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When ever there is a significant change in market depth, please update this thread with a new image.

Due to lack of chinese exchange api's at this early moment i have to start only with BtcnCNY (btcchina.com).
Community's dream would be to get all of them (12 exchanges at the moment (http://btckan.com/price)) in one market depth view.



EDIT: Best one so far ..:



http://bitcoinity.org/markets/btcchina/CNY


http://bitcoincharts.com/markets/btcnCNY_depth.html

https://i.imgur.com/HWOGtZY.gif

Thanks for sharing, China market is getting hotter and hotter.

I just leave that here:

https://i.imgur.com/jgwRMJo.jpg

It's crazy how quick China can change things.  I guess when you have 1.4 billion people...

Another interesting graph:

https://i.imgur.com/jgwRMJo.png

Are there any Chinese on Bitcointalk (or Chinese speakers) who can provide insight into what's going on?

Awww, beat me to it.  :D

Are you the Reddit user who posted this?

Trading at 825 CNY on btcchina.  At exchange rate of 0.16 USD/CNY, that's about ~$132 USD/bitcoin (compared to ~$129.00 now on Stamp).

No I'm not. But it needs to be verified, if someone has the figures... ( https://bitcoinaverage.com can help)

In Germany we are looking at the volume since july.

https://bitcointalk.org/index.php?topic=264812.0

xchrix & daybyter tries but only btcnCNY has an api at this moment.

xchrix made this comparison http://www.cryptocoincharts.info/v2/markets/graphicalComparison

And what are the global conclusions ?

No special conclusions until now. Just observing.

Either the mtgox volume is very low or china is gaining momentum since 2 weeks.

Volume during SilkRoad days were average https://bitcointalk.org/index.php?topic=264812.msg3290245#msg3290245
and BTC100 seems strange...

Time to see the network effect in China  ;D

This one is good as well. Live too.

http://mm.btc123.com/btcchina.php (http://mm.btc123.com/btcchina.php)

Did you heard about this 3 days ago?

http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010 https://i.imgur.com/EZwxTnD.gif

what's a dollar anyways

Anyone can create an account:

https://i.imgur.com/JIpysRD.png

Does that mean anyone can deposit BTC and trade against CNY?  Or do they have some verification process for deposit/withdrawal?

I'm in Hong Kong and trading bitcoin on many different platforms, both Chinese and Western

The volume spike in China is related to these reasons:

1. There is an ongoing price war in Chinese markets. Many platforms, including btcchina, the biggest and oldest one, have zero trading fee. Therefore it is a bit unfair to compare their volume with other Western markets.

2. Chinese BTC exchanges have the best integration with fiat transfer system. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster and cheaper than depositing bitcoin (as the user may need to pay 0.0001BTC as network fee, while depositing fiat is absolutely free). To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

3. The volume of some platforms are suspicious. I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com. Not saying that the rest are not legit, just I have never traded on them. The volume on btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.

4. It is very difficult for Chinese people to obtain USD and wire to Western exchanges, so they have to pay premium in Chinese markets.

Although it is easy for me to deposit to btcchina, I'm only buying at btc-e since the price is much lower. If I had to sell (but not now), I will definitely do it on btcchina. (This is the advantage of Hong Kong as we are the gateway between China and the rest of the world)

Here is the doc sheet source :

https://docs.google.com/spreadsheet/pub?key=0AoLHebFSM2hBdGktNTk5REt1dHNwMFRvc3pEbkMxanc&gid=2

With no fees, how are the exchanges earning money?

Thanks for the information. How do you deposit on btc-e ? And how the arbitrage is profitable all fees deduced ?

My post titled "Warning to bears: Big players in China" at February 2013:

Yes, they are operating like charity now. This is really the Chinese style price war. I think btcchina is still earning about 0.25%-0.5% from CNY withdrawal. Btcchina has earned a lot during the 2013 bubble so it may  survive a while without any income. I guess their plan is to squeeze the small and new competitors to death.

I still trust btcchina because of their track record. I will never trade on other free platforms as they can suddenly disappear.

Wow, that's smart. SatoshiDICE should have done that when its competitors appeared. Had it offered 0% (or other super-low) house edge for a while, it would have retained its #1 share instead of losing it to Just-Dice and the other dice sites.

I don't think that would have worked.  True, SatoshiDICE's competitors would have disappeared for a while, but eventually they would have to return to charging a house edge, at which point competitors would have flooded back in offering lower fees.  Till then, they would just be offering a 0% house edge and losing money with no competition.

Yes, for btcchina keeping the #1 position is probably more valuable than the 0.6% fee (0.3% from buyer and 0.3% from seller) they charged. Now the whole bitcoin world (not just China) is talking about btcchina. This is priceless.

Just not sure how long the the price war will last, but I'm sure some (if not many) new competitors won't survive and some users will get burnt.

So some high Chinese officials that can wire to West, are probably making big money on arbitrage?

China is awake now, and up it goes!

849.50

Was at 841 like 5 minutes ago.

Exciting day for BTCChina :)

868 now.

nn ch nn ch nn ch nn ch
nn ch nn ch nn ch nn ch

875, go China go! :)

nice thread

Is this some kind of a hedge by the Chinese public against the $USD crashing if they can't raise the debt ceiling this week?

That's my thinking as well.


885!!

China is killin it right now!

Isn't 888 a lucky number in China?  ;D

no, it's 8888.

Does 8888 really have special significance over other 8-based numbers? Wikipedia indicates that pretty much anything with 8's is good:

http://en.wikipedia.org/wiki/Numbers_in_Chinese_culture#Eight

ok, let me be a bit more clear:  no, it's 8888  :P

That's not more clear! Please elaborate!

What's going on? China drives the price now?  ???

