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China shut down bitcoin exchange- buy BTC now or wait for dip

Discussion in 'CryptoCurrency' started by silgro, Sep 20, 2017.

  1. silgro

    silgro Junior Member

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    "China is cracking down on the cryptocurrency business to try to limit risks as consumers pile into a highly speculative market that has grown rapidly this year. Reuters and other media reported earlier this week that it planned to shut down the exchanges.

    Shanghai-based BTCChina, a major Chinese bitcoin exchange, said on Thursday it would stop all trading from Sept. 30, citing tightening regulation, while smaller Chinese bitcoin exchanges ViaBTC, YoBTC and Yunbi on Friday also announced similar closures."

    So what do you thing guys, will BTC dip by the end of month or will stay stable. Im asking because Im planning to buy BTC so I dont know if I should wait Sept. 30 or buy immediately?
     
  2. SamLewis

    SamLewis Senior Member

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    The dip already happened
     
  3. silgro

    silgro Junior Member

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    Yes it was, but what will happened when Sept 30. come? Do you think that chinese trades already moved/sold their cryptos?
     
  4. wewholeart

    wewholeart Regular Member

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    I would suggest you to wait till Sep 30.
     
  5. SamLewis

    SamLewis Senior Member

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    Does nobody think that if a Chinese Investor wants to buy crypto they can't just buy a $7 vpn?
     
  6. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    The real problem is, how can they make a deposit (fiat) into the exchange.
    It would be more easier to make a deposit to the their local exchange than western exchange.
     
  7. Carterm

    Carterm Newbie

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    Japan will become largest bitcoin exchange in world now.
     
  8. SamLewis

    SamLewis Senior Member

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    I've bought from bitmain through bank transfer and was told to declare it to my bank as computer services to avoid any problems with cryptocurrency/mining hardware, I also bought from kraken or somewhere less than a year ago and was told a similar thing. I don't see why it would be so difficult for someone in China to buy from an exchange in USA or Europe.
     
  9. Masterofeverything

    Masterofeverything Junior Member

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    China also shutdown Google. How did that affect them?