohibit the exchange in which their national currency participates. But they will not be able to track the exchange of bitcoin and currency from electronic payment systems

They are not trying to prohibit bitcoin, what are you talking about?
Last time we had this discussion was when their government started auditing exchanges. People thought the government is trying to shut them down and panicked, but in reality they made them stop faking volumes, which was clearly visible right after the auditing stopped.
They thought BTC business is some wild west and the government is showing them the ropes Be patient it's going to be back to normal in a couple weeks.

[BChydro]

You are the kind of people who think only about self as I see. I also don't live in China and don't use their exchangers, but I'm worry a lot about all those bitcoiners in China. They have the biggest part of bitcoin market and of course they affect the price a lot. Information about closing of exchangers in China is a gossip for now, because of the information is not proved from official sauces. I suppose it can be a new game of speculators with the target to dump the price. The time will show.

I am still not sure whether this is just a rumor or just the truth as last time they were auditing the exchanges and shut down the withdrawal of coins and i cannot understand why they would ban those exchanges who comply with their official norms and these news had an impact on the market without a doubt and i hope it will send a clear message on what is going to happen from an official source.

[marky89]

China can not completely prohibit bitcoin. They can prohibit the exchange in which their national currency participates. But they will not be able to track the exchange of bitcoin and currency from electronic payment systems

They are not trying to prohibit bitcoin, what are you talking about?
Last time we had this discussion was when their government started auditing exchanges. People thought the government is trying to shut them down and panicked, but in reality they made them stop faking volumes, which was clearly visible right after the auditing stopped.
They thought BTC business is some wild west and the government is showing them the ropes Be patient it's going to be back to normal in a couple weeks.

I think this is the case as well. The PBOC audited exchanges and issued light penalties for inadequate AML and the like, and the exchanges jumped into line (freezing withdrawals and ending the infamous "volumizer" practices). Here, we see the PBOC issue clear directives regarding ICOs -- immediately, all Chinese exchanges complied, shutting down token markets.

I really don't think this is aimed at the major exchanges like BTCC and Okcoin. They were already audited thoroughly this year. This is about ICOs and the lower-tier Chinese altcoin exchanges that offer access to them.

[CryptoClown]

I am with you two. I am happy that China is cleaning illegal exchangers now to protect its people. I hope other countries will do too but it seems that if it happens I won't be seeing a green portfolio again 

That's fine by me, for two reasons.  One, I don't live in China, nor do
I use Chinese exchanges.  And two, those are some of shady businesses
known to man. They should be illegal and I'm not sorry China is
cracking down on them.  I won't call myself pro government by
any means, but the exchanges need some regulation.  This paves
the way for that.

I agree with you. no loss for me personally. as long as bitcoin is still popular, chinese will not have too much effect on bitcoin.

[buharikx31]

Ban's not effected every exchange for them, but other methods depositing and withdrawing still here and people should be more patient. This bans only show that country want to regulate scam ICO and exchanges to save people funds, woulu be good for community to have safer exchange methods for them as they always buy it and use it

[aldrian09]

Well I think this is good news for some people at least the market is not manipulated/controlled by Chinese people but I know this is just temporary few weeks or months from they will come back we all know Chinese wants to dominated in anything.

[kynaz]

Well I think this is good news for some people at least the market is not manipulated/controlled by Chinese people but I know this is just temporary few weeks or months from they will come back we all know Chinese wants to dominated in anything.

I agree with you . China will create many surprises in order to buy a lot of cheap altcoin and this will make China dominate the cryptocurrency market and no country will be able to compete with them.

[Doms]

This is another temporary move that will affect the bitcoin price in the short term but everything is going to work out for the best once the PBOC has sorted things out with the local exchanges im China. There is no doubt that anything that has to do with China's moves almost always affects the price of bitcoin, be it in a positive or negative way. Let's just wait for something good to come out of this while we hold and observe how things unfold in the coming days.

[CryptoBry]

As of press time, we should be clear that there is NO actual pronouncement coming from the government of China that they are or will ban the operation of Bitcoin exchanges all over the country. I am not saying they might not do it because China is known to be a rogue country and they have the capacity to see different things and they have other goals we may not be able to grasp fully.

