[2017-03-06]Will the Big Three allow bitcoin withdrawal in March?

minero1

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Quote from: TraderTimm on March 08, 2017, 09:45:44 AM

No one is going to move anything yet.

https://www.reddit.com/r/Bitcoin/comments/5y6s4v/okcoin_huobi_btcc_all_make_joint_statements/

Statement released that there's a delay.... read into that what you will.

Still no movement on withdrawals so is this the reason for the drain on the current price?

darkangel11

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Don't let others control your BTC -> self custody

It doesn't amaze me that they stopped withdrawals. Since their fake volume was exposed the outflow of capital was to be expected, thus their move to suspend withdrawals to slow it down and have more time to play with the money. It's going to take time to restore their reputation, maybe a name and management changes would be a good move. It's not a Gox level fuck up, but they're going in the right direction.

TraderTimm

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No one is going to move anything yet.

https://www.reddit.com/r/Bitcoin/comments/5y6s4v/okcoin_huobi_btcc_all_make_joint_statements/

Statement released that there's a delay.... read into that what you will.

DooMAD

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Leave no FUD unchallenged

Quote from: 1Referee on March 08, 2017, 05:55:36 AM

Quote from: hl5460 on March 08, 2017, 03:26:00 AM

At least the HFT traders claim so
http://news.8btc.com/3-exits-for-chinese-bitcoin-hft-traders-with-millions-of-funds

Thanks for the link to the article. I have read the article two times, and I couldn't find any solid arguments that justifies/supports their claim. But then again, it's not really surprising since their supposed liquidity wasn't visible at all. HFT traders are a parasite that are destructing everything from within. I am glad the PBOC has taken the necessary steps to put everything to a stop. It's probably the best that happened to Bitcoin in many years.

Concurred. "market making", "providing liquidity", "adding depth to the market" are all just perverse catchphrases for vultures in an attempt to justify profiting from artificial volume. In a natural market, price discovery works by people deciding how much they want to buy and sell something for. But with HFT, trading algorithms can be run in such a way that it will make thousands of trades to deliberately move the market towards a predetermined price. Essentially, you can use HFT to not only profit from margin trading, but also manipulate prices in general.

1Referee

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Quote from: hl5460 on March 08, 2017, 03:26:00 AM

At least the HFT traders claim so
http://news.8btc.com/3-exits-for-chinese-bitcoin-hft-traders-with-millions-of-funds

Thanks for the link to the article. I have read the article two times, and I couldn't find any solid arguments that justifies/supports their claim. But then again, it's not really surprising since their supposed liquidity wasn't visible at all. HFT traders are a parasite that are destructing everything from within. I am glad the PBOC has taken the necessary steps to put everything to a stop. It's probably the best that happened to Bitcoin in many years.

hl5460

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news.8btc.com

Quote from: 1Referee on March 08, 2017, 02:17:18 AM

Quote from: hl5460 on March 08, 2017, 01:40:58 AM

But HFT traders claimed that they provide liquidity to the market.

Liquidity? Can you point me to an article of them saying that? I have been keeping a constant close eye on their order books, and at no times there was a serious amount of liquidity added to the market among all major Chinese exchanges. The only times they "added" liquidity is when they tighten the spreads, where they buy/sell into their own orders squeezing out all other traders. But as quick as they add their own orders, that quickly do they vanish too.

At least the HFT traders claim so
http://news.8btc.com/3-exits-for-chinese-bitcoin-hft-traders-with-millions-of-funds

1Referee

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Quote from: hl5460 on March 08, 2017, 01:40:58 AM

But HFT traders claimed that they provide liquidity to the market.

Liquidity? Can you point me to an article of them saying that? I have been keeping a constant close eye on their order books, and at no times there was a serious amount of liquidity added to the market among all major Chinese exchanges. The only times they "added" liquidity is when they tighten the spreads, where they buy/sell into their own orders squeezing out all other traders. But as quick as they add their own orders, that quickly do they vanish too.

hl5460

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news.8btc.com

Quote from: 1Referee on March 07, 2017, 02:50:10 AM

Quote from: cr1776 on March 06, 2017, 05:08:39 PM

I think the "Big Three" had their reputations built on zero cost trades, at best,

That. It was the exact reason of why traders from all around the world were joining Chinese exchanges. At some point it got so bad, that it basically was turned into a HFT playground. Every normal minded trader had basically no chance of surviving in such hostile market circumstances. These HFT literally squeezed out every penny from the market as they benefit from making thousands of micro profits every day. It doesn't matter anymore when or if these exchanges will allow withdrawals again, the market doesn't care a single bit about these exchanges anymore. It's the western exchanges that took over the lead, and rightfully so.

