4th LARGEST chinese bitcoin exchange, FXBTC Chinese announces CLOSURE by May 10

STT

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1 billion people care

Quote from: leopard2 on May 02, 2014, 04:44:52 PM

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

wiki command economy. Just getting a letter is bad enough I suspect.

Think of how the mafia might signal to you to change behaviour, first they have a friendly tip and wave then maybe a word. If it ever got to letter you are into trouble fast. Do you really want to wait for an actual message to be sent in person before you finally do what you are told. How much power do you think the bank has to push back against the party in a communist system, you are a loyal servant to the state and to argue is disrespect to our dear leader.
You are free till you reach the end of your rope tether and then push too hard you may be hung with it

Or that is how I imagine it goes

r34tr783tr78

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Like it or not, China is very important for the price of bitcoin. Currently, western markets are just following Huobi.
But, probably, it won't be as important to bitcoin per se, for its development and acceptance.

p0peji

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Quote from: SelbyTsang on May 03, 2014, 10:30:23 AM

Quote from: yomofo on May 02, 2014, 09:30:47 AM

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.

If that's true, we should see similar news very soon with the other chinese exchanges...

Indeed, this news combined with the statements of Chinese exchanges exploring to go overseas, is not a good sign at all. What is even a worse sign is the complete lack of openness on the side of BTCchina, all exchanges have in some shape or form admitted most of the account closures, but BTCChina has been denying everything for a long time before finally making a statement.

SelbyTsang

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Quote from: yomofo on May 02, 2014, 09:30:47 AM

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.

If that's true, we should see similar news very soon with the other chinese exchanges...

igorr

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Quote from: Mythul on May 03, 2014, 02:59:00 AM

MtGox went down with 800.000 coins and that didn't kill Bitcoin, why would an exchange from China do that(where coins weren't even lost) ?

In the end the fact is exchanges come and go. In the near future probably only the pro exchanges with an actual business plan would survive. The newbies will go out of business.

MtGox ! Who is the next ? Houbi ? Bitstamp ? or ?

View Screen Capture

Mythul

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MtGox went down with 800.000 coins and that didn't kill Bitcoin, why would an exchange from China do that(where coins weren't even lost) ?

In the end the fact is exchanges come and go. In the near future probably only the pro exchanges with an actual business plan would survive. The newbies will go out of business.

nioc

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So a relatively small exchange that was in financial trouble before the most recent restrictions is closing. That is why there isn't a big reaction to this news. We await, or not, future news.

windjc

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Quote from: blatchcorn on May 03, 2014, 01:18:00 AM

Already priced in

Aha. We will see...

The thing that I fear is not priced in ---> lack of fresh fiat.

blatchcorn

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Already priced in

JorgeStolfi

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Quote from: leopard2 on May 02, 2014, 04:44:52 PM

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.

Sawadekub

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fuck u yomofo = your a mutha fooker haha haha.. shorting btcs? just minor drop +-10usd.. hahaha

DustyRah

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Quote from: leopard2 on May 02, 2014, 04:44:52 PM

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!

Torque

legendary

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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

jl2012

legendary

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Quote from: leopard2 on May 02, 2014, 04:44:52 PM

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

Ibian

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

Wandererfromthenorth

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Quote from: Krabby on May 02, 2014, 01:43:25 PM

Quote from: Hunyadi on May 02, 2014, 09:42:53 AM

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.

YipYip

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

leopard2

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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

slapper

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Leading Crypto Sports Betting & Casino Platform

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

bitcoinsrus

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Quote from: p0peji on May 02, 2014, 01:46:57 PM

Quote from: RockHound on May 02, 2014, 01:38:36 PM

Quote from: p0peji on May 02, 2014, 11:07:25 AM

FUD

Here's Coindesk's interp:

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

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

Topic: 4th LARGEST chinese bitcoin exchange, FXBTC Chinese announces CLOSURE by May 10 (Read 2190 times)