Bitcoin Forum

I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/ (http://bitcoincharts.com/markets/)
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/ (http://fiatleak.com/)
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.

Ideas?


IAS

Right, because until people actually move money off the exchange, to the point of no return, most trading can resume as normal. The real consequence to the deposit ban will be a gradual decline in volume as the money that is withdrawn cannot be replaced by money moving in.

I wonder why MTGox volume differs from what I see here: https://bitcoinaverage.com/#USD

The rest seem to be more or less the same.

maybe it was all a ploy and a huge conspiracy involving btcchina, banks, government figures to buy bitcoin for cheap, who knows. It indeed is kind of weird i personally expected prices to go sideway for at least a week but here we are back to 700$+ in no time and chinese buying on the rise. I think the next week or so things will be more clear.

0.3400 and 0.3000 BTC traded the last two minutes http://bitcoinwisdom.com/markets/btcchina/btccny (http://bitcoinwisdom.com/markets/btcchina/btccny)
I watched fiatleak last nite and 90% of all coins went to china at 4 in the morning beijing time?

Perhaps that is true but then we have a bigger issue, or rather the Chinese government does - It doesn't look like people are selling their BTC's anymore. They aren't moving that money off of the exchanges, rather they are moving more money back into BTC.

When and if fiat dries up on the exchanges, the demand is there, and the people will find other ways to buy BTC is my bet. Remember, the government hasn't made it illegal. And we don't even yet know
their intentions. Will banks be doing the deposits back into the exchanges as the announcement implied and no longer 3rd party's? Will we see bitcoin.de escrow like sites set up? Will we see squares set up where people are buying them from one another? It looks like the government is just trying to slow things down and not stop BTC.

BTC's price before China got involved was $150-$200 or so. Considering we are around $700 now, the next few weeks will be very telling. Demand is going up, news stories abound - we don't "need" the Chinese but of course they would help in a huge way and in many ways as I alluded to above.

IAS

as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...

Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. Ppl that didint withdraw their fiat are buying BTC from ppl that want to withdraw.

sure! thats what i meant and thats why fiatleak is senseless!

Agree.  Fiat leak would make a lot more sense if it tracked deposits into and out of exchanges worldwide.  But this isn't publicly-available information. 

Exactly, the data doesn't represent the fiat actually flowing in
Also it can be manipulated, the last thing Bobby Lee wants is to make people freak out and be short of a few millions

High volumes doesn't mean there are more or less bitcoins going into or out of China.

Bitcoins aren't bought or sold, but traded. For every single BTC that is traded on BTCChina, one Chinese gains +1 bitcoin and another Chinese loses -1 bitcoin.

Obviously, people also trade on other exchanges and then bring their bitcoins into China, but that's purely Bitcoin traffic. You can't measure that from any exchange's trading volume.

Manipulated by BTCChina or by whales?

welcome to the crazy bitcoin-world  ;D

Now that High up Communist Party officials own millions of dollars of bitcoin, they can declare it official currency and dump the dollar!

yeah, that's very smart. dump 3,557,006 million (3,5 trillion) in exchange for a couple of millions... ::)

This isnt true.  Exchanges don't actually send coins through the blockchain for every transaction. 

Lots of yuen stuck in the exchanges, I presume.

this is very true, fiatleak is getting their data from the exchange APIs I suppose, not from the blockchain:



fiatleak ist just some toy for kids. and not a very good one for that part...

It is a bit simplistic to say that for every BTC bought there is one sold. You can say that is what took us from $1 to $1200. But that would be incomplete.
The greater question and I'm not sure if Fiatleak considers this, is "Were the BTC bought at ask or sold at the bid?"
Obviously, the rally the last few days consisted mostly of the bullish former.

Anyway, let's hope the Chinese figure it out.  ;D

I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.

http://www.youtube.com/watch?v=rezHZKNvO34 (http://www.youtube.com/watch?v=rezHZKNvO34)

Yes. They can't withdraw them now. Most probably the owners are converting it to Bitcoin, and then taking them out to barter in Localbitcoins.

This is China we are talking about! Remember they have a big grey market that likely the exchanges will move to allowing people to convert the fiat cash to bitcoin quietly while the government is looking the other way.

The western media likes to add drama to their news reporting, blowing things out of proportion, from what I understand in the recent Max Keiser report is that China is still trading bitcoin as usual.

 

That is actually very interesting, is there a reddit or bitcointalk discussion about this anywhere already?

lol litecoin is number 1 in volume in china

I dont believe so. Thats pretty fresh. I thought it was very interesting as well :)

Where's your /sarc?