China bans exchangers / China exchangers CLOSED - page 5.

CryptoClown

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I am with you two. I am happy that China is cleaning illegal exchangers now to protect its people. I hope other countries will do too but it seems that if it happens I won't be seeing a green portfolio again Grin

Quote from: Btcvilla on September 09, 2017, 02:28:28 PM

Quote from: Pearls Before Swine on September 08, 2017, 12:05:01 PM

That's fine by me, for two reasons. One, I don't live in China, nor do
I use Chinese exchanges. And two, those are some of shady businesses
known to man. They should be illegal and I'm not sorry China is
cracking down on them. I won't call myself pro government by
any means, but the exchanges need some regulation. This paves
the way for that.

I agree with you. no loss for me personally. as long as bitcoin is still popular, chinese will not have too much effect on bitcoin.

marky89

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Quote from: darkangel11 on September 09, 2017, 04:43:21 PM

Quote from: ScriptYoYo on September 09, 2017, 02:16:18 PM

China can not completely prohibit bitcoin. They can prohibit the exchange in which their national currency participates. But they will not be able to track the exchange of bitcoin and currency from electronic payment systems

They are not trying to prohibit bitcoin, what are you talking about?
Last time we had this discussion was when their government started auditing exchanges. People thought the government is trying to shut them down and panicked, but in reality they made them stop faking volumes, which was clearly visible right after the auditing stopped.
They thought BTC business is some wild west and the government is showing them the ropes Wink

Be patient it's going to be back to normal in a couple weeks.

I think this is the case as well. The PBOC audited exchanges and issued light penalties for inadequate AML and the like, and the exchanges jumped into line (freezing withdrawals and ending the infamous "volumizer" practices). Here, we see the PBOC issue clear directives regarding ICOs -- immediately, all Chinese exchanges complied, shutting down token markets.

I really don't think this is aimed at the major exchanges like BTCC and Okcoin. They were already audited thoroughly this year. This is about ICOs and the lower-tier Chinese altcoin exchanges that offer access to them.

BChydro

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Quote from: Taki on September 09, 2017, 04:35:04 PM

You are the kind of people who think only about self as I see. I also don't live in China and don't use their exchangers, but I'm worry a lot about all those bitcoiners in China. They have the biggest part of bitcoin market and of course they affect the price a lot. Information about closing of exchangers in China is a gossip for now, because of the information is not proved from official sauces. I suppose it can be a new game of speculators with the target to dump the price. The time will show.

I am still not sure whether this is just a rumor or just the truth as last time they were auditing the exchanges and shut down the withdrawal of coins and i cannot understand why they would ban those exchanges who comply with their official norms and these news had an impact on the market without a doubt and i hope it will send a clear message on what is going to happen from an official source.

darkangel11

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

Quote from: ScriptYoYo on September 09, 2017, 02:16:18 PM

China can not completely prohibit bitcoin. They can prohibit the exchange in which their national currency participates. But they will not be able to track the exchange of bitcoin and currency from electronic payment systems

They are not trying to prohibit bitcoin, what are you talking about?
Last time we had this discussion was when their government started auditing exchanges. People thought the government is trying to shut them down and panicked, but in reality they made them stop faking volumes, which was clearly visible right after the auditing stopped.
They thought BTC business is some wild west and the government is showing them the ropes Wink

Be patient it's going to be back to normal in a couple weeks.

Taki

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Quote from: Pearls Before Swine on September 08, 2017, 12:05:01 PM

That's fine by me, for two reasons. One, I don't live in China, nor do
I use Chinese exchanges. And two, those are some of shady businesses
known to man. They should be illegal and I'm not sorry China is
cracking down on them. I won't call myself pro government by
any means, but the exchanges need some regulation. This paves
the way for that.

You are the kind of people who think only about self as I see. I also don't live in China and don't use their exchangers, but I'm worry a lot about all those bitcoiners in China. They have the biggest part of bitcoin market and of course they affect the price a lot. Information about closing of exchangers in China is a gossip for now, because of the information is not proved from official sauces. I suppose it can be a new game of speculators with the target to dump the price. The time will show.

Mike Mayor

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Quote from: ?? on ??

Quote from: mayax on September 08, 2017, 11:45:18 AM

it seems that all the chinese exchangers will be closed for a while. it's a normal decision because they made so many illegalities (willy bot, market manipulation and so on). Cheesy

http://m.finance.caixin.com/m/2017-09-08/101142797.html

That means Okcoin, BTC china, Huobi and many others will be closed. "the plague" begins to be cleaned

Caixin was the first one to report on the ICO ban before the official documents came out so, they should be credible

This is good news. We have to find ways to get the dirty Chinese out of Bitcoin. They love to ruin everything.

