Bitcoin Forum

I left fiatleak.com running over night, I'm from the UK and it looks like China is buying three times the volume of BTC that any other country despite 31st Jan looming. Surely I'm missing something here...

https://i.imgur.com/gIj4jor.jpg

Don't put too much stock in reported volume.

I was under the impression Fiatleak was not a real time representative view, that would explain your view?

If this data is accurate, then it's a panic buy. BTC acquisition is still easy in China as of right now; that might change soon. People's Bank of China says it's okay to own BTC, just not to sell them through conventional financial institutions. Underground trading will likely still take place in moderate volume, and BTC will likely fetch a premium during those same trades.

Perhaps those chinese investors are more savvy and less fickle than many of you think.

Buying up coins now for long term investment makes sense regardless of where you live though maybe even more so if you live in China. The government cannot touch or see that currency.

Difficulties in exchanging aren't an issue, there are loads of places for OTC or exchange trades, places you can buy goods are coming online all the time.

Also: I highly suspect the volume to be a complete load of b.s.

http://memecrunch.com/meme/1S1DO/hodl/image.png

 ;D

There is NO fiat leaking into china...
It's huobi with 0% trading fee and it's fake volume.

There is no new money from china. Why is it so easy to manipulate? Because people don't question anything. They take the biggest crap as serious facts...

thanks for saving our asses.

what is your stake in it ?

I know that, because I'm trading at huobi.
It was the same with btcchina. After the 0% fee was removed, nearly all volume vanished.

The chinese exchanges are the gambling places with reduced risks -> no fees

Just open an account and watch for yourself.

What is so funny there: you can buy and sell your own coins with no costs. Manipulation is really easy with approx 1000 coins.

Please can people listen. China VOLUME IS FAKE.

You can manipulate the fuck out of the market and scalp 0.000001 BTC on each trade to make a profit with 0% trading fee's.

I personally think any market with 0% fee is a dangerous market and I personally think we should ignore those markets from the global price average.

what happens on 31st jan?

I'm watching Jan31st closely, i'm still not convinced with the whole massive chinese buying. Any negative news from China the price will go back to $600, that's too much dependency on 1 market

What would be someone's motivation to manipulate to make it look like lots of China action?  to keep the price high for a while so they can sell?  I am surprised, and I think most ppl are, at the rise again in BTC price with the China ban on the horizon.   Maybe the CHinese will just all keep their BTC in personal accounts and not sell?

If huobi is in fact offering trading without any fees then we need to ignore their volume. All you need is a couple bitcoin, a script, and you could get huge volume overnight.

I was watching fiatleaks.com, impressed at all the money flowing into bitcoins from all those other currencies, and then it occurred to me.  Every trade represents one person buying bitcoins, and one person selling the same number of bitcoins.  This doesn't represent money flowing into bitcoins at all!  It's just trading volume!

The trading volume in China has been high in recent months because the exchanges have been charging 0% fees, which caused a relatively small group of people to do a lot of day trading.  The volumes are high now because BTCChina has instituted a maker-taker fee structure, where limit orders that are not executed immediately actually receive a 0.3% rebate when they are executed!

All China really did was generate lots of headlines.  The mass media has completely misunderstood or misrepresented the importance of high trading volume, suggesting that it means lots of people in China are buying bitcoins, and ignoring the fact that every trade involves a seller, as well.  These articles, while they totally missed the point, have brought in many new investors, and in that way they have contributed to the increase in price.

SecondMarket's Bitcoin Investment Trust has generated fewer headlines, but they are actually selling bitcoins to new investors.  Unlike fiatleaks.com, this actually does represent money flowing into bitcoins.  The more important story gets less attention.

Another thing that generates lots of headlines is companies announcing that they will start accepting payments in bitcoins.  That good press attracts new investors and increases the price.

However, the real story will be when companies announce that they have increased their profits because of accepting bitcoins, either through increased sales and/or lowered expenses, and that's not going to happen until people start changing their shopping habits to buy more things from companies that accept payment in bitcoins.  Once that starts happening, global adoption becomes possible.

So I would encourage bitcoin supporters to loosen up their wallets and "buy local," not in a geographic sense, but by buying from companies who support your favorite currency by accepting payments in bitcoins!

Most of the people don't get this (refuse to or they are just incapable of comprehending, who knows) but it's gonna be fun at the end of January/beggining of February