Bitcoin Forum

So I just read a tweet from max keiser;

"Chinese buying 500 BTC/minute: http://fiatleak.com/ "

https://twitter.com/maxkeiser/statuses/438222566764056576 (https://twitter.com/maxkeiser/statuses/438222566764056576)

I looked at fiat leak and in the last 10 minutes 3300 BTC flew into china while only 22 into the united states...


http://fiatleak.com/ (http://fiatleak.com/)

I wonder what sort of affect this might have with china's Bullrush while the rest of the world look like bears in hybernation cowering in the cold?

thoughts?

Whoa, it's true. I just Checked it out China is vacuuming up all the BTC. Almost like it was on a 75% discount........ :-)

Maybe because most people in the US are sleeping now, while China is awake.

yeah I saw that but since when do crypto geeks sleep?

lol

I very much doubt there will be even 1/10th of that volume happening in the US... lets see...

10100BTC in 30 mins... :o

Yeah...China is pwning some serious ammounts...3 minutes 1000 btc...

I was just saying this on another thread.  Everyone was distracted by the 2k btc dumps on stamp, while huobi had much more volume than stamp during the same hour.

lol china raping bitcoin, it's like chrismas for the chinese, 1k btc a min lol! wth

how is that map made? it shows zero trade anywhere but china

Not really. The news always is like 12 hours behind there. I'm not sure if it's the Great Firewall of China or whatever, but they always react to big news with some serious delay.

It shows very small trades on other countries if you look at it for a long time, but China is buying hard right now, if you check exchanges you can see that it's not wrong, Huobi volume is insane

Wow, that's insane. China's just sucking it all in, like a big fuck off vacuum cleaner.

Edit: China's busting bitcoin ghosts! I knew it, this is a tribute to Harold Ramis!

I'm watching this vacumn and thinking Oh boy this is going to be a long night

In the last 15min, China brought about 6k BTC, 38BTC were brought by the US and 2.5B in EUR lol

How could that be possible? There are many other exchanges that operate..

Funny thing is that its supposed to be tightly regulated so this is even stronger than usual :)
http://bitlegal.net/nation/CN.php


China has the largest exchange by volume its greater than Mtgox which is why it can be a vacuum cleaner :)

That map doesn't show anything happening on bitstamp whilst they report volume in excess of 100k and you can watch their live order book, dozens of trades of 10+ bitcoins happening as we speak.

Data from MT.GOX, BITSTAMP, BTCChina, BTC-E, Bit2c, Mercado Bitcoin BR, Local Bitcoins, OKCoin, BTCTrade, Huobi China, bitx.co.za, Cavirtex

Bitstamp is on the list so that is strange

How can anybody see to which country BTC are being sold?  This makes no sense.  At the most, they can trace the activity on various exchanges, you might as well argue that this is panic SELLING on the chinese exchanges.  Every time 1 BTC is bought, 1 BTC is sold (except for 25 BTC every 10 min, of course).

There was a significant fee reduction on BTC China, good move by their management to keep trading going, the market liquid, so we are less likely to see huge price swings as GOX mess unwinds...

http://www.coindesk.com/btc-china-lowers-trading-fees-01/

China seems to be hoarding everything but FIAT :) I believe it has also purchased a lot of gold lately.. They seem to have an opinion about FIAT currencies and how thing will play out in the future.

Yeah lol, but at the same time they have major services that accept BTC, but I believe what's banned is banks trading directly with exchange, but there can be always a middle man to solve the situation, or doing it in cash, someone trading in the chinese market can explain to us ^^ of course I'm not talking about people that already have btc/fiat and exchanges and are using that



They have more than enough USD, and US Bonds, and I think they understood, that it's not a good investisment as the FED is just printing cash and at somepoint the deflation will hit hard! and yes they brought thousands of tons of gold, while at the same time they are the biggest gold producer

Looks like Chinese are in full throttle shopping.

I agree, don't really understand how they calculate or guess to which country and from which country those bitcoins are moving. Even if they monitor exchanges, on each one there is a seller for each buyer and viceversa.. how do they know where they are from ???