I agree. Damn Communists. Lol how can you even ban something happens online ? Noone knows what you so on your PC or where you go online. Noone knows you use exchanges or own a Bitcoin wallet. So the whole thing is ridiculous and you can count on China for being ridiculous. It's like how they rey to control the internet users in China. That cell flat on it's daxe since Chinese are still using Facebook. Banning things never works. Just look at the state of the "drug war".

GreenBits

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Quote from: no0dlepunk on September 09, 2017, 04:00:53 PM

I guess this is good for all of us. It seems like the Chinese wants to clean their yards before the Russians take over the mining and launch better services compared to their's. I honestly can't find another reason why the Chinese suddenly became cautious with ICOs and Bitcoin.

China was reacting to the crazy amount of speculation its citizens were pouring money into. this money could be going to traditional, regulated markets, instead of unregulated exchanges and companies. although its lame, I actually understand why china would do this, and while I dont agree with the way its going down, I think this is a valid move (of course they were going to crack down on this, any sane government would. Now Russia, on the other hand, is the dubious one with its coin offering. there is a reason no sane major government has offered a crypto; it would completely undermine the fiat already in place. that they are willing to look at something even remotely resembling a national cryptocurrency, means to me this may be a ploy to get around international sanctions, or assist with government sponsored capital flight ( a common accusation against the Putin administration).

Deflation would actually be a bad idea, in that particular case. Govs need inflation to survive Wink

no0dlepunk

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I guess this is good for all of us. It seems like the Chinese wants to clean their yards before the Russians take over the mining and launch better services compared to their's. I honestly can't find another reason why the Chinese suddenly became cautious with ICOs and Bitcoin.

Edit: but hey! Look at this https://www.cryptocoinsnews.com/bitcoin-price-recovers-major-drop-chinese-exchanges-not-banned/amp/

It seems like exchanges aren't going to be killed after all.

Btcvilla

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Quote from: Pearls Before Swine on September 08, 2017, 12:05:01 PM

That's fine by me, for two reasons. One, I don't live in China, nor do
I use Chinese exchanges. And two, those are some of shady businesses
known to man. They should be illegal and I'm not sorry China is
cracking down on them. I won't call myself pro government by
any means, but the exchanges need some regulation. This paves
the way for that.

I agree with you. no loss for me personally. as long as bitcoin is still popular, chinese will not have too much effect on bitcoin.

ScriptYoYo

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China can not completely prohibit bitcoin. They can prohibit the exchange in which their national currency participates. But they will not be able to track the exchange of bitcoin and currency from electronic payment systems

mayax

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Quote from: Oclock on September 08, 2017, 05:30:55 PM

Probably an excellent decision!

a very good one ! Wink

marky89

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Quote from: cashodler on September 08, 2017, 08:52:26 PM

Quote from: marky89 on September 08, 2017, 06:04:53 PM

Quote from: anon4250158 on September 08, 2017, 05:36:42 PM

What source would be considered reliable? What is currently the most reliable information about China cracking down on exchanges? So today's big market downswing happened only because of the rumor mill?

The most reliable source is the Chinese government and the central bank, the PBOC. They just released the official announcement. This was all just FUD. The new regulations, as expected are simply aimed at ICOs. Chinese exchanges that engage in ICO-related activity will be shut down and have their licenses revoked.

This should therefore have no effect on the major exchanges like OKcoin and Huobi, which only deal in cryptocurrencies, not tokens. The future is less clear for the many smaller Chinese altcoin exchanges which offered tokens.

Source: http://www.pbc.gov.cn/english/130721/3377816/index.html

They havent release shit, what u post is just an English translation of the ICO news that is from Monday. Nothing new.

Accept the terrible truth, lol, that was confirmed by ViaBTC CEO.

What truth? Show me the announcement. So far, they only cared to clarify their stance on ICOs. How do we even know there is another announcement coming? You've got nothing here but rumors and Twitter shitposts regarding the exchanges.

I'm looking at the Okcoin ticker chugging away. There's been no confirmation of any of these rumors after another day. And now I'm supposed to care about a cryptic tweet from Haipo Yang, really?

