Bitcoin Forum

http://tv.cntv.cn/video/C10329/e5ee4fe9a62b4b24b1080327faaafcb7

I watched the entire thing. I understand nothing. :)

(Other than that this coverage seems like a fairly significant event for Bitcoin in China.)


Sure wish I had some command of standard chinese today.

Would you guys be interested in offering a community bounty for proper subtitles?

(0.1 BTC per minute of finished translation perhaps.)

Could anyone in or from China offer a brief synopsis of the main points? John?

.1 a minute?  Wow, you pay well.  I wish I knew Chinese.

BTCCHINA shows no parabolic thing at all.

The amount of BTC traded per day has increased from some hundreds to now over 10K per day over the last few months - it might not have increased as rapidly as some are suggesting but for certain it is rising dramatically (it is now the 5th highest listing on the bitcoincharts.com list).

This report imo is not gonna cause a lot of movement. However, we will see. There is no need to predict such a move, if it happens, like these guys are sure about, you can just get in early.

I watched the entire thing. I understand nothing. :)

(Other than that this coverage seems like a fairly significant event for Bitcoin in China.)


Sure wish I had some command of standard chinese today.

Would you guys be interested in offering a community bounty for proper subtitles?

(0.1 BTC per minute of finished translation perhaps.)

Could anyone in or from China offer a brief synopsis of the main points? John?

Google translate version of the script (sorry, no time at the moment - ask if anything is not clear)

A called Bitcoin virtual currency gradually into the public view, a latest news from the domestic media to further narrow the distance of the Chinese people with this particular currency. According to media reports, after the earthquake in Sichuan Lushan 4.20 bitcoins as donations had one fund account. Then the Bitcoin is it? Where did it come from? What can we do? Today we'll focus on this mysterious currency.

Today, as usual, Zhai Wenjie work first thing is to turn on the computer, log on an excavation site of Bitcoin. Bitcoin players Zhai Wenjie said: "just 8484, rose to 8518. Every minute beating figures to own a stimulus, that is, I make money, I make money." Looks Zhai Wenjie open the computer, nothing did not do, but just a few hours, his machine automatically has dug up 0.85 bitcoins. He opened the nation's largest Bitcoin trading site, Bitcoin RMB exchange market today is $ 800 each. This means that a few hours of effort, Zhai Wenjie has earned seven hundred dollars.

Sun Minjie is Bitcoin enthusiasts, he and his colleagues often discuss Bitcoin market, as long as the right opportunity, they will purchase some. Allow players to intoxicated Bitcoin was born four years ago. In 2008, a hacker named the Nakamoto posted a research report on a secret cryptography discussion, lays out the idea of ​​Bitcoin. In 2009, he established for this system an open source project, officially proclaimed the birth of Bitcoin.

Bitcoin is not dependent on in specific central issuers, but the use of a distributed database to record currency transactions throughout the peer-to-peer network nodes, and use of cryptography is designed to ensure the circulation of money in all aspects of security. Users can use the computer in accordance with the provisions of the algorithm, a large number of operations to "mining" bitcoins. 64-bit number in the "exploitation", you need to use a computer to search through repeated decryption compete with each other and with other gold digger, to provide the necessary data for the Bitcoin network. If the user's computer managed to create a set of numbers, then you will get the 25 bit reward currency. Because the the Bitcoin system uses a decentralized programming, so every 10 minutes only get 25 bitcoins. At the same time, the user can also be traded in the online trading platform to get bitcoins.

