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Author Topic: 4th LARGEST chinese bitcoin exchange, FXBTC Chinese announces CLOSURE by May 10  (Read 2087 times)
yomofo
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May 02, 2014, 02:30:47 PM
 #1

https://www.fxbtc.com/news?id=4

google translated:

Quote
we finally decided stop operating FXBTC, in order to facilitate the user to cash, we will open the site to May 10, 2014, please the majority of users in the May 10 withdrawals as soon as possible, then we will close the site, FXBTC team thank customers for long-term support again! FXBTC Team 2014-05-02


http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

Quote
FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

FXBTC said that long-term financial losses stemming from what it termed a “blockade” by the PBOC resulted in the management team deciding to end the service.

According to a translated statement from CryptoCoinsNews, the management team was unable to envision a successful future due to growing negative pressure from the PBOC.

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Biodom
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May 02, 2014, 02:35:12 PM
 #2

and why anybody gives it a second thought?
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May 02, 2014, 02:40:16 PM
 #3

Shouldn't these posts be in the press section?

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May 02, 2014, 02:42:53 PM
 #4

China...pfffff...nobody cares  Kiss

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y3804
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May 02, 2014, 03:30:09 PM
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Good find. I thought they stopped operating a while ago. Apparently not
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May 02, 2014, 04:07:25 PM
 #6

FUD
RockHound
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May 02, 2014, 06:38:36 PM
 #7

FUD

Here's Coindesk's interp:

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/
Krabby
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May 02, 2014, 06:43:25 PM
 #8

China...pfffff...nobody cares  Kiss

Sadly the market still does...

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May 02, 2014, 06:46:57 PM
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It was just a bit of sarcasm. It is actually funny to read the comments on the coindesk article and get a feel for what the general emotion is about the PBOC bans. Those comments are a clear indication of the fact that China bans are not yet calculated into the current bitcoin price.
bitcoinsrus
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May 02, 2014, 08:00:18 PM
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It was just a bit of sarcasm. It is actually funny to read the comments on the coindesk article and get a feel for what the general emotion is about the PBOC bans. Those comments are a clear indication of the fact that China bans are not yet calculated into the current bitcoin price.

That umi in the comment section (coindesk article) is trolling everybody lol
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May 02, 2014, 08:16:27 PM
 #11

So is the fake chinese-wannabe who is saying he will hold on to 50 BTC for his life, so others should be like him too  Grin


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leopard2
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May 02, 2014, 09:44:52 PM
 #12

I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge?  Huh

Nulla poena sine lege, not in China or what?  Angry

Truth is the new hatespeech.
YipYip
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May 02, 2014, 10:25:09 PM
 #13

Great news hopefully my special fried chikun orders wont be late anymore

OBJECT NOT FOUND
Wandererfromthenorth
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May 02, 2014, 11:42:41 PM
 #14

China...pfffff...nobody cares  Kiss

Sadly the market still does...
not much anymore apparently. The news is pretty serious stuff, and price only dropped $10... and still in a short term uptrend from last monday.

We are not reacting to china news like before, that's a fact. my take is that eventually people will stop giving a flying fuck.
Big money from the west can easily replace china, which is obviously gonna find loopholes to still be in the game anyway.
Ibian
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May 02, 2014, 11:45:29 PM
 #15

Kick the boy in the teeth and feed him to his wolf.

There is no bubble.
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May 03, 2014, 02:00:17 AM
 #16

I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge?  Huh

Nulla poena sine lege, not in China or what?  Angry

In China, onlY the communist party matters. Lawmakers, media, PBOC and courts are all sock puppet of the communist party

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May 03, 2014, 02:22:45 AM
 #17

Gosh, oh gee wiz, this May 10th date seems really REALLY important you guyzzzzz!!?!?!?!  Because China, guyzzz?

It can't possibly be because the China banks want to spread more FUD ahead of the Global Bitcoin Summit 2014 conference in Beijing on May 10th - 11th?  To try to disrupt that event and sway the Chinese even further against bitcoin?  Naw, nothing at all to do with that, huh?  Nope, not at all.

http://www.globalbtcsummit.com/en/

 Roll Eyes
DustyRah
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May 03, 2014, 02:50:56 AM
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I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge?  Huh

Nulla poena sine lege, not in China or what?  Angry

Dude its a totalitarian commi country...everything including that PBOC crap belongs to the government.

I HOPE BTC IS FULLY BANNED IN CHINA so we can move on with our lives without these commies screwing around like bitches!
Sawadekub
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May 03, 2014, 03:12:47 AM
 #19

fuck u yomofo = your a mutha fooker haha haha.. shorting btcs? just minor drop +-10usd.. hahaha
JorgeStolfi
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May 03, 2014, 04:57:22 AM
 #20

PBOC is not a lawmaker and not a court.
Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge? 
I woud think that the PBoC has the legal power to issue such orders to the banks.  In the US it may be the Federal Reserve Bank ("the Fed") and/or the Securities and Exchanges Comission (SEC) have some such powers, I don't know.  Here in Brazil the Central Bank has substantial regulatory powers over the banks, by law.

The Exchanges could try to challenge the PBoC orders, but I doubt that they would have a leg to stand on.

Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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