Bitcoin Forum

According to
http://bitcoinity.org/markets/list?currency=ALL&span=24h

China has 71% of the volume for the last 24 hours

huobi is responsible for 67% and btcchina for 4%

Well huobi volume of 327,309 BTC for the last 24 hours seems way too big to be trusted?

What's the deal this time?

You know the Chinese, probably moving BTC to Hong Kong and back to Mainland to improve their stats  ::)

See https://bitcointalk.org/index.php?topic=500032.0

It's way more than 71% as this doesn't include all Chinese exchanges: http://btckan.com/price

China has biggest population so kinda makes sense?

Remember, Huobi has been accused of "manipulating" their numbers/volume.  I wouldn't be surprised if they are continuing to fake their data.

I wouldn't be surprised.

I really think so at this point.
Just few months ago nobody have heard about them now they beat bitstamp 10 fold.

Yeah Chinese might be a lot of people as stated above, but internet penetration there is much lower and population much poorer on average.

Are they buying or selling?

but also there could be multiple buyers to one seller?

The volumes will be higher because there are no transaction fees, which means no cost to run a bot that buys/sells over and over.

The next china bull run is just about to start with LTC hitting Huobi soon expect BTC to hit $1500 and LTC to hit $100.

Mostly milli bits by a massive population  that adds up

yes, seems like china will be the driver of the rise again.
What's the west doing? 5 years later and USA is still not seriously in the game. With not even one serious exchange there.
Really looking forward for Circle.

wait for wallstreet to jump in.

i'm really looking forward to that since last year, but they are kinda slow so far.

90% of volume is caused my bots but it is still volume...

yeah and btc china trades now Litecoin (also with zero fees) . so whats the problems ;-) ?

the rest of the world just need more time to understand it.

Yea all exchange Chinese are lying ... But Mtgox, Bitstamp, btc-e don't  ;D

All this exchanges are bigger than Btc-e:

-- OkCoin  298k
-- Huobi 229k
-- Chbtc 48k
-- Btctrade 21k
-- Fxbtc 24k

The reality is the market is Chinese !

No, does not make sense. Their economy is very small compared to i.e. the USA.

GDP per capta of USA is USD$51,704 in 2012. Total of $16,244,600 ( trillions ).

European Union is USD$32,999 for the same year. Total of $16.584,000 .
 
China is only USD$9,055. Total of $8,358,400.


Considering also cultural matters, i just don't belive the chinese volume is real.

There are now 1 020 000 millionaires in China  ;)

618M people have access to internet , 48.5%.
Chinese gov undervalued the yuan for better exportation and use dumping in Africa for take resources.

But yes officially , the Gdp is lowest than US.

And an important thing , Chinese love gambling . Gambling in Macau is bigger than Las Vegas

Still does not make any sense.

Number of millionaires by country

1     United States            5,231,000
2     Japan                    2,105,000
3     Germany            1,326,000
4     China                    1,280,000
5     United Kingdom    675,000
6     France                    555,000
7     Canada               422,000
8     Switzerland            297,000
9     Australia               275,000
10     Italy                    259,000
11     India                  251,000

Good'ol china. Just keep riding those waves  8)

Huobi's volume is misleading.

Partially it is caused by low fees, but mainly it is due to fake volume manipulation.

Just look huobi's webstats, they are ridiculously low. I absolutely wouldn't be surprised if their true volume was lower than BTCChina.

As per usual China is driving the market value up and also making money from cross trading!

An intresting thread regarding this matter:

https://bitcointalk.org/index.php?topic=338849.0

I have no doubt that the volume is absolutely fake.

GDP per capita might be smaller but it's still the second biggest economy
Also you are comparing country to the whole European Union.

Regarding these stats :
Number of French millionaires is going to zero. With the current government, 75% of what you earn over 1 million revenue per year is taken by the state.
French millionaire are exiling to UK and Switzerland. There are 400K French just in London.
Since the official position of UK regarding tax of Bitcoin, a lot of French Bitcoinners are thinking about moving to UK.


Concerning China, the volume could be real because exchanges are exempt from fees. It is mostly bots that are trading but a volume is a volume, deal with it.

A country that has a population bigger than the whole European union.

yes that's true, but still doesn't make the comparison fair


however, China is the second biggest economy

No need to doubt because many Chinese like to gamble. Wonder which casino sees the most revenue? Not Las Vegas anymore, but Macao, with flocks of Chinese.

China has weird currency. It is control by government in a weird way, I'm not sure if it still like it was when i was reading article in Scientific American about it. In general they currency is controlled in such way prices stay same and we all know it is artificial as hell. Post-soviet countries had same problem with currency controlling so hard to pretend there are no inflation, even though there always is.

On other hand I hear all the time China move closer to free market, moving from Marx to Confucian  way of doing business. Maybe there were any changes but i still guess any other currency, especially one you can use all over the world and is not accepted as official currency, so smaller control from government, might be very nice for them.

The deal is you are failing to understand bitcoin doesn't care about nationality.  Do we talk about how Japan used to dominate bitcoin trade?  No.  Huobi has low fees and is open to anyone on the internet.  Don't be surprised if they have large volume. 

china inflated their currency by 20% just recently...

Most currencies have close to that level of inflation too by the way.
And i'm not talking about the official inflation rates TV reports, but the real life one.

The way they control money isn't all that different from the way the Fed controls our money.  ::)

Money gets printed whenever they think they should...

There is no such thing. And bitcoin is not gambling, not even similar, from a speculation point of view it is like buying land and wait to see what happens. Other than that it is just a pseudo currency.

I see peoiple is in denial, the volume is fake. Evidence is strong.

you mean the inflation felt by people... official inflation is calculated with a basket of goods which have no real relevance and or nearly no price changes except maybe gasoline and heating oil...

Everybody knows the trading volume is "Fake" despite the fact that the CEO of Huobi claimed that the rumour is not true!!! Prove it's not fake then, anybody can deny the truth!