Topic: [2017-09-14] BTCChina Exchange will stop trading at the of the month (Read 9572 times)

It almost seems as if China is preparing for war 

Ok, but what you're forgetting is that business is micro-managed by the Chinese government also. Businesses of a certain size or significance have a government representative in the management. So this whole charade looks just a little transparent, there's no way the big Chinese exchanges aren't in essence government led already, and so this big story where everyone's suddenly really surprised that cryptocurrency exchanges need special operating licenses (which possibly don't even exist in Chinese law yet) is in fact a hilariously bad lie.

you have to realise how does the press work in China:
there is one political party and it decides the course in which the country is moving
papers that are close to the goverment like:People's daily,Global Times,China Daily,China Public Security Daily etc. serve not as  news providers
but as some kind of an official informer,articles there are taken very seriously by any chinese companies or businesses
to defy such an "indirect recommendation" is unheard of,things could turn very sour for a business that tries

It really makes little sense, except from the cui bono (i.e. most cynical) perspective: did some officials from the Chinese government just collude on a huge insider trading manipulation  event? If so, it's tempting to point the finger at BTCC also, as their statement (as well as tweets made by Charlie Lee) played a major rhetorical role in the price movement. The timing of their initial statement, followed by the timing of statements revealing the voluntary nature of BTCC's decision look especially suspect.

What's more, the relevant institutional bodies in China know perfectly well that cryptocurrency exists and is a policy headache. Sudden decisions, publicised in such a way that the market suffers maximum volatility seems pretty questionable also. Nothing's changed since the last time Chinese officials got out their ban hammer, the only recent significant event in cryptocurrency just so happens to be a massive cryptocurrency price spike just occurred. But that's a total coincidence, of course.


It seems like alot of people have already learned this lesson from the previous PRC policy "changes", BTC trading volumes still haven't been especially high, despite the price movement (and the thinner the trading volume, the more speculative any price movement tends to be).

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt.

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt. Still, anything slightly bad was always going to tip the bull over in this market condition. Anyone else selling stuff to buy new coins?

https://www.cryptocoinsnews.com/bitcoin-price-falls-to-3450-but-analysts-are-not-worried/

So stupid Chinese government, they will regret big when the Bitcoin prevails elsewhere, they are just out of the circuits, period

OKcoin and Huobi may close their business as well.
https://twitter.com/SatoshiLite/status/908375715279597570

But if I think about crypto exchanges, there will be decentralized exchanges based on blockchain. So I don't think we will suffer in the long term.

But if I think about crypto exchanges, there will be decentralized exchanges based on blockchain. So I don't think we will suffer in the long term.

Well, the yuan Bitcoin price will increase, not decrease, in the wake of any confirmed exchange shuttering in mainland China.


A significant factor in Bitcoin's popularity in China has always been to enable capital flight (there are many methods to achieve capital flight from the Chinese economy, but Bitcoin is both attractive and popular amongst those methods). That real demand use will continue to exist after any exchanges are shut, and will simply add a price premium to BTC exchange denominated in yuan.

This move (if followed through with) could imply that the Chinese capital flight issue is causing the Chinese economy problems so serious that they cannot be ignored. That's a hell of a way to make the capital flight worse, and this is ostensibly happening in the economic/manufacturing powerhouse of the world.


Further, China have a geo-strategic headache brewing with North Korea. The Chinese have supported the North Korean regimes of the past, the likely reason being that North Korea can be used as a convenient distraction to US interests in South East Asia if the regime is given the right support at the right time. The Trump administration have threatened something pretty high stakes in terms of action against China if it's government continues to support North Korea in spite of the new economic sanctions against North Korea: the removal of China from SWIFT.

This would cause untold problems for both China and the US. It seems everyone involved is happy with the compromise, if we take them at their word. If the Chinese economy really is in trouble, as this move against cryptocurrency exchange implies, then there could be serious world-recession calibre fireworks in the pipeline.

True, probably Chinese government sees this and they wanted to kill the bug before it goes out on its cocoon.  But they are making mistake here, instead they should have take advantage of what bitcoin can offer.  Though I believe they are blind to see these potentials.  Or they are playing dumb while reaping most of the cheaper bitcoin in the market.   Oh well, what ever happens I believe Bitcoin will come out of this situation with stronger support.