The engine room is Zhai Wenjie "mining" place. These Di Wenjie modified specifically for mining bitcoin machine. Eight graphics cards almost around the clock to be calculated, significantly higher than the outside temperature in the room. Zhai Wenjie said: "a total of 12 mining machine, as it stood at the edge of too much heat, your hand feel, boiled eggs can now power consumption of this day was about 60." Sun Minjie "mining" the machine is almost never stopped rotating. Sun Minjie said: "the principle of mining is a set of very complex encryption and decryption algorithm to do the computation of the discrete series, then it is equally distributed to all those connected to the Internet mining people, who contributed to the computing power of , who assigned the more. "

Although the the invisible virtual currency, but the bitcoin has become can not be ignored. On April 23, the One Foundation announced that it has received the intention to donate 50 Bitcoin. This is Bitcoin first donations in China. In distant European countries, Cyprus, Bitcoin scenery one. This year, the Government of Cyprus tax bank deposits of savers. People suddenly found that the unregulated virtual currency Bitcoin tax avoidance, and the dollar and other currency exchange, which reduces the loss of their wealth. The Bitcoin ATM in the streets of Cyprus, and even. Then in the eyes of the players, Bitcoin is it? Some people think it as precious as gold, but some people think it is worthless. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Compared to gold, its biggest flaw is that it is just a binary one file."

Despite the controversy there is no consensus about bitcoin, but all of them see the world without any kind of currency is more exciting than the growth trajectory of the virtual currency Bitcoin. In 2011, there was reported that over the past year or the highest currency is the Australian dollar, it rose against the U.S. dollar is 27%; same year, however, the bit against the U.S. dollar, but it is from 0.5 U.S. dollars, rose to 13 U.S. dollars, or up to 2600%. Bitcoin did not relax rose momentum, the Bitcoin April this year all the way rushed a Bitcoin exchange $ 266! Bitcoin market, so amazing group of people to catch a roller coaster of the purpose of his wealth.

The world's largest digging Bitcoin website, an account code 67717, has always ranked first in the number of mining. Zhai Wenjie said: "super players, this person is a company, the company's mining, they called baked cat, a company in Shenzhen. You see the ID of the whole network, the world ranking." According to the published computing power calculation, the number of this day only four people dug Bitcoin wealth is very alarming. Zhai Wenjie said: "It (computing power) 7549G day can produce 357 357 by 800 yuan (bitcoins) count is $ 280,006 a day."

Not only diggers, system and even made mining machine has become a billionaire. This machine is a network called pumpkin Dr. Zhang Di modified, use it to dig Bitcoin operations much faster than the general graphics mining. Zhai Wenjie said: "This year has earned a lot of money, (pumpkin Zhang) sold a batch of 600 units, was regarded as one of the 40,000 yuan is actually very simple 600 is 24 million, it is the first batch of the second batch of R & D The cost of this group of full money back "

Not only that, the nation's largest Bitcoin trading site is vast fortune. Zhai Wenjie said: "It's fee is 0.3%, thousandths look as they are now trading 8400 (bitcoin), it earned 24 per thousand, a calculation is 20,000 yuan, it's just trading, buyers and sellers are collected, which earn 40,008. "

Zhai Wenjie witnessed too many people rely on Bitcoin fortune. He felt he could not miss this opportunity. So he spent 840 bitcoins, from pumpkin Zhang Order 12 mining. If the at a Bitcoin market price of 800 yuan now, these mining machine has a value of nearly 70 million. The new machine than Zhai Wenjie mining machine efficiency ten times higher, Zhai Wenjie just T account, new machines dug 24 Bitcoin day, a month will be able to recover all the costs.

Also tasted the sweetness of Bitcoin Sun Minjie just under the orders of the mining machine he bought five mining machine and his colleagues from the United States. However, the Bitcoin "gold mine" is not inexhaustible only 21 million, according to the founder Nakamoto design, the total amount of the Bitcoin Bitcoin currency production speed every 10 minutes 25 new bits credits. But every four years, the number of bitcoins output is cut in half, until it reaches the maximum number. With the increase of mining, each participant can be dug coins will be less and less.

Therefore, for the miners, the time is very valuable. Zhai Wenjie said that next month, such as his new mining machine, he is going to give them a new home, or even a "nanny."

Second, we see that the "miners" Nuggets career. It can be said that the birth, Bitcoin players toys, now already is the fastest growing virtual currency. From 2010 Bitcoin began with physical goods exchange, wine vendors site specializing in digital products, to operate from the restaurant to the telephone company, more and more from different countries and then Na Bite $ Bitcoin increasingly more like the real currency, we will look at reports of journalists.

