Topic: [2017-09-14] BTCChina Exchange will stop trading at the of the month - page 2. (Read 9572 times)

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.

The global economic landscape does not look very bright as we speak. I think that some kind of world-recession is something clearly possible. The geopolitical world map is in a complete mess as you were mentioning.
I did not think about the Chinese decision in that terms but I see your point.
This is getting tremendously serious: bitcoin is the end of the economic world as we know it and they know it very well. One can see that fear in their eyes.
They know Bitcoin and its network can not be controlled, there will always be a way out.

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.

this news made bitcoin fall again... I took the chance to buy more coins

"


Breaking: Bitcoin Exchange BTCChina will Close by October



China’s second largest cryptocurrency exchange BTCChina has announced it is shutting down on Sept. 30.

In tweets Thursday, the exchange, which also comprises an international arm BTCC, said the move was a direct result of Chinese regulatory statements.

It added BTCC would continue operating as normal.

2/ BTCC products, including BTCC Pool, are not affected by this change. Please contact us at [email protected] if you have any questions. https://t.co/r3HvINU20p

— BTCC (@YourBTCC) September 14, 2017
Bitcoin continues to decline in price in the aftermath of China banning ICOs, and rumors circulating of a second ban on Bitcoin-to-fiat exchange.

BTCC initially said it would “change its business model” in the event of a ban, and a potential full closure will come as a surprise to the industry.

Mainstream press sources had also prophesied a ban on exchanges, leading to widespread criticism in the face of non-official statements explicitly demanding closure.

Data from Bitcointicker shows prices dipping under $3700 meanwhile, with major support only hiding at the $3000 mark according to an analyst reported by Cointelegraph yesterday.

"

Source: https://twitter.com/YourBTCC