China Bans Exchanges - Japan Takesover!

in #bitcoin7 years ago

To be clear this just means japanese exchanges are doing volume, many people notice that its prolly Chinese people who moved to Japan exchanges with their money.

Current Volume By Currency

Japan still wins with 48,6%, USD the second with also not bad 23,84% (mostly BitFinex) and CNY is still 3rd but with way low - 14,40%. Better than in screen above though. Interesting that Poland with just 2 big exchanges and main one BitBay with also USD/EUR pairs is also in top9.

All Markets

So what this means is theres more volume running JPY exchanges than USD/CNY ones almost together yet top exchange is BitFinex for BTC volumes. I lately wrote how you can lend money there to make some passive income, check here -

JPY Exchanges

Seems this are the ones doing volume, keep in mind some of them dont have fees so volumes may be fake.

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china china china is not right

China is having 30% of all bitcoins so you can't ignore China.

I dont think we need to worry because it will be a matter of time before China will legalize the exchanges.

I totally agree, bought cheap NEO. I don't think china will ban Crypto, i think they will start to issue licences very soon and the chinese people will be back in buisiness!

And what do you say, that regulation on the China's crypto-currency market led to the fact that in the last 3 days the trade volume of bitcoin has decreased twofold - from 15% to 7%.

Much true.

china philosophy : Chale to Chand Tak, Na Chale To, Shaam Tak (either walks till moon, else only till evening). :P

China is great country

check out how yoou can create your own bitcoin bank an offline wallet and manage your own fund. with no restriction or charges.

I think China will open the Exchanges until the end of the year, they just want to regulate the Exchanges....

No surprise, same thing happened in Feb when they banned withdrawals.
What doesn't kill us makes us stronger ;-p

@g-dubs I totally agree with you. This dip caused by China, JP Morgan and others is another part of the history of bitcoin to learn and take advantage of future dips like this. Money will flow from one country to another, simply were freedom is taking place, and there will always be places with freedom in the world. Now its time for Japan. @gold84

It is China's loss. When they realize that their stock market is going down, they'll come crawling to crypto.

Unfortunately China has a fast growing middle class. China is still a developing country. This would counter all the debt ridden centrally controlled bureaucratic mess. Just look at the stats. China has so much to grow. If they weren't communists, China would have already beaten USSA. It'll take some more time for China to bite the dust.

Why do you think they are getting away with keeping their currency so undervalued?

Because they are exporting and basically have no trade deficit with anyone.
No political pressure to change things.
Why bother to tell China to correct its currency value if that means you have to buy at more expensive prices and internally; why protest against Communist government when import taxes don't affect you because you are buying Chinese products only?

Good point. But they are cheating, no?

Both Dot-com and housing bubble went on for years. This is a muti-trillion dollar economy. If we add the fact that USSA is in decline, China can keep cheating for a decade at least.

@granunic0rn said the same things that I was going to say. I'd also like to add that Tax rates in china is lower than USSA (with the exception of income tax in states that doesn't have a state income tax)

Brick and motar stock exchanges will be replaced by blockchain technology. Blockchain has come to stay and even if Bitcoin doesn't live up, something better will replace it in that space.

Just buying us more time to accumulate a low prices! Thanks China :D

Agree :)

@g-dubs : I'm agree

scotch and yes

@thank you g-dubs


you are right @g-dubs

I totally agree with that.

live crypto chat

Chat looks too new. Good idea but it is better to make society on Telegram

Honestly. I've made profit from this so :P

I do not know if it is so easy to move CNY to Yen that quickly especially in the crypto space. I do not believe China is doing the pushing in Japan.

Doesn't sound right to me either. Especially now.

Yo ,
Thanks for sharing

There is nothing can do to stop the crypto mania. Long lived crypto space

In the next few days this expected to increase. China Will probably take the ban Out in the near future

Hope they'd change their mind on 31 October closures

Government crashes the price so they can buy up to sell higher at a later date.

You may be right.

Once the price has been driven down low enough, and the governments get in at a price they feel isn't "ripping them off", the prices will skyrocket ;)

agree with you

hope so

Any news regarding ICOs? japan taking that over too?

Let's hope they don't also ban international-exchanges... Yeah, you can always use a VPN, but for the standard user this would suck.

