Bitcoin Forum

Big 3 volume is 15k so far today

that is 32 to 1 ratio

http://btckan.com/price

ChBTC    1264.7    207.659    1264.7    207.659    1265    207.708    1255.8    206.197    1270    208.529    508062.96    0 /0.2 Dividend

There appears to be a disconnect between blockchain stats and china market stats

http://blockchain.info/stats

Can anyone explain?

Does blockchain not include China transactions?   

Wow, I'm surprised this hasn't pushed the price through the roof yet.

looks like a major transfer from 1 account/owner to another at an agreed price will account for much of the volume without a large price rise. My conclusion is someone has taken or has a pre existing  substantial position. 500k coins = $100Million plus.

Previous volumes were running at  about 100k a day. Yesterday I saw 255k and today 500k so the large transaction could well be in the 250k range or a $50M holding/sale. otherwise it could be multiple buying and selling of small volumes for a quick profit. I would choose the 1st explanation :)

PS.  they currently PAY YOU to trade as an incentive and give .2 dividend per coin (shares CHbtc I think)

a 250K trade will cost nothing and you get 50K shares as a bonus as well. :)

Well once fees appear on chinese exchanges volume will drop.

Perhaps they are paying out shares in the exchange to test the exchange, and waiving fees during the test.
Not to be confused with live exchange data.

Something I've always found odd is that the English-speaking Bitcoin world has little communication with the Chinese-speaking Bitcoin world. Us English Bitcoiners always get news of important broadcasts in the PRC from a restricted set of users. Consequently, our information seems to be delayed a few hours.

There seems to be a great wall between China and the rest of the world. These Chinese Bitcoin exchanges see almost no representation on leading chart websites on our side of the wall. Neither Bitcoincharts nor Bitcoinity even has a fraction of the exchanges listed!

Chinese Bitcoiners have their own forums (http://hxtop.com/), where most Chinese-language discourse is hosted. Heck, they have their own Chinese-language Android app (http://btckan.com/main/weixin)! Even on the ubiquitous Bitcoin site where all languages converge, the Chinese have built a wall. From a cursory glance into BitcoinTalk's Chinese-language subforum, most users posting there have little contact with the outside world. This starkly contrasts with most other language subfora, where users often post in the English-language subfora even if their English is mostly broken.

Is there a particular reason for this barrier? Perhaps it is the innate nature of the Chinese to build a wall around them?

I think one thing we have to keep in mind about china is the fact that the country is still under the control of an oppressive authoritarian pseudo communist government. That's my reasoning for this barrier. It may not be directly from the government, but I think the government is what is ultimately affecting them.

That's fake volume. People are selling into their own bid to obtain share of the exchange. If you see "Dividend" at the "Fee" column, the volume is unreliable.

I have deep sympathy for the Chinese people, they have a more difficult situation than we in this regard.  Bitcoin brings them more freedom than most.

they may be "under the control of an oppressive authoritarian pseudo communist government" but other than the name, i see very little difference with any countries government. They all act in their own interests, although i would say China's gov do seem to act more for the people than some democratic governments do..... we should not be so fast to judge, their way seems to be doing much better than our way at present.....

You know that in China you can:

- buy SIM cards with no ID
- pay cash for anything (even for properties)
- drink alcohol in the street (and buy it from nearly any small store)

it's not really the place that at lot of westerners imagine it is at all (and I should know - I've lived here for 7 years).

i do like the sounds of China (not for the reasons that you mentions).
China seems to have "gone through lots of shit but come out the other side smelling of roses"
whether the people of the west like it or not, China is the future!

It is not from Judgement...
The sympathy comes from a different sort of "oppression" probably better characterized as "guidance".  :)
The restraints on investment, procreation and the centralization of broad planning do not make for optimal use of the great minds of the decisionmaking among the broad population.
The resulting over-investment in property development and pending demographic challenges of the coming decade portend a real estate bubble that is going to be a formidable challenge.  It is further perpetuated by the local government's funding needs against the interests of the central plan.  
Bitcoin provides an option for them that is more needed than most any other place, and the vast wealth of their nation may make for some exuberant overconfidence in the matter.  
It is a big challenge, and I hope they are up to it.  Hopefully they have learned the lesson of the US example in this regard.  The USA did much the same, on a numerically larger scale, but proportionately smaller.  It is interesting times ahead.

It certainly is "the" place for seeing development occur - in Beijing alone new subway lines have been opened every year for the last 6 years.

Unfortunately if you are after clean air though then I wouldn't suggest living in any major city in China.

