China closes exchanges

[Razick]

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

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[Casdinyard]

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

Closing their exchange is like they pull out a thorn in our throat.
Look at the brighter side of this, as they closed their exchange the scam or fraud exchange in the market are lessen and traders can breathe easily like no more worrying if you got scam.
However, China is planning to create their own exchange that's why when bitcoin had dumped they bought as many as they can and surely taking profit afterwards.

[Compradora]

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

Closing their exchange is like they pull out a thorn in our throat.
Look at the brighter side of this, as they closed their exchange the scam or fraud exchange in the market are lessen and traders can breathe easily like no more worrying if you got scam.
However, China is planning to create their own exchange that's why when bitcoin had dumped they bought as many as they can and surely taking profit afterwards.

They are closing their own exchanges and this is damaging their people. This is interesting and first time I've ever seen that a country damages its citizens. Most of the chinese guys are in blockchain as we all know.

[krigger]

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

Closing their exchange is like they pull out a thorn in our throat.
Look at the brighter side of this, as they closed their exchange the scam or fraud exchange in the market are lessen and traders can breathe easily like no more worrying if you got scam.
However, China is planning to create their own exchange that's why when bitcoin had dumped they bought as many as they can and surely taking profit afterwards.

This would not surprise me in the slightest. I can see China opening their own exchange most certainly, a government regulated, data-collecting exchange to take all of the profits for themselves.

[Sled]

China closing their exchanges actually quite shocks me. At first I thought they were simply manipulating their currency as they do with their own fiat, but now I really am questioning their intentions.

Why at the height of Bitcoin growth (more popular now than it has ever been) would you close exchanges? China was a global leader in BTC and it now set to pass the torch to someone else thanks to a stupid political decision.

Closing their exchange is like they pull out a thorn in our throat.
Look at the brighter side of this, as they closed their exchange the scam or fraud exchange in the market are lessen and traders can breathe easily like no more worrying if you got scam.
However, China is planning to create their own exchange that's why when bitcoin had dumped they bought as many as they can and surely taking profit afterwards.

This would not surprise me in the slightest. I can see China opening their own exchange most certainly, a government regulated, data-collecting exchange to take all of the profits for themselves.

That is how the governments will regulate or control the cryptocurrencies. They might open their own exchange of cryptocurrencies where they can control anything, they can charge the fee that they want where they will also earn money from that. They will also want to see the information of the users so they will have a great point of view and there is no chance for the user to do bad things. It might seem a bad thing for us to be controlled by the government but overall, i can say that it is for good.

[Scallywag]

I think it is mostly that they want control of the exchanges , they want to know who has bitcoin and how much they have.

[mozillaspez]

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.

No one can banned bitcoin because it is decentralized and everybody know that but if it is about china and there are closing exchanges so you are right somewhere that they are closing fake and scam coins. So be avoid scam coins.

[electronicash]

or perhaps the government of china is tracking down who among their people are laundering in and out. USD getting into China are massive too knowing there are tons of US companies in there. maybe this is just part of a bigger plot apart from bringing the price down who knows.  the rich ones are very much lucky to have bought about a hundred btc by now.

[namko]

How come some Chinese exchanges are not closed? I saw that some like OKCoin.cn, BTCC and BTC38 are functional, but others like Yunbi and ViaBTC shut down? Will they shut down later this month?

[enhu]

How come some Chinese exchanges are not closed? I saw that some like OKCoin.cn, BTCC and BTC38 are functional, but others like Yunbi and ViaBTC shut down? Will they shut down later this month?

Well the only that will be closing are the pairs on the exchanges such as BTC/CNY, ETH/CNY and so on. Its not the exchanges themselves however it will crippled the market as most of the money comes from the their Yuan. Investors from China will have to buy USD first.

[South Park]

I sometimes wonder this news from China happen one time and go, but looks like news are periodically repeating themselves. So, it has an effect of Bitcoin price. Maybe the effect will be less and less at next schedule of repeating news.

The effects of these announcements are getting milder, the Chinese government thinks they are always going to be the most influential country but that is slowly changing and if they keep doing things like that then they are going to lose that spot very soon and I cannot wait for the day that happens and they give news such as the ones in the last weeks and the market does not move at all.

[BingoDog]

I think we have a lot of misunderstanding here. From my point of view the intention of China was not to close exchangers and ban the bitcoin but to regulate them. Exchangers will adjust and regulate their business and there is no reason for this to further affect bitcoin price, it's time for users to open up again and for price to recover.

[filharvey]

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

I think that hong kong exchanges stay totally out of china's regulations and they would continue to work as before.The new regulations and license are only for chinese exchanges out of which BTCC has voluntarily shut down few days before.very soon,we could expect that other exchanges like OKCoin,Huobi would apply for a license and then continue to function.But,i think that bitcoin trading will not be in huge volume here after in china as before.