Yup. All day today... maybe this will be the norm from now on. I for one welcome our new Chinese overlords.

More 8s is better, of course. And they don't like 4 and 7, as they are related the death

Well, I have no qualms with bitcoin trading for 8888 yuan per btc. Let's do it :)

actually, it was China that led the breakout out of the Spring 2012 $5 funk.  geez, it seems so long ago...

When did btcchina start this "0% trade fee" promotion everyone is touting?

End of September I suppose. This is a response to many new exchanges with zero fee.

I thought the promotion was only for getting fiat into the exchange, doing trades has a normal fee. I can't read Chinese, so if anyone could confirm.

900 CNY is a great resistance.

http://uppix.net/W52npQ.png

After a +11% the last 24h on XBT/CNY (+7% in XBT/USD), China cooling a bit down while XBT/USD is doing new high around 153$.

USD to take the progression lead on its monday?

Interesting, good info :)

And it is still only 2:48 PM in Hong Kong. :D

Let's see how their evening goes.

It is great to see China playing a larger role in the movement of bitcoin prices.

As Cypher has said, China has led many of Bitcoin's rallies.

I suspect this time is no different. The next 60-90 days will be interesting for price movements and volatility.

You know how the saying goes in china: All your base are belong to us!

Guess what caused the dip from 897? Lunch break. No doubts.

Most people are home now. Let the games begin :)

http://uppix.net/oRXUHw.png

Bid depth is realy healthy now. Get ready to get 900 CNY destroyed.

the grape wall of china

It's a bit paradoxical to see such a hype in China on the 14!  Aren't any numbers with a '4' considered bad luck in China?  (For people who don't know, 'four' sound almost exactly like 'die' or 'death' in Chinese, and hence, considered a bit like or number '13' here!).

You almost wonder, if they have the BTC to back the volume or if all this is trading on paper.

And...do they all believe in magic over there?

Bids arent even up 50% there, LIAR!

Why not? Most ASIC were produced in China

And the correlation between China producing ASIC chips and having a fully funded exchange.... ??

Not sure what you mean but deposit and withdraw requests for both fiat and BTC are timely processed. So they are not trading on paper or having fractional reserve.

I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow

Currently, yes. That still doesn't mean they aren't fractional on their BTC side.

I'm not so sure about this. China CB as been buying gold (massive amounts in the last few years) whereas the US has been selling, and we don't even know that the gold the US claims is in their vaults is really there (they defaulted on Germany's gold last year when delivery was requested.) Gold is not something CBs buy en masse when they are interested in saving their rapidly inflating fiat currency at all costs. In fact China has recently made statements expressing interest in an entirely new currency standard and their gold purchases may be to help back such an endeavour.

Also, bitcoin may be very important for money laundering by high chinese officials. And we know how rampant corruption is over there. (I lol because it's rampant over here too, although it's a bit harder to bribe the zoning board for a ruling exception in the US so maybe it's not as prevalent in the lower levels.) Sure, they could make it illegal for the general populace yet find ways for these officials to launder.... OTOH, with the chinese public participating, price is increasing (and possibly less volatile) which makes it a more efficient vehicle for laundering. Officials may be dragging their feet due to their own [laundering & gambling] self-interest.

I think the chinese goobermint did issue a statement a while back that bitcoin is, in fact, illegal there. They don't seem to be enforcing this, so IDK what that says about its actual legal status...

Also there was that suspicious TV docu on the state channel... they don't just let "big advertisement for bitcoin" air when they are planning on dropping the anvil on it. Something fishy's going on.

Also, while bitcoin could certainly bite the Chinese government and the Yuan, it would bite the USG/USD even harder and we all know how much the chinese wants the US on their knees.

So while they may crack down on bitcoin, it may not be as quickly as we'd expect from a western government, or with the fervour that we'd expect.

And who is not to say that the Chinese government themselves aren't buying them in quantity? With their manipulation of their currency, they can buy gold, bitcoin, US debt with few short term consequences. If they bet right, they never will have to pay for their sins.

I don't think the Communist Party of China is stupid. They probably realize that Bitcoin will be the future, and they won't risk the US holding 626000 BTC from the DPR seizure while having none of it themselves.

Forget 100usd or 100 euro
Next stop 1000 cny

.... or 160 dollars

aaaannnddddd good morning China!!

When did the chinese govt state that bitcoin was illegal there? I don't recall reading that...

That's a good question; It's just something I recall reading here a couple months ago when there was all the china hype. The gov made a statement to the effect that it was illegal, and the poster used that to support the conclusion of "See? All this china hype nonsense won't effect the price at all."
Of course now we see China driving the price so whether or not the gov actually said that is irrelevant since if they did say it, they aren't acting on it and if they didn't, it doesn't matter.

Probably you misremember Thailand in place of China... lets not start rumors which become FUD.  China has been silent WRT bitcoin.

https://moneero.com/web/blog/post/bitcoin-is-not-illegal-in-thailand (https://moneero.com/web/blog/post/bitcoin-is-not-illegal-in-thailand)

We'll find out once one or two close up shop and keep he BTC.

From what i remember there was a documentary on public china tv that was a big hit, and it was promoting bitcoin overall, not saying it was illegal. no FUD please.

The Chinese exchanges take a percentage of deposits and withdrawals instead of transactions. This is why their volume seems to be skyrocketing, as you can buy/sell for free. (I suspect most of the volume is artificial)


You may be remembering their crackdown on "Q Coin", which was a digital currency for paying cell phone bills. It started to take off in China as a peer to peer payment system (since most people could use it to pay their bills), and the government halted it. I believe the comparison has been made in terms of how they would handle bitcoin.

https://i.imgur.com/iaoAu5a.png

Unable to break 900. Resistance building.

