China closes exchanges

[MadMac]

It needs regulation, America is not the frontrunner here, too much banksters at stake. But look for instance at Singapore, they have done that years ago. Hongkong not so much, but that again is China. Also Germany took a proactive approach and those Swiss mountaineers . If China gets it right now, they gain a huge advantage.

[googs84]

Yes it's good news for the rest world because there will be no fluctuation in the market anymore and we can just grab huge volume in the rest time. They used to be bad guys in this movie, no offence by the way but that was reality. They did the manipulation to bitcoin many times which we have witnessed in the past. At least there won't be anything like that happening real time sooner or later.

[Gozie51]

Yes it's good news for the rest world because there will be no fluctuation in the market anymore and we can just grab huge volume in the rest time. They used to be bad guys in this movie, no offence by the way but that was reality. They did the manipulation to bitcoin many times which we have witnessed in the past. At least there won't be anything like that happening real time sooner or later.

Licensing I think has its advantages and disadvantages, it will off lead to monitoring which might be good people in the business genuinely and not to manipulate. Also, on the other hand , it will emerge new era for bitcoin business and cryptos which might either be good or negative, maybe leading us to what we know of paper money.

[Mometaskers]

Hopefull they get through all this drama quickly. They're dragging down the rest of us while they feast on cheap coins from the exchanges they are closing.

Is there any possible impact on Hong Kong exchanges, Bitfinex eventually?

Hong Kong-based exchanges operate out of Mainland China's laws and jurisdiction so no, they aren't affected of any sanctions and regulations imposed by PBoC or the government itself.

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/

Scary thing is that the government might put up its own exchange to profit even more than what the previous exchanges did, or the Chinese traders would move to other exchanges (e.g. Japan or Hong Kong) to stay out of China's strict stance about trading. China is not out of the picture, but their exchanges are.

Good riddance then. I just feel sad for the people who have money in those exchanges though. Would their money just disappear into thin air or would they be given a chance to take em out (albeit, at a lower price)?

[SushGo]

Scary thing is that the government might put up its own exchange to profit even more than what the previous exchanges did, or the Chinese traders would move to other exchanges (e.g. Japan or Hong Kong) to stay out of China's strict stance about trading. China is not out of the picture, but their exchanges are.

I think Chinese government will not take such steps. As per me, chinese government will come up with some strict rules and regulations regarding business related to cryptocurrency. To stay away from this heat, china based investors could shift their strategies towards the other countries trading platform.

[Granxis]

I think the closing companies were working as Legal, and as a result of these prohibitions illegal formations will increase, so illegal companies will come out instead of loyal companies.

[Lubang Bawah]

No problem, this will only have a small and temporary impact, the bitcoin community is global, very powerful and independent of a country's users including china. please closes the exchange in china. 

[inanilujimi]

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/

this is very good news
I hope nothing else or anything can affect the bitcoin in the future.

[doujuan612]

They close the exchanges every year, perhapes the govement want to create an officail one.

[Sir Paijoe]

I think this is a tremendous event and makes all the shake. we all know that the largest bitcoin user is china, may chinese users find other countries and start doing bitcoin business in other countries.

[thanhnc46947]

China closes exchanges will effect to market in short time due china hold 23% coin market. But in long time market will rehabilitate for CryptoCurrency is trend of future

[nicster551]

I think this is a tremendous event and makes all the shake. we all know that the largest bitcoin user is china, may chinese users find other countries and start doing bitcoin business in other countries.

Yes I agree with you that the Chinese investors of bitcoin maybe find another countries that accepting bitcoin as a legal payment because they don't want to stop their business because they seek an opportunity in bitcoin on which it become more valuable as the years past.

[jvdp]

I think this is a tremendous event and makes all the shake. we all know that the largest bitcoin user is china, may chinese users find other countries and start doing bitcoin business in other countries.

No yaar.Now many news are come like,China accepted the bitcoin transaction. So only the price of bitcoin again start to raise.So you can start to inverse your money in bitcoin .You will become millionaire or billionaire one day.Their is no doubt in that.If you want to rich you can choose bitcoin.