[mrjoy15]

I think we have a lot of misunderstanding here. From my point of view the intention of China was not to close exchangers and ban the bitcoin but to regulate them. Exchangers will adjust and regulate their business and there is no reason for this to further affect bitcoin price, it's time for users to open up again and for price to recover.

Of course, there are spreading many FUD last couple of weeks. For now, ICO's will continue in China, but with more regulations so scammers don't steal citizens' wealth. But, it's true some big exchange were shut down, but I think they will come back again some different way.

[Elcapsono]

I think we have a lot of misunderstanding here. From my point of view the intention of China was not to close exchangers and ban the bitcoin but to regulate them. Exchangers will adjust and regulate their business and there is no reason for this to further affect bitcoin price, it's time for users to open up again and for price to recover.

Of course, there are spreading many FUD last couple of weeks. For now, ICO's will continue in China, but with more regulations so scammers don't steal citizens' wealth. But, it's true some big exchange were shut down, but I think they will come back again some different way.

It seems to me that I have already seen the news that the stock exchanges will not be closed. They will simply be required to obtain a license. I think that this will cause a rise in the price of bitcoin in the coming days

[South Park]

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 very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

[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.

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 very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

Those complaining are not in it for the long haul. They always complain and not looking for the future. As you mentioned ETH reach its peak around May if my memory serves me right and yet they are not still satisfied with it. Too greedy I guess.

Its a blessing in disguise for bitcoin as well. Now we are seeing a good price movement since the Chinese news came out, I agree that we are in the peak of making another ATH when the announcement came out and the timing was really bad. But I'm still positive that we can reach $5000 very soon or even more in the latter part of the year. So no complains for me.

[Gozie51]

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 very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

Those complaining are not in it for the long haul. They always complain and not looking for the future. As you mentioned ETH reach its peak around May if my memory serves me right and yet they are not still satisfied with it. Too greedy I guess.

Its a blessing in disguise for bitcoin as well. Now we are seeing a good price movement since the Chinese news came out, I agree that we are in the peak of making another ATH when the announcement came out and the timing was really bad. But I'm still positive that we can reach $5000 very soon or even more in the latter part of the year. So no complains for me.

It is actually the fact that after the news, we are now seeing a bullish movement on bitcoin. Investors are now resolved and focus as to their decision. We could withness a huge bullish movement and drop to 4k before the final bullish trend is formed.

[South Park]

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 very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

Those complaining are not in it for the long haul. They always complain and not looking for the future. As you mentioned ETH reach its peak around May if my memory serves me right and yet they are not still satisfied with it. Too greedy I guess.

Its a blessing in disguise for bitcoin as well. Now we are seeing a good price movement since the Chinese news came out, I agree that we are in the peak of making another ATH when the announcement came out and the timing was really bad. But I'm still positive that we can reach $5000 very soon or even more in the latter part of the year. So no complains for me.

I suppose that explains it, I’m in bitcoin for the long term, so I do not need all time highs every month, I buy as much bitcoin as I can afford monthly and let it there, I do not even look at the price when I’m buying I do not want to think about waiting to get a better price for my fiat since I know that a few dollars are not going to make the difference in the future.

[ged00u]

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 very short memory, I remember seeing people complaining that ETH is not moving up in price even if in this year we saw one of the greatest rallies for all altcoins and not only for Ethereum and they were complaining why it has not reached 500 yet, we cannot reach all time highs every day be calm and wait for the opportunity to present itself.

Those complaining are not in it for the long haul. They always complain and not looking for the future. As you mentioned ETH reach its peak around May if my memory serves me right and yet they are not still satisfied with it. Too greedy I guess.

Its a blessing in disguise for bitcoin as well. Now we are seeing a good price movement since the Chinese news came out, I agree that we are in the peak of making another ATH when the announcement came out and the timing was really bad. But I'm still positive that we can reach $5000 very soon or even more in the latter part of the year. So no complains for me.

I suppose that explains it, I’m in bitcoin for the long term, so I do not need all time highs every month, I buy as much bitcoin as I can afford monthly and let it there, I do not even look at the price when I’m buying I do not want to think about waiting to get a better price for my fiat since I know that a few dollar are not going to make the difference in the future.

I am the same person at you. I hold a lot of bitcoin without looking at the price. However, it is still better if we know whether the price is dumping or not so that we can sell bitcoin and rebuy it when it is at the bottem of the chart. That is why trading brings a lot of money to traders and investors. Buy when low and sell when high. Unfortunately, I do not have much time to do what I want and learn trading as well as look at the chart. THerefore, I just keep holding my bitcoin