Bitcoin Forum

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guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

Some time ago in one of the threads here I made an assumption (as a jest) that they were going to buy all bitcoins out there, whatever the price might be... Now, looking at these figures, I ask myself, was it really a joke?

yes they buy all night non stop.. gov must have bots doing the random buying.. need to catch up on usa silk road free coins...lol

You do realize they buy those coins form other chinese right? =))))))

Are you sure this is not a net surplus by country?

Relevant:


US has Already Ceded Dominance in Bitcoin Trading:

http://www.coindesk.com/us-already-ceded-dominance-bitcoin-trading/

I wouldnt be so sure, BTC-E lagged behind China by huge margin until yersteday. Gox and Stamp before that...

How many times do you guys need to hear this? The volume in China is a lot higher because of the 0 transaction fee.

What it matters is who has those bitcoins , and the us and eu have the most by far.

Bitcoin ownership will become more diverse once it starts to gain popularity in India.

This rally seems to be driven only by MTGox with most of the other exchanges, and this includes those in China, trading around 10% below. http://btckan.com/price (http://btckan.com/price)

I strongly suspect speculation by margin accounts on Plus500 and AvaTrade, that is reflected on the MTGox price. We are talking about the short term high risk traders on margin here.

Let's not forget satoshi - by far the biggest BTC owner - is definitely not chinese  ;D

I don't know if he is sure, but I am.  The site merely shows exchange volume for each currency, and only for some exchanges.  There is no data source for "net surplus by country".

This.

The Chinese are buying more.

Because the Chinese are smarter than we are :)

Does the fiat leak website take into account when someone sells bitcoin for fiat? otherwise its pretty useless...

Every trade has a buyer and a seller.

This is true, but consider this...If someone is buying a bitcoin from a seller who is selling for a loss (fiat loss), the flow is reversed (fiat flowing out of bitcoin rather than into it), and I'm not sure that website takes that into account?

That sounds like nonsense.  Bitcoin is not a fiat reservoir.  Money flows into exchanges to buy, and then flows out to the seller.  Bitcoins transfer ownership, fiat transfers ownership.  Nothing was created or destroyed.

And no, that site doesn't consider individual traders' profits and losses.  This information is not public.

china shall rule the world. I love chinese food. fuck murica

They are not that kind of people like Germans, English or Russians. They avoid open confrontation, whenever in history they got engaged in an open conflict they suffered badly since medieval times (Mongols conquest) till not so long ago (Japanese occupation). If ever, they would prefer some tacit "peaceful" subjugation through primarily economic ways...

The Chinese are well known as savers. IMO, BTC will have an ultimate valuation of atleast 1 million USD/BTC. And the Chinese are more likely to hoard the coins and reach that goal. The West is more likely to be oblivious of BTC's true end valuation and will most likely sell the coins before they even reach their true potential. What this means is that in the end they will end up with more millionaires than us. Where do you think they will invest that money? In their home country of course. This will cause a huge economic shift in power that has enormous geopolitical implications.

Yep.  They keep doing the right thing and it will pay off in the end.  The west continues to spend beyond its means and will have to pay the piper eventually.

Rubbish! We can always print more money with absolutely no negative consequences whatsoever ;D