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    Silver

    Bitcoin Bloodbath May Become A Massacre As THREE Chinese Exchanges Confirm Shutdowns and More Are Coming

    Mac Slavo
    September 15th, 2017
    SHTFplan.com
    Comments (35)
    Read by 6,914 people

    btc-bloodbath

    The last couple of weeks have seen a virtual bloodbath in crypto currency trading with the majority of all publicly traded digital coins and tokens experiencing losses ranging from 20% to 98%. The carnage began when rumors swirled that China would limit ICO (Initial Coin Offerings) due to rampant fraud and uncertainty. The rumors quickly turned to reality, when earlier this week one of China’s largest centralized crypto exchanges announced that they would be closing their doors to domestic currency trading, meaning that the tens of thousands of Chinese who had been helping to drive Bitcoin gains of over 500% over the last year would soon be removed from the market. This led to an immediate and violent decline, with prices of Bitcoin going from a September 2nd all-time high of $4900 down to a brutal $3200 by Thursday morning.

    And while prices appear to be recovering this morning (trading at $3695 at the time of writing) , we have to wonder if the words of Admiral Ackbar are applicable to today’s significant upswing:

    Because according to Bitcoin.com, as of this morning, two additional large Chinese Bitcoin exchanges have confirmed that they will no longer offer crypto currency trading to the Chinese domestic population:

    According to reports, all exchanges that deal with cryptocurrencies in China must shut down operations to stay compliant with the country’s regulators. Following these rumors early this morning, the exchange Viabtc announced it would also be closing operations on September 30. The price of bitcoin is down 38 percent since the two Chinese exchanges made their announcements.

    After Viabtc revealed the trading platform would be closing, the exchange Yobtc detailed that it would be ceasing trade operations as well. Yobtc gives the same explanation, but says they will be closing up shop on September 18 and customers should withdraw funds by then.

    “With the spirit of the document, adhering to the prevention of investment risks, and the maximum protection of our user’s principle of interest we have decided to clear domestic currency trading,” explains Yobtc’s announcement.

    Yesterday litecoin creator, Charlie Lee, explained that Huobi and Okcoin were meeting with regulators today and will likely announce closure soon.

    Source: Bitcoin.com

    It appears that, while blockchain technology certainly offers decentralized functionality and applications, centralizing global exchange operations that fall with the purview of government regulation could be a chink in the blockchain’s armor.

    There are a variety of blockchain technologies currently being developed that aim to decentralize trading operations altogether, but for the time being these are either in alpha or beta testing, or simply remain White Paper concepts with no actual working models.

    With that in mind, the shutdown of the world’s largest population of potential crypto traders, who were at one point responsible for something on the order of 90% of all trading in 2016, could lead to continued pressure on Bitcoin and other crypto currency until the extent of the shutdowns of Chinese exchanges becomes more clear.

    And while Bitcoin may appear to be in recovery today at a price of $3695, it is important to keep in mind that this price is generally based on Western-based exchanges, because at this very moment, the same Bitcoin is trading for 19,999 Yuan on BTC China, or about $3056, over $600 less than the going price on exchanges used primarily by U.S. and European investors:

    btcchina1

    The massive price discrepancy between exchanges, coupled with the uncertainty surrounding domestic Chinese trading and the official position of the People’s Republic of China suggests that investors should be cautious as there may be more carnage to come before a return to sustained growth.

    As one commentor on Zero Hedge noted:

    “Uh boy, this may have turned a correction into a falling knife.”

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    Author: Mac Slavo
    Views: Read by 6,914 people
    Date: September 15th, 2017
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

    35 Comments...

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    1. PO'd Patriot says:

      Bitcoin…great name……all you’ll have left is just a bit of what you had.

      • Anonymous says:

        1. Dentacoin
        Dentacoin is the brand new cryptocurrency designed by the global dental industry and already accepted as a means of payment at partner dental clinics. Dentacoin currently has a market cap of more than $2.9 million.

        2. Titcoin
        Titcon claims to be the most popular cryptocurrency intended to be used for the adult entertainment industry. It hasn’t exactly taken off, with a market cap of only about $228,000.

        3. Dogecoin
        Dogecoin was created as a joke based on the popular “Doge” internet meme. Somehow, Dogecoin now has a market cap of more than $232 million.

        4. Monacoin
        Of course, if there’s going to be a dog meme coin, it would be ridiculous not to have a cat meme coin. Right? The cat meme Monacoin is particularly popular in Japan and has a market cap of $26 million.