This is a theme cafe, located in Beijing Haidian Book City near strong entrepreneurial atmosphere, $ 20 coffee can take a day's consumption concept has attracted a lot of computer geeks and Internet entrepreneurs gathered here. A half months ago, one day, cafe staff Mafeng Feng in here first received 0.012 bitcoins. The never received Bitcoin Mafeng Feng not dare to call the shots. Cafe staff Mafeng Feng: "I ask our boss, can we close Bitcoin? Boss said he is our first payment Bitcoin guests."

The American boy named Jack, is a student of the Beijing Language and Culture University, came to China three years ago. Is in this cafe, he contributed to the first non-network Bitcoin transactions, Since then, Jack almost all Bitcoin buy coffee. Jack told reporters that he often went to a place called site of btcchina, this site is similar to the Bitcoin Bank, there is immediate change Bitcoin exchange the RMB exchange rate, can be calculated according to the exchange rate, Bitcoin units need a cup of coffee, and then only need to scan the the Bitcoin account cafes two-dimensional code, the transaction is complete.  Jack contact Bitcoin But more than three months time, but have been deeply in love with the Bitcoin convenient, in addition to use it to buy coffee, he also often go to one that accepts Bitcoin payment shopping site. Than special players Jack: "This site is called: I want to buy this mask is anti-influenza, if you want to buy this click on the button."

Jack demonstrated to reporters he bought the whole process of the mask. Reporter saw, each bitcoin players will be on the network has an electronic purse, shopping, just the price of goods to the translation into Bitcoin unit, and then sweep the Site Settings two-dimensional code, find the payment address of the site, can easily make a payment of goods. The whole process, but a minute or two. Than special players Jack: "I with Bitcoin ago, in order to save my money back to my account, I need to bring my RMB, go to the bank queue, then wait a few days, the money will arrive. Now I just need to give me play Bitcoin friends, I sell you some bitcoins, and then my money will be able to arrive the same day. "

Bitcoin is not yet well known by most people, it already has a large number of die-hard fans. Jack said: "One of my friends in Beijing, he actually moved to Beijing because Bitcoin, because he likes the Mint machine mining that data processing is a very power-hungry, Brazil's electricity is particularly expensive, So he decided to come to China, because China's electricity is cheaper, he came to China with only 200 yuan in Beijing, and then he met other mining bitcoin players, he Bitcoin transactions with them, buy a bicycle. Bitcoin player seems to have a natural sense of trust, in our interview, Jack 2 Bitcoin transactions from the hands of another young man.

This is called Tian A boy, graduated from Tsinghua University Department of Computer Science, also Bitcoin senior players. Last One Foundation to accept Bitcoin donations, but also aroused great concern bitcoin anonymity and transparency. Tian A demonstration to reporters contributions to the One Foundation website. Bitcoin player field A: 233 Bitcoin This is April 21 or before a certain time. 82 that a total of 82 contributions it is now the balance is 233. Conversion multiplied by about 900. 233 multiplied by 900 is about 200,000 yuan each donation you can see his record this donation can not only be transparent, can also accept donations from abroad you just paste it into the address international forums up, he was more concerned about domestic affairs, he will donations it is anonymous, you will not worry disclose your information, and its per capital flows, if it wants to open, but also can be done not only above the closing shall there Paymaster. "

Bitcoin each transaction is transparent and anonymous, that is, a network client can be found all over the world an instant Bitcoin transactions, but not know where the deal from the whereabouts of where , for what purposes. Jack said: "People say Bitcoin is a semi-anonymous, because if anyone knows the address of your account, they can give you to pay can see you money, but they can not know where the money comes from, where to go, or who pay your money, you who fought the money. "

, In the middle of last month, residents of Alberta, Canada Taylor Moore ready to sell a detached, the deal instantly become the focus of the major media, because of the conditions attached to, if the buyer chooses to bits currency payments, he was willing to give discounts. This scene so we think of the prevalence of the tulip bubble in 17th century, a tulip bulb prices also pushed up to you can change a house. Earlier this year, the Bitcoin is also hovering around $ 20, but in April soared to more than $ 200, a full up 10 times. The outrageous gains Bitcoin to become the prey of the world the eyes of investors, many Chinese people were the first to eat crab, we come to know about them.

