Bitcoin Forum

Anyone notice all the fiat being leaked into bitcoin from China?  What the hell is going on? 

Any idea how people are bypassing capital controls?

Right now more Bitcoins are being bought with CNY than USD.  Crazy!

I can't believe people seriously thing that Fiatleak is showing fiat coming to the exchanges, I seriously can't...

FiatLeak can't ever know how much fiat is coming to the exchanges, it uses trades there, buys of course, and is marketing that as fiat coming to the exchanges. It's so obvious it's untrue..

How do you account for the fact that after BtcChina and other exchanges cut off payment processors, there was effectively nothing coming from CNY on fiatleak.  Now, there is a heavy flow.  Where are they buying then? Gox?

I never watch Fiatleak so I don't have idea what is happening there but I surely know that they can't have an idea when fiat hits an exchange except looking at bid volume, trades etc..

When China's problem occured, nobody was actually buying there, only selling so that might be a reason why there was no activity on Fiatleak. Now, dust settled a bit, price went down so there are few market buys and so.

It's a logic really... nobody doesn't have idea when someone wires money into any exchange therefore nobody can show us that in real, or any other time except exchanges themselves, and they're not doing it. It's only Fiatleak's marketing to bring people on their site.

Thanks for the info.  I still find it interesting though as it says buying from Chinese is occurring now.  The past few days the volume of Bitcoins on fiatleak has been below Canada and Singapore's. Now it is higher than the US.

Like he said its most likely fiat still held on the exchanges buying back in...  But as you speculate, they must have some hope for the future of BTC.

The Chinese still have funds in their local exchanges and they can speculate for a little longer.
Until the end of January that is.

Exchange volume fraud (https://bitcointalk.org/index.php?topic=380582.msg4084070#msg4084070).

People really trust a website who uses data from some shady traders like Okcoin and start makings assumption on what's happening in China based on that?

common,

Offline wallets flowing in?

The obvious explanation is that a lot of the fiat that was floating around in the exchange before the price fell from over 6000+ CNY wasn't withdrawn.  *Shrug*

If the huge Chinese volume on Fiatleak is coin flowing in from offline wallets............

RUNTER! RUNTER! RUNTER!

I thought fiat leak just showed the amount of buying, not really how much comes from fiat...

fiakleak shows the absolute value of all trades that occur on a given market  ::)

im still baffled how people seem to think this website shows new money coming in. use your brain people