BTC China closing down. End of bitcoin in China?

[Pidgeon]

Here is the news:
https://www.reuters.com/article/us-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-from-sept-30-idUSKCN1BP1J8

BTCChina, which also runs an international exchange out of Hong Kong, also said on its official microblog that it would stop registration of new users from Thursday.
China has boomed as a cryptocurrency trading venue in recent years as its domestic exchanges had previously allowed users to conduct trades for free, attracting investors and speculators who boosted demand.

So, is this the beginning of the end of the so called chinese boom ?

[Rinaze]

What will happen to those China major miners though? I wonder if they are the one dumping currently.

[MiBambino]

Here is the news:
https://www.reuters.com/article/us-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-from-sept-30-idUSKCN1BP1J8

BTCChina, which also runs an international exchange out of Hong Kong, also said on its official microblog that it would stop registration of new users from Thursday.
China has boomed as a cryptocurrency trading venue in recent years as its domestic exchanges had previously allowed users to conduct trades for free, attracting investors and speculators who boosted demand.

So, is this the beginning of the end of the so called chinese boom ?

I think we're in for a very long bear market. The Chinese can't stop cryptocurrency forever, but they can slow it down, and they will. The Chinese have never been fond of things they can't control. They do everything in their power to get the biggest piece of the pie they can possibly get, so if that means closing down their exchanges and banning ICO's, they will.

Looking at the future I'd say it looks really bright. Once the governments figure out how they can benefit from this market, they'll allow it again. I predict we'll end 2018 at a 250 billion dollar marketcap.

[dennyd999]

Miners and pools are not affected. BTCC pool will operate.

I think all drops priced-inn allready. I dont expect further drops if offcourse someone willing to shake the boat further.


Also when exchange will be closed localbitcoins in China will be the most popular choice. How big will be price there 5500$ for 1 BTC?

[Pidgeon]

What will happen to those China major miners though? I wonder if they are the one dumping currently.

They will try to sell coins in HK or in South Korea or in Japan.
If they don't get arrested and have their brains blown in a stadium.

[CryptonomyCapital]

I think these are temporary problems knitted with a lack of regulation.

[Carlsen]

They are closing on their own will. Not because they are shut down.
So I guess they will have a plan on how to proceed.
Reopening in anothere country, that is the step I expect them to do. Everything else would be a really big surprise.

[ivrynx]

What i see here is that the chinese government also wanted to have income from bitcoin transactions in china, they cannot regulate it, however they may need a fee, and that may be the key in their regulation, in my country we do have exchanges, but since we are not that advance in technology, we ignore them, since there are a lot of trusted exchanges in the internet, and it will be just the same as our local exchange. I think it might help them rrgulate, whenever they will buy bitcoin ut should be higher than the price and when selling, it is at the price of bitcoin, that is what is happening to us here, and we don't hear any banks nor the government saying that bitcoin is fraud, but just some personalities who are connected with the banks. I think if we also paid a percrlebtage to the government, like taxes, they would spare us hard times like this,  though it will loose the essence if bitcoin, i think it is not going to hurt that we only pay them when ee convert bitcoin to fiat, if we want to, since in the stock market, it is also like that, you pay them when you withdraw your shares. Hope china can fix this soon.

[BlackPanda]

Chinese government seems to have been very closed against bitcoin. they have openly rejected bitcoin to flourish in the country. I think this is a tough stance from this country with the largest population, we just wait for the next decision that will be made by the Chinese government. it will definitely affect how bitcoin evolves next.

[tranle789]

Chinese government seems to have been very closed against bitcoin. they have openly rejected bitcoin to flourish in the country. I think this is a tough stance from this country with the largest population, we just wait for the next decision that will be made by the Chinese government. it will definitely affect how bitcoin evolves next.

I think this is a temporary Chinese act because if this happens there will be a lot of opposition because China has the most influence in the cryptoucurency market. If the ban is not abolished then surely this market will. lost a lot of investors.

[cybersofts]

Chinese government seems to have been very closed against bitcoin. they have openly rejected bitcoin to flourish in the country. I think this is a tough stance from this country with the largest population, we just wait for the next decision that will be made by the Chinese government. it will definitely affect how bitcoin evolves next.