End Hongbin, China's first the Bitcoin hedge fund managers, financial columnist. With the rapid warming of the bitcoins in the country, the end Hongbin busy. Bitcoin investors end Hongbin said: "a lot of e-mail sent to me by phone, mail, QQ, micro-channel, micro-blog, is basically a variety of channels.] Are read my report on investment, then Bitcoin have some questions, and then came to ask me. "

April 10 this year, Bitcoin Mogao all the way to $ 266, in just a few days dropped to $ 50, followed by a quick shock back to around $ 140. End Hongbin Bitcoin hedge funds, in this crazy 4 menstrual hand sale and purchase of four to five hundred Bitcoin Bitcoin Exchange trading volume growth of nearly 10 times more than the same period last year. Than the the Bitcoin payment function, Bitcoin investment, like this rock event the strongest voice.

End Hongbin exclaimed in his blog "Bitcoin crazy. Bitcoin retail speculators, bitcoin investment experience much more attractive by the screen name of this young man, has a two-year, on-line management two Bitcoin speculators group. He is also on the April fresh. The Bitcoin speculators Dora said: always used to say that to kill the red-eye, these people see the interest here is very deep, and especially for speculators in terms of, like the red side of the target in the hands of the matador, Meng Niu After they see the desperate rush forward. "

July 17, 2010, the world's largest Bitcoin trading site MTGOX established Bitcoin price of less than $ .05. At that time, much more attractive or college students, the end Hongbin was a financial columnist. Then make money dig Bitcoin miners, speculators were talking about that period of history can only be Despair. End Hongbin said: "A lot of people think Bitcoin is something, never heard of, and then ignored, this is a big mistake, because at that time very cheap thing, only one or two cents a coin, equivalent to up to now a million times. "

Bitcoin investment charm of the first outbreak, it was in June 2011. $ 30 later began to fall, and, all of a sudden hit $ 0.01 from 17 U.S. dollars, is 1 cent, that is, I think he dropped from 17 to about 0.01 for four hours inside. "End macro end Hongbin said: Bin rapidly from Taobao bought his first piece of Bitcoin, or junior Dora Chuaizhuo she saved $ 5,000 and brothers and sisters that scrape together $ 5,000 to buy a used dig Bitcoin mining machine. However, with the rises and falls of Bitcoin, Dora the idea of ​​change.

End Hongbin clung to the belief of the the Bitcoin is equivalent to long-term hard currency, reached the Bitcoin market, Dora fancy the Bitcoin frequent ups and downs, the playing bitcoin buy low sell high. Although two people are reluctant told reporters investment Bitcoin income in the end, but we do see that bitcoin since the birth of the transaction, the appreciation of 5320, and continued the dramatic ups and downs. Dora said: "(April) look at from more than 1000 yuan, fell to the five or six hundred yuan, has caused massive panic selling, but wait until two days after the expert manipulator, the price low again. "

Just past the crash in April, a lot of speculators confidence pressure to the bottom. End Hongbin believe that this extreme state of Bitcoin has been showing signs of a bubble. End Hongbin said: "Now the price is a speculative, if Bitcoin is not well applied, Bitcoin bubble is estimated to be broken."

, Despite the Bitcoin core developers have repeatedly clear emphasis on Bitcoin is a project of "experimental" and repeatedly prompted the investment risk, but apparently did not dampen the enthusiasm of investors off, Bitcoin whether there is a bubble? We said, the the entity currency with means of payment, means of circulation, the value scale, world currency and storage means of the five characteristics, Bitcoin locate these can be achieved. Even compared to the physical currency, Bitcoin is not subject to government control, constant total, in some respects superior to the traditional currency. Such as Bitcoin virtual currency vitality? In turn go in the future? Us listen to the views of experts.

