Btcc and ViaBtC closed.

[alyssa85]

I wonder if all their users were able to withdraw everything without problems?

A few weeks back there was a rumour that they were operating a fractional reserve and wouldn't be able to pay everyone. Any Chinese users here who can confirm whether everyone got their money out?

[1714835586]

1714835586

[Rahar02]

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

People are dying to get a piece in bitcoin, and demand is soaring. Markets have also matured since they now know that closure of exchanges in one country doesn't really affect anything.

$4315 right now, bitcoin slowly recovering to $5000 on October I guess, even though Viabtc and BTCC closed but Chinese people still have OKCoin and Huobi to trade cryptocurrency, even bitcoin price reach $4345 on OKCoin right now.
Let China government crack down exchanges and check all they want about it, give them few months just like in the early of this year, and then they may come back with some licensed exchanges in the next year.

[PokerDiceMan]

viabtc and btcc closed not big effect to bitcoin price
this now bitcoin price still trend up
but next time before end year or maybe hardfork bitcoin price can down

[RoommateAgreement]

I wonder if all their users were able to withdraw everything without problems?

A few weeks back there was a rumour that they were operating a fractional reserve and wouldn't be able to pay everyone. Any Chinese users here who can confirm whether everyone got their money out?

i have not heard any issues with BTCC, they even announced it a long time ago and gave enough time to their users to withdraw and people have been doing fine so far.
as for ViaBtc, they didn't have that many users anyways. it was a useless exchange which was created just to promote bitcoin cash and bitcoin unlimited and had those listed. nobody traded anything else there.

[moopser]

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

Exactly this is what's circulating on my mind about those exchanges that just recently closed. News says, that these decisions that are being stated by the PBoC are just temporary until they made rules before they will distribute license to those exchange that will file their interest of operation again. I like on how the market reacts, as we did saw the reaction before and now there's no more dips happening.

Even if no licensing for crypto trading will be implemented exchanges can be re-registered under different jurisdiction and be fully operable.
The issue that I see for both cases - clients and liquidity.
The longer they will be off the harder things will go.

But now BTC seems to be holding positions and no dips expected. China issue left behind.

[1Referee]

viabtc and btcc closed not big effect to bitcoin price
this now bitcoin price still trend up
but next time before end year or maybe hardfork bitcoin price can down

It doesn't affect the market because it was announced quite a while ago already, so there are no surprises here. Another thing that possibly plays a role of importance is that people in China are now using their fiat to buy up what they can instead of withdrawing fiat, which might explain why the market is heading up. Another thing is that people might slowly start buying themselves into Bitcoin due to the *potentially* upcoming Bitcoin Gold chain split. In that regard, I wouldn't focus too much on how the price is going up now, especially when you take the hard fork in November into consideration. It's mind boggling how certain entities are playing a game with Bitcoin for their own financial gain...

[BitcoinNewsMagazine]

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

Do you have the link of that? Where they would be located, Hong Kong?

See this link.

[kolesozw]

They are close but there are rumors again that they would re-open then when there are proper regulations for the exchanges. Rumor has it that they only did it because of the incoming conference so they need to act on the exchanges that they view as a threat to their financial institutions. They suspend trading but mining is still on-going. Maybe this is a good way then so that the government of China will not be able to spread FUD again in the future causing the price of bitcoin to have a drastic fall in price.

Yeah, from what I read around, they will open again in 30-60 days under new Chinese regulation rules. It's sad that they closed but it's not a big deal. I mean, if people start to use exchanges like exchanges only and not online wallets, safe's and so on, it will not have such big impact.

[leopard2]

Today is the deadline for all Chinese exchanges to close and liquidate everything. I'm kinda wondering whether PBoC would loosen its grip in regards to exchanges and bitcoin in general. I see that they're concerned about the recent surge of ICOs that could potentially burn many people and their money but banning bitcoin exchanges because of this is completely far-off.

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

PBoc is accumulating cheap coinz, when done they will re-open exchanges with extra regulation of course.

In the meantime volume on localbitcoins is surging...always remember there are no legal exchanges for narcotics, but they are heavily traded anyways...  

Ah, and remember when Top Criminal Roosevelt "banned" Gold? It was one of the biggest scams in human history, really, to get cheap gold from innocent people. Even Hitler did not ban gold outright.

This is all about scamming people, keeping the scam ponzi alive they call "fiat money" and the 2017 BTC ban is just Roosevelt Gold scam reloaded. 

