China closes exchanges

[Hydrogen]

The subjective and arbitrary judgements of china's government may display shortcomings of socialism & some of the systemic weaknesses of having a centralized government make important decisions which affect the lives of millions of people around the world.

China's economy is certain to suffer as a result of btc exchanges closing. Just as china's economy suffers from extremely slow internet bandwidth brought about as a result of china's state based internet censorship program. China has 14 of the top 30 most polluted cities in the world as a result of poor guidelines regarding use of coal to generate electricity. Everyday it seems like china digs itself into a deeper hole as a result of state/government mismanagement, poor leadership and bad decision making.

[bitcoindusts]

I guess that is good news, the cat is out of the bag and no more rumors. China closes all exchanges based on the fact that they are operating without a formal license.

Which means there will be regulation and licenses coming soon, a good step forward.

https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

yeah that is a good thing about the action of Chinese government regarding these "hostile" action against exchanges that has no formal license.  I believe Chinese government is going big in Bitcoin this coming months, when all the unlicensed company that deal with bitcoin shutdown.  China will be trading with Clean Bitcoins.  Is not that great?

[Sled]

I guess that is good news, the cat is out of the bag and no more rumors. China closes all exchanges based on the fact that they are operating without a formal license.

Which means there will be regulation and licenses coming soon, a good step forward.

https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

yeah that is a good thing about the action of Chinese government regarding these "hostile" action against exchanges that has no formal license.  I believe Chinese government is going big in Bitcoin this coming months, when all the unlicensed company that deal with bitcoin shutdown.  China will be trading with Clean Bitcoins.  Is not that great?

There are a lot of articles in the internet that says chinese government are banning bitcoin and all the exchanges of bitcoin and that is not a great idea because if they are about to do that then there will be no demand coming from their country and that will affect the price of bitcoin a lot but we cannot do anything about it.

[Jose Mourinho]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

[AtheistAKASaneBrain]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

Dude you should stick to football. It has been confirmed alreay that they will close the exchanges on september 30th, the negative news are already priced within the last dip we saw, now the only way is up. We are recovering and we are only $200 dollars alway from bitcoin hitting $4000, and once we get past that, we will get an ATH short thereafter.

There are trillions of dollars out there outside china, stop worrying.

[Kemarit]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

Dude you should stick to football. It has been confirmed alreay that they will close the exchanges on september 30th, the negative news are already priced within the last dip we saw, now the only way is up. We are recovering and we are only $200 dollars alway from bitcoin hitting $4000, and once we get past that, we will get an ATH short thereafter.

There are trillions of dollars out there outside china, stop worrying.

I initially thought that we still have the China hang over and Chinese local exchanges closing its door on the end of the month will put bitcoin down again. Luckily I was wrong. Yeah, quite surprise that the price goes up to $3800 already and making a return to $4000 which is the new mental barrier because last time we touch it, there was a price correction. I guess we really move forward and totally forgot about them. Its still one week though, so expect the unexpected. But I have a feeling that the more we get closer to the date, the more bitcoin will go up and may see a massive bull run.

[nl247]

China believes if they want to operate, they should operate with a regular license. They are obviously trying to find a way where the exchanges and trading activities of cryptocurrency can align with their monetary policies. This obviously will not stop anything eventually. Anyone who wants to do any business related to cryptocurrency should just get a license and that is all. If you don't want to get a license then find somewhere else to do your stuff but not in out country. Simple as ABC.

[thebanker28]

I think many people in China were getting conned. The Chinese government are doing what they see as a service to protect their people in a market that can be scary for most people.

[Proton2233]

I think many people in China were getting conned. The Chinese government are doing what they see as a service to protect their people in a market that can be scary for most people.

It seems to me that you are naive. Do you believe that the Chinese government is interested in the fate of the Chinese? Lol. They only care about what you do not want to lose taxes. In addition, the Chinese have a lot of dollars. What are they going to do if people will move to bitcoin.

[1Referee]

Do you believe that the Chinese government is interested in the fate of the Chinese? Lol. They only care about what you do not want to lose taxes. In addition, the Chinese have a lot of dollars. What are they going to do if people will move to bitcoin.

Exactly that. They don't give a single damn about what people think. The Chinese governments worries too much about the power and freedom people gain by using Bitcoin or basically any other crypto currency. Bitcoin is an ultimate tool to store wealth outside the banking and governmental system, and this is something the governments obviously don't like. People there are supposed to operate and move within the laws of the Chinese government, and everything that differs from that, will get eliminated by using the ban hammer. People however must understand that Chinese exchanges aren't banned, Bitcoin isn't banned, and whatever other crypto isn't banned - some people think that the latest regulations are a total ban, which isn't the case.

[ss890]

Bitcoin survived without China at a relatively high level and I personally don't care what a single country does in regards to bitcoin.