Liu Xiao Ampang Consulting Co., Ltd. has been two years in a row Bitcoin follow-up study, Liu Xiao, The Bitcoin rapid development of the reason is that it is a decentralized currency. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Everyone can be a publisher, financial institutions can become can become trading currency, there is no regulation of such a trader." Liu Xiao, been China Construction Bank senior economist Zhao Qingming recognition.

China Construction Bank senior economist Zhao Qingming, said: "In the past few years, because this world is awash with liquidity, the central bank to various major central banks are engaged in quantitative easing, liquidity should be said that seems to be a sudden flood, caused some people's dissatisfaction and worry about. "and a former central bank monetary policy committee, David gives a different view. Tsinghua University, China and the World Economy Research Center Director, David said: "so much that it now a lot of investors for sovereign currency, RMB distrust, it would be better to say that the sovereign currency issue too much, this case , there is a lot of money seeking investment object, is seeking investment channel. "

In less than four years, the market value of the Bitcoin from the initial 5 cents each costing $ 266 soaring to the highest three years of soaring 5100 times, Liu Xiao Bitcoin spike has gone far beyond its own as the function of a currency. Liu Xiao said: "The most important thing is such a feature of the 21 million limit, this feature makes Bitcoin become a strong speculative property as a tool."

Bitcoin, early in the design intent against the existing monetary system network tools, is becoming an investment or speculative tool. Crazy Bitcoin, in the end is the perfect currency or new Ponzi scheme? Mr Li said: "to pass the hot potato of the mechanism, not really take it to use the function. This is the judgment it is not beside's scam of, whether Pond's scam of the most fundamental standard, if its purchase by really like this products, think this product is a function, investment function, this is a normal investment goods or products. investors to buy his purpose is not to use, not investment, is to put this product in the short term at a higher sell it to a people who were fooled, this is a Ponzi scheme. "

Said: Liu Xiao "Liu Xiao: We believe that Bitcoin prices so high, it is actually a speculative bubble, for example, like the early days of the" tulip bubble ", like later in the recent subprime crisis, only from the speculative point of view, it is not essentially different and the previous tulips and subprime derivatives. "

Bitcoin future what will go where? Zhao Qingming, said: "I think most likely be short-lived, first of all I think that he has become the subject of a speculative the other hand, the lack of the financial system to support it." Today, the United States has begun to Bitcoin regulation, the implementation of anti-money laundering laws and regulations of the virtual currency. In China, the virtual currency regulatory Ministry of Culture and Ministry of Commerce jointly issued a notice on the online game virtual currency transaction management. However, David, existing for virtual currency laws and regulations can not be fully applicable to the regulation of this new type of virtual currency Bitcoin. Mr Li said: "how to monitor, how to guard against some of us in the middle of the non-standard phenomena, how to protect the users, investors, this may also need to study new approaches."

Someone will bitcoin compared to similar gold, because their total amount is constant, but we see, even if it is referred to as "hard currency" gold, the price of gold will not only rise. Gold itself is no bubble, but the price is too high, there is a bubble, and the same is true of the bubble will eventually burst, Bitcoin virtual currency. Can conditions, in addition to the Bitcoin Is the future does not appear the new virtual currency? The more common virtual currency Bitcoin value the closer. This purely out of the operation of digital currency symbol, no asset-backed financial revenue and expenditure, no cash reserves, there is no value in use, is just a symbol only in circulation, lose credit guarantee, is a pile of beautiful printed waste paper . Investors should be wary of this world is not the so-called safe investments, all investments are risky.

