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Ok i just talked to a few friends who live and do business in China. They all tell me its very common for the government to do this as a "warning" to new growth business. Basically.... they want bribes.
The fact that other small exchanges in China still able to have withdrawn/deposit makes them strongly believe this.
Its not a surprised to them as they've been involved in telecom industry in the early days, same thing happened to top cellphone carriers.
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This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)
Are you serious? because the Chinese government restrict any forex business against Yuan.... They control the exchange rate of their Yuan .... you must have lived under a rock. |
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Everytime we're going up but the spread between exchanges getting larger is not a good thing.
BTCChina is SO CHEAP? this pump push the price up for for arbitrage profits.
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whoo 668 usd on www.mtgox.com go baby go (I don't care ..slow ..fast.... crawl you btc crawl....(er slipped into drill instructor mode) Searing Hows the neptune doing? I can buy it off you for 10btc .... thats like 6 months of mining.... And you dont have to put any effort  |
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bitstamp is an amazing exchange. Only thing it doesn't have is an auto log out feature. This would help with security....
Did they implement stop loss order? Nope they also still don't have a market order it's pathetic  . Yeah...I don't what spooderman is on about really...its a boutique exchange, it looks great but is very low on features. I hate the fact you can't see the market prices on the order page. The only good thing really is you can get your fiat money out...which I guess is quite a significant plus point really. I just discovered Kraken.. I'm surprised more people aren't using them. They have a bunch of advanced features, including stop loss. That, and they verified me in 24 hours. Hows the market depth there? How is their banking network? Have you withdrawn fiat from them? |
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Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.
But regardless, why are people buying BTC at all in China?
I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.
I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.
If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?
I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins? Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again. So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long? It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China? I think he will close up and move shop. Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be. We will never know the reason but from my experience it would most likely be that Bobby asked and got blessing of some officials. He trusted it would be ok and saw a huge opportunity to tap the market. Likewise, any of such business need a connection to know and talk to the "right" ppl. Doing anything new in China always falls into a grey area.... The CCP makes laws thats always open for interpretations |
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Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.
But regardless, why are people buying BTC at all in China?
I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.
I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.
If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?
I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins? Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again. So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long? It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China? I think he will close up and move shop. Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit. |
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I see two possible scenarios.
The first is that the OP is correct and the market is being manipulated down via rumours so the chinese can buy up big. They're very smart when it comes to this sort of thing, and play the long game, so I wouldn't put this in the realm of impossiblity.
The second is that the OP is incorrect and they genuinely believe they want to remain in control and protect their national currency. In this scenario, prices return to pre-china (ish) levels, and the rest of the world continues to approve of bitcoins (eg germany), and continue buying and using them, until a point where china has no choice but to realize they made a mistake.
When you said "the chinese" you meant the government and not its ppl did you? Because.....it wouldnt make any sense other wise. The CCP only cares about its State and not its ppl .... |
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for arbitrage to happen, those coins from China must be sold somewhere right?
Even if the buyer keep 50% thats still a lots of coins to sell....
For anyone who doesnt know, CNY is when they spend lots of money.... so more incentives to cash out.
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There is no buying going on on Bitcoin China. Fiatleak shows 17 bitcoins bought in the last 3 hours.
Maybe other exchanges are stepping in to fill the void, and people are buying up nice cheap bitcoins.
LOL wut? did you watch the data feed of BTCChina? And please stop using Fiatleak.... look at the exchange's order book itself. |
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Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.
But regardless, why are people buying BTC at all in China?
I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.
I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.
If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?
I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins? Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again. So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long? It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China? I think he will close up and move shop. LOL no 3rd party payment network would dare to mess with the government. I bet my ass, there are government officials involved in trading. Its not unusual for the officials to do such things over there. Beside.... you know most their children are "studying" abroad right? |
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Call the bottom with a time line.
Bottom at 425 on 4 January By the way seeing as I called the bottom pretty much to the dollar before Gox even dipped below 700 I am going to hold to my original prediction that we will see another dip into the 400s before US banks reopen on the 4th. Its always good to have some fiat during this situation anyway. We dont know whats gonna happen to those coins from China. I mean.... they must be dumped somewhere outside of China |
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Dont trade based on bitcointalk bullshit talk!
yeah I'm learning I'm better off tossing a coin to determine how I should trade.  I did that for a while on Bitcoinica back in the day. Lost a few percent. I think many "traders" did much worse than I did. I documented it here, the thread is buried somewhere way back on this forum. baller  |
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No need to panic guys, there is always a couple drops b4 the trend reverse.... You will have your chance to buy back in. Especially we're still waiting for a month until China's ban complete effective Its always good to have some fiat for a "rainy" day if you know what i mean |
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seriouscoin
you are stuck in 1954, the PRC has not been communist in any meaningful sense in a very long time
dont be naive..... lol |
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Dead/dying now. Going to sleep for 15 hours. Expect some upside IF I had any successful.
Yes, I did specifically have to request a normal toilet in a five star hotel suite. They put it in the bathroom away from where I'm sleeping. I ruined a thousand dollar suit the last time I had to use one of those.
with all seriousness..... hows banking situation in China? |
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FWIW: I don't think China is "completely" out of the game. I think they're in the process to control the arbitrage based fiat leak. After that, they will be back fiercefully. Bitcoin is not "a bright idea", it's the monetary future. Noone in perfect sanity wants to be out of the train. They control the major bitcoin asic production atm and most possible they will continue to do so. So expect them. And expect them sooner than later. If the CCP was smart, they would have made regulations such that its citizens rather accept btc than USD..... Doesnt the CCP want to sell dirty USD? Actually i think the Chinese government has one option.... they can still control capital and taxation with bitcoin use BIP32 wallets....each bank has a wallet , then each wallet has accounts thats associated with a business. So now those business can accept bitcoins and all transactions can be audited. Ofcourse each business have their private key for their "account". The master private key belongs to the bank..... Doing this, China will hold the largest amount of btc in the world!!!! Thats POWER! How about that? Xi Jinping ? |
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Asia and Europe are saying: To Da Moon!
will America follow?
What? Fcking Chinese is actually fighting back..... their "whales" are dumping coins. |
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shit, I hate the whole China situation, I am getting more nervous each time I see a dump, I still wonder from where the F#%$& all these coins are coming from, most richest addresses still hold all their bitcoins !!!!
How many 'Chinatowns' are there in the world outside of China? How many of those in foreign countries do you suppose have Chinese citizens with family back in China. How hard would it be to send coins to the family back home? Its not hard sending money back home. Actually now it cost almost nothing with wide banking network China has. The CCP never has problems with funding coming into the country. Its the "leaking" that they dont like. |
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Sounds like hes about die... hit up SR2.0 bro!
[–]effortninja 2 points 21 minutes ago
hows china? any progress?
permalinksaveparentreportgive goldreply
[–]btc_loaded 3 points 18 minutes ago
Minimal, slow, but progressing. Severely jetlagged and have had 7 hours of sleep the past 3 days.
permalinksaveparentreportgive goldreply
[–]effortninja 1 point 16 minutes ago
Has anyone figured out wtf is he doing there? Kick Bobby square in his nuts for failing to bribe officials.... As well as slap those socalled chinese whales for dumping . |
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