Bitcoin Forum

For quite some time I examine this ad: http://fiatleak.com/ , it reflects the great Chinese lie as big as the wall.

Since more than 5 weeks ago I'm watching the incredible shopping behavior Asian giant 50.000 bitcoins daily.  ??? ??? ???  too much to be outlaw no?

What do you think?
Do they know something we do not?
They are trying to buy bitcoins at a price they did get down?

I forgot to mention the growing crowd of exchange Chinese companies that have been born...

The fiatleak site uses volume data from the chinese exchanges and pretends this is "china buying". Do you ever see "china selling" ? Consider that for every trade there is both a buyer and a seller.

fiatleak get info from: BITSTAMP, BTCChina, BTC-E, Bit2c, Mercado Bitcoin BR, Local Bitcoins, OKCoin, BTCTrade, Huobi China, bitx.co.za, Cavirtex

As you see no only chinese sites, and it does not follow sales, just buys

Curiosly the second mentioned, many new chinese exchanges coming up...  it is outlaw in that country

Yeah, and when there is a trade at a chinese exchange it shows BTC flowing to china. Every trade is both a buy and a sell.

So do you think trades at chinese exchangers are done from no chinese buyers?

Let me mentioned you that many of those new chinese traders are only in chinese lenguage...

So why people worldwide would prefer to get btc from a site wich his country has declared it out law with the risk of lost all?


You can check each trader site link at the footer of page.

I think it is mostly chinese buyers and chinese sellers, ie. net global effect zero. fiatleak is pointless.

So we are back to main question, why is china getting so many btc if they have declarated outlaw?

Since i considere 50.000 btc daily are too many...

BTC has not been declared illegal in China, and your data does not show chinese "getting" any BTC at all. They are merely trading the same BTC back and forth rapid fire style.

1st, those are no "my datas", those are the datas gett from fiatleak API to those markets.

2nd, They may have not declared ilegal, but the declared not law money and restricted buys and sales of it, thats why price get down 50% few weeks ago.

3rd, rapid fire style... OK, 20 millions of euros daily in fire style market...  i dont think so


http://en.wikipedia.org/wiki/Legality_of_Bitcoins_by_country



 China (PRC): "...The People's Bank of China said financial institutions and payment companies can’t give pricing in Bitcoin, buy and sell the virtual currency or insure Bitcoin-linked products, according to a statement on the central bank’s website..."

China (ROC): "...On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of Bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment..."



This may not declare it ilagal, but is the most close to i have seen...

You have taken a liking to a website that plays to your misconceptions. Hopefully someone else can explain it better than me...

EDIT: Your 3rd point confuses me. You just said in your previous comment that the volume was too high, yet now it no longer impresses you. hmm...

No, it does impress me, lott, thats what i mean that so huge amount of btc can´t be by fire style markets at all.

The Chinese are less susceptible to fear than the common westerner. They invest with logic rather than emotion.

Quite simply, Bitcoin is a SURE THING once you disregard all your emotions and think using mere logic. Will the world benefit from 0 fee transactions? yes... Is there widespread distrust in the traditional financial system? yes... Is Bitcoin a suitable alternative? yes.... That's it. Those are the fundamental factors that prevent Bitcoin from being valued at $0 - but at the same time also reveal that Bitcoin is TREMENDOUSLY undervalued at it's current price...

The Chinese are looking at all the sensationalism and hysteria that is entrenched in the community and they see only one thing "opportunity"... The Opportunity to get their hands on Cheap Coins whilst all the idiots run for cover.

Warren Buffet said it best "When others are fearful, BUY!"... My BTC position has certainly amplified during this period, and I will continue to scoop up all the coins that have been cast away by those with weaker hands.

i agrre ;)

LOL

'Chinese are less susceptible to fear'

Explain cultural revolution when the only thing you had to do was 'public shaming' to turn half the chinese population into impotent minions.

In fact, do us a favor of explaining why china has 5000 years of 'glorious' history of being invaded and eventually being conquered by foes far less numerous and under powered.

Actually, do yourself a favor and watch your mouth  8)

0% fees - buy sell buy sell buy sell - with a bot.

1 person buying and selling 1 bitcoin every few minutes could account for 100s of bitcoin volume in 1 day

LOL  nice way to waste time heheheh, but... why?

could be true.

and now Litecoin trading is available on btc china for zero fees.

Yes it could, but would they do it?

0% fees (well that depends) but price would change so such bot could lose a lot or get a lot. Besides as it was mentioned before , fiatleak doesn't show whole bitcoin flow.

What happened with china is there was actually a ban on financial groups ( Like banks etc. ) from trading Bitcoin, individuals can still buy them as far as I know, it's in Russia that there has been an outright ban and warning against Bitcoin. Most of the other 'bans' are a load of shit spread by hysterical people and the news organisations picked it up and ran with it without doing their research, the same goes for just about any central bank so far, but they're still being very negative and critical of it because Bitcoin is competing against them.

The only lies here are what have been told by the news organisations which I think have done far more damage to Bitcoin than MTGOX ever did because they just make up any bullshit and people are stupid enough to believe them.

I don't understand why it matters? OH NO HE IS BUYING BITCOINS...? Maybe, just maybe... he is buying/selling in rapid fire to make money? He makes microprofit from each sale and at the end of the day it adds up to big gains. Every major exchange in the world does this.

This isn't about logic or "lack of fear" or whatever, it's just somebody making money.