Why do they structure it in that way? It seems like it'd just encourage a huge amount of spread plays and actually discourage people from depositing large amounts, instead rewarding huge resource hogs and a gigantic amount of extremely small spread plays. 

Breaking news: Baidu (NASDAQ:BIDU) accepts BITCOIN!

https://bitcointalk.org/index.php?topic=310962.0

a whole 0.0008543 BTC so far

https://i.imgur.com/2uTKrGn.gif

minimum 0.0008544

True, but one has to give it time, and the PR value by itself is probably non-trivial in terms of getting other companies to take the plunge in the future.  Most people are trend followers and and not trend setters, and thus only adopt ideas after they've been vetted by larger third parties.  That piece of the puzzle is now in place, this is the Chinese equivalent of the Wordpress announcement, not a big deal in terms of transaction volume but perhaps a big milestone on the road to becoming mainstream.

Given the context, seems appropriate to quote a wise Chinese philosopher:


(even though I doubt they used British distance units in 600BC China...)

That's Chinese mile, not British mile  :) https://en.wikipedia.org/wiki/Li_(unit)

+1. The transaction volume is expected to be LOW. Obviously they are using this to promote their latest branded service. But that's win-win.

BTW, the BTCC has just touched 890. When will be break 900?

I'd like to see it fluctuate around 888 for a few days, as a sign from the gods that they approve of the Baidu decision :D

China is smart here, I think they're getting in early still.

LOL
http://s11.postimg.org/tvxnbiwk3/888.jpg (http://postimg.org/image/dxoxle2bz/full/)

Ha ha, brilliant!  But I forgot the decimal point, some kind soul on the Chinese exchange should get the ticker to print 888.88888888 exactly, it would be the icing on the cake for today's news.

Many times I saw 888.88 :)

Because Pinyin (eight) sounds similar to prosper, wealth or fortune in chinese (very lucky number)

Unrelated "8" trivia, but Booker T's Hammond organ registration is widely believed to be 8888 for "Green Onions" (http://en.wikipedia.org/wiki/Green_Onions).
There's 9 drawbars that can be set from 0 to 8. Showing the rest of them, it would be 888800000.

We now return you to the topic, already in progress..

Thanks for this obscure bit of trivia, can you believe I actually knew that (used to own a Hammond)

But ANYWAYS

Anybody seeing all those walls coming down?!

I should be sleeping but it is more fun watching the price go up. :) 

If the walls at $165 go down tonight there is not much stopping it going all the way to $200.  This is fun to watch. ;)

At the time of writing this BTCChina 24 hr. Volume is 21.5 K while gox is at 20K...


isnt this a first??

It's pretty obvious that the decision about Baidu accepting BTC was taken by the party and that means China is getting serious about bitcoins. The Chinese people can read this kind of messages - so they buy BTC. This is the start.

You could end up being the richest woman chick in the world.  :o

That's a scary thought ;)

I don't have that much coin unfortunately.  But I might be in a better place than some at least!

Much is a relative term, isn't it? ;)

$170 - 9.5k
$180 - 12.5k (+3k)
$190 - 14k (+1.5k)
$200 - 17k (+3k)

Are you converting CNY to $?

these figures seem to come from mtgox as BTCChina ask side is ~5k deep total

Sorry guys, wrong thread. You are right.

So China is about to wake up. Do you think they're going to dump or buy once they see the price?

What makes you think they slept? The Chinese BTC price has been in sync with the rest of the market.

Believe it or not, not every owner of Bitcoin in China was awake.

Serious question? ???

I didn't know Bitcoiners in general slept. How the hell can Gox's price keep on moving if people sleep?  ???

https://i.imgur.com/jfulgR9.png

~$142 USD

I think ony idiots would believe or claim that. Chinese bots trade 24/7 like all the other exchange bots.

You'd have to be incredibly stupid to be disagreeing with what I wrote, so read it again.

Looks like buying to me.

How does one open up an account in BTC/CNY?

I believe you need a Chinese bank account. Do any of the chinese exchanges send SWIFT wires?

https://btc100.org reports again high btc trading volume.

In the last 3 hours from 44.579 BTC (https://bitcointalk.org/index.php?topic=264812.msg3353819#msg3353819) to 72.994 BTC (https://i.imgur.com/O11Oy2g.gif) now.

Thats 28.415 BTC. At least 10x higher than mtgox, bitstamp or btcnCNY volume in the same time.

Can't be valid.

Two suitcases balanced over a donkey through tibet, exchange your dollars on the black market, team up with a triad member, deposit to the btc100.

Seems reasonable :)

And don't forget the bribing of multiple public officials.

Someone is switching a 1k wall between the ask and bid.

China rocket  :o

http://i3.sinaimg.cn/cj/money/lczx/20131017/U6834P31T1D17018288F46DT20131017093652.png

---from http://finance.sina.com.cn/money/lczx/20131017/071917018288.shtml
--- http://www.reddit.com/r/Bitcoin/comments/1onspw/awesome_chinese_bitcoin_infographic_from_sinacomcn/

edit Blitz: no need to directly embed this huge image

China Banking Regulatory Commission:

Could anybody translate the top one, especially the bottom part of it? The only part I understood was "pizza".

The Chinese want to buy goats with Bitcoin  :D. It's one of the top 11. Well, I guess it's different from sheep at least ;)

 
Allow me to translate from chinese:

"Hey western politicians and bankers... FFFFFFFFUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1"

why you leave off the "k"?

Because hes saying F U, not fuck.

didn't you know?

the Russian version of that is fuk.  past tense is fukt as one of our esteemed members indicates.

It just explains how bitcoins work and at the end it says that it might just be a bubble. It also says to be sure to think properly if it is a scam or of it is a new gold mine. Overall kinda bullish news!