I did, here:

PS: I might be inclined to take up your offer, except that I'm quite strapped for time here. The Google translate version is surprisingly quite accurate though. If I have time, I would clear the translation up.  :P



Google translate version of the script (sorry, no time at the moment - ask if anything is not clear)

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

That's correct. During the bubble (< 10 april) the btcchina price was always 10$ or so above mtgox last. However during the last days it was below. Right now, it's a few dollars above.
This report imo is not gonna cause a lot of movement. However, we will see. There is no need to predict such a move, if it happens, like these guys are sure about, you can just get in early.

Which BTCChina did you look at? The price has been about 10% higher than Gox for a few days.

Interesting video. So that's like what, 100 million middle class Chinese that got to see the 30 minute segment!?

Wow.

Here we were, worrying that US might introduce regulation that dramatically affect the acceptance of Bitcoins. We had no idea that one of the last totalitarian regimes on earth who's censors the internet and does not recognize basic human rights is ready to embrace, get this, an anonymous internet currency !

The chinese leaders will crush anything that stands in the way of their iron-fist control of the populace. They will literally throw you into a dark cell where you never again see the light of day. They don't like freedom because freedom means the end of the party-state. And they will not like bitcoins, I assure you of that.

And they will not like bitcoins, I assure you of that.

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

And honestly, if this is a 30 minute special being continuously aired on a channel like that... it means they already have.

–3itc0inEntrepreneur 19 points 9 hours ago*
This has been being rerun every couple hours on cctv, its 30 minutes long and very pro btc

I wonder how the Chinese exchange feels about Mt Gox in Japan. You would think they would want to outdo them.

And why is that? Because the Chinese state is comprised of pure, corruption free, dedicated totalitarians?

I don't suppose anyone cared to take notice of how many Cyprus downloads there were since Bitcoin's launch? Spain and Italy are a bit higher up the list though.

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china  ;)

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

prepare for a lot more spyware and hack attempts.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Well but this is a dictactorship related thing. noedaRDH was saying that the average chinese probably doesn't like the government. Sure, they will obey it because, as you said, otherwise you will get punished.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

It is not really a problem for bitcoin, it's a problem for the "fixed rate" currency.
Bitcoin will only show the "true" value of the RMB.

I watched the entire thing. I understand nothing. :)

that would be an incredibly interesting thing to watch.
there's currently only 1 cny exchange (as far as i know), so i'd also be concerned if it could be state influenced.
not sure where btcchina its located, but i'd like to see cny exchanges in shenzhen and hong kong

just registered with btcchina to check it out and what i found absolutely surprising is the "mainstream" funding options currently available to the exchange:

• alipay (equivalent to paypal)
• tenpay (equivalent to i dunno facebook credits?)

and there seems to be an exit to EVERY national bank
(i'm actually trying to fund my ccb account now)

so basically in china, bitcoin is accepted and just works???
none of that aml, kyc bullshit???
if this remains china's "official" position, HO-LY SHIT
talk about too good to be true
 :o

I think china realises it has to get onboard early (and regulate) after the trouble they had with QQ coins.

more here: http://www.theregister.co.uk/2009/06/30/china_bans_virtual_money_to_buy_real_world_goods_and_services/

they probably also intend on owning all the bitcoins eventually by hook or by crook

Or, simply, it is like in the beginning of bitcoin, when people still accepted paypal and credit cards. Maybe the same will happen in china, they will discover that these systems are NOT ok to sell bitcoins.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

http://www.youtube.com/watch?v=PON-wNMIy_Y

I'm in Shanghai...

In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).

For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.

No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...

my first visit to china was during the 08' olympics; imagine my surprise when i couldn't access my fav *ahem* video sites; well last year i noticed baidu (during a regular search for 'movie') started listing some sites; when i told my friends NO ONE believed me (but seeing was believing lol); so yeah there is progress (seems to be slow but steady)


are you planning to actually HOST the servers in shanghai as well?

which channels will you support for cny <=> btc at launch?
-------------------------

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe (http://(did a regular search for 'movie')) -- things are looking up for them
 :D

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe (http://(did a regular search for 'movie')) -- things are looking up for them
 :D

https://i.imgur.com/GKL4gZc.png (http://imgur.com/GKL4gZc)

perhaps i spoke too soon -- had mini heart attack when i saw this

https://i.imgur.com/GKL4gZc.png (http://imgur.com/GKL4gZc)

perhaps i spoke too soon -- had mini heart attack when i saw this

Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it)  is, compares to Paypal, at least until now.

Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.

i naturally assumed coinlab had blown up mt.gox and all was lost -- i'm way, way overexposed in btc; don't want to have to hit those mean streets again :'(


the question was raised before -- is alipay reversable like paypal? i know EVERYONE uses it, however, i never have (always wanted to try out taobao)

https://i.imgur.com/GKL4gZc.png (http://imgur.com/GKL4gZc)

perhaps i spoke too soon -- had mini heart attack when i saw this

They are working on a scheduled maintenance to replace the server. They have serious lag in the past weeks.

Centralized systems are always reversible, I think there is no exception. The reason I feel safe about using Alipay is that they are way too large to notice the Bitcoin economy growing on it, even if they crack down on one exchange people can always switch to something else, we have been buying VPNs for circumventing GFW after years of government prohibition hardly with any problem.I am actually more worried about an exchange default atm.

that's the million bitcoin question

fyi, started out promising, but thus far my experience on btcchina has NOT been fun. WTF
is that how it works? as soon as people start to care and show you love, you fold under the pressure?
 ???

(will try again tomorrow)

are you planning to actually HOST the servers in shanghai as well?

which channels will you support for cny <=> btc at launch?
-------------------------

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe (http://(did a regular search for 'movie')) -- things are looking up for them
 :D

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

And China will promote anything tha hurts us dollars dominance over the world.

If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.

And China will promote anything tha hurts us dollars dominance over the world.

If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.

Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value.

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay).

Two-factor authentication for login, + additional un-keyloggable trade PIN stored in separate database for trading & withdrawals.

This should be the last week before we open up -- we don't want to launch too soon.

Will save the rest for a thread where I'm allowed to post this stuff.

On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.

Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best.

2 billion people just now getting exposed to a store a wealth beyond the control of any state. the culture is all about "saving". they won't care so much about what you can buy so long as their investment grows. bitcoin has yet to see what real deflation is


awseome! great news.
yeah the cny -> usd is expected and makes perfect sense.
i look forward to the official post.



are your local "client facing" servers going to be hosted in shanghai? will you use a .cn name? i just ask, to know if you will acquire an icp license. i tend to believe that would be a major validation of the governments acceptance of the bitcoin movement.

there is something about a full exchange using blockchain.info's api that doesn't seem right to me; imho you'd be "more secure" with your own local solution (over a private network); but i'm just gonna mind my business on that one

anyway, this is all very exciting stuff and i wish you the best of luck with your launch.
(definitely gonna have some fun watching the events unfold in the upcoming weeks)

Thanks. The ICP is the crux of the issue with the hosting at the moment. We're working on it.... red tape is enormous and we don't want to rock the boat too early.

On the blockchain.info api... Let's see. It will be costing me more than self hosting since they charge transaction fees on moves. The record to date of people running their own isn't great. I'm prepared to fall back on my own.

understandable.

so where will you be putting those servers?
if you're serving the mainland, then this is critical (us and eu are really out of the question)
i've done extensive testing in hong kong and singapore (still need to test from taiwan)
hong kong had the best performance, but signapore had the best infrastructure.



no it is not. but there in lies the challenge.
not a c programmer so i can't make any sense of bitcoind, but check out bitcoinj (https://code.google.com/p/bitcoinj/) as well as bitcoinjs-server (https://github.com/bitcoinjs/bitcoinjs-server).

True.

I began with a set of VPSes in Japan, but actually found connection to west-coast US much better. I think a lot of locals use nearby VPSes as proxies (I know I do), and so connections, particularly https, seem to be getting throttled and blocked more often. I got blocked due to someone else on my same IP range -- didn't bode well.

Serving through CDN, I see sub-1-second page loads over 3G to W coast US. All assets will be served from CDN edge locations so it should be OK. How that scales to full-time trading will be the real test though.