[Pursuer]

it is all about more regulations and making things more legal regarding these big exchanges that are in fact dealing with large sums of money. money or fiat that needs to always follow the regulation rules and also always needs to be in the hands of licensed businesses not the unlicensed and illegal ones.

the funny thing is that Chinese government has been transparent about it from the start and they even said the OTC trading of bitcoin and other cryptocurrencies is perfectly fine but they can not allow these unlicensed exchanges to go on working.

[HARRYscotter]

 this is fake news to make bitcoin price down and then buying more bitcoins

[cakravothy]

i think only yuan market can close
because okcoin international not domain cn, still open but use USD market not yuan market
and bitfinex in hongkong office(china land) not problem too,

and ready release statement only yuan market https://www.coindesk.com/huobi-okcoin-stop-yuan-bitcoin-trading-octobers-end/

[BarbieCasino]

Well this is absolutely a good news for cryptocurrency! For days we've been haunted by the FUD that Bitcoin is going to be banned in China and massive price drops and finally someone has shed some light upon us  . Bitcoin is going to jump in price thanks to this, and Bitcoin is going to even grow stronger if China is regulating it to be fully legal.

Yes a lot of people suffered from loss because of selling their bitcoin because they were thinking about that the bitcoin is not going to be able in china again, it is the mistake that mostly people use to do that they become impatient and they start to sell bitcoin even at the very low price so! See now the price will rise again and they will be repent in the future for selling their bitcoin at low price.

[SiNeReiNZzz]

Yes it's good news for the rest world because there will be no fluctuation in the market anymore and we can just grab huge volume in the rest time. They used to be bad guys in this movie, no offence by the way but that was reality. They did the manipulation to bitcoin many times which we have witnessed in the past. At least there won't be anything like that happening real time sooner or later.

Licensing I think has its advantages and disadvantages, it will off lead to monitoring which might be good people in the business genuinely and not to manipulate. Also, on the other hand , it will emerge new era for bitcoin business and cryptos which might either be good or negative, maybe leading us to what we know of paper money.

I think so too. I know there will be sprouting businesses related to bitcoin in the next months or years maybe, they have seem to saw an opportunity and does took advantage to it. Also it is good to hear but sadly for the chinese investors but we still not know that yet, and we cannot predict what will happen.

[Razick]

Yes it's good news for the rest world because there will be no fluctuation in the market anymore and we can just grab huge volume in the rest time. They used to be bad guys in this movie, no offence by the way but that was reality. They did the manipulation to bitcoin many times which we have witnessed in the past. At least there won't be anything like that happening real time sooner or later.

Licensing I think has its advantages and disadvantages, it will off lead to monitoring which might be good people in the business genuinely and not to manipulate. Also, on the other hand , it will emerge new era for bitcoin business and cryptos which might either be good or negative, maybe leading us to what we know of paper money.

I think so too. I know there will be sprouting businesses related to bitcoin in the next months or years maybe, they have seem to saw an opportunity and does took advantage to it. Also it is good to hear but sadly for the chinese investors but we still not know that yet, and we cannot predict what will happen.

Actually, the "sprouting businesses" as you say is happening right now. There is a huge bubble with ICOs, Bitcoin and crypto in general. Just wait a few months and you will see. Nothing rises forever. Not stocks, not gold, not Bitcoin. it just can't continue happening. At some point, something has got to give. And then there will be blood.

[redsun114]

I think this is a tremendous event and makes all the shake. we all know that the largest bitcoin user is china, may chinese users find other countries and start doing bitcoin business in other countries.

Yes I agree with you that the Chinese investors of bitcoin maybe find another countries that accepting bitcoin as a legal payment because they don't want to stop their business because they seek an opportunity in bitcoin on which it become more valuable as the years past.

This is the reason why China is banning exchanges because at present they are making the largest portion of bitcoins market rather the whole industry of crypto currencies. China is at present the biggest stake holder of the crypto market and this action has made her more valuable for the survival of crypto market.