I think this ban is temporary. They will make stricter rules and regulations to control the possible outflow of money and exert controls of things, then provide licenses to conformist exchanges. In the meantime, freer market like Korea, Japan will take some market share.

It's good for Korea and Japan and very big financial Chines mistake

Bitcoin is incredible. It seems to be stronger even after this news.

Not yet, $10k a coin is coming soon and that's where we will start real talk about the future of Bitcoin

If they don't want crypto in their backyard let's others make money on it somewhere else.

They will likely either lift the exchange ban, otherwise they will regret giving way this commerce to their biggest regional rival.

I think similar bans might come up in other countries as well, I expect there will be some real conflict between traditional money holders and cryptocurrency users in upcoming years, it might get more difficult but eventually new technologies always win


I am still uncertain, is it the ICO or the Bitcoin that the China is banning. Plus Japan had to take over, was obvious.

China will bring it around

china should reconsider its decision

China hold that major share in bitcoin's possession


China people know their value for money is... hongera

ohh what! we should all move too! i wonder how the visa work? crypto visa?!!

I want a crypto visa. I want crypto health care, too.

I second that motion.

China figured out who is pulling btc strings and got its citizens out of the ponzi, so the alphabet agencies in the states once again force rising suns hand to do what they please now that jpm has got a big slice of skin in the game.

Disclosure before you thumbs down this post: I was a firm believer in btc before I found out who owns roughly half of all coins. Do the research yourself... I suggest take your profits now to buy other crypto currencies or to buy the most undervalued commodity in history - Silver

this is an important advice
from you. maybe not just for @kingscrown, but also for us

however you choose to slice it cryptos need China, China is singularly the most important country to cryptos no matter how you look at it, China has strict money controls so cryptos are the best way for the Chinise citizen to internationalise their investment, cryptos are also seen as the top three most viable investment opportunities. China is awash with money and it feeds at least 15/20% of the crypto economy , we need China whether we like it or not

You are definitely right. We need more big markets. It is big loose for the CCurrency and for China too

Thank you for this article

This is totally fitting. Japan's culture is very privacy-centric and their regular economy is extremely cash-based. From the pseudonym of Bitcoin's creator to the cultural nuggets that have beneficially infiltrated our community, Japan has been a driving influence in cryptocurrency from the beginning. It's time we start taking Japan seriously as a hub for the dark markets!

Interesting point of view

KRW and JPY had already taken over Chinese exchange volume, since it prior statement and restriction to operate Bitcoin exchanges by the PBOC in February 2017.

Nice post.
China banned and investors can not ban their profession and skills...

Power to the People. Let china get a taste of it as well.

I think traders who want to trade will find any chance to do this and government is only losing in this case )

What's the future for crypto? I'm guessing there is many different opinions out there.

China is doing mistake, even he better understand the power of crytocurrency. china also know that he is a supper power in economical field in the world, and crypto also boosting up his economy since last year.

We should all thanks Chinese for that. Go away Chinese guys!

The lesson from the internet is , any thing that china bans, invest in it.

China is a very nice country and also good for cryptocurrency so i see no why bitcoin shouldn't be no longer relevant there.

Japan lives in the 22nd century, China only seeks there

China as a government is thinking wise, As we know Chinese are popular for financial frauds, Most of the icos from china are financial scams and pyramid schemes, The Chineese government has to think a lot to counter money laundering issues and to limit the no of icos, Or maybe they are building their own cryptocurrency

Hi, total noob here so bear with me. Why exactly would Japan's institutions be any different from other bloated financial institutions feel THREATENED by decentralized commerce exchange? Good bye bloated bank rolls and hefty fees and hidden EVERYTHING.

Its all drama and all panic monsters wants to buy bitcoin in cheap price then it will gone to the moon.

I really like how you laid out all of this info. That made it easy to read. Good post, I agree with your theory. :)

This is like pushing away your investors. When you have a huge % of the global supply and still do this? Either you're stupid or you're cooking something here we don't know. Hmmmmm.

Great content! I've Upvoted and Followed--I like your style.

China stocks was going down that's why they are trying ban exchanges in China . but it will huge loss for Chinese traders. Japan market increased. @kingscrown

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