So please stop the spread of this FUD. We have to wait what can be China's next moves on cryptocurrency after it banned the holding of ICOs in the country. Well, for me, I think the whole of the cryptocurrency market should now start now thinking that soon we may lose the big China market...and hope that other countries can fill in the void they left.

[ocid]

I do not think there's an instant to reach something, there's got to be a process, as well as bitcoin, because to get great value we have to work hard to get that value. bottom line we can not get rich directly in bitcoin but have to go through some process.

[ImHash]

I'm crying for days right after hearing about such tragedy, What should I do now that most of the insider trading and hidden agendas of some whales going to hit a dead end with a capital D now other exchanges could get some new clients if Chinese are smart enough to know how to bypass these stupid bans. again all the prices are falling and I'm getting as much as I can in cash to exchange it for bitcoin and either keep the bitcoin or buy some altcoins because their prices always move with BTC.

[giveen]

Big thing what will happen now btc price will become zero , demand for btc gone, mining power over idk how many of you have been affiliated with btc all these same exact things have happened 2 years ico didn't exist but exchange ban did happen in form of notice and price had fallen but we still see the exchanges running even after 2 years of such a incident.
All this temporary it won't have any effect on btc in the long term.

[mayax]

as long the plague called unregulated exchangers won't be cleaned, BTC won't have any chance to become mainstream. Chinesse exchangers are well known for their fake volumes.

Bitfinex is part of this plague too. They pump fake "money " into the BTC system through their shit instrument called Tether. It's amazing how the sheep from BTC media is keeping the silence regarding to this obvious thing.

[squatter]

as long the plague called unregulated exchangers won't be cleaned, BTC won't have any chance to become mainstream. Chinesse exchangers are well known for their fake volumes.

These fake volumes stopped when the Chinese government audited the exchanges in Q1 of this year. When you look at the charts, the change is very apparent. I'm not sure what licenses might be necessary for Chinese exchanges, but e.g. Okcoin has certainly claimed that they fully comply with local regulations. Is that not true?

Bitfinex is part of this plague too. They pump fake "money " into the BTC system through their shit instrument called Tether. It's amazing how the sheep from BTC media is keeping the silence regarding to this obvious thing.

The way that Tether is seemingly being printed out of thin air is worrisome, indeed. I wonder how long this can continue.

[sartorpc]

as long the plague called unregulated exchangers won't be cleaned, BTC won't have any chance to become mainstream. Chinesse exchangers are well known for their fake volumes.

These fake volumes stopped when the Chinese government audited the exchanges in Q1 of this year. When you look at the charts, the change is very apparent. I'm not sure what licenses might be necessary for Chinese exchanges, but e.g. Okcoin has certainly claimed that they fully comply with local regulations. Is that not true?

Bitfinex is part of this plague too. They pump fake "money " into the BTC system through their shit instrument called Tether. It's amazing how the sheep from BTC media is keeping the silence regarding to this obvious thing.

The way that Tether is seemingly being printed out of thin air is worrisome, indeed. I wonder how long this can continue.

I used bitfinex before, can you explain more about this fake money with Tether? I am starting to worry about this.

[manchester93]

as long the plague called unregulated exchangers won't be cleaned, BTC won't have any chance to become mainstream. Chinesse exchangers are well known for their fake volumes.

These fake volumes stopped when the Chinese government audited the exchanges in Q1 of this year. When you look at the charts, the change is very apparent. I'm not sure what licenses might be necessary for Chinese exchanges, but e.g. Okcoin has certainly claimed that they fully comply with local regulations. Is that not true?

Bitfinex is part of this plague too. They pump fake "money " into the BTC system through their shit instrument called Tether. It's amazing how the sheep from BTC media is keeping the silence regarding to this obvious thing.

The way that Tether is seemingly being printed out of thin air is worrisome, indeed. I wonder how long this can continue.

I used bitfinex before, can you explain more about this fake money with Tether? I am starting to worry about this.

Check this out: https://coinmarketcap.com/assets/tether/

See that giant explosion in the market capitalization / circulating supply of USDT? That's Tether being printed out of thin air. But people are still treating it as 1 USDT=1USD. Sometimes, there is even a premium for USDT because it can be moved so easily. But I fear this house of cards may collapse soon...