BTCC Suspends Bitcoin Withdrawals Until March 15! WTFFFFF

vnvizow

sr. member

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Quote from: mindrust on February 17, 2017, 05:47:22 AM

I knew it that there was something fishy about this recent pump. They pumped bitcoin artificially and now they are out of coins. In other means...

It is like Mt.Gox v2.0 all over again.

If they are really responsible of creating this bubble, you better dump you positions because it is going back to 600's soon. That's if we are lucky by the way. If not, 400's won't be a surprise.

Unlikely, the stranglehold the Chinese have on the exchange market is tiny compared to Gox in its days. At this point a drop to 700 would be the worse case scenario. And if we learned anything from the Gox fiasco is that this community will neither forgive nor forget

mindrust

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I knew it that there was something fishy about this recent pump. They pumped bitcoin artificially and now they are out of coins. In other means...

It is like Mt.Gox v2.0 all over again.

If they are really responsible of creating this bubble, you better dump you positions because it is going back to 600's soon. That's if we are lucky by the way. If not, 400's won't be a surprise.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

This is just theft, they have no rights to block bitcoins withdrawals it's not fiat to say they have to comply with government, better not to trust other exchanges.

Searing

copper member

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Clueless!

curious.....if you are NOT in China..and they do allow the release of funds as they say on the china end. (ie you want to cash out your BTC etc before the month is up)

does that work for folk overseas? (assuming they meet the know your customer stuff on the account)

I would imagine it would be via wire xfer in yuan and then flipped to usd at the bank wire xfer end etc etc

Not into exchanges for anything ..just curious if folk outside of china just have to sit this out for a month to get their coin out

later

Carpeaux

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Quote from: Herbert2020 on February 17, 2017, 02:47:17 AM

Quote from: hollandvan on February 17, 2017, 12:49:39 AM

Quote from: pooya87 on February 16, 2017, 11:59:14 PM

it has been said more than a million times: don't keep anything on exchanges but people never listen. it is not just about them running away or getting hacked now, it is about government closing them down. in this case it may be temporary.
besides there were enough time for people to withdraw in the beginning.

They will enable the cashier feature in next month, not permanent shut down, it is definitely temporary if you read their announcement. The price is stable, not dumped by this news.

since when do you trust an exchange announcement?
i am not saying they are lying or they will close down permanently, i actually agree with you but all i am saying is that Cryptsy was telling its users that they will open up withdrawals and allow people to take their coins out. they even released a list of altcoins you can withdraw but in reality nothing could be taken out of the exchange after they closed down their site.

but Cryptsy was problematic much before the withdraws officially closed, with lots of complains about withdraws not going through and stuff, and we don't see the same past problems with BTC China

NorrisK

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Quote from: ImHash on February 16, 2017, 03:08:06 AM

What the hell? how can you launder money by withdrawing your cryptocoins? how is it not money laundering if you sell and then withdraw CNY?
Another reason why we shouldn't keep our coins in exchanges and be at their mercy in such situations.

Moving your cryptocoins is not money laundering ever. It is simply a way to hide that you have this money from the tax agency.

The problems start when you try to actually use the money. Try to explain where you got the money to buy your new car.. Would be much easier if you had simply declared your coins before.

TastyChillySauce00

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Leading Crypto Sports Betting & Casino Platform

Quote from: Karartma1 on February 17, 2017, 02:23:05 AM

Quote from: aso118 on February 16, 2017, 06:52:57 PM

Quote from: shinratensei_ on February 16, 2017, 06:30:44 PM

Quote from: phytosaw22 on February 16, 2017, 02:08:45 AM

snip

Just the matter of time, all of the bitcoin still safe on the exchange site. But PBOC looks like give a permission for bitcoin to keep on the track. It won't impact the price of bitcoin. I think it will get the extend.

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

You clearly don't understand how bitcoin works. Exchanges are THIRD PARTIES, like banks! If you put your coins there then you don't really control them anymore. No keys control, no bitcoins!
https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

Mt.Gox, Mintpal, Cryptsy... you guys will never learn

Well, it all depends on the owner of the exchanges, though, and that's absolutely right that when you send your bitcoin to those exchanges mean you've lost control of your bitcoin. It's all happen suddenly and the only ways for those bitcoin holders whose funds froze in BTCC is to only wait or just take the other way to withdraw your bitcoin by exchanging to CNY which is definitely fine for vast majority of bitcoin users in china.

Herbert2020

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Quote from: hollandvan on February 17, 2017, 12:49:39 AM

Quote from: pooya87 on February 16, 2017, 11:59:14 PM

it has been said more than a million times: don't keep anything on exchanges but people never listen. it is not just about them running away or getting hacked now, it is about government closing them down. in this case it may be temporary.
besides there were enough time for people to withdraw in the beginning.

They will enable the cashier feature in next month, not permanent shut down, it is definitely temporary if you read their announcement. The price is stable, not dumped by this news.

since when do you trust an exchange announcement?
i am not saying they are lying or they will close down permanently, i actually agree with you but all i am saying is that Cryptsy was telling its users that they will open up withdrawals and allow people to take their coins out. they even released a list of altcoins you can withdraw but in reality nothing could be taken out of the exchange after they closed down their site.

Amph

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Quote from: john_connor on February 16, 2017, 03:12:47 AM

Quote from: Amph on February 16, 2017, 02:54:19 AM

the price seems to not be affected too much, panic sellers learned they can't dump and pump forever for the same shitty news

i guess this regulatio was expected it will make bitcoin going better in china, after all this is solved the value should increase more above $1k

also if you see the volume on chinese exchange it did recover already, therefore chinese are not taking care too much about, they can still trade and leave their btc there...

