Bitcoin Forum

http://fiatleak.com/

What's going on? :o

They are buying bitcoins in HUGE numbers, really interesting haven't expected this to happen. Which also explains the quick price recovery from $400. When people wake up they won't be happy about missing out on the dip  :D

I too slept through the $400's, oh well I got some at $509  was very pleased until I heard someone got a lot at $463  


as for china, they have the biggest market, and biggest exchange, it's no wonder they would buy the most, sell the most, and anything else about bitcoin the most.

Are this volume numbers on huobi real or fake? I cannot really believe why China is buying 100times more than the US. Huobi has an average volume of 200 000btc the last 5 days, stamp has only 40 000, btc-e 25 000

It regained its price from 472 to 512 shortly according to Preev.A good improvement

https://bitcointalk.org/index.php?topic=486411.0

Told it. Big market, great opportunity. But wait until China goes asleep and US wakes up, then will be the true test.

But yes, stupid Europeans are selling and wise Chinese are buying (probably hoping to go back to 1200$)

they have been caught red handed faking volumes before, so who knows. It's really frustrating though as fake volume creates permanent damage in the market and only creates wealth for those manipulating it.

You're not alone, the same happened to me too. The earliest i was able to buy was at $475, atleast i'm glad i got something out of the dip  :D

FiatLeak =! BTC bought with fiat

It's just trading volume.
No fees -> big numbers without new fiat

There is no correlation between the price jump or fall and some part of the earth "is waking up".

or it could be a pump.  now let's wait if there's a dump.

check out the hourly chart and watch out for sideways action and a fade in volume. then wait.

That fiatleak is total b.s, probably invented by max keiser so he can point at something and say BUY NOW $800 THIS WEEK


Look at volume on bitstamp + btc-e.

Neither even register on fiatleak

china is accustomed to fraud and charlatans like MtGox, so they're just shrugging this whole thing off and buying cheap coins while they can.

+1
Max is one of this guys who always praised the Chinese, because their goverment embraces Bitcoin and the US will be the last which allows Bitcoin. As it turns out it is the other way around...

or they could be playing the market.

i'm not worried if this is a pump, i like to buy small portions that way i always have some fiat ready for my next dip. Besides i don't see us skyrocketing upwards now, i think we go sideways for a while after this is all over.

i agree. the funny thing is when it goes sideways, no one knows where it'll go next. :)

unlike before, all people had to do was buy it up and everyone will follow. not the case lately. some other group is making money out of the pumpers. it got predictable.

Fiat leak is pretty useless as an indicator of how popular bitcoin is, or where the money is going.  It only shows money to bitcoin trades and nothing the other way.  It's like me declaring I have an extremely successful company by reporting only when people buy my shares while totally ignoring all the sells.

Fiat leak also doesn't differentiate between new money coming into the exchange and buying bitcoin -> money -> bitcoin transfers, over and over again.  

Giga you are pretty much always right but this time i think you are wrong we will see $200 THIS WEEK.

GET READY YOU PIGS !

Gox Died, why do people ignore that fact ?

Panic Buy!

Price lowered again to 490.

Mtgox is based in japan I think, not China.

It came up as roughly 100 BTC per minute over 5 minutes for me. Pretty misleading, seeing as in that 5 minutes, 1500-2000 BTC get traded on huobi.

already $470

Pigs bought at $500+ are bleeding

anyone selling now is insane.

its like hundreds bitcoins in few second  :o

Dead cat bounce. We still have a way to go. It'll take a few months for the price to move up into the 700 and 800's. The only bullish indicator right now is that a lot of folks who thought they owned real bitcoins on MtGox are realizing that they will never take possession of them. Hopefully they still have some fiat left to buy up cheap coins elsewhere. Eventually the market will adjust to the fact that anywhere between 100K-700K goxcoins don't exist, and move upwards.

but, why the price go down when china buying bitcoins like crazy ?