[Citation Needed]

But seriously, if this is true, it could be potentially huge.

http://finance.sina.com.cn/money/lczx/20131017/071917018288.shtml

968  ;D

If we're lucky, we'll see that 1k CNY wall challenged this weekend.. 

At this rate, the wall will be challenged in hours.

What's terrifying is that after the 1000 wall, what's there left to stop BTC?  Nothing!  Sky is the limit  :o

We are now solidly over 980 CNY. There is barely any horizontal space until 1000, but there's sure a ton of vertical space to cross...

https://i.imgur.com/Sua5d7k.png

0 % trading fee and when you dont want dollars no more!  ;D

RED ALERT: About to hit quadruple digits, a huge psychological barrier.

Expect a few runs at it with the old Bitcoin Battering Ram^TM before it finally gives way* and gushes exuberantly higher, after which it typically would have second thoughts and retest 1000 or just below, and then level out somewhere significantly above that to gain a foothold. The usual stuff. If it establishes a foothold above 1000, it will be on nice course.

But that means there's a good chance at China forcing the West kicking and screaming through the traumatic memories of $266, which will be a good thing because the West may not have to deal with it, instead getting lifted up and carried past it by China.

*It might happen today, or it might take days or even weeks - but probably days

That'd be more solid, and certainly is quite possible, but the head of steam China's got now, this close to the brink, makes it seem like the dam could burst at any moment. Or it could get skittish and take a break down in the lower 900s or 800s. Neither result would be surprising given what we know at this moment.

Today evening, China time, i.e. in ~5 hours.
Just my guess.

Ground control to BTCChina, countdown commencing, engines on.

https://i.imgur.com/nVf30GJ.png

Hopefully there will be large media outburst in China when it hits 1000 CNY, similar to what happened with BTC when it hit 100.

4 hours it is.

I feel an urge to predict that this thread is destined to dethrone the MyGox Wall Observer as the most visited and longest in the speculation subforum.  Eastern interests are rapidly asserting themselves as key drivers of the Bitcoin price.  A very healthy development on the way to Bitcoin becoming a truly global (reserve?) currency.

Done

Wise words. Don't discount the West, though. You see, one Western country can ban bitcoins but if the US bans it, there is still Canada, the EU, Switzerland, Norway, Iceland, Australia, New Zeeland, South Africa etc. to continue. If China bans bitcoins, it will have a larger impact since there are more jurisdictions with significant economic strength in the cultural sphere that we call the West than there is in any other cultural sphere.

is this a correction or crash?
Dropping very fast now

$188

Look at the chart. That whale buy pushed the price up $10 in a single go. If it didn't correct from there that would've been pure insanity.

So just a correction.

A report about Bitcoin on Shanghai TV tust aired, guess will be available on their website soon http://www.icshanghai.com/en/Programs/2012-10-30/113.html , in English

You can watch it here: http://live.kankanews.com/huikan/?cid=220&time=1382188500000

Go to 21:15

Thank you...that was great...coverage more factual, deep, and less hysterical than their Western counterparts.

Too bad their establishment academics seem only marginally better than Krugman.

Best of luck to Xiong Wue and Mr. Gong, if you're on bitcointalk and reading this, I hope you both become filthy stinking rich.

Except they got mining all wrong...

Likewise with their mention of the Thailand situation.  But even then, this was still leagues ahead of the superficial tripe we've seen from talking heads on CNBC/Fox all year long (I'll exclude Bloomberg and the BBC, which have had some decent less FUDdy segments).

Damn that player is buffering slowly here.. Would be great if someone could grab the clip and upload it to Youtube!

The battle over 1000 yuan... who will win!?!

First there was the battle over 100USD.  Then the batle over 100EUR. Now it is the battle over 1000YUAN.  What next?

$200

turning bear fast reading this kind of stuff.  :D

does anyone know what has been happening for the last an hour or so?

from the look of the charts, nothing. walls at 1k (~1050) and 1030 (1200). On btcchina anyway.

Trading has stopped for the last 2-3 hours. Was asking if anyone knows why and would be kind enough to share it.

Because it was night time and people were sleeping. Maybe the action will start now, Monday morning.

That doesn't fit my pattern (1 and zeros).  Maybe it will be 10,000RUR (about 300USD). Then the russians will join on like China and btc will "go nuclear".

I'd assume these "battles" are only relevant if we're talking about the top 3-4 currencies in terms of volume. I could be wrong but I doubt the RUR battle would be particularly groundshaking.....

Anybody seeing this?

Yeah, not much is happening, why?

[Back and forth buy/sells between 0-50]

Im sure it was more buy oriented for awhile since hte price just rose, but nothing is happening since you posted that.

Not much?! It' s up to 1064!

Shot from 1030 to 1070 pretty fast and the walls just collapsed. Monday morning there.

Oh, yeah, I just opened it a bit ago so I didnt see what kind of walls were there.

During the last 4 hours China went up ~+4%; gox did ~+1%.

It looks like that gox traders decided to not give a shit to the amateur pigs who drive the price parabolic. China volume turned out to be a joke or?

Disclosure: I'm long.

ni hao

China's leading the breakout just now, new 6-month high of 1085 just hit on BTCChina but not yet on Stamp or Gox.

https://www.youtube.com/watch?v=cYT8KsJDzR4&t=0m52s (https://www.youtube.com/watch?v=cYT8KsJDzR4&t=0m52s)

1092!

1099!!

1118!

well I think it will break 1500 cny end of oct.

I think so too, but you forgot to put a deadline/due date to your prediction. :)

noted , thanks

China going for new highs again, 1127,62.

