Bitcoin Forum

Because this is sustainable, right?  After all the Chinese loved Bitcoin in December and yet... wait..

What do you expect? It's natural to see actual innovative technology climbing up the market cap ladder as well as investors and speculators jumping in or did you expect an eternal era of "yet another altcoin"?

I'm not sure whether you have looked into the technology yet, it is pretty cool and promising. I'm glad there's great innovation after all. Why not put in a little effort to understand what you're dealing with here. The volume and price is one thing, the technology another. Look into the latter, it's interesting.

P.S. BitShares does actually have a thriving Chinese community.

Got sources, or is this just speculation?

One can always check the markets on cmc:  http://coinmarketcap.com/currencies/bitshares-x/#markets

That answers that question, then.

Yes.  It has been "alleged" (there may be evidence somewhere going back page 30+) that the Chinese exchanges engage in fractional reserves and can create fake volume out of thin air.  That isn't me who has been spreading those rumours - those rumours have persisted on BTT for awhile and it's likely been proven several times over but the answer is likely buried somewhere in the backpages.

http://coinmarketcap.com/currencies/bitshares-x/#markets

Take away the Chinese exchanges and there isn't really any much volume to BiTshares.  The same is true for NXT where maybe only $13K~ish is non-Chinese exchanges.

As I posted in his other thread..


How Big is the NXT Chinese community on your forums?
Maybe you should look at ours...
https://bitsharestalk.org/index.php?board=4.0

Btc38 also has an English site, so I've traded on there myself, including BTSX/CNY because of volumes.

You NXT guys are awesome :)

For what its worth, the Chinese community is extremely active on the Bitshares forums. Many folks from that side of the globe have played an absolutely critical role in every single aspect of BitShares X, from software development to securing the network. Their contribution has been massive and the amount of e-collaboration involved in this project has been staggering. This is the type of project that makes the internet so fucking rad people!

It blows my mind that you're writing off China's contribution to the crypto ecosystem, TuanSew - I think the entire ecosystem would be years behind without their market support. Bring on the volume China, we're glad to have you.

so what? i am happy that the chinese community is huge in BTSX as it is. maybe they read more about the technology then some other people.

I have to say that number is higher than I expected. 50, 60% sure but 80% is almost all of it.

A lot of NXT goes to the Chinese as well. What can you say, other than that they love to speculate on new cryptocurrencies  :)

That's just 80% for the Yaun-BTSx.  They take up another 18% or so with BTC trades (which fair enough some of those people could be American or European).

The biggest non-Chinese exchange only does like 1% of overall volume being Poloniex.

So yeah 80% - 99% of buyers are Chinese

I'm European and I rarely trade at Poloniex but rather often on BTER and BTC38, not with 元 though, indeed. I have a background in East Asia but I know countless Westeners who happen to trade at BTER. Anyhow you're definitely right in that BTSX/CNY volume has been remarkable these days, massive buy support indeed.

Yuan is 80% of the volume.    Are you suggesting nobody has BTC in China?   If that much Yuan is going into it then it's safe to say almost all that BTC is Chinese as well due to demand.  Sure there's no restriction on who can use the Chinese exchanges but the demand indicates it's primarily people in China driving the speculation buy.


  
This is echoing Bitcoin where the Chinese came rushing in all at once throwing in huge sums.  A lot of that money came from funds and margin trading.  What was the end result?  An epic pump to $1200 and then a slow crash down to $500.



It seems like the Chinese are starting to learn about alternates and are pulling the same trick with BitsharesX.  Who pumps $2 million into a coin overnight before bitAsset even comes online?  That's the same pump technique that people were using when targeting Doge for several months and maybe that explained NXT's pump back in May-June.

You really think it's everybody in Shanghai and their Grandmother buying BitsharesX?  Probably not, this is a pump likely being done by a few private funds and other organized groups.  

I don't know and neither do you, this is the realm of speculation indeed. I know that Chinese investors are smart. A market correction could definitely be around the corner or it might as well grow further, the market seems to be pretty stable so far above the $50M cap despite the massive growth. BitShares technology undoubtedly has great potential, the question is when to acquire one's position. Freedom of choice.

Hey someone's has gotta be Chinese.. it might as well be them.. they are good at it after all LOL

don't be such a jealous round eye infidel

edit:
@instacash
speculation IS fact at bitcointalk.. didn't you know that ? hahahah

Poloniex only started BTSX last week that's why :)
So while yes, it is mostly Chinese, the West trades on bter & BTC38 English still and often CNY for volume.


They were helping drive Bitcoin yes until .gov introduced restrictions which is what stopped that.
The Chinese support BitShares as a whole enjoys is with those restrictions already in place :)

$500 is still 50x more than $10, the price Bitcoin was at before Chinese money came into the scene en masse.

Why BTSX so overrated and overpriced? Is this an exceptionally pump and dump? Or really very promising technology?

https://bitcointalk.org/index.php?topic=756454.msg8528542#msg8528542

the Bitshares founder, said they have a plan to provide support to the price with the IPO funds.

Hmmm.....I'm still on the fence with BitShares, mostly because I smell a big rat with the recent price rise.

2nd generation feature set looks interesting, tech looks OK, community and devs seem real, but I'm still just not seeing a reason for this surge.
Oh, well, we'll see how it plays out........

Just tried looking for a block explorer, does one exist for BTSX yet?

it's built into the client, so users don't really need it. But you're right, people should be able to look at it without downloading the client

BitSharesX it's blockchain based decentralized exchange with market pegged assets support, without the client you can't participate on this exchange so what a point to not download client? Trading BTSX on centralized exchanges?