[terrific]

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

Exactly this is what's circulating on my mind about those exchanges that just recently closed. News says, that these decisions that are being stated by the PBoC are just temporary until they made rules before they will distribute license to those exchange that will file their interest of operation again. I like on how the market reacts, as we did saw the reaction before and now there's no more dips happening.

Even if no licensing for crypto trading will be implemented exchanges can be re-registered under different jurisdiction and be fully operable.
The issue that I see for both cases - clients and liquidity.
The longer they will be off the harder things will go.

But now BTC seems to be holding positions and no dips expected. China issue left behind.

And that's the case there will be no under that "different" jurisdiction and that's why PBoc has forced to close those exchanges. And they are starting to make their own rules and regulations where they can get enough attention and can regulate the transactions that are coming from their local exchanges since they can't control it. I did noticed that either, the price is increasing after the closure.

[LFC_Bitcoin]

China will relax their ruling & unban bitcoin imo. They will just impose higher taxes on those companies for dealing with bitcoin. I can't see how a government will want to miss out on more money by tax.

[bL4nkcode]

This is a bad news for some people and to the community but some people are happy especially to those anti-BCH since this platorrm supports BCH
Look the replies https://twitter.com/ViaBTC/status/914033593071976448

But this news doesn't affect the price after all. Bitcoin reach 4400 again after this closing and the banning in SoKor.

[player514]

China will relax their ruling & unban bitcoin imo. They will just impose higher taxes on those companies for dealing with bitcoin. I can't see how a government will want to miss out on more money by tax.

I don't think they'll be doing that any time soon. They want the control over bitcoin for now. Perhaps in the future (maybe like a few years). But you are definitely correct about the government wanting the tax on cash.

[doublebit21]

thats a biggest bad news, but im not sure people in china will stop to invest at bitcoin

This sudden decision is made after the exchange denied they were closing down on September 10th, telling trustnodes at the time. That appears to have changed. The reason remains unclear at this stage. The September 4th notice concerns ICOs as far as we are aware. There are rumors of a new notice which suggests China is to ban crypto exchanges. However, some clarification appears to be developing which suggests they will only require a more strict licensing regime, rather than closing them down. But, in the transition process they might have to close. A step which BTCC has now taken.

[steveabrahams]

Oh well, viabtc is my favourite site though. Btw is this txaccelerator https://pool.viabtc.com/tools/txaccelerator/ is the same site with viabtc site ? Because I still can access it right now. Thank god the price of bitcoin is not affected by that news, I think people already move one about that bad news from China.

[cafucafucafu]

Oh well, viabtc is my favourite site though. Btw is this txaccelerator https://pool.viabtc.com/tools/txaccelerator/ is the same site with viabtc site ? Because I still can access it right now. Thank god the price of bitcoin is not affected by that news, I think people already move one about that bad news from China.

They only closed their exchange service, their mining operation is still functional and since that accelerator is based on their mining pool, it remains to be functional and relatively unaffected.

Price of bitcoin actually rose significantly, despite these exchanges shutting down. I feel like this is a great indication of how strong a bull market we are currently in, and this is the reason why i think that by the end of the month we could potentially see $5k levels.

[Eric Cartman]

Where will we accelerate your transactions now

[DeltaX]

This is a bad news for some people and to the community but some people are happy especially to those anti-BCH since this platorrm supports BCH
Look the replies https://twitter.com/ViaBTC/status/914033593071976448

But this news doesn't affect the price after all. Bitcoin reach 4400 again after this closing and the banning in SoKor.

Glad to see tha shady exchange site such as viabtc exchange site already closed its service. I hope via will never try to open their service again.
Because via btc gives nothing for us rather than useful thing.

[magneto]

I wonder if all their users were able to withdraw everything without problems?

A few weeks back there was a rumour that they were operating a fractional reserve and wouldn't be able to pay everyone. Any Chinese users here who can confirm whether everyone got their money out?

So far i don't think that anyone has issues getting their money out. At least the Chinese bitcoiners that i know all got their balances out and there hasn't been anyone going round complaining on the forum either.

This news has hit bitcoin much less than i would have thought it would.

Price has barely dropped when the news first came out, and now around 3 days later, price is skyrocketing. I think it'll continue to rise in the next few days.

[Wevariant]

I wonder if all their users were able to withdraw everything without problems?

A few weeks back there was a rumour that they were operating a fractional reserve and wouldn't be able to pay everyone. Any Chinese users here who can confirm whether everyone got their money out?

For the time being, they are able to withdraw. But they have to be quick. The exchanges might not have enough reserve.