# China just announced all Cryptocurrency exchanges to be shut down



## Space Lynx (Dec 16, 2017)

https://www.technologyreview.com/s/609320/can-china-contain-bitcoin/

things are going to be interesting now.  as I predicted... so if I am a Chinese citizen with Bitcoin and I don't exchange it for Yuan before they close them... I risk losing everything, because sure I can fly to become a citizen of another country, open a bank account, then withdraw it from that countries exchange, but that is tough to do and still risky it may not work.

Or Bitcoin will in and of itself truly become a currency that does not rely on exchanges, but seeing as how the big investors of recent year are looking at it as gold and not an actual currency... does not bode well. If a couple more countries announce what China has there will be a rush to cash in and no one will accept it (after initial clogging of bank wait times), will crash instantly.


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## theonedub (Dec 16, 2017)

Not sure if you read the article you posted..


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## Space Lynx (Dec 16, 2017)

theonedub said:


> Not sure if you read the article you posted..



from the article "Chinese regulators made it clear that BTCC and other domestic virtual-currency exchanges had to close, an attempt to make it harder for the general public to enter the market and buy bitcoins.
Lee says that he was neither shocked nor panicked, just dismayed. “Ah, finally, the party’s over,” he thought. “The party has to end sometime.”


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## theonedub (Dec 16, 2017)

That means for now, Bitcoin has passed the China test. “Bitcoin itself did not break after China banned it,” Lee says. The virtual currency has delivered on its promise that it could not be defeated by any government, even one as powerful as China’s. Or, as Lee puts it, “Every time you try to whack Bitcoin and it doesn’t die, it becomes stronger.”

Plus this news is from last week. Doesn't look like doomsday at all


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## jaggerwild (Dec 16, 2017)

The sky is falling the sky is falling!~!!!!! OH WHAT SHALL WE DO...............(not yet)


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## Space Lynx (Dec 16, 2017)

jaggerwild said:


> The sky is falling the sky is falling!~!!!!! OH WHAT SHALL WE DO...............(not yet)



Only way for sky to fall is United Nations making everyone ban in order to be a member of the United Nations, and governments are far to slow and petty to ever allow that, the main 5 I mean.

So yeah Bitcoin is here to stay, I just wish the tech was better, this whole waiting a week for my transaction to go through was not supposed to be what Bitcoin was about...


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## R-T-B (Dec 16, 2017)

lynx29 said:


> yeah Bitcoin is here to stay, I just wish the tech was better, this whole waiting a week for my transaction to go through was not supposed to be what Bitcoin was about...



Tell me about it...  it's what it's become though.  Thank goodness bitpay now accepts alts...


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## scevism (Dec 16, 2017)

http://www.dailymail.co.uk/news/article-5185485/Wolf-Wall-Street-says-Bitcoin-huge-scam.html


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## R-T-B (Dec 16, 2017)

scevism said:


> http://www.dailymail.co.uk/news/article-5185485/Wolf-Wall-Street-says-Bitcoin-huge-scam.html



So the biggest threat to wall-street (or at least, that's how people percieve it, correct or not) is being called a scam by wall-street?

Can I get a collective yawn?

Also, offtopic.  This isn't a collective "Why bitcoin is bad" thread, it's about China (not the "wolf of wall-street" ) cracking down on exchanges.  Or at least legal regulation of cryptocurrency...  I mean try to at least loosely tie your hate in, people.


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## scevism (Dec 16, 2017)

It's from the daily mail what did you expect lol.


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## R-T-B (Dec 16, 2017)

scevism said:


> It's from the daily mail what did you expect lol.



Fair enough.  I guess I was just surprised it got posted here...


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## scevism (Dec 16, 2017)

I blame it on the whisky i've been drinking. Walk of shame on countdown.


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