For comparison, BTCChina, when not behind CloudFlare, seems to be on an east-coast Linode.



For the Bitcoin server -- I looked; we began with a self-hosted solution. However, the only secure way I am really comfortable with is a dedicated server under my own control -- even whole-disk encryption means nothing on a VPS. The intermediate code is relatively backend-agnostic, so I can always go back to that route if needs be. Will possibly be adding alt currencies down the road, so would need to self-host anyway.  I think the biggest draw for blockchain.info is that we plan to market it as a secure solution -- are new users more likely to trust a(nother) new exchange, or one of the biggest players on the block? I know where my money would go. It will help me sleep at night too...

Damn I wish I could understand their language.

Would be at least a little satisfying. ching chong chang ching...maka dong dong

Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value.

They have written off their paper $ assets already - there is no way they can get anything for 1 Trillion of bonds and money anywhere. They will use it any way they see fit.

I began with a set of VPSes in Japan, but actually found connection to west-coast US much better. I think a lot of locals use nearby VPSes as proxies (I know I do), and so connections, particularly https, seem to be getting throttled and blocked more often. I got blocked due to someone else on my same IP range -- didn't bode well.

Serving through CDN, I see sub-1-second page loads over 3G to W coast US. All assets will be served from CDN edge locations so it should be OK. How that scales to full-time trading will be the real test though.

For comparison, BTCChina, when not behind CloudFlare, seems to be on an east-coast Linode.

For the Bitcoin server -- I looked; we began with a self-hosted solution. However, the only secure way I am really comfortable with is a dedicated server under my own control -- even whole-disk encryption means nothing on a VPS. The intermediate code is relatively backend-agnostic, so I can always go back to that route if needs be. Will possibly be adding alt currencies down the road, so would need to self-host anyway.  I think the biggest draw for blockchain.info is that we plan to market it as a secure solution -- are new users more likely to trust a(nother) new exchange, or one of the biggest players on the block? I know where my money would go. It will help me sleep at night too...

Its really not that hard depending on how your mind works.. I mean like 300 million 8 year old kids speak it fluently haha.. I actually found spanish much harder to pick up because I can't conjugating quickly. You should take some btc profits and go to China, it will be an incredible experience you remember for the rest of your life.

I have essentially native-level Japanese reading ability, only studied Chinese for few days, but I can already read a lot of Chinese. Chinese has more characters than Japanese and they often have different meanings, but they are MUCH easier to learn. For one thing, they usually can only be read one way and are one syllable, of course very unlike Japanese.

Damn I wish I could understand their language.

Would be at least a little satisfying. ching chong chang ching...maka dong dong

well you may not understand it but it appears you speak it pretty well smoothie...


(sorry to all Chinese I couldn't resist)

i had horrible experiences with running us-based services to the mainland. but what you say about vpses and cdns makes a lot of sense. i've only just started using maxcdn myself and haven't been able to run any mainland tests just yet.

i stress location and performance, but it really depends on what you're offering. basic trading should be fine, but if you're offering live charts and apis, then it could become a problem when serving the mainland's non-vpn userbase (especially if you're competition IS in mainland -- YOUR service will seem slow and spotty). but i'm with you, when i'm there i have 3 private vpns in the us, eu and sg and just use the one that's giving me the best performance at the time.


i don't have any experience with the blockchain.info api, so what i know is purely from outside observation, but i just assumed so many people used the api for its "convenience" and "reliability" not so much for its security. imo security is still very much localized to your transaction server. i assume the exchange you've built will be automated for the most part, which means you will need to store those api keys on the server and at some point they will need to be unencrypted and then transmitted to the api (which will probably be via ssl). the point right before transmission will be the weakest link in your security chain. if that gets compromised, blockchain can't help you.

there are many side-channel attacks, but these 2 tools will at least cover the obvious and and alert you when attention is needed. paper wallets, hardened passwords, etc, etc, are a given.

i wish you the best of luck and look forward to the release