Well lets keep this a forum secret and let the market have its fun ha-ha
There's nothing like some cheap coins XD
(I think I can say I am thinking Chinese now :P)

The last time we had these kind of buying frenzy in China...
'Nuff said.

it's complete bullshit.

Just seen 30 btc go on bitstamp in a few seconds, nowhere on that chart.

60 going right now at $460

Also Reddit reports fiatleak showing china with 35x the US trade volume too http://www.reddit.com/r/BitcoinMarkets/comments/1ugn89/why_is_millions_going_in_to_bitcoin_from_china/


That's from Jan 5th


I think Fiatleak is fiatbroken

I think people are confused here...

the name fiat leak implies this calculates when fiat is moved into an exchange... of couse there will be fiat coming out of these exchanges too...

There can be all sorts of trading within the exchanges but this calculation is simply fiat money going to a BTC exchange...

It does not indicate the actual trades of BTC as these can be done with other crypto and so fourth. The fiat tht is deposited to an exchange is calculated in the latest price of BTC and that is the figures we see on this site...

the volume on other exchanges that is not indicated here was proably already deposited in the past...


please correct me if I am wrong?

Where do these sites publicly post how much money they have had deposited daily?

I am incorrect,

as the website says;

"Each trade results in a Bitcoin being sent from the currency counter in red to the country on the map. The value in BTC is listed in green and plotted across the map. The last exchange rate for each currency is listed in @purple and updated for each trade."

so it is based on trades...

Well since US is mostly sleeping I am not surprised at all at that. We will see during daytime in US how it will be.

is it possible someone else is buying through china? why chinese buy so much suddenly?

They see a sale although I am enjoying the China pacman affect
Its like nom nom nom more coins

Yeah I got a thought.  How about total bullshit layered on with no regard for reason?   

1st of all, volume numbers are opaque.  Entirely based on numbers we must trust from the exchanges.   
2nd of all:   Every purchase of a bitcoin is also the sale of a bitcoin.  Hello!!  No leak here!!!  It's called trading. 
3rd of all..  China is a geographic area.  These types of things don't buy bitcoins.  People trade RMB for BTC on exchanges based in china.  People in their homes in NYC can exchange RMB for BTC using several exchanges. 

There's more but that should be enough.   

China is buying more than 500BTC's. LOL

That's good that China is buying BTC's as it suggests they believe the coins is worth something; which means we could see it hit $1000 mark or more again soon.

If that site was even close to correct it'd show USD-btc doing 40% of huobi volume  through bitstamp alone.

Soo......site is clearly completely incorrect.

they have the biggest fiat holdings of all countries tho

That's true, but I believe they are trying to reduce those holdings by buying BTC, gold, etc.

Point 2 to makes a lot of sense, a few on this thread pointed this out but all are ignored... What are we missing here?

Exactly, I think that they are trying to exchange their USD-based assets to something which isn't printed at such fast pace. But the fact that they have so much USD-based assets puts USA in their leash in some way. What would happen to the value of USD if China decided to start dumping them real hard. Of course that would mean that the value of their remaining holdings would drop, but that could be a price they are willing to pay in order to crash USD. The most interesting question is what will happen if people lose trust in USD.

can someone post the volumes for the china exchanges?

Viva La China!

In the short periode of time where I followed fiatleak, I saw like 20k BTC in something like 1hr or so, Insane!

I saw over 9000 in one minute on a completelymadeupsite.com

Wow, crazy map lol. China pumping again?

http://www.menschen-und-magic.de/images/cards/2011-en/Hoarding%20Dragon.jpg

Yes, that is Magic The Gathering (Online Exchange) card!

The hoarding card indeed, defeat it and I wonder what rare item it gives out XD

no..
i waching right now... China sleeping now, US is awake... and most of BTC go to China... interesting.. i think that is good stuf for BTC... bright future of Bitcoin will come soon... :)

It was like that last night too.

There is a new sucker born every second, and many of them seems to live in China.

This is a positive thing, let them buy it all up.

interesting. thanks for that.