13 Japanese exchanges agree to suspend bitcoin service on Aug. 1

Wall tao

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Quote from: senin on July 22, 2017, 06:45:36 PM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Undoubtedly, the Japanese act wisely, declaring the suspension of trading operations with bitcoins on the exchanges. Better just in case, to be safe, otherwise you can make a lot of mistakes. We all hope that, as on this day, and later nothing serious with bitcoin will happen. But still...

Yes, I think that's reasonable. Bitcoin changed dramatically on August 1, stopping trading to prevent huge losses

cpfreeplz

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Quote from: senin on July 22, 2017, 06:45:36 PM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Undoubtedly, the Japanese act wisely, declaring the suspension of trading operations with bitcoins on the exchanges. Better just in case, to be safe, otherwise you can make a lot of mistakes. We all hope that, as on this day, and later nothing serious with bitcoin will happen. But still...

Ok but I thought that we already steered clear from a hark fork so what's the point of suspension of trades if there's not going to be a hard fork at all??

iram1011

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What better you expect from an exchange? This is indeed a good step by exchanges for safeguarding their users from possible chain split. It is already advisable to not withdraw Bitcoin this week. They are just taking an extra precaution.

deadsilent

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Quote from: affandi on July 20, 2017, 09:04:46 AM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

If it really happened, what's the worst consequence that japan will face? Whether to damage the Japanese economy ??
Is not this japan now accept bitcoin as legal currency?

Hey, relax. Calm your tits. Just because they're gonna supend their bitcoin service, they are going to ban bitcoin. I think it's because of technical issues. Using bitcoin or sending/receiving bitcoin on that particular day and time is risky. Other exchangers are released also notices about that date because the using bitcoin that time might cause problems because fork is taking place. So relax mate. It's for the safety of their users. Im just curious about what's gonna happen to bitcoin. Is it going to split into 2? Or more?

jerowacik

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Quote from: Barcode_ on July 22, 2017, 09:37:55 PM

That is a very great idea to suspend bitcoin service on 1st August, because it is hard to predict what will happen to the chain when the fork is undergoing, I think no one will want to take responsibility for the loss of customer bitcoins should a split chain happen, so it is better to remind and warn their customers on what is going to happen on 1st August.

I agree with you. This is the safest way to make bitcoins on each exchange maintained. Until finally after 1 August then the service will reopen normally. We hope everything will be much better than it is today.

Barcode_

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That is a very great idea to suspend bitcoin service on 1st August, because it is hard to predict what will happen to the chain when the fork is undergoing, I think no one will want to take responsibility for the loss of customer bitcoins should a split chain happen, so it is better to remind and warn their customers on what is going to happen on 1st August.

lonelygrimm

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almost all exchanges will suspend bitcoin deposit/withdraw for few hours even days, i think that's the only choice for them to avoid Unpredictable situation even we know segwit2x is definitely happen, this is cryptocurrency world mate, anything could be happen Embarrassed

LodisMcguire

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Not only japan exchanger,i think all exchanger will stop their transaction service when the fork happen
It just a counter measure for problem that might arise like lose funds,double spend,etc

radamiel

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I think not only in japan, many exchanges around the world will stop bitcoin transactions on August 1st, they are waiting for the decision and the information will be split bitcoin happened or not, that decision I think is very reasonable considering the subject of this issue is bitcoin

dihari

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Quote from: shinratensei_ on July 22, 2017, 07:23:18 PM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

But to complete my curiosity that will bitcoin get split in the future? You guys said that from the article about the possibility of the bitcoin split in the future. But the major voters are voting BIP91 to avoid the chain split.
Not only in the japanese exchange but in my local exchange already planned to close its service until the fork will have finished.

True. It's not only in Japanese exchanges, the global exchanges are determined to suspend bitcoin transaction on that date for around 12 hours. But even the major voters looks more inclined to refuse the chain split, everythings will be possible. And this suspend transaction would be like quarantine asset protection.

shinratensei_

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Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

But to complete my curiosity that will bitcoin get split in the future? You guys said that from the article about the possibility of the bitcoin split in the future. But the major voters are voting BIP91 to avoid the chain split.
Not only in the japanese exchange but in my local exchange already planned to close its service until the fork will have finished.

joebrook

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I really want to know something, should there be a split in bitcoins, is the price going to nosedive or what is there expected to happen and how can there be a split in a single currency, I am confused about the whole thing.

Yakamoto

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Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Makes sense, good to see that they're making this information clear long before the fork actually happens. best to not give investors surprises. It's also good to see that they plan to keep their actual exchanges open; it will be good to see the impacts of the fork on some foreign markets as they roll around. I feel like there's something wrong with their time to suspend service, however, unless I'm just stupid and the fork is planned to happen sometime around 12:00am Japan/China time and not 0 UTC.

bitcoinvestor

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Quote from: affandi on July 20, 2017, 09:04:46 AM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

If it really happened, what's the worst consequence that japan will face? Whether to damage the Japanese economy ??
Is not this japan now accept bitcoin as legal currency?

WOw, Japan legalize bitcoin. That could be problem when bitcoin become zero value. I think there won't be crash chain because the vote for segwit2x is 80 %. If there is split chain will not cause crash 20 % voters who oppose segwit2x will run new bitcoin.

bitcointarget

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Quote from: affandi on July 20, 2017, 09:04:46 AM

Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

If it really happened, what's the worst consequence that japan will face? Whether to damage the Japanese economy ??
Is not this japan now accept bitcoin as legal currency?

I really don't know why you consider this news as weird for Japan. They're not halting bitcoin operations permantently. They just take precaution which is needed to avoid undesired situations. That's all.

User365

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Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Well I actually think that this is a good idea, it shows that they are aware of the split and do something about it. Throught I would withdrawl my funds before August 1st.

senin

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Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Undoubtedly, the Japanese act wisely, declaring the suspension of trading operations with bitcoins on the exchanges. Better just in case, to be safe, otherwise you can make a lot of mistakes. We all hope that, as on this day, and later nothing serious with bitcoin will happen. But still...

severaldetails

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I think that the following quote is very important as well:
'We plan to update the acceptance of bitcoins and the resumption of withdrawals by 16:00 August 4, 2017 (Japan time)'
That means they do not intend to move away from bitcoin.
It's just a precautionary measure for a few days.

affandi

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Quote from: links on July 20, 2017, 08:50:10 AM

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

If it really happened, what's the worst consequence that japan will face? Whether to damage the Japanese economy ??
Is not this japan now accept bitcoin as legal currency?

links

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The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1

Topic: 13 Japanese exchanges agree to suspend bitcoin service on Aug. 1 (Read 604 times)