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Chinese bitcoin traders lost track of authentic price

As the latest response to the regulatory pressure, Haobtc plans to remove “trading” feature and shutdown of CNY deposit on Monday. Bitkan also chose to stay low by suspending verification of new OTC traders. Chinese traders are seeking genuine bitcoin trade price.
Haobtc released a statement  Monday:

in order to formulate bitcoin industrial AML standard and upgrade the AML system of platform, Haobtc will remove the built-in “trading platform” from wallet and no longer accept CNY deposit. Other applications of the site like wallets, mining pools and hashing are not affected. Users may transfer the balance from exchange account to the wallet account by 15th Feb otherwise the transfer will be conducted via system automatically after 16th Feb.

haobtc-xiugai
Market price dropped around 30 USD but slowly recovered a little from the hit. 8btc contacted haobtc but received no comments so far. However, Jiang Zhuo’er , offers opinion from an insider’s standing:

To cope with regulatory pressure, Haobtc first introduced 5% fee on all CNY deposit in order to deter MMM players. It turns out that MMM traders don’t care the mere 5% fee and they find Haobtc the only exchange they can withdraw coins instantly. Another option for haobtc is to split the exchange accounts from the wallet accounts and forbid cross-account transfer. But this option will leave the exchange with 3M users and forex traders, aka the trouble-makers.
So the best option is to shut down the exchange completely.

Haobtc evolves from a wallet and mining pool service provider into an infant stage of exchange. The decision to shutdown exchange will be a great step backward. However it maybe a wise move to protect the integrity of wallet, the foothold in the ecosystem. Earlier today, Haobtc tweets to confirm the reason:

“The decision to close our Exchange is obviously NOT at the behest of PBOC. We are about to do this because HaoBTC is fundamentally a Wallet. Therefore, when the Exchange became a potential risk to the Wallet, we have to close it to make sure that our Wallet is perfectly safe.”

haobtc 1

Meanwhile, Bitkan also announced  the suspension of verifying new OTC traders.

OTC market in China is weak in the past few years as it has no advantage over the services of exchanges in terms of orderbook liquidity, convenience and security. There are not much OTC options at the moment. CNY trade on localbitcoins is booming . Bitpie qq group now has 538 members and newbies keep on asking how to trade and withdraw. Bitpie features onchain p2p exchange based on multisig technology. Bitcoinworld is even less known to the public. Some even have developed a wechat chatbot to facilitate trading.
bitpie trade process

There are other more discreet channels for OTC trade like wechat group or qq group to entertain wholesale dealers. It’s said that OTC had around 30 USD premium against exchange price, which, however, could not be confirmed. It seems that the general traders have already lost track of authentic bitcoin price during the transition period.

COMMENTS(21)

  • hl5460
    8 months ago hl5460

    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

  • manselr
    8 months ago manselr

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Bitcoin is going to the moon in other exchanges, Bitfinex is right now hitting 1011 dollars. Meanwhile OkCoin is stuck at 981 dollars.Conclusion: It’s clear that now bitcoin has departed from china, china doesnt call the shoots anymore, we can hit an ATH whiteout china.

  • ~Bitcoin~
    8 months ago ~Bitcoin~

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.
    It is only in the chinese exchanger, in other trading platform bitcoin is actively being traded and price has already crossed $1000 and this time price growth looks healthy one rather than manipulated high pump/dump scheme we used to have before due to fake chinese trading volume. 

  • BitcoinAllBot
    8 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • richardsNY
    8 months ago richardsNY

    Quote from: manselr on February 14, 2017, 04:27:15 PM

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Bitcoin is going to the moon in other exchanges, Bitfinex is right now hitting 1011 dollars. Meanwhile OkCoin is stuck at 981 dollars.Conclusion: It’s clear that now bitcoin has departed from china, china doesnt call the shoots anymore, we can hit an ATH whiteout china.

    It’s too early to rule out China completely. I however find it quite remarkable that a Japanese exchange is now generating more volume than all other exchanges. It might be an indication that there is a shift going from China to Japan. If that’s really the case, then I can only support such a development. Other thing is that Chinese people are now starting to use LocalBitcoins to avoid buying through exchanges. But that’s not really beneficial for traders as they still need an exchange for their trading sessions.