Samson Mow was right: the PBOC is not shy. They will make an announcement if there is one to make. Exchanges are running as usual and say they have heard nothing.

Also, the exchanges voluntarily showed that they were extremely compliant -- to the extent of freezing customer funds for months -- in order to please the PBOC this year. More than anything, this just looks like the PBOC "leaks" in 2014 about banning Bitcoin, etc. which turned out to be false.

RamBahadur.Gurung

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Quote from: pugman on September 08, 2017, 05:20:04 PM

Great move I should say that China took all those people who are involved in the shady shit will have a chance to no longer do shady business and stuff. And maybe this will now cause bitcoin's price go down a little but it should recover soon if some other issues don't rise because,God knows what will be China 's next move against crypto currency.

Do you believe that all the Bitcoin users are shady? If you think like that, then you don't belong here. May be 1% or 2% of them are using Bitcoins for tax evasion and other criminal purposes. But what about the remaining 98% of the people. Many of them just want to save their wealth, from the devaluation of the Chinese Yuan.

gfunk

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This is complete BS. It was clickbait, the Chinese didn't fall for it but we did. I bet whoever wrote that article just bought a huge amount of BTC in the crash.

cashodler

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Quote from: marky89 on September 08, 2017, 06:04:53 PM

Quote from: anon4250158 on September 08, 2017, 05:36:42 PM

What source would be considered reliable? What is currently the most reliable information about China cracking down on exchanges? So today's big market downswing happened only because of the rumor mill?

The most reliable source is the Chinese government and the central bank, the PBOC. They just released the official announcement. This was all just FUD. The new regulations, as expected are simply aimed at ICOs. Chinese exchanges that engage in ICO-related activity will be shut down and have their licenses revoked.

This should therefore have no effect on the major exchanges like OKcoin and Huobi, which only deal in cryptocurrencies, not tokens. The future is less clear for the many smaller Chinese altcoin exchanges which offered tokens.

Source: http://www.pbc.gov.cn/english/130721/3377816/index.html

They havent release shit, what u post is just an English translation of the ICO news that is from Monday. Nothing new.

Accept the terrible truth, lol, that was confirmed by ViaBTC CEO.

marky89

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Quote from: anon4250158 on September 08, 2017, 05:36:42 PM

What source would be considered reliable? What is currently the most reliable information about China cracking down on exchanges? So today's big market downswing happened only because of the rumor mill?

The most reliable source is the Chinese government and the central bank, the PBOC. They just released the official announcement. This was all just FUD. The new regulations, as expected are simply aimed at ICOs. Chinese exchanges that engage in ICO-related activity will be shut down and have their licenses revoked.

This should therefore have no effect on the major exchanges like OKcoin and Huobi, which only deal in cryptocurrencies, not tokens. The future is less clear for the many smaller Chinese altcoin exchanges which offered tokens.

Source: http://www.pbc.gov.cn/english/130721/3377816/index.html

adzino

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Quote from: mayax on September 08, 2017, 11:45:18 AM

it seems that all the chinese exchangers will be closed for a while. it's a normal decision because they made so many illegalities (willy bot, market manipulation and so on). Cheesy

http://m.finance.caixin.com/m/2017-09-08/101142797.html

That means Okcoin, BTC china, Huobi and many others will be closed. "the plague" begins to be cleaned

Caixin was the first one to report on the ICO ban before the official documents came out so, they should be credible

They haven't banned any exchanges yet and are still considering. We are seeing the price drop cause chineese investors are try to exit before they get locked out from exchanges. Lets see what happens to the price when they officially put a ban on exchanges.

anon4250158

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What source would be considered reliable? What is currently the most reliable information about China cracking down on exchanges? So today's big market downswing happened only because of the rumor mill?

Oclock

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Crypto-currencies & Blockchain Consultant

Probably an excellent decision!

aaron2024

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Quote from: FelixTheHat on September 08, 2017, 05:00:05 PM

Quote from: Ale88 on September 08, 2017, 04:52:22 PM

Quote from: aaron2024 on September 08, 2017, 04:12:43 PM

China is playing a lot of pranks these days. First ICO ban, now Bitcoin exchanges ban. Someone is making a lot of money with this.

And for the second time in a row it happens during the weekend time, quite a coincidence Roll Eyes

The ICO ban was on Monday, and was more official. This was based on hearsay, and happened late Friday night, which really is suspicious timing.

Yeah, the problem was the media making it look like it was the end of ICOs, while the ban list had ICOs that few people heard of.

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