Bitcoin Forum

Update:  See conclusion drawn below:  https://bitcointalk.org/index.php?topic=565250.msg6158549#msg6158549

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I realize Fiatleak.com isn't 100% reliable, but its strange watching the price tank because China is closing exchanges today, and yet mass quantities of BTC are still being purchased by China, as per:

http://www.fiatleak.com/

https://lh5.googleusercontent.com/-8pDMqjM2kHE/U0bATIbiDoI/AAAAAAAAPQA/yBurpaAFoRQ/w1019-h484-no/fiat.png

And its midnight there right now too.

Is fiatleak 100% unreliable or is this accurate?

-B-

It's probably accurate. That's the chinese plan, make you guys scared and dump, then they buy. Then they make some sort of good news that makes the price go up, and they sell.

I have some suspitions on this...

China is crashing the value of BTC to purchase them offthe record in massive quantities (by buying the BTC of scared ppl).
Then when they get enough BTC, they will release some kind of new information allowing again the BTC...

Let the BTC rises in value, and then sell at massive proffit...

LPC

God, I hate China(speculators)!   >:(

Gov't tries to halt/ban it, and their traders feed into the FUD by mass selling to buy cheap again.

That's exactly what I think. I posted before you though :3

Fiatleak shows EVERY trade (buy and sell) on the exchanges it's monitoring.

Its nice to see that people have started to realize the game... :D

So a SELL could look like a Bitcoin flying INTO china then right?

That means Fiatleak is 100% unreliable.

Well, fiatleak is 100% reliable in what it's doing - showing every trade from exchanges.

It can not show us how much fresh fiat is beeing deposited on exchanges.

How about stop speculating as to why it dropped, it just causes more speculation which causes more panic selling.

The graphic shows the coins flying *into* china.  This creates the impression of purchasing by Chinese citizens.  When in fact they could all be cashing out.

-B-

How can you have a "sell" on an exchange without also having a "buy"? Every "buy" by one person is a "sell" by another person.  Every "sell" by one person is a "buy" by another person.  That's how a transaction works, isn't it?

It is possible to sell without anyone buying?

Is it possible to buy without anyone selling?

Fiatleaks; questionable accuracy, think it represents the selling volume too (BTC to CNY/RMB). I have some Chinese bitcoiner friends and they reckon a lot of folks there are indeed converting back to fiat and making fiat withdrawal requests. However, between us we made some large BTC acquisitions today. You might think they are mad, but no doubt they aren't the only ones buying hard in China.

http://btckan.com/price is a better "exchange ticker" of sorts, check out the 24hr Vol (far right)

Close to 10,000 BTC traded in BTC-China today, till 10 pm. Trade volume is much higher than the previous days. I think some panic selling is going on there.

While some panic selling is going on, some people are also rapidly buying all of it at this price.
Probably chinese gov, then they release good news and the price go up, and they make a profit.

And they probably are.

Most ppl interpret the graphics that way - China is buying - but it's just showing internal trade volume.

I wish that fiatleak thing did work. But it does not appear to me to be correct. It looks like almost all sales are happening in China and that does not match other sources.

Yes and no.

For every sell, there must be a buy.

However, you will often hear terms like 'there are more buyers than sellers'. This means, for example, that you have 1 btc to sell. 10 people want 1 btc. The current market price is $400. Since you're the only seller, you raise your price to $401, $402, $403, etc. until only 1 of the 10 people are left that will buy your 1 btc. Now there are 9 buyers out there and no sellers. The price will keep going up until there is a seller.

Today, for example, there are 'more sellers than buyers' thus the price is going down.
 

The point being that if that transaction occurs on a bitcoin exchange in China, then 1 BTC would have changed hands between me (the seller) and the other person (the buyer).  So it is not correct to say that a "sell" looks like a Bitcoin flying "into" China, since a "buy" occurred on the China exchange as well.  There is no way to distinguish a buy from a sell within a transaction.  They are the same thing looked at from two different viewpoints.

Stop believing that bullshit animation from fiatleak.

It doesn't have accurate data. Sure it know every sales on exchanges since those information is public, but how the hell it know which sales was purchased by Chinese traders ? Don't believe in what fiatleak show you.

All those coins *flying* to China actually the purchases made on Chinese exchanges. That fiatleak collect volume of exchanges to represent its animation. Since Huobi's volume (70% of world trading volume) is fake and not real, Fiatleak information also is not correct.

It doesn't tell you that a trader is/not Chinese - it does tell you in which fiat currency the trade was!

I know that, but trading volume on Chinese exchanges is fake, so fiatleak's number also not accurate.

There us no rapid buying. If there was any such thing, then the price wouldn't have fallen this much. And to think that the Chinese government is doing margin trading in Bitcoin is just ridiculous.

china is not closing. they are changing bank accounts

i wont explain it again so here is the link to the explanation
https://bitcointalk.org/index.php?topic=564120.msg6157475#msg6157475

BTW, it has always been this way. When I looked mid feb: Bitcoins flow to china. A few days later: BTC -> China, a month later BTC->China. Seems China is buying all the time. Also remember, that there live more people in east and southeast asia, than outside of this area...

http://i61.tinypic.com/2eluuch.jpg

i beg to differ. Looking at charts on okcoin and huobi, they are buying those bitcoins that america is dumping.

I wonder if Buying BTC with LTC constitutes a buy.  If so, that may explain it.