I would put that in context of where they came from , where they are now and where they are going and the sacrifices (trade offs) that have been required to get there, like the one child policy and very limited freedom of information. Money movement restrictions are routinely (and easily) circumvented and bitcoin will be another avenue amongst many.

http://www.globalpost.com/dispatch/news/regions/asia-pacific/china/120418/money-laundering-bo-xilai-gu-kailai-neil-heywood

http://qz.com/19712/how-chinas-elite-illicitly-move-their-money-offshore/





Things to note now

1 There are more millionaires/billionaires than in any other country bar the USA and this may well be wrong as its easier to hide money in China. See my links above
http://www.ibtimes.com/does-asia-or-north-america-have-most-billionaires-1111165

2 The middle class is huge.. 500M + larger than the population of the USA and the upper middle is estimated at 13M NOW with currently 12% of the luxury goods market and estimated to rise to 76Million and 22% of luxury goods market by 2015. This growth is phenomenal

http://www.mckinsey.com/insights/marketing_sales/tapping_chinas_luxury-goods_market

3 Where China has been lacking are social welfare programs and certain freedoms. This is changing fast as now they can afford it ..and many would argue that they cant afford to ignore it. Minimum wage is now being implemented with target completion 2015. Many other social safety nets are already in place. This will continue to improve..

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

4 There are still 10's of millions under the poverty line as there are just so many people but this is improving very fast. World Bank 2009 figures show a year on year improvement of 1.3% from 13.1 to 11.8% (160M people). If that continues poverty will be almost eradicated by 2018 or sooner.

http://povertydata.worldbank.org/poverty/country/CHN

overview of China poverty

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

5 Compare all of that to the USA which is arguably heading in the opposite direction albeit it starts at a higher place.

a) Freedoms (commercial) China is catching up and will continue to do so.

http://www.zerohedge.com/news/2013-01-10/usa-10th-global-economic-freedom-2013

http://www.heritage.org/index/ranking

http://www.heritage.org/index/country/china

Freedoms (personal)

http://www.zerohedge.com/search/apachesolr_search/america%20police%20state

b) Poverty on the increase wealth on the decrease

http://www.zerohedge.com/search/apachesolr_search/usa%20poverty%20increase

http://www.zerohedge.com/news/2013-07-23/how-does-america%E2%80%99s-middle-class-rank-globally-27

http://www.zerohedge.com/news/2013-03-31/guest-post-debt-slavery-dummies


c) Government
http://www.zerohedge.com/news/2013-11-02/10-commandments-government

I could post many more but each has their own opinion.

d) Crime which is greatly connected to quality of life   China wins easily

http://www.nationmaster.com/compare/China/United-States/Crime

http://www.numbeo.com/crime/compare_countries_result.jsp?country1=China&country2=United+States

Summary

China is now not as bad as it used to be in the 80"s and is rapidly improving in all areas.

Whilst USA is still great and greatly wealthy it is arguably heading in the wrong direction and other Western Countries are in an even worse position

The uglier restrictions to life and business in China are being removed whilst in other Counties they are getting worse. That said China is still behind but will probably get ahead at some near point in the future. Also there are a lot of uglier regimes out there.

Depending on personal and particularly family circumstances, China is a viable option to live and have a LOT of fun in BUT the wealthy all (50% admit)seem to want to go to America LOL  link from above  The grass looks greener from the other side ?

http://online.wsj.com/news/articles/SB10001424052970204394804577011760523331438

It looks like BTC China will be #1 on this list, sometime in the next day or two:

http://www.bitcoincharts.com/markets/

Interestingly they don't list  ChBTC which is the market leader and has 6 to 20 times the daily volume of BTCChINA this last week.

i could list numerous reasons why this might be so  :D

what happens when the amount of coin traded on these exchanges ends up being more than the amount of coin in circulation

gonna be a few pennies dropping i rekon

please do, unless this is a scary secret :)

new exchange with dummy trades for share incentive

site in chinese and its google n http addressing seems a little muddled to me

they may want to work on clarifying these things up

But BTC China already has highest BTC volume

over what time period?  Last day?  Last year?  Last 30 days?  Tomorrow?

Read the list more carefully.

Death to MT Gox!

Death to Western Union!

Death to PayPal!

lol

although i am not really sure on how different exchanges set their prices (nor if there is a world price that is used as a base, etc).

BUT, if "the Chinese" are attempting to buy up bitcoins so they can use them in the future, would it not be in their interests to NOT increase the price, until they come to spend them? This way the other exchanges have a false and lower value of bitcoin. I assume this "false" price will eventually correct itself and the price will jump up a little or a lot.

Yea, I don't believe too much of the western nonsense, I prefer to check it out for myself.

But by God this video from china made me feel ill this week....

http://www.youtube.com/watch?v=zrv78nG9R04

Not suitable if you are eating...