Bid has grown from 7.5m to 11.1m yuan in 2 days

BTCChina ask side is looking very thin!

1140!

looks like 1150 is about to fall......  :D

You do realize you're saying... a whole 300 bitcoins LOOKs like it might be bought? lmao

Not only 1150 broke, but 1160 did too :o.

Eventually, Stamp/Gox will have to break up (or btcchina will snap back).  Who will blink first..

No sure if this is such a big deal, we also don't scream when stamp or gox move for dollar or two.

Have you seen the Speculation forum? We most certainly do scream when it moves a dollar or two :D.

If the disparity gets too big, Stamp/Gox may snap up $5/$6 (or more) really quick.  Stretching dat der rubber band.

Actually, seems like a great time to pick up btc since btcchina is at $189~ now..

1150 was more than 300 coins at one point, to be sure..... and yes.... it looked like it was about to break, and then it did. hilarious.

China is going balls-to-the-walls again..

~$192 (almost matching Gox bucks... though there's are withdraw-able)

I am really shocked that no one from Japan or China is putting 6+ figures into Bitstamp, buying btc, transferring to Gox or ChinaBTC and cashing out. Rinse and repeat. Rinse and repeat. We are talking easy 10%+ profit every 3-4 days with wire times. On $100,000 investment, someone in Japan could clear $10k+ in profits weekly (conservative wire times) or $40k+ a month in arbitrage profits. $500,000 would be $200k+ in profits. A month.

This is exactly what I would do if I lived in Japan.

only 865 btc to break 1200 cny!  :D

fckkkking wish I could do this...  ;D

Spread is about 6% now.

I would do this in a heartbeat.  In fact, does anyone know if non-Chinese citizens can received wires from ChinaBTC in U.S. dollars or what the exchange fee typically is?

BTCChina going to pass Gox today?  Pulling way ahead of Bitstamp

That would be comedy..   ;D

Bitstamp is catching up now. Still a while (~$10) to go.

In other news, the tiny 1170 wall has gone poof. Keep this up and we'll be challenging the BTCChina high @1944!

Last btcchina trade: $193.02
Last Gox trade: $193.40

Volume's as high as it ever was, but price has gone flat. This is the perfect opportunity for Bitstamp to catch up.

bitcoinwatch.com data.  Gox starting to look like a minor player lately.

You know, China seems like one of the markets best-suited to using mBTC instead of BTC as their base unit. The currency values for mBTC and CNY are virtually equal if you discount fluctuations in the BTC price. I don't think people made that much noise when mBTC reached parity with the CNY, though. Maybe we'll have to wait for mBTC=2 CNY for the big celebration.

China, on yet another rally.  1187 CNY (~$194.83)

Stamp way back at $181.7
Gox = ~$195

WOW..... 1200 just fell like knife through butter, literally in like one minute...... 1207 now

Asks are pretty thin above there too

No BTC left to sell in China :D. 1216 now with record-setting volume. Arbitrage is needed, and quickly.

yep and buy pressure is just relentless...... China is setting this rocket off..... fortunately for westerners, there is obviously a lag between movement on Chinese exchanges and Gox/Stamp

1220 GONE....... 1230....... wow.......  :o

¥1,235.00

WHAAT??

This deserves quoting here  :D

>$200 equivalent! :)

This is the same as when we hit 266. China led the way, my arbitrage on btcchine took 2 weeks to cycle through and I ended up doubling up (missed the knife on the way down).

time to arb. if you like to arb but have to way of getting cny out of china, please pm me, I can provide thanks.

Someone needs to racist ban me because I loled.

I walk away for an hour and 1250 CNY has been broken! 1258 right now.  :o

Hit 1276    :o

China pulling away

.....so are the other exchanges ever going to catch up?  :-\

all i have to say is wow

570 btc to break 1300 CNY....

Look again :)

1308 is 157€!  On bitcoin.de you can buy for 138€ still, someone should be able to make a killing arbing here!

And as a bonus they also sell EUR or USD and buy RNB which means that they gain a stronger fiat for a weaker one :)

high: 1337.00   :o

Just a reminder. Pandas are rare but they do show up once in a while. http://upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Grosser_Panda.JPG/800px-Grosser_Panda.JPG

So if i have a friend in china whats the best way to take advantage of this ridiculous price?

For NON-US People its funny how you react no longer being the market maker.

~ 1330 CNY..... no real resistance until 1400..... at this rate, that'll be plowed through in 2 hours LOL

Can see that: https://btcchina.com/
Just wish I had more btc.

Looks like someone finally took advantage of the blatant arbitrage opportunity?  ;D

Crash and Gox followed immediately.

Hardly a crash when the price is still above what it was 24hrs ago....

Falling 15% in a few minutes isn't a crash?

Just waiting until North America wakes up  :)

Everyone's eyes get wide with the "mad arbage", but remember.... China is still a communist country. They keep a strong hold on their currency, and it's not easy to take it out of the country. You can't simply have them wire it to you like you can with other exchanges. You can only withdraw CNY to a Chinese (domestic) bank account, and even from there it's difficult to move any substantial amount out of China.

If you go to China regularly, have a bank account there, and can bring out cash when you come back it might be worth it.

Finally a healthy correction. It's expected.

Not when it rose that 15% in 6 hours

Yeah a bit of a dump at Gox $200 as Europe wakes up, hopefully not too drastic yet, still think this rally has some steam I it.

Another key milestone reached by our Chinese friends... :D

https://i.imgur.com/usyILiU.jpg

I'm not in the US. I just want to make some money. :p

¥  1.337 ? thats no milestone. I have one for U:

https://www.rmbtb.com/en/

https://i.imgur.com/e5IG5Th.gif

Holy crap at that volatility. btcchina just gave you an opportunity to increase your btc 25% in that one drop. It's time to transfer some coins... I almost did earlier but was afraid it's some kind of trap to lure in arbiteurs and steal their coins.