  • error08
    8 months ago error08

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.
    Is it true that the halt would last one month? And none of the exchanges allow withdrawals? while they being set up to prevent money laundering and other illegal activities. Trading activities were significant decreased since last week, but why it takes so long to fullfil PBoC injuctions.Quote from: manselr on February 14, 2017, 04:27:15 PM
    Bitcoin is going to the moon in other exchanges, Bitfinex is right now hitting 1011 dollars. Meanwhile OkCoin is stuck at 981 dollars.Conclusion: It’s clear that now bitcoin has departed from china, china doesnt call the shoots anymore, we can hit an ATH whiteout china.
    No, it’s already rise up to $1002 on OkCoin, seems they have found another way out.

  • Torque
    8 months ago Torque

    Bitcoin will drain toward the countries that value them the most, and drain away from the countries that value them the least.It would be a shame for China to be shortsighted on this, and only care about mining bitcoin. Because one day that dominance will also drain away from them as well.

  • cengsuwuei
    8 months ago cengsuwuei

    china trader still wait and seebecause china exchanger still wait investigation from PBOC and can’t withdraw still pending to next month, in march china exchanger withdraw can open agin, if investigation good result and not problem, if china exchanger withdraw open again bitcoin price can incraese and go to moon

  • Wind_FURY
    8 months ago Wind_FURY

    Quote from: richardsNY on February 14, 2017, 06:24:24 PM

    Quote from: manselr on February 14, 2017, 04:27:15 PM

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Bitcoin is going to the moon in other exchanges, Bitfinex is right now hitting 1011 dollars. Meanwhile OkCoin is stuck at 981 dollars.Conclusion: It’s clear that now bitcoin has departed from china, china doesnt call the shoots anymore, we can hit an ATH whiteout china.

    It’s too early to rule out China completely. I however find it quite remarkable that a Japanese exchange is now generating more volume than all other exchanges. It might be an indication that there is a shift going from China to Japan. If that’s really the case, then I can only support such a development. Other thing is that Chinese people are now starting to use LocalBitcoins to avoid buying through exchanges. But that’s not really beneficial for traders as they still need an exchange for their trading sessions.

    I do not know what OP is talking about when he said that the “price has lost its value”. For a Legendary member he is not too smart. Maybe he is trying to make us sell our Bitcoins because he thinks he can crash the market with one thread? Laughable. One of the most amazing traits of Bitcoin is it always weasels its way to find efficiency. If it cannot be traded in the exchanges then there is Localbitcoins. If the Chinese government blocks Localbitcoins I believe there will be other ingenious ways developers can create to enable trading. Bitcoin’s peer to peer nature is causing headaches and will cause more.

  • hl5460
    8 months ago hl5460

    Quote from: Wind_FURY on February 15, 2017, 04:51:41 AM

    I do not know what OP is talking about when he said that the “price has lost its value”. For a Legendary member he is not too smart. Maybe he is trying to make us sell our Bitcoins because he thinks he can crash the market with one thread? Laughable. One of the most amazing traits of Bitcoin is it always weasels its way to find efficiency. If it cannot be traded in the exchanges then there is Localbitcoins. If the Chinese government blocks Localbitcoins I believe there will be other ingenious ways developers can create to enable trading. Bitcoin’s peer to peer nature is causing headaches and will cause more.

    Sorry for the confusion. Actually, I mean the price of Chinese bitcoin exchanges has lost its authenticity. http://news.8btc.com/chinese-bitcoin-traders-lost-track-of-authentic-price

  • ArdiPrabowo
    8 months ago ArdiPrabowo

    i think if china regulation not supported to china exhangerchina people can move to international exchanger, not big effect about bitcoin price, but this early can shock down price, and panic selling can bitcoin price down, but can normal again

  • CyberKuro
    8 months ago CyberKuro

    Government regulations regarding exchanges become a phase which must be passed to improve the safety and comfort for the users.We won’t moving forward without any legitimacy from government, they had seen bitcoin exchanges as a huge money circulation and want taxes from them, prevent money laundering just an addition I guess.

  • HanSchultz
    8 months ago HanSchultz

    Quote from: CyberKuro on February 15, 2017, 12:36:34 PM
    Government regulations regarding exchanges become a phase which must be passed to improve the safety and comfort for the users.We won’t moving forward without any legitimacy from government, they had seen bitcoin exchanges as a huge money circulation and want taxes from them, prevent money laundering just an addition I guess.
    That is what every government will be looking to extract the extra money out of you and i would not be surprised if every country comes out with a regulation and halt trading activities so that people have to favor free heavens like Bahamas exchange if there is one,so that anyone can trade without any regulations.

  • valta4065
    8 months ago valta4065

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Wut?Did all exchanges stopped btc withdrawal? OoLast time I checked all the exchanges I use are still doing it!

  • Vaskiy
    8 months ago Vaskiy

    Quote from: valta4065 on February 15, 2017, 01:39:54 PM

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Wut?Did all exchanges stopped btc withdrawal? OoLast time I checked all the exchanges I use are still doing it!
    Not all exchanges have stopped the btc withdrawal. Few have stopped and among them HuaBTC which is a long served exchange provider. I think this stopping is jus to focus much on mining as they hold a mining pool.

  • Wind_FURY
    8 months ago Wind_FURY

    Quote from: hl5460 on February 15, 2017, 06:09:13 AM

    Quote from: Wind_FURY on February 15, 2017, 04:51:41 AM

    I do not know what OP is talking about when he said that the “price has lost its value”. For a Legendary member he is not too smart. Maybe he is trying to make us sell our Bitcoins because he thinks he can crash the market with one thread? Laughable. One of the most amazing traits of Bitcoin is it always weasels its way to find efficiency. If it cannot be traded in the exchanges then there is Localbitcoins. If the Chinese government blocks Localbitcoins I believe there will be other ingenious ways developers can create to enable trading. Bitcoin’s peer to peer nature is causing headaches and will cause more.

    Sorry for the confusion. Actually, I mean the price of Chinese bitcoin exchanges has lost its authenticity. http://news.8btc.com/chinese-bitcoin-traders-lost-track-of-authentic-price

    Sorry for saying the negative comment. I meant no offense. It was only surprising for me that a Legendary member will think that way.On the topic of Chinese exchanges and the lack of authenticity, what is new about it? We all already know the volume was fake, we also know that China is the source of most of the pumps and manipulation in Bitcoin. Nothing was truly authentic with the price of Bitcoin in China. I ask you, as a Legendary member, do you follow the prices of the Chinese exchanges or older, more authentic exchanges like Bitstamp or BTCe?The fact that they are writing all about it just now is also laughable. We all know that is already the case.

  • sirohige
    8 months ago sirohige

    if no people interest to buy bitcoin (because ) can’t withdraw it, then the price will be crash again to level under $200im not sure bitcoin fans from chinese will keep to hold his bitcoin, we know everyone need to pay his daily needs.

  • gentlemand
    8 months ago gentlemand

    At present they’re just buying IOU’s so it makes sense that they won’t be inclined to pay what you do on functioning exchanges. CNY is a precious commodity on there because you can get it out.

  • Wind_FURY
    8 months ago Wind_FURY

    Quote from: gentlemand on February 16, 2017, 03:25:29 AM

    At present they’re just buying IOU’s so it makes sense that they won’t be inclined to pay what you do on functioning exchanges. CNY is a precious commodity on there because you can get it out.

    Actually it is something like that. What then is stopping a Chinese exchange from bloating their reserves of Bitcoins in their ledgers? What is also the use of trading with them if I cannot withdraw and use Bitcoin if I want to? They have now become a platform to speculate on the price and not as an exchange that facilitates real trade.

  • hollandvan
    8 months ago hollandvan

    Quote from: manselr on February 14, 2017, 04:27:15 PM

    Quote from: hl5460 on February 14, 2017, 09:05:13 AM
    Without an exchange that allows bitcoin withdrawal, the price has lost its value.

    Bitcoin is going to the moon in other exchanges, Bitfinex is right now hitting 1011 dollars. Meanwhile OkCoin is stuck at 981 dollars.Conclusion: It’s clear that now bitcoin has departed from china, china doesnt call the shoots anymore, we can hit an ATH whiteout china.

    It is good chance to Chinese to buy more bitcoins, we know they are panic so they don’t buy right now. But when bitcoin can be withdrew, the price will go up 100%.

  • Seansky
    8 months ago Seansky

    Even if the withdrawals are on hold for now for chinese, I am still glad that we are seeing a healthy rise now not a fake pump dump that was caused by Chinese themselves. I do pitty those Chinese who bought large quantity in bitcoin that are maybe trying to panis sell right now in china because of PBOC investigating exchanges. Well they would be back later and I hope that they would not attempt to crash the price when withdraws are enabled on Chinese exchanges.

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