I think this is a temporary Chinese act because if this happens there will be a lot of opposition because China has the most influence in the cryptoucurency market. If the ban is not abolished then surely this market will. lost a lot of investors.

I think Chinese government is afraid it's economy is going fail someday because of the way how chinese people are investing their money on cryptocurrency. Well, bitcoin has no country whether china like it or not bitcoin will still survive with china or without. 

[Gaaara]

The main reason for it is that government wants to control each money that comes and out their country, business man there are somehow powerful but if they're not part of cryptocurrencies they will take any actions for it. They know that bitcoin has a good features but they want to make them themselves what I think is that governments and businessman will collaborate to create an system just like bitcoin.

[slaman29]

Closing for new registrants isn't the same thing as closing down. Perhaps this is what more exchanges should do when they are experiencing a flood of new users/customers. The issue could be a lack of capacity to manage and support a growing customer pool. Either way, this is just going to fuel the rumours, but the damage is already done. It could get worse, but not much more.

[mickp]

Closing for new registrants isn't the same thing as closing down. Perhaps this is what more exchanges should do when they are experiencing a flood of new users/customers. The issue could be a lack of capacity to manage and support a growing customer pool. Either way, this is just going to fuel the rumours, but the damage is already done. It could get worse, but not much more.

Why should a exchange stop doing business if they make a lot of money with it? I think all chinees exchanges will follow because the government don't allow it anymore.

[KuromaYoichi]

Closing for new registrants isn't the same thing as closing down. Perhaps this is what more exchanges should do when they are experiencing a flood of new users/customers. The issue could be a lack of capacity to manage and support a growing customer pool. Either way, this is just going to fuel the rumours, but the damage is already done. It could get worse, but not much more.

They close the registration for new user but they will also stop trading at 9/30. China government looks like they want to regulate crypto for good this time. Last time they freeze the withdrawal in some exchange but this time looks like it's a serious one. I wonder where the miner will sold their btc now.

[okissabam]

I think all of these are just temporary, sure bitcoins price now is down because of the news about China and the Chinese government. Because the government wants to regulate the usage of bitcoin in China that's why maybe the coins now are flooded with red flags, but I really think this will just subside and get back to its path back again.

[bartolo]

We need to wait for further explanation from BTCChina, will they close forever? Will they open again when the new regulations are set? Will they open again from another country?

[geegaw]

Chinese government seems to have been very closed against bitcoin. they have openly rejected bitcoin to flourish in the country. I think this is a tough stance from this country with the largest population, we just wait for the next decision that will be made by the Chinese government. it will definitely affect how bitcoin evolves next.

I think this is a temporary Chinese act because if this happens there will be a lot of opposition because China has the most influence in the cryptoucurency market. If the ban is not abolished then surely this market will. lost a lot of investors.

I think Chinese government is afraid it's economy is going fail someday because of the way how chinese people are investing their money on cryptocurrency. Well, bitcoin has no country whether china like it or not bitcoin will still survive with china or without.  

Yeah, China is a country that has a huge number of miners, they contribute a lot of tax money and help the economy of China developing more, and if China wants against Bitcoin, it would also mean they want to prevent the economic development of their country. Rebellion will occur, the Chinese government will be under tremendous pressure from the bitcoin users in their country, they will face two options, one is to cancel the ban, two is to resume the ban and face many problems will happen next when the market and social chaos, hopefully they will rethink the decision before the bad situation happens

[hous26]

I'm hearing that China is shutting down all exchanges in its country by September 30 but when I fact-check the source I only found an article that says BTCC exchange is voluntarily closing registrations.  What is actually going on?  Is my source just regurgitating fud? 

Either way I think this could be a very good buying point.  If you're in this for the long-run, don't change a thing.  Just hodl even if it dumps to $1,500 because it WILL eventually recover with a bang and you don't want to miss out.

[MostHigh]

sad enough this is having it toll on BTC prices already but i would want to believe there are so many good that can come out of this. I will rather be pissed if mining was banned in the Imperial nation. HOPE FOR THE BEST