Because that site only shows the buys, not the sells. 500 BTC of buys, 1500 BTC of sells.

but a sell i a buy to someone else ... or my logic is stupid :P

but it is still 1000BTC more sold that bought.

so china dont like bitcoin and wanna buy it all so noone can use it ?

So is China back in business now ? Buying when the west dumps. Reverse of last December.

Er yeah, the only people buying or selling btc are in China.

Clearly Fiatleak is using real info

What? I facepalm at bitcointalk sometimes.

"The sky is blue."
"What? You're saying the sky is red?"

I'm just pointing out that the info on fiatleak that he's basing that statement on is clearly false.

fiatleak shows pretty much only china as buying or selling btc right now.

it's showing 125x the volume in China as the rest of the world.

Oh yeah, that wasn't at you. It was at the people who ignore the fact that fiatleak's supposed CNY volume only includes buys and not sells, so paints a very misleading, overly bullish picture (despite multiple people pointing it out)

Well, not ALL Europeans are that dumb, youre to stupid to shave all ppl on one side. Use youre words better dude.

Did you ever finished primary school?
To whom are the other 1000 BTC sold?
Or am I missing your logic?

Green = shows up
Red = doesn't. They're sold to people with buy orders.

Wouldn't it be more accurate to say that 100k-700k BTC are no longer in the hands of those that thought they controlled them?  The coins still exist somewhere on the chain correct?

I bought some coins in China yesterday using a RMB bank account.  I got them from btcchina and this was the process.

Buy rmb voucher from taobao (Chinese Ebay)
Use the code from the voucher to add rmb to account on btcchina (the funds are locked on btcchina at this point)
Confirm the receipt of goods on taobao
Seller unlocks the funds on btcchina
Use the funds to buy coins

The whole process is really simple and usually only takes about 5 minutes although it's not automated.

I bought yesterday when the price was about $420 although the price was 3150 rmb (about $510).  The price is usually about $100 higher in China.

At the time though, the guy selling the vouchers said things were going crazy for him with lots of people trying to buy vouchers at the same time.

Looking at the taobao account of the guy selling the vouchers you can see how much he's sold in the last 30 days.

265 10,000 rmb vouchers
156 5,000 rmb vouchers
9 50,000 rmb vouchers
which is about 4 million rmb ($650,000) in 30 days.

There are other ways to get rmb onto btcchina and other sellers of vouchers but this guy seems to be the top seller on taobao (at least one other guy has similar numbers).  And of course there's more buying going on on huobi than btcchina.

The trading volume for the last 24 hours on btcchina is about 18,000 coins which is about 64 million rmb.

WOw! Must be something huge is coming as China is big market! If they do something it must worth it.
Maybe it is a sign that bitcoin won't die despite MtGOx death ? ???

Just to be clear, what I was saying in the post above is that the Chinese aren't really buying that many bitcoins and that the volume doesn't represent real money entering the market.

If the top seller for rmb vouchers on btcchina has only sold 4million rmb of vouchers in the last 30 days then how can there be volume of 64million rmb in the last 24 hours?  Sure maybe there's been 64million traded in the last 24 hours but there doesn't seem to be much new money coming in.

no way! look at fiatleak! clearly china is buying ALL THA BITCOINZ

Glad to see someone making sense.

Huobi has zero fees, so their volume is just bots scalping each other.

Is this a setup for a dump from china?

Yeah, looks like China is going on a major buying spree. Perhaps people are preparing for financial blow ups in the trust sector.

Should I be following Chinese chart or Bitstamp chart? It seems all the action still happens on Chinese time.

http://hypron.net/bitcoinwisdom.html

You can follow Chinese and Western exchanges at the same time.

But if there are conflicting signals on each or signals that happen at different times, which chart takes priority?

Depends on the time of the day. When China is awake, it's often them (still). But at the moment, bitstamp seems to be leading with the 1h macd downtrend.