I think most people already forgot that bitcoin was at $1,000 in April and there is no reason to cry only because it's now at $3,700.

That's the point. Just because one country shuts itself down from using the most famous blockchain technology doesn't mean that tech will collapse. It's looscof china who will come to know the value later on. The price is dependent on the big investments that is agreed completely but investors are everywhere in the world and they will keep working on it normally and will boost he market pretty soon. Who cares if one country is out of the race. There is still big platform for bitcoin which we have to experience.

[Fidemoga]

The exchangers in China, who closed their services simply have to get licences and then may continue their services also in China, I guess. It is probably to avoid scam coins and cheating services. So I don't see a ban to Bitcoin.

[haroldtee]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

Dude you should stick to football. It has been confirmed alreay that they will close the exchanges on september 30th, the negative news are already priced within the last dip we saw, now the only way is up. We are recovering and we are only $200 dollars alway from bitcoin hitting $4000, and once we get past that, we will get an ATH short thereafter.

There are trillions of dollars out there outside china, stop worrying.

he should really stick to football. I really do not know why people have been scared with this whole china news and why they keep creating unnecessary relevance around it. Even if they wanna be out totally, there is no problem about that. Any one following the news and market will understand that there is nothing to worry about cause the value is definitely going to bounce back even better. China is nothing compared to the whole world entirely.

[Hamphser]

Bitcoin survived without China at a relatively high level and I personally don't care what a single country does in regards to bitcoin.

I think most people already forgot that bitcoin was at $1,000 in April and there is no reason to cry only because it's now at $3,700.

They would surely bother and would mind and cry for those people who did bought on the price of 4500-4900 since you would really feel the thrill and panic when you do see the price had gone down.Its easy to say like that but for those investors who put huge money on those peak prices will surely be worried.We dont like to go back on those prices on previous months or previous year.This is why we dont like to see the price going back again but same as you said we should see that we are still on 3700 and not completely going back on the prices just like before.

[Rinder]

Well if the measures being taken from China are connected into the legalization and a real license i do understand and support such behaviour, since crypto does need safety places to be traded like people does trade over stock market. One thing is sure, the China has big influence over crypto since big miners are located there and there is a big interest from there as well, last days were a nightmare to handle with rumours, now knowing this will really happen and possible in the future exchanges will be reopend and legalized does make me feel more safety as trader.

[Fidemoga]

Well if the measures being taken from China are connected into the legalization and a real license i do understand and support such behaviour, since crypto does need safety places to be traded like people does trade over stock market. One thing is sure, the China has big influence over crypto since big miners are located there and there is a big interest from there as well, last days were a nightmare to handle with rumours, now knowing this will really happen and possible in the future exchanges will be reopend and legalized does make me feel more safety as trader.

The medal of legalization has two sides. The one is, that customers can feel more secure, the other side is, that we loose our freedom and privacy against financial systems.

[_Dawid_]

Yes!
Great news at the end of the day(rainy by the way)...
Currently China closes all exchanges without license, what means that next exchanges(the same copmanies but with licenses or brand new) will bring new quality into market and as a consequence more faith(investorns).

[greeklogos]

I am afraid to suppose how much this license is going to cost. Only strong and trustworthy exchangers are going to allow themselves to work. That the first step to bitcoin regulation and all crypto-currencies in general. I think other countries will follow this example soon.

[eaLiTy]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

What do you consider a disaster ,the price drop after an increase of over 300% in the last few months  expect these sort of movements in the market and especially in the crypto currency market as a single news could move the market in either directions,China closed its doors for exchanges to regulate them and i think it is for the better as we wont see any more manipulation with volumes from their exchanges.

[GreenBits]

This is the worst disaster for bitcoin, when the price is skyrocketing but china confirm will close the exchanges of course have big impact so the price is hard to reach $ 5000, hope this soon finish.

What do you consider a disaster ,the price drop after an increase of over 300% in the last few months  expect these sort of movements in the market and especially in the crypto currency market as a single news could move the market in either directions,China closed its doors for exchanges to regulate them and i think it is for the better as we wont see any more manipulation with volumes from their exchanges.

people have been tripping about this minor retraction in the face of triple digit gains  there is no end to the enthusiasm here. but folks will learn when we have a real and serious correction, which shouldnt be too far out.

it seems like people are intentionally being dense about this. language matters people, and China isnt 'banning' a damned thing. the worst case scenario is an extended pause; they are simply putting the markets on ice until everyone comes into compliance. i dont know which objection came first, the reaction to the ico craze or the reaction to the surge in bitcoin price (coincidence my ass, every time we approach ath levels, we get a Chinese rumor that brings shit down a bit.

we have been here before, people. hold the damned coins and continue on as normal. and stop making this fud-ish assed threads, you would be surprised how many people use this board as gospel.

just say no to fud.