Well, btcchina has operated for >2 years (without major hack) so imo it is pretty safe. The greatest uncertainty is regulation of Chinese government.

China went beyond exponential this week (see weekly chart below), so it probably should correct to around 1150 or 1200 for a bit, or at least stay at its current level for a while (a day? a week?), before going higher. It could also overcorrect, or it could just plow ahead without caring. Anyway, too much watching the short-term charts will fray your nerves.

https://i.imgur.com/1QPsKJ9.png

Here's the 30-day chart for a bit more perspective. (Anyone have a log chart for BTCChina?)

https://i.imgur.com/bhvA2Ip.png

http://bitcoincharts.com/charts/btcnCNY#rg10ztgSzm1g10zm2g25zvzl (http://bitcoincharts.com/charts/btcnCNY#rg10ztgSzm1g10zm2g25zvzl)

Thanks! Here's the 1-year log chart.

Definitely that last big buy was overboard as it starts to look curvy even on the log chart (just like in late March and early April), but a little consolidation and the growth can continue. Nice volume compared to spring, showing China really is emerging as a Bitcoin player where it wasn't just a few months ago.

https://i.imgur.com/o3TtxdM.png

https://i.imgur.com/CS4PagG.png

IMO in 2 - 3 hours btcnCNY will decide if the uptrend continues, or it crashes hard again. My guess is it will crash hard.

I am arbing and if you got money wanting to arb I can get CNY out of china through Taiwan ATM From there we can do most currency.

The problem is you hardly will be able to directly put it in my bitstamp account, are you?

There is a CNY.ripplecn / USD.bitstamp pair on ripple for those that want to take a shot at arbing. Not the most liquid at the moment (.1506 bid / .1610 ask), but more eyes on it the better.

Is there a way to get Chinese RMB into ripple?

Someone seems to be dicking around on btcchina. Some kind of posturing - the bid and ask walls move back and forth, seems to be about 300 BTC worth of either being removed from one side and added to the other, and back again.

I mentioned above (https://bitcointalk.org/index.php?topic=310059.msg3386237#msg3386237) that it needed to come down to 1150-1200, so it is, with of course some temporary overcorrection likely. Price discovery is beautiful ;D

I hope your right.  My primary count has this last run up as wave 5 off the $65 bottom.  I'm not yet convinced it is over, but when it is we should have a sizable ABC.

Well yes, but for non-china customers it involves the BTC/CNY spread at the moment. My fault, I shouldn't have inferred that it is currently easy to get CNY into ripple.

http://ripplecn.com/

don't know much about it though and i think liquidity is a constant issue with Ripple....

This rally being China-driven is very frustrating considering how volatile movement has been on Chinese exchanges... such thin market depth is really hard to read. I am worried about the virtually non-existent bid support.

Come on China, we count on you.

http://www.youtube.com/watch?v=04QoA44c23A (http://www.youtube.com/watch?v=04QoA44c23A)

Hahaha

This is a very difficult website to register;  always getting the 403 Forbidden or other error message.

Is there some special trick one has to have to use this website?

I had no issues registering nor testing out their exchange. Seems to work just fine for me. One of the only china exchanges with english interface too.

I had no issues, too. The only "problem" was directly after registration, there was a browser message, that I should enter my password. But first I had to look in my emails, to get my password :D  So just cancel this message, look into ur mails and login by refreshing the website.

Now the problem is, that u can only deposit/withdraw with TenPay or AliPay...  I think TenPay is not for "non-chinese" and I read AliPay is hard to register, is that right?

Ditto, and entered the password, but still wouldn't work.
Tried again and re-registered, but no go.

Have moved on to another website.

If it is "China-driven", why are USD exchanges making new highs while CNY exchanges consolidate?

Exactly. Looking at Gox, we're just 20% off from an all time high, but BTCChina is 35% of an all time high. If anything, last time the Chinese were rallying more than  they are now.

The Chinese exchanges shot up in price much, much faster than western exchanges on the 10/22 morning rally. One exchange peaked at $240 USD equivalent. Since USD exchanges were lagging behind quite a bit, they didn't have to correct to the same magnitude. Chinese exchange rate being so far above Gox was not sustainable.

Maybe they sucked all bitcoins from the ecosystem? Or maybe it is just arbitrage that is going on now.

China is slowly going up again. I left blank space for the next 5 days.
 
http://bitcoincharts.com/charts/chart.png?width=940&m=btcnCNY&SubmitButton=Draw&r=10&i=2-hour&c=1&s=2013-10-15&e=2013-10-28&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=MACD&i3=MFI&i4=StochRSI&v=1&cv=0&ps=0&l=0&p=0&

watching this topic as we now know who our new overlords are.

It's an interesting dynamic with China now, which is at 1196 CNY (~$196) still.  Do you think it adds some stability (the fact that it's not just Gox now.. and multiple markets)?  They can all sort of dampen each other a bit.

It's really quiet in china today... Probably not a good sign

Yes, agreed. Ideally, each country would have its own local exchange which can exchange to/from that country & its currency for very cheap & fast. At this point BTC would for practical purposes beat Western Union.

For example, US has Coinbase (1% fee), China has BTCChina (1% fee). The best thing the Eurozone has is Bitstamp.

It's the best sign possible. Going up would be bad, going down would be bad. Only jumping around in a tight range would be equal, but quiet is just as good. We need to take a breather, and being able to do it without having to go down is slightly better than going down and up again.

https://i.imgur.com/GYQZzv0l.png

1150 cny broke on btcchina, saw it hit 1142. 1149 last price.

