BTCC Exchange Shuts Down In China, But The Mining Pool Continues To Operate by dragosroua

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bitcoin · @dragosroua · Sep 14 '17

$12.46

BTCC Exchange Shuts Down In China, But The Mining Pool Continues To Operate

In a tweet which caused a drastic drop in Bitcoin price, BTCC, one of the biggest China exchanges, announced it will shut down operations starting September 30th.
***
![Screen Shot 2017-09-14 at 4.24.37 PM.png](https://steemitimages.com/DQmbZahf5UejbcFzfDo8BnHetDDqvjxoqbppbmMUoVFGtns/Screen%20Shot%202017-09-14%20at%204.24.37%20PM.png)
***
What's a bit strange, though, it's that the mining pool operated by the same entity will continue to operate.

That may mean a few things: 
* PBOC really has something in mind concerning Bitcoin _trading_ in China
* generating Bitcoin is still a profitable business
* a whole new niche just appeared for the astute Bitcoin enthusiast: opening new exchanges, in more friendly jurisdictions
***
_I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at [Dragos Roua](http://dragosroua.com) where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua._
<center>
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***
<center>_You can also vote for me as witness here:
https://steemit.com/~witnesses_</center>
***
_If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform)_:
* [Rewards: Were Does The Money Come From?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-rewards-were-does-the-money-come-from)
* [Netiquette: How To Avoid Being A Steem Douche?](https://steemit.com/steem/@dragosroua/steemit-newbie-faq-netiquette-how-to-avoid-being-a-steem-douche)
* [Witnesses: What Are They And Why Should You Care?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-witnesses-what-are-they-and-why-should-you-care)
* [How Can I Mine Steem And What CPU / GPU Power Do I Need For That?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-how-can-i-mine-steem-and-what-cpu-gpu-power-do-i-need-for-that)

👍 livingfree, ausbitbank, alexis555, xeldal, dragosroua, dgiors, droucil, crowdfundedwhale, teammo, speda, raluca, sstefan, thinknzombie, cryptomancer, adventureevryday, sevinwilson, sanjeevm, kenjiby, kyusho, sacred-agent, ygern, costopher, teamhumble, amazonpricecheck, alexvan, bones, oneshot, americanrabbit, followbtcnews, adnanrabbani, allyouneedtoknow, valued-customer, calatorulmiop, fproductions, pele23, theguruasia, utkonosik, kroustets, ladislava, allamoren, livahney, mitplahov, fedorpprikl, dikan, anarcho-andrei, aismor, fatkat, tetons, wopeh, avdienkoleh, luyiw, ulantaty, steemwija, blazing, jangulets, xszmao110, brazh, vrachevaya, esayan, catyuma, neverknow, amarilis, moybemulli, wuddly, and 15 others

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@abontikazaman · Sep 14 '17

thanks@dragosroua, some good news like in the dark out of lighten, thanks and keep informing.

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@adnanrabbani · Sep 14 '17

$0.07

nice post, strange closed exchange but their pool works, ya i think generating btc is still a profitable business.

👍 dragosroua

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@blazing · Sep 14 '17

so we are about to see some major downfall ?

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@calatorulmiop · Sep 14 '17

$0.08

There have been fake tweets before, is this the real deal?

👍 dragosroua, raluca, calatorulmiop

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@dragosroua · Sep 14 '17

I think this one's the real deal.

👍 calatorulmiop

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@chesatochi · Sep 14 '17

$0.07

The next logical step should China ban Bitcoin mining and remove himself from this space. I am sick and tired of this bipolar government that creates uncertainty...

👍 dragosroua

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@droucil · Sep 14 '17

$0.08

So shouldn't that mean the price should stop going down?

👍 dragosroua, raluca

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@dragosroua · Sep 14 '17

Until that specific exchange "dries", there might probably be more dumping. But after the situation stabilize and people will realize is not safe anymore to keep their assets in China-operated exchanges, price will go up. Probably.

👍 droucil, valued-customer, pele23

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@fproductions · Sep 14 '17

The fall in the price will be short lived. Soon the price will go up.

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@livelifefullest · Sep 14 '17

$0.07

Maybe a good moment to buy some extra btc. But anyway, Very strange that they "stop" with the Exchange. There are many other exchanges, and Chinese people like to spend money, some call it gambling 😊

👍 dragosroua

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@lolianderice · Sep 14 '17

Good news because alternative coins will continue to be challenged by the status quo. Hence steem it easy

👍 lolianderice

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@pele23 · Sep 14 '17

$0.08

Well the PBOC have officially shot into their own foot. The exchanges will move to Singapore, Hong Kong, Malaysia, etc... They will no more ruling against them and even more money will flow out of the People's Republic of China. 
I don't know said this about "enemies", but a better tactic of the PBOC would have been: "If you can't beat them, join them". Too late, they now have no more control, and BTC will soar when this all is sorted out!

👍 dragosroua, valued-customer, pele23

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voter	rshares	pct
dragosroua	26,097,556,289	10%
valued-customer	2,155,106,113	10%
pele23	1,081,645,764	5.67%

@valued-customer · Sep 14 '17

I suspect China's long term perspective may well cause all the jurisdictions you specify to join THEM - Belt and Road, my friend!

Hell, the US may need to join Belt and Road, soon.

👍 pele23

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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
pele23	0 B		1,081,645,764	5.67%

@pele23 · Sep 14 '17

$0.29

They (them) would have to delete the internet for that! I don't see a full ban on crypto exchange possible anymore... that would be very wishful thinking by THEM

👍 good-karma, esteemapp, valued-customer, feruz, meysam, konti, bounties, steempoll, demo, tipping, mysteem

properties (23)vote details (11)

voter	rshares	pct
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mysteem	84,110,067	1%
demo	162,283,577	1%
feruz	1,521,508,815	1%
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tipping	152,152,984	1%
valued-customer	2,155,106,113	10%

3 replies

@practicaleric · Sep 14 '17

$0.07

I don't think the effect on the price of bitcoin will be  long lasting. For a country that bans facebook, youtube , twitter and who knows what else; China has always been too restrictive. As you said, opening exchanges in less restrictive countries is the answer. That drop in price is nothing compared to  how strongly bitcoin has been growing.

👍 dragosroua

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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
dragosroua	0 B		26,097,556,289	10%

@resteemia · Sep 14 '17

amigo #resteemia at your service

it seems like price dropping drastically. nice info @dragosroua

ReSteemia
'UpVoted ReSteemed Commented'

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@robert31 · Sep 14 '17

i like this post and  bitcoin....

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@sanjeevm · Sep 14 '17

Do you think, it will go further down ? Somewhere below 3k ?

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@sstefan · Sep 14 '17

$0.07

It will fall, it will rise again. Just like any other stock or asset before it.

👍 dragosroua

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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
dragosroua	0 B		26,097,556,289	10%

@steemwija · Sep 14 '17

$0.08

@dragosroua - oh my goodness, I'm totally lost Sir. Feeling red now :'( useful information Sir.

+W+ [UpVoted & ReSteemed]

👍 dragosroua, raluca

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properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
dragosroua	0 B		26,093,628,853	10%
raluca	0 B		2,133,776,095	10%

@theguruasia · Sep 14 '17

$0.08

@dragosroua,
A good news :D So, BTC price will drop and look all other cryptos too! So HODL and collect more at this panic market time :D

Cheers~

👍 dragosroua, raluca

`author`	theguruasia
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properties (23)vote details (2)

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