Bitcoin Forum

If BTC demand is supposed to be drying up in China, why does fiatleak.com show....
heavy, heavy, HEAVY BTC buying from China:
http://fiatleak.com/

fiatleak doesn't account for selling, I don't think. Only buying.

China has no way to "play us". The blockchain is a public ledger, worldwide. You can't manipulate it, that's the whole point.

What I mean is whether the bad news from China is being made to look worse than it is so that China can amass a larger share of the market. If you look at fiatleak, it shows really outsied buying from China and hardly anywhere else. At this point, it looks like the overwhelming majority of sales are being made to buyers in China.

280 coins in 2 minutes...wow...wish it would show selling also.

Buying and selling are the same thing - when someone sells something, someone else is buying.
Lot's of people are buying Bitcoins in China because lot's of people in China are selling Bitcoins.

'Each trade' says the fiatleak page. Buy, and sell ??

210 btc last minute, I summed from bitcoinwisdom, for huobi, btcchina and okcoin. total trades.

Pretty cool site

I think fiatleak is for illustration only, not real number with outdated data.

Yeah right, i didn't think about it this way  ::)

Don't forget that fiatleak cant know where is BTC coming from. It shows huge traffic but it does not know is it BTC coming from outside china, or is it all inside trade (Chinese selling and buying BTC). I'm sure that majority of Chinese population is trying to sell and minority is buying which reflects on price and all of us.

Sad thing is that China does not need to "play us". All they need to do is "play" their own ppl. There is enough of their own ppl so they can affect price worldwide. All we can do is sit by and watch, or buy in large amounts which is not happening i guess.

Ahhhh, of course! How did I miss this? Thank you.

we'll find out on 15

Data really wrong?

i'm just thinking, if i'm a chinese who've just bought some coins at btc-e, then how the hell fiatleak know that order was taken by a chinese ?

China is Playing => not really, they are stealing your coin with fake !

Fiatleak show the reality; chinese buying BTC :)

If this Bank ban for exchange was real, why the hell they will buy BTC ? Because who is buying know this is a fake.

Posting on Forum is a part of their strategy, so people come here with demoralizing Topic and words.

The best is this story: People get trapped :)

Won't know.
But fiatleak is only counting in which currency are trades done.
btc-e added Chinese Yuan trading.

china is not playing anyone. american and euro media are!!

china is not banning citizens depositing into exchanges
china is not banning exchanges that get licenced in regards to telecommunications regulations

the media and dumb FUD spreaders here are playing scare tactics to make people panic.

blame fud spreaders and read the source information, not the misinterpreted media stories. the actual source..

bitcoin exchanges will not close, their bank acconts will not be frozen as long as they are licenced.

the only ban that china has imposed is for banks to not do trading themselves as part of THEIR investment portfolio.

no ban has been imposed on citizens.

so stop with the FUD and panic. btcchina is trading as usual and more people are realising it.

280 coins in 2 minutes？So crazy?

People from american and euro media "could"  ;D ;D have received some money before spread ?  ;D ;D ;D noooo, never a such think could happen  ;D ;D ;D (ironic)

You should also keep in mind that the market deoths volumes in China are most likely faked. There's been proof of this going on in the past and they were talking about this on CoinSummit too.

That's how I understood it.

+1  ;)

It wouldn't surprise me if the majority of the buys are fake.

Not even that. Fiatleak can't see deposits and withdrawals from exchanges, only trades. Transactions within an exchange will show as "Bitcoin buying".

Since China's exchanges are being cut off from China's banking system, the transactions there are probably mostly within the exchange. (Makes you think of Mt. Gox, but in China, there really is government intervention.)

China exchanges have not been cut off, and as long as they have a licence by april 15th, they wont be cut off..

I am following fiatleak since several month, be surprise because they are real :)

Do idiots really think people in china are buying loads of coins. lol

0% fee exchanges are your answer and fiatleak shows trades not purchases.

I can be MR huobis brother, clone his exchange platform and buy and sell coins to myself all day and make it look like I have 10K daily volume easy.

I should have shorted the market more if people actually think china is still in the game. I was sure the exit was almost priced in but I guess not for everyone yet

"Each trade results in a Bitcoin being sent from the currency counter in red to the country on the map."   - so clearings of both orderbooks are accounted. It shows activity - not how much China is buying or selling.

Ive discussed the fiatleak creator and the way he set the code up it consider all trades as a "buy" since there is always a buyer in one of the sides. I i tried to convince him otherwise  but was no use

What I would like from a site like Fiatleak is the net amount of fiat entering an exchange. But as this data is not available, the site uses trades - which is distorted by zero-fee trading common on Chinese exchanges.

Zero fee trading is great, but not used everywhere.

If fiatleak only shows trades, then that means that the Chinese are not just the biggest buyers, but they are also the biggest sellers of bitcoin?

That's exactly right.

Zero fee trading is a good thing. Slippage on an exchange occurs when a big order cannot be filled at the market price because of a lack of liquidity. Zero fee trading permits human market makers, and computer algorithm software, to supply bids and asks very near to the current market price. Zero fee trading means less slippage and a better experience for the informed traders, according to the theory of market microstructure.

Right. We have to keep explaining this to n00bs. Fiatleak has no info about actual money flows. All it sees is trading within exchanges. Fiatleak can't see deposits or withdrawals, because they don't have access to the exchange's balance sheet. If it's the same money going round and round, Fiatleak reports it as an inbound flow. That's just wrong.

(Then there's Mt. Gox, which doesn't seem to have had a balance sheet, or any kind of accounting system to detect missing assets.)

I don't think any exchanges have restrictions on who can deposit and sell Bitcoins.  So sellers could be from anywhere.

Totally agree!!!

Only on this forum created by our almighty Satoshi is God only a member. :)