You don't seem to understand where we are. Right now we are going down, but with limited seller pressure (for now) this drop is lame.
And then we go up again, possibly with a nice fast rally (or two), and then we crash again.

Where we are is overbought. We needed a breather, and a little crash will do just as well.

With Bitcoin, exponential growth tends to continue until it gets even faster than exponential, at which point it is bound to correct soon. And usually it will overcorrect. Then it usually continues its trend until that trend is exhausted. I definitely do not think this trend (of the past few weeks) is near exhaustion. A correction at the hugely overbought levels of a day or two ago was practically a foregone conclusion. I was expecting it and hoping for it (or for flatlining, but Bitcoin gets bored with that). We still have a few more days of correcting to do before the trend catches up to current price levels, so further correction is welcomed and expected. Then we might overcorrect a bit then get back on the uptrend, or just get straight back on the uptrend.

So far the bouts of selling we are seeing now could hardly be any healthier and expected. It's the quintessential healthy retracement. And probably has a little more correcting to do. Then up!

normally it goes, up, down, flat, going from down directly to up again is highly unlikely...

So after the down, there comes a flat phase first

https://i.imgur.com/TD4JnNZl.jpg

Eek. Those sell walls popped up pretty quick. Popcorn time. 1000 CNY to hold?  :D

https://i.imgur.com/UYc6DPRl.jpg

Sell wall down quite a bit. Perhaps 1000 CNY will hold and this is the local bottom.

https://i.imgur.com/kyBpE9Tl.jpg

Sell pressure seems to be drying up a bit. ¥1,040.02 Last price.

So with no fees is this place just a bunch of daytraders, gamblers, and manipulators/washselling, or what?  I'm wondering how much investing actually goes on here. For the most part it seems to just follow gox.

That's probably true, so we consolidate until some pressure builds up, then gush higher. Actually we've already consolidated long enough to go up again, but since everything in the market moves is embellished (up too high, crash too low, consolidate for too long), consolidation will probably also last a few more days.

A little push into the asks past 1100, and then a little push back:

https://i.imgur.com/pmPmKYtl.png

A bit late to the party but thanks for starting this thread.  I have recently been taking much more notice of what's going on with trading in China so this will help draw my attention to aspects of interest.  Thank you - and to those who, unlike this post, actually bring something of interest to the table :)

China has very little interest in bitcoin. There never was an inflating bubble. It was just another pump. btcChina is the victim, or perhaps scheme, of some angry amurikans who can't get fiat out of Gox.

Look at the funny upside-down man desperately trying to link everything to Gox's fiat problems.

Despite that other exchanges are catching up in terms of volume. 

But still. It's all Gox! 100% Gox's fault! If there's a real bubble or a fake bubble or a rally or a bear trap, it's because of Gox's fiat problem!

GRASPING. AT. STRAWS.  ;D ;D ;D

Funny how the "story" is still about people with fiat stuck on Gox, and yet we've seen Bitstamp right up on Gox' trail these last few days (repetitively within 5%, even 1% at times).  You'd think if everyone was so anxious to get stuck funds off Gox they'd take advantage of the small discrepancy quickly by purchasing BTC on Gox and selling on Stamp during these times.  This hasn't happened.

How do you explain that?

When Gox is moving up, we're told that everyone is still panicking to get fiat off Gox.
When Gox is experiencing selling pressure or moving south, we hear crickets.

This is how you play tennis without the net.

What Chinese exchange with English interface would you suggest for trading? I like the 0% fee idea...

Something must have peeked Chinese interest in Bitcoin:
http://stats.grok.se/zh/201310/%E6%AF%94%E7%89%B9%E5%B8%81

If piqued that would be great but if it has peaked, not so good :D

oops LOL

sort of chinese dragon pattern?


http://prek-8.com/1stgrade/images/china4.jpg

Love it :D - though it does look more dinosaur-like to me!

All I care about is the tail going to point up or down?

What can the dragon/dinosaur be fed to encourage its tail to rise :)

Bears!

Get ready for the next ride: Bitcoin ATM on Xinwen lianbo https://bitcointalk.org/index.php?topic=320248.0

Here's the clip (starting around the 1:00 mark):

http://tv.cntv.cn/vodplay/e113334ee1144004bd59a55af704e1f2/860010-1102010100 (http://tv.cntv.cn/vodplay/e113334ee1144004bd59a55af704e1f2/860010-1102010100)

Btcchina is the only exchange with a pulse right now..

Thank you both.  This is extremely significant as an implicit seal of approval (or at least as an explicit seal of non-disapproval) from the Chinese government.  Kinda equivalent to the March FINCEN ruling in terms of reducing uncertainty and risk, except applied to China instead of the USA.  It opens the door for a dramatic rise in Chinese adoption, investing, and speculating.

Looks like the dam just opened...

So quiet...

its late, get some sleep, wednesday you want to be ready to buy. till then chill...
 8)

It is also interesting to see the pictures of two bosses of BTCChina published in the Weibo. Maybe they chose this moment (BFL) to keep people's confidence on their exchange.

According to reddit, Bitcoin was on CCTV again on Wednesday:

http://www.reddit.com/r/Bitcoin/comments/1pjkx6/chinese_state_news_cctv2_reports_on_bitcoin_again/

And just look at that spike in Wikipedia traffic! Wow!

http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

Ya, Chamath talked about it (video in link)... at least China's potential positioning of Bitcoin to combat the US dollar as the world reserve currency.  Doesn't sound like China will be taking strict regulatory action any time soon.  Seems more strategic for them to support it, at least for the foreseeable future.

Starting ~7:30
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/

Wow! And on the English Wikipedia it's the 2nd most read article in the last 24 hours:

http://wikipedia.trending.eu/en/24hours.html

Something's brewing!

