China closes exchanges

[alfaruq]

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/

I think the fixed bitcoin price will continue to rise even though it closes the exchange. More and more countries will be interested in the existence of bitcoin, especially with the news of tantalizing media about bitcoin. when china is interested in returning about bitcoin and allowing the exchange back, imagine the price of bitcoin that will increase rapidly.

[gamalzour]

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

Holding is the best option at fall because if you will sell at fall you will bear a loss and there will be no negotiation of that whereas if you will hold at dump you will be able to secure enough and there is one thing more when there is fall in market buy coins and save them till the pump occurs and then sell them and you will get more than enough.

[South Park]

Long term this will be good news as it will force regulation into the Chinese market. Once it is legal again, the money will flood back into cryptocurrencies with the market cap heading towards $1 trillion. This is an amazing opportunity for many poorer people in the world to have access to an investment vehicle like this.

But now that China is keeping a closer look on exchanges then it is a lot less likely people are going to want to trader their money there, I think it is more likely they decide to use decentralized exchanges  and that is why I think those exchanges are going to be a great investment in the short term.

[KEPLER99]

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.

I think that if the Chinese government legalize and regularize bitcoin in their country then the value, market cap and price will jump accordingly. This is a very good opportunity for new and old investors to invest in bitcoin as much as they can, because in the near future due to the decision of china the price will grow more and the investors will earn a huge profit. The world will welcome that decision.

[Newtiy]

I don't believe that Chinese market will eventually be closed for crypto currency. I'm pretty sure one way or another investors from China will fin their way.

[bitgolden]

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.

I realize that the Chinese decision is for the time being and with the passage of time all will be ok again and the price of bitcoin will rise even more than 5000 dollars in the coming future. We will just have to wait for Chinese future steps about bitcoin.

I also realize that china have great impact on bitcoin because they hold a lot of bitcoin miners, although many people have started mining bitcoin in other parts of the world.

[pugman]

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/

China should be back with licensed exchanges, because they are the soul of bitcoin and crypto mining ,they play a very big role in cryptos and the Chinese people will find it easier to mine and get profits because of cheap labor and electricity cost. Russia wants to beat china in mining now. Chinese exchanges are a necessity to try crypto community and it would be better if China realizes before its too late.

[MoneyIsDebt]

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/

Soon or later, a country should regulate bitcoin an exchanges due to trading volume getting bigger as time goes on.
As long as government doesn't ban bitcoin and people could trade in exchnges, even though it was stated as illegal, not to be used as medium of payment, it doesn't matter. Actually, Chinese people still have 2 biggest exchanges to trade cryptocurrency until the end of October, so the cat still in the bag.

This is one of the oldest strategies of governments as long as a business remain small then they are not going to bother with you but once the business gets big enough then governments are going to begin to hit you with all kinds of taxes to try to get what they think it belongs to them.

Exactly china is the biggest market of the bitcoin and crypto currency right now and i think before 2 to 3 years they are just watching from outside and keeping it to flourish and not going to bother anyone who was into it at that time but now as it is established now they are taking steps to resolve the spam exchanges and as we seen their step against the ico's but somehow it is also good step for the development of crypto currency and bitcoin.

[jpoker272727]

I don't believe that Chinese market will eventually be closed for crypto currency. I'm pretty sure one way or another investors from China will fin their way.

Chinese are now in history of bitcoin, and all the things that Chinese have done they did wrong to themselves and they will suffer about their decision in future and they kicked development out from their region and no other country will do like that because everyone know about the importance of bitcoin and they don’t want to stop the caravan of profit and development.

[virtualkeybuyer]

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.

I realize that the Chinese decision is for the time being and with the passage of time all will be ok again and the price of bitcoin will rise even more than 5000 dollars in the coming future. We will just have to wait for Chinese future steps about bitcoin.

I also realize that china have great impact on bitcoin because they hold a lot of bitcoin miners, although many people have started mining bitcoin in other parts of the world.

China is becoming powerful and is excelling a lot in so many other fields as well. China knows the worth and importance of bitcoin in a very well manner. So this is just their own move in order to take control of bitcoin. Since china’s plan has flopped quite badly, so I think there is no other reason of banning the use of bitcoin in their country.

[rasyiqul1505]

"The Chinese government might have felt that their softly-softly approach earlier in the year was too light touched and might be looking to make a sterner reproach this time," said Charles Hayter, CEO of CryptoCompare, a digital currency comparison website. "Heads could roll in this one."
China's central bank did not immediately respond to a request for comment.

All of these only China's Drama for cheap bitcoin. After that good news come. >>> Quick MONEY

this is all set by chinese to keep the bitcoin price down, and they can buy bitcoin at a cheap price.

[FrueGreads]

China is becoming powerful and is excelling a lot in so many other fields as well. China knows the worth and importance of bitcoin in a very well manner. So this is just their own move in order to take control of bitcoin. Since china’s plan has flopped quite badly, so I think there is no other reason of banning the use of bitcoin in their country.

I don't really think their plan was to take control of bitcoin, or to buy bitcoin at a cheap price or any of those things. They're government is well known for it's tight control over things, and bans are common there. They've banned facebook, they've banned movies like Avatar, or even celebrities like Brad Pitt. These moves where just to control their population, and the ban on ICOs and exchanges is to keep control on what they value most, that is their money. They really don't want to allow their money to exit the country, and exchanges and ICOs where doing just that. If they find a way to regulate crypto, they will allow it, if they don't, then they will ban it.

The problem is that they are probably already realizing that bitcoin is different, and can't really be banned. If it could, they would have made it illegal already. That's why I think all this is temporary, and they will just regulate crypto. Not because they like it, but because they know that if they ban it all together, it will just be used underground, and it will be much harder for them to prevent money from leaving the country.

[Harlot]

This is good if they are planning making this exchanges to Re-Open again. It is a good step in order to having a legal running business that its citizens will be using. This exchanges will now require its members/users to identify themselves in order to verify their account so that they can use their services. If the Chinese government will make this step it would be a huge leap for us as the Chinese traders will be in action as well. Trading could be a little more profitable when that day comes.

[Genemind]

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/

Yes, we shouldn’t bother this news that much. China may have a large population, but not all people are using bitcoin, only some. So, it may afdect the economy of butcoin, but not that much.