But HFT traders claimed that they provide liquidity to the market.

1Referee

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Quote from: cr1776 on March 06, 2017, 05:08:39 PM

I think the "Big Three" had their reputations built on zero cost trades, at best,

That. It was the exact reason of why traders from all around the world were joining Chinese exchanges. At some point it got so bad, that it basically was turned into a HFT playground. Every normal minded trader had basically no chance of surviving in such hostile market circumstances. These HFT literally squeezed out every penny from the market as they benefit from making thousands of micro profits every day. It doesn't matter anymore when or if these exchanges will allow withdrawals again, the market doesn't care a single bit about these exchanges anymore. It's the western exchanges that took over the lead, and rightfully so.

hl5460

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news.8btc.com

Quote from: Slark on March 06, 2017, 06:03:16 PM

Quote from: numismatist on March 06, 2017, 03:07:52 PM

Everybody can run an exchange and don't allow customers to withdraw their coins! It's just rather unlikely that you will gain new customers willing to deposit moar.
As it's unlikely that you will keep any former customers once you allow them to flee.
"The Dead Three" would have been a fitting toppic. They're done.

"The Dead Three" - very fitting name.

We should be glad that despite crippled Chinese exchanges, Bitcoin's price is soaring right now.
It showed the community that Bitcoin doesn't need Chinese support to reach new highs.
At this time I am beginning to wonder if Chinese exchanges working at full capacity will change something at all?
It seems Chinese traders are existing perfectly fine without them around.

What do you expect the AML would include?

Papa Bear

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As bitcoin demand for immediate withdrawal is mostly driven by the “ MMM Republic of Bitcoin” at the moment, the majority of speculators are happy with the price floating within exchange. If MMM loses its traction on gaining new members or bitcoin price crash, large crowd of victims may march on street.

Slark

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Quote from: numismatist on March 06, 2017, 03:07:52 PM

Everybody can run an exchange and don't allow customers to withdraw their coins! It's just rather unlikely that you will gain new customers willing to deposit moar.
As it's unlikely that you will keep any former customers once you allow them to flee.
"The Dead Three" would have been a fitting toppic. They're done.

"The Dead Three" - very fitting name.

We should be glad that despite crippled Chinese exchanges, Bitcoin's price is soaring right now.
It showed the community that Bitcoin doesn't need Chinese support to reach new highs.
At this time I am beginning to wonder if Chinese exchanges working at full capacity will change something at all?
It seems Chinese traders are existing perfectly fine without them around.

notthematrix

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I would not be suprised if the coins on the big 3 were never real bitcoins , but IOU's like paper gold.
and PBOC discoverd this and stoped them.
now they are done.

cr1776

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I think the "Big Three" had their reputations built on zero cost trades, at best, and/or inflated numbers via trading bots or other automated systems. Their reputation as "Big Three" seems highly inflated.

numismatist

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Quote from: aso118 on March 06, 2017, 11:19:48 AM

I guess they will. You can't run an exchange if you don't allow your customers to withdraw their coins.
They should be back in business with enhanced anti-money laundering measures.

Everybody can run an exchange and don't allow customers to withdraw their coins! It's just rather unlikely that you will gain new customers willing to deposit moar.
As it's unlikely that you will keep any former customers once you allow them to flee.
"The Dead Three" would have been a fitting toppic. They're done.

aso118

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I guess they will. You can't run an exchange if you don't allow your customers to withdraw their coins.
They should be back in business with enhanced anti-money laundering measures.

hl5460

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news.8btc.com

It’s almost one month now since the Big Three bitcoin exchanges announced the halting of bitcoin withdrawal announced on 9th Feb. Investors have been anxiously waiting for any update from the exchange. Suspension of bitcoin withdrawal is not direct order from regulators, but more as a signature of obedience to the authority. There are several factors that might affect the decision of exchanges.

The Two sessions (3rd-13th March)

http://news.8btc.com/will-the-big-three-allow-bitcoin-withdrawal-in-march

Topic: [2017-03-06]Will the Big Three allow bitcoin withdrawal in March? (Read 1291 times)