Thats impressive. hopefully an interesting weekend ahead!

I wouldn't bet weekend, but this lays the foundation for a much larger exposure of BTC to the public, which in turn will lead to increased buying to begin in the next weeks/months.

Love it that this is happening and yet the price is not going bananas!  I am hopeful it will stay that way and grow sustainably (however slowly or quickly that is) rather than going through the roof with a massive correction.  One reason is that the market is bigger, broader and more mature now.  Another is that with hardly any exchange having large orderbooks small market orders move the price substantially. But because all exchanges don't always follow suit to the same degree, rather than getting trigger-happy auto-responses exacerbating large price moves we are tending to get considered responses.  I am not saying massive quick price boosts or freefall are no longer possible but I get the impression we're better protected against them happening at a whim - and I think the margin trading at Bitfinex is also helping with this regard.

If I'm right in this respect the consequence should be that more of those finding out about Bitcoin for the first time now are likely to be able to get in and get involved with small amounts at around today's prices so we get better distribution rather than panic buying on a fast rise only for the whales to cause a big correction and cream the extra coins for themselves.

http://stats.grok.se/zh/latest30/facebook
2013-10-30 views: 2249

http://stats.grok.se/zh/latest30/bitcoin
2013-10-30 views: 223

http://stats.grok.se/zh/latest30/litecoin
2013-10-30 views: 140

In the end it won't make a difference. The roller-coaster makes it interesting and gives us all some entertaining tales to tell when we're old. I know I have a couple already :)

interesting... in reference to the Bitcoin Xianwen Lianbo (https://bitcointalk.org/index.php?topic=320248.0) appearance

There are a lot of Chinese in Vancouver. It'd be natural for it to become a thing for Chinese expatriates to send money home to their family using the Bitcoin ATM instead of their usual wire transfer or WU or whatever (does WU even work in China?).

More TV coverage.

Paul Lee's cloud world 20131102 - four years rose three times! * Bitcoin * worth big decryption
http://www.youtube.com/watch?v=s5ISiIL0qRs

That's Taiwan, not China

Who uses the API btcchina?

Here we go again

Probably lots of people, the transactions are free so it makes sense to trade ultrafast. I know a guy with even a tick-bot, though not sure if it uses BCChina.

1389 on btcchina，wow goes off arbing,if you want to arb in china, pm me...

1609!

China seems to have run out of steam.

Looks like a correction is coming - only question how deep.

Money's on $225 - $250 as the next potential bottom.

Looks like China is awake, and not afraid to continue buying it up.

China never sleeps :)

 That's why we've been going up all day

Yes, the fiat transfer from bank account to btcchina is instant and fully automatic, which means it literally works 7*24 and no bank holiday.

They are about to touch $300, so it's clear who's driving it. We need to get with the program.

Silly westerners. :D

1817 = $298 in China


 :o

1847 = $303 ;D

1900+

Global rally! Amazing how predictable this was this time. I had it even down to the week. I know some others did, too. Cheers, gentlemen (and ladies, if there are any here).

Is there a better source for charts for BTCChina? 
Quality similar to tradingview.com or better?

China all time high was hit!

Hard to find something as good as tradingview. http://bitcoinwisdom.com/markets/btcchina/btccny isn't too bad

Excellent, thanks.

China's 2-year log chart vs. MtGox's.

https://i.imgur.com/cwAio4U.png

https://i.imgur.com/mzES2Zm.png

So its basically the same, only with historically less volume and currently higher volume.

Fun.

They have hit the all time high, what would be their next moves.,

new ATH 2326
(Gox too)...

It seems BTCChina is running out of BTC (ask side) now.

how hard is it to get money back from china?
I would love to arb bitstamp for btcchina 15-20%

oh hai

is this the new thread?

China is knocking on the door of the all-time high of 2630 yuan. Currently 2585 with a wall of about 1000 BTC at 2600. If it can break through that, it could really take off. Not much on the ask side of the ledger above that.

China breaking its all-time high would be an important confirmation of the new highs on the other major exchanges.

http://bitcoinity.org/markets/btcchina/CNY (http://bitcoinity.org/markets/btcchina/CNY)

i see 2649 currently. 2640. 2648.9... dasmmit, stop changing!

China is leading the way down from 2700 back to test resistance at 2500.

How or where do you generate these charts?

3k   in 3... 2...

https://i.imgur.com/G5OAoQO.png

Wow. Not much ask depth on that chart. It could go up fast!

ruh roh

The whole exchange seams to be completely out of Bitcoin.

where's the starfish?

remember that?

Bitfinex is showing this:

somebody's gonna get Zhoutonged!

Sweet Jesus.

FYP

Any idea the Chinese yuan could be considered sound enough for reserve currency status, is on life-support:

http://www.zerohedge.com/news/2013-11-25/chart-day-how-chinas-stunning-15-trillion-new-liquidity-blew-bernankes-qe-out-water

When this blows up where will CNY savings flee to?

Assets and or debts?

Both those have already happened. Local asset prices are huge, local debts are huge.

OT. Was just reading this:

"Now I tell you, hao123.com, which was bought by Baidu and have about HALF traffic of baidu.com, now added a link of bitcoin at its homepage and built a special section as www.hao123.com/bitcoin/ !"
"Appears to be the equivalent of Yahoo putting "Bitcoin" in their main navigation menu. The actual page is an information portal, Bitcoin news, howto, etc.."
"Global Rank is 17. http://www.alexa.com/siteinfo/hao123.com"

http://www.reddit.com/r/Bitcoin/comments/1sk6ov/china_baidu_pause_bitcoin_now_i_have_a_great_news/

And interestingly enough it's the OKcoin rate they are quoting