Last time the price tanked after Coindesk wrote an article a few hours after it was on the forums.

yeah ok, but don't look at the past look now, the price is increasing instead of being dumped

Quote from: talkbitcoin on February 16, 2017, 03:24:24 AM

panic sellers never learn and they are never going out of this market and when one goes out 10 new come in.

the difference now is that the panic sellers aka weak hands are flushed out of the market and they have not bought back in at higher prices yet. let there be a rise or a longer time of stability then we see them again.

which means that it will not possible for them to sell at these ranges by now, make the same trick at a higher value it's common for those accumulators

Karartma1

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Quote from: aso118 on February 16, 2017, 06:52:57 PM

Quote from: shinratensei_ on February 16, 2017, 06:30:44 PM

Quote from: phytosaw22 on February 16, 2017, 02:08:45 AM

snip

Just the matter of time, all of the bitcoin still safe on the exchange site. But PBOC looks like give a permission for bitcoin to keep on the track. It won't impact the price of bitcoin. I think it will get the extend.

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

You clearly don't understand how bitcoin works. Exchanges are THIRD PARTIES, like banks! If you put your coins there then you don't really control them anymore. No keys control, no bitcoins!
https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

Mt.Gox, Mintpal, Cryptsy... you guys will never learn

hollandvan

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Quote from: pooya87 on February 16, 2017, 11:59:14 PM

it has been said more than a million times: don't keep anything on exchanges but people never listen. it is not just about them running away or getting hacked now, it is about government closing them down. in this case it may be temporary.
besides there were enough time for people to withdraw in the beginning.

They will enable the cashier feature in next month, not permanent shut down, it is definitely temporary if you read their announcement. The price is stable, not dumped by this news.

pooya87

legendary

Activity: 3472

Merit: 10611

it has been said more than a million times: don't keep anything on exchanges but people never listen. it is not just about them running away or getting hacked now, it is about government closing them down. in this case it may be temporary.
besides there were enough time for people to withdraw in the beginning.

googlebtc

sr. member

Activity: 434

Merit: 250

this is what you have to do to comply with the rules, I think there is no problem waiting for their time to reopen at least they did not bring a run for the money you

Doms

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Quote from: kiklo on February 16, 2017, 07:44:18 PM

Quote from: aso118 on February 16, 2017, 06:52:57 PM

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

No offense, but unless you are working at BTCC maintaining their wallets, their is no way you can know that for certain.
It is just like cryptsy , we had no way of knowing until they default or start releasing withdrawals.

Cool

FYI:
Moral of the story , Never Leave more Coins sitting on an exchange than what you are willing to LOSE !

And that one month of withdrawal stoppage might seem longer than it actually is, because there will be some anxiety especially for those who have a huge amount in the exchange, not knowing if the set date of March 15 will really be followed. As you said, never leave a substantial amount on your exchange if you can’t stomach losing it.

Benchman

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Quote from: aso118 on February 16, 2017, 06:52:57 PM

Quote from: shinratensei_ on February 16, 2017, 06:30:44 PM

Quote from: phytosaw22 on February 16, 2017, 02:08:45 AM

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017.

They fucking did it AGAIN WTF! I'm betting come March 15, they're going to extend it AGAIN.

Just the matter of time, all of the bitcoin still safe on the exchange site. But PBOC looks like give a permission for bitcoin to keep on the track. It won't impact the price of bitcoin. I think it will get the extend.

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

This is the reason why Chineese market has $50 smaller price than Stamp&Finex. I see this for the first time.

kiklo

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Quote from: aso118 on February 16, 2017, 06:52:57 PM

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

No offense, but unless you are working at BTCC maintaining their wallets, their is no way you can know that for certain.
It is just like cryptsy , we had no way of knowing until they default or start releasing withdrawals.

Cool

FYI:
Moral of the story , Never Leave more Coins sitting on an exchange than what you are willing to LOSE !

aso118

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★Nitrogensports.eu★

Quote from: shinratensei_ on February 16, 2017, 06:30:44 PM

Quote from: phytosaw22 on February 16, 2017, 02:08:45 AM

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017.

They fucking did it AGAIN WTF! I'm betting come March 15, they're going to extend it AGAIN.

Just the matter of time, all of the bitcoin still safe on the exchange site. But PBOC looks like give a permission for bitcoin to keep on the track. It won't impact the price of bitcoin. I think it will get the extend.

Bitcoins are safe on the exchange, but such moves negatively impact the sentiment about Bitcoin. If I am a Chinese crypto investor, this effectively tells me that if I want my money back immediately, I should sell my bitcoins and withdraw CNY. I might listen to that.

shinratensei_

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Leading Crypto Sports Betting & Casino Platform

Quote from: phytosaw22 on February 16, 2017, 02:08:45 AM

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017.

They fucking did it AGAIN WTF! I'm betting come March 15, they're going to extend it AGAIN.

Just the matter of time, all of the bitcoin still safe on the exchange site. But PBOC looks like give a permission for bitcoin to keep on the track. It won't impact the price of bitcoin. I think it will get the extend.

Blawpaw

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I really think Crypto exchanges need to have a lot more regulation to protect the users. What we see it that have a lot of regulations to protect themselves, but when it comes to customers protection, we see what we see...

Kprawn

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Activity: 1904

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Some government employees are definitely lining their pockets with these mini pump n dumps. Just when we think everything is settled and the

worst has blown over, then someone new happens. The PBOC is very busy lately, and I would not be surprised if collusion is taking place in that

country. Bad news --> price drops --> people buy ---> price goes up again ---> people sell ---> bad news ---> price goes down again { rinse and

repeat } Angry

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