        5. Trumpcoin
        If you’re tired of the direction bitcoin and Ethereum have taken the market and want to make cryptocurrency great again, Trumpcoin may be right for you. Trumpcoin hasn’t gotten many votes from investors so far, with only a $386,000 market cap.

        6. Potcoin
        Of course the cannabis industry has its own cryptocurrency. And of course it sponsored Dennis Rodman’s trip to North Korea. Why not? Potcoin has a market cap of $26.5 million.

        7. Legends Room
        The Legends Room in Las Vegas is the first gentleman’s club in the world to have its own digital currency. Five thousand coins buys you a lifetime membership to the club. The current market cap for Legends Room is $3.0 million.

        8. Insanecoin
        Nothing inspires confidence in an investment quite like having the word “insane” right in the name of your currency. Yet Insanecoin currently has a market cap of more than $2.4 million.

        9. Unobtanium
        Unobtanium’s claim to fame is that it was designed to be the rarest cryptocurrency in the world, inspired by the fictional mineral that was the basis of the movie “Avatar.” While Unobtanium may be exceptionally rare, you can pick up a coin for about $76 on today’s market. Current market cap stands at $15 million.

        10. Useless Ethereum Token
        The most absurd currency of all appears to be a protest against cryptocurrencies gone awry. What is a Useless Ethereum Token?

        “No value, no security and no product. Just me, spending your money,” the currency’s website reads.

        • Plan twice, prep once says:

          OK, where’s dumb CU⚡️NT coin?

          Buy gold or silver and hold it in your hand.

          • CrackSummSkulls says:

            Its that ball and chain you guys keep lugging along year after year. WTF?? Drop off the key Lee and get yourself free.

            I have 1 ft margin of dry land left before we start flooding here in Central N FL after that Hurricane. The Big Green Swamp is overflowing in some areas and tributaries, canals, lakes, etc.. Are you prepared for that? I put up hundreds of sand bags a few years ago to stabilize the foundation. Working great. Added another 40 bags about 2/3rds Cubic Yard of sand. Great water stoppers and bullet stoppers. I have about another hundred bags to fill if I need to. Do the heavy lifting now in preparation of disasters. All off the Grid here, Using Solar, never lost electricity, neighbors on the grid down for 6 days. Its just not knowing how long before it is restored. Same with the flooding. We keep putting sticks at the water edge to monitor how high the water keeps rising. 2 Weeks of this preparing and now clean up and more possible flooding. I hauled some of my stuff to a storage to get it out of the way. 2 trailers. Flat bed to haul off the Lawn Tractor. Giddy up. The sound of chainsaws and bon fires fill the air here all day long. Hear it and smell it. There is so much tree debris, that burning it, is the quickest way to get rid of it.

            I bought a 20″ and a 22″ inch chain saws a couple of years ago. The best tool ever and have plenty of 2 cycle gas and bar chain oil. Flat bed trailer to haul brush and 4x WD pulling big tree limbs. Lots of people banding together to help people clean up and in return lots of southern home cooking BBQ style.

      • CrackSummSkulls says:

        Told ya so many times on here Bitcoin is a ponsi scam. Fraud. Backed by nothing but slick marketing hucksters and stupid gullible buyers.

        • Plan twice, prep once says:

          Bit coin was a really cool design that was unhackable in its original design.

          Problem is every government on earth spent billions trying to hack Bit Coin.

          They couldn’t, so they did the next possible thing. They installed totally hacked servers into the Bit Coin system, and just screwed with it until they broke it.

          Buy gold or silver and hold it in your hand!

        • CryptoPro says:

          @CrackSummSkulls:

          Sounds like you’re describing the US dollar!

    2. Borodino says:

      More of Clif High’s Alligator Teeth? Gotta love the chaos…..

    3. Old Guy says:

      Wait until the Yuan supercedes the petro dollar. We will be having some real fun!

      • Genius says:

        Ahh Sooo, yoo wanna eat you round eyed basstud?

      • ouch says:

        Old Guy,

        You are correct, it will take momentum and that has been picking up. Once all of those US dollars come back to the US it will get ugly. The only reason why it is not immediate is due to the fact companies “lock in their prices” under a contract.

        An easy example is that of Papa John’s pizza. The home office locks in their raw materials from suppliers usually with a one year contract.

        I remember last year pizza from them was advertised for $10.00 during football season. This year it is $11.00 yes it is only a $1.00 difference in nominal terms however that is a 10% increase from last year for the same pizza. I am not making 10% more this year than I was making last year. So that means that I am poorer this year than I was last year if I decide to order a pizza from PapaJohns.

        So we are already seeing it the people are just too dumbed down now to see that they are getting poorer.

        This is with all facets around us and this is why more people than ever are renting their cars now (leasing) rather than eventually owning something all with the illusion of feeling good and successful.

        We have a few weeks left of the federal fiscal year which ends on 09/30/17 after that it will start getting really really exciting.

    4. fozbotz says:

      Why is someone taking your worthless dollars yuan euro or what have you and trading their oh so very valuable crypto currency for your worthless paper money??? When the fall comes I will have the biggest laugh of my life time.

    5. Anonymous says:

      You can see it’s all about control. Governments and central banks want to regulate and
      control cryptos because they are scared shitless.

    6. NunyaBidness says:

      but but but, it’s so anonymous and decentralized, the govt cant have an effect on buttcoin.

    7. Wojo says:

      Silver and Gold, Silver and Gold…just think of the song on the Rudolph the Red Nose Reindeer at Xmas. If you can’t touch it and hold it in your hand its not real! Junior stay off that porno site!!!!

    8. Old Guy says:

      As long as I can use those Petro dollars to pay my property taxes I don’t care if it goes tits up on the world stage. The USA government,s overbearing actions in other places at the behest of the UN and NWO is starting to come home too roost. Its gotten too big for its britches.

      • buttcrackofdoom says:

        as long as we got STUFF……that’s the REAL currency……as long as we got the STUFF it takes to survive, we’ll get by. spend ALL that currency on VALUABLES(guns, ammo, food, medical supplies, water purification, tools, building supplies…….

    9. mominator says:

      that’s what you get for buying invisible money. Remember the story of the emperors new clothes? They were invisible to all except the most worthy. Turns out the emperor was scammed and he was just plain old naked.

    10. Anonymous5 says:

      I’ve said all along that bitcoin is a sucker’s game…..just another form of fiat currency.

      If you can’t hold it in your hand, you don’t own it. It’s as simple as that.

    11. Anonymous5 says:

      By the way….wan’t it Eisencrap who was telling us how great bitcoin was…and how all of us “old people” should get with it and get on board??

      So…where are you Eisencrap?

      Perhaps you’re learning that you don’t know half of what you think you know.

      Of course…the real problem is….you don’t know what you don’t know.

      Maybe you can acquire a little humility and realize that you can actually learn a little something from the older crowd who have been around the block a few times and know how the world really works.

      Or not…and you can just go on being stupid.

      “Stupidity is the deliberate cultivation of ignorance.” –W. Gaddis–

    12. RationalMind says:

      Closing of ICO trading or even BTC Exchanges in China is not a crisis or a falling knife. Chinese crypto coin holders can store/transfer their coins onto hard wallets, and ‘redeem’ them elsewhere for other fiat currency (if they choose to). The Exchange closure doesn’t freeze their crypto coins unlike a bank account. The value of bitcoin and other crypto currencies is not critically dependent on Chinese investors. There’s enough surplus liquid assets that have high exposure (namely, stocks, bank accounts) around the world, that the crypto coins will still do well.

    13. Hey, I thought Bit coin couldn’t be controlled by Goverments because its decentralized. I guess the creaters were wrong. Do I smell Tulips . Run it up and then get out before the sheeple have a clue.

    14. markie yieng says:

      so many people was fooled
      s0 very sad

      why Blind leader
      keep leading people

    15. Anonymous says:

      This article did not age well lol

    16. Jdoing says:

      This article did not age well lol

    17. Brian says:

      The strange sucking sound that is being heard in countries throughout the world is from the buying power of the currencies being sucked out of the cWurrencies. Whooosh!

    18. CryptoPro says:

      Hmmmm …. so many here against CryptoCurrency. So I guess we should laugh and discredit those who are trying to change the “System.”

      Change doesn’t come easy my friends, we have to have vision to see where this tech can take use. How is can free us from gov and bank control! And we need balls to hang through this tough times – after all do you think the elites aren’t behind all this turmoil. Of course they are, this shit scares the crap out of them.

    19. Traitor Hator says:

      Silver and gold will buy anything. Untill the any things run out . Then they will throw their silver and gold in the streets. Too heavy to carry. But will be great for trading for a while. Trade it fast. While you can.

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