With the US deficit not shrinking any time soon, China looks like its going to becoming one of the world's most important economies. How big is bitcoin in China?
The volume pie chart on Bitcoincharts doesnt show CNY, but given that the country has heaps of rich folk now... this cant be right!?
With China having roots in communism and the state wanting to control everything, bitcoin in theory (being both anonymous and decentralized) would be very valuable to them.
In reality, the Chinese government is insanely afraid of the circulation of non-fiat currencies. Fundraising and financial companies in China are also highly regulated. An enterpreneur had just been sentenced to death just because she promised a high interest rate to her loaners( http://en.wikipedia.org/wiki/Wu_Ying). This is why services like Bitcoinica wouldn't exist in China for at least a while. ... but thats the beauty of bitcoin, aren't those the exact same reasons why