What does it mean for crypto currency exchanges to be shut down in China?

darewaller

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Quote from: coynedterm on November 08, 2017, 12:45:58 PM

Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

I don't think that china government is looking to stop the exchange sites in the china Because here the reason is simple and small .
Because here I have a big two reason regarding this thing , first reason is that many exchange are available to trade, so if the government will ban those exchange then still people in China can use them using VPN services .
Second thing is that a big population number in the china is dependent upon the bitcoin , so here it is a common thing that they can't stop exchange sites Because economy will go down in the country and people will become useless to make earnings .
So here these two factors will force the government of china to make new rules to use these things instead to ban or stop like action .

China has banned the big corporate websites because the excessive flow of the investors towards the cryptocurrency leaving the local trades behind has caused the decrease in the value of their own national currency. Therefore china has banned the use of ICO on temporary basis but the local market was allowed to trade in term of Btcs and exchanges were open because they knew that total stoppage of this currency would affect Chinese standard of having the highest shares in the global market.

kryptqnick

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

Exchanges are supposed to be shut but it is like that for about a month now and nothing really happens much (bitfinex is Chinese and it's still on). What's more, it is supposed that 2 exchanges will actually be working, so Chinese will be able to exchange money in absolutely legal way. As for bitcoin, there was time when panic did touch bitcoin's price but now it seems like we need something a lot bigger to stop bitcoin's price from going up. It's hard for me to imagine Chinese giving up on those huge mining farms anyway, so I guess we're completely safe.

usorin

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

Considering that a big amount of bitcoin, and more important, there are many miners, it can be a bit tricky, but i think there are always solution, like migrating with the technology they have in a neighbor country where crypto is not out of law.

coynedterm

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

I don't think that china government is looking to stop the exchange sites in the china Because here the reason is simple and small .
Because here I have a big two reason regarding this thing , first reason is that many exchange are available to trade, so if the government will ban those exchange then still people in China can use them using VPN services .
Second thing is that a big population number in the china is dependent upon the bitcoin , so here it is a common thing that they can't stop exchange sites Because economy will go down in the country and people will become useless to make earnings .
So here these two factors will force the government of china to make new rules to use these things instead to ban or stop like action .

farhaan

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China banned bitcoin exchanges thinking that it could lead to decrease in use and trading of bitcoins.But disappointing them,chinese bitcoin holders have started to continue their trading privately in counter markets.Surprisingly,they still buy ICOs.Chinese officials are struggling to tackle the issue.

People have started to use mobile messaging apps to ease the trade.Even more are switching to telegram groups to trade bitcoins without being caught.

But still,bitcoin miners find more problems in selling immediately the fresh mined bitcoins unlike previous atmosphere.

But,china would have realized by this time that it could not completely ban bitcoins in its country.

player514

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

I think the closing of exchanges in China was a test for how much market control China had. For us as people who trade and deal in bitcoin, I think it just means that a majority of the exchanges will be based in countries outside of China. Countries will probably end up adopting the coin and the ideas of exchanges and allow exchanged to be hosted in their realms. Basically, another country has the chance of being the next China.

Pinoccio11

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

The market will not stagnate exactly, everyone remembers that excitement connected with China perfectly well and that nothing has changed. So here, anyone who wants to find a lot of ways to circumvent the ban outside the country or the withdrawal of bitcoins.

Wind_FURY

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OP, I believe the Chinese exchanges have started exploring for other opportunities outside of their country, plus keep in mind that Bitcoin still has a large and growing market that could possibly reach trillions.

I expect to see them find a new base country to operate from on 2018. It will be Japan or Hong Kong most likely.

mobnepal

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

- No it will not stagnate actually price is pumping hard just after ban of bitcoin trading in china.
- Many chinese whales are actually living outside china so they can still trade and also many chinese are buying bitcoin from OTC trading or from peer to peer platform for cash. So government can't track them all to make complete ban on bitcoin trading.

- Yes there is nothing that can block bitcoin trading, they might be making new rules or issuing new bitcoin trading licenses to their relatives and big banks. That is the real reason behind shutdown of big bitcoin trading platforms there.

pugman

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

Some say that bitcoin trading will be unbanned in China soon and old exchanges in China like huobi and okcoin have decided to make a peer to peer platform for users. China is also going to start is own exchange, reports say. Now till what extent this is true or not no one can say right now. Chinese officials haven't made a statement about it yet. China's real motive is being hidden for why they are trying to take crypto currency out of their country.

captainhera

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

When they can not control the network economy, it is the best way to stop it. To solve this problem, investors in china can use foreign exchanges if they want.

clarkt

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Bitcoin market is not going to stagnate because of China. China not participating in Bitcoin is not affecting anything. We all saw what happen after the ban. Bitcoin held and now it has increase in valu like 80% Chinese people are going to lose for not participating definitely not bitcoin.

bubblebit

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Quote from: QUANTOR on November 06, 2017, 06:26:46 PM

Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?

The price is down last September and it touches as low as 2800$, that’s when the news came out on ICO banning and bitcoin exchanges closure in China. But it won’t affect this time as it was past enough.

Quote

Are there any other ways to trade in China but through different trading platforms from other countries?

I have heard and read some news about OTC (over-the-counter) transactions is highly booming in China after the closure. Using social media IM (internet-messaging) e.g telegram or slack, you can trade you bitcoin and deposit others on banks or like gift cards.

Quote

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

This is answered at the middle, Over the counter transaction is one person(from China) dealing with one person (outside the country) and will agreed on what or where to deposit money. I don’t know exactly what China is doing but closing bitcoin exchanges is wrong decision.

syaripudin

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The prohibition of crypto in china yes, of course, could have an adverse effect on crypto users in the country because I think it might affect all sorts of sites about crypto trade in the country. and I do not know what solution crypto users should take in the country to do crypto trading activities. maybe I think if they only work in other countries that still allow crypto trading sites to be accessed, of course they will be able to perform the activities of crypto trading as usual. it is true that I know in China is currently banning the crypto activity in the country this is causing many citizens who migrate to other countries to be able to conduct crypto trading activities.

QUANTOR

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Does that mean that the market for BTC gonna slowly stagnate due to Chinese not being participants in market?
Are there any other ways to trade in China but through different trading platforms from other countries?

Also, would that mean that peer to peer exchanges are still allowed and were not touched? If that’s the case, I don’t even see a point of China blocking the big corporate websites.

Topic: What does it mean for crypto currency exchanges to be shut down in China? (Read 372 times)