China bans exchangers / China exchangers CLOSED

[quarkyplum]

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...

USDT also a cryptocurrency, even it cannot call is a crypto because it just use on exchange, look like as centralization. I remember in the past, some people have been warned about the risk when keep safe your money in USDT, the definition 1 USDT = 1 USD is wrong, it will makes you loss your money if still keep that thought when it breakdown.

[wilhb81]

Some of my Chinese's friends who trade BTC were totally f**ked up by the China government "Sudden attack" decision...

They're looking for alternative outsources to trade BTC & alt currencies.

[Pettuh4]

Some of my Chinese's friends who trade BTC were totally f**ked up by the China government "Sudden attack" decision...

They're looking for alternative outsources to trade BTC & alt currencies.

It's outrageous but I don't know why the Chinese government keep taking such stringent measures against Bitcoin from time to time. Maybe they know something we don't and I expect them tell us rather than the money laundering accusations that are often raised.

[pixie85]

Some of my Chinese's friends who trade BTC were totally f**ked up by the China government "Sudden attack" decision...

They're looking for alternative outsources to trade BTC & alt currencies.

It's outrageous but I don't know why the Chinese government keep taking such stringent measures against Bitcoin from time to time. Maybe they know something we don't and I expect them tell us rather than the money laundering accusations that are often raised.

They haven't banned anyone, don't trust fake news. They are probably auditing them because some of them might be avoiding taxes, laundering money or faking volume again.
I don't believe Bitcoin trading will ever be completely banned in China. Worst case scenario they'll reduce the number of exchanges, allowing only those completely transparent to continue.

[piebeyb]

bitcoin can stay alive without chinese trading sites, there is nothing interesting for this kind of problem that often happens in bitcoin, but we need to realize bitcoin still alive even without china

[mrjoy15]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

[mayax]

it will be great if all the chinese exchangers will be banned

the plague will be cleaned step by step.

the next one should be Bitfinex.

http://cn.wsj.com/gb/20170911/fin125114.asp

[erikalui]

The news has not been confirmed yet and OKCoin, BTC China and Huobi haven't got any notice to shut down their operations. This is merely speculation until and unless these exchanges confirm the news and they may be targeting only those exchanges where users have not to verify their accounts. China wants to create their own crypto currency and hence keeps targeting bitcoins everytime but it can't ban it completely.

[Wayan_Pedjeng]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

The last time I checked, almost all of the Chinese exchanges (such as Huobi, OKCoin and BTC China) were operating without any issue. It is just the market bears spreading false information about the exchange closure.

[manchester93]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

The last time I checked, almost all of the Chinese exchanges (such as Huobi, OKCoin and BTC China) were operating without any issue. It is just the market bears spreading false information about the exchange closure.

It's still too early to say that it's false. I suspect the report in question will not turn out to be true. But at the same time, Caixin (as one of the two or three major media outlets) doesn't usually spread false information. If that's the case, it's also possible that the story was intended by the government to discourage investment in cryptocurrencies while they figure out ICO regulations.

The major exchanges also seemed to take the alleged report very seriously in their responses on Weibo. Time will tell; I think everything will be alright, but I don't want to be baselessly optimistic, either.

[mayax]

it seems that all the exchangers from China will be required to get licensed or they will be closed....as it should be normal.

I think many of them will close their shit websites    


Another warning:

https://www.coindesk.com/china-internet-finance-association-bitcoin-exchanges-lack-legal-foundation/

[mayax]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

The last time I checked, almost all of the Chinese exchanges (such as Huobi, OKCoin and BTC China) were operating without any issue. It is just the market bears spreading false information about the exchange closure.

LOL


https://www.coindesk.com/btcc-to-cease-china-trading-as-media-warns-closures-could-continue/

[alan2here]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

The last time I checked, almost all of the Chinese exchanges (such as Huobi, OKCoin and BTC China) were operating without any issue. It is just the market bears spreading false information about the exchange closure.

LOL
https://www.coindesk.com/btcc-to-cease-china-trading-as-media-warns-closures-could-continue/

This will become very bad if this happens. I think China is the only one that makes Bitcoin return to $ 3,500. I hope this is not true because all my investment is here.

[mayax]

To be honest this was already known for a while now. The reason the market dips now is because of rumors of exchanges shutting down in china. Its helping ppl getting overhyped and caused of panic sale a huge downward. Bur, Bitcoin always be king.

The last time I checked, almost all of the Chinese exchanges (such as Huobi, OKCoin and BTC China) were operating without any issue. It is just the market bears spreading false information about the exchange closure.

LOL
https://www.coindesk.com/btcc-to-cease-china-trading-as-media-warns-closures-could-continue/

This will become very bad if this happens. I think China is the only one that makes Bitcoin return to $ 3,500. I hope this is not true because all my investment is here.

all the exchangers from China will shut down at the end of September. It is a real thing. Normally, the price will crash without the chinese market...

[Rinaze]

That seems like a very good decision by the China government (hopefully it's not that they are motivated by other reasons though) for the long run in general. Clean the industry up and more legit people might get interested and contribute more!

[mayax]

That seems like a very good decision by the China government (hopefully it's not that they are motivated by other reasons though) for the long run in general. Clean the industry up and more legit people might get interested and contribute more!

GREAT POINT !  this is my opinion too but there are so many brainwashed around who think that shit exchangers like Bitfinex, Kraken, BTC-e are the way.

[OmegaStarScream]

The price already started to decrease since BTCC announcement. I believe we will be better off the Chinese exchanges and the market manipulations in long term but for now, I expect the price to decrease further and more exchanges (Huobi and OkCoin) will follow that decision.

[draakon123]

It is good for price. Soon mining in china will stop. 100% mining will be outside of china. Since electricity is much more expensive anywhere else but btc mining will not stop. Thus btc price increase to justify mining. It will rise back to 4500$ by november and if november fork will be successful price will go up to 7500$ by the end of year. Today is good entry point. I will go all in. It just makes sense in every way.

[mayax]

The price already started to decrease since BTCC announcement. I believe we will be better off the Chinese exchanges and the market manipulations in long term but for now, I expect the price to decrease further and more exchanges (Huobi and OkCoin) will follow that decision.

Bitfinex must be next. They are like a cancer with their fake volumes and tether with their fake usd being used to pump BTC.

[aoluain]

The price already started to decrease since BTCC announcement. I believe we will be better off the Chinese exchanges and the market manipulations in long term but for now, I expect the price to decrease further and more exchanges (Huobi and OkCoin) will follow that decision.

Bitfinex must be next. They are like a cancer with their fake volumes and tether with their fake usd being used to pump BTC.

Could we actually be on the verge of a positive move by China to ban
shady exchanges? and in the process help the crypto community
and in turn affect the price of Bitcoin in a positive way when the panic
fades and all those realise that actually China is not going to ban ALL
their exchanges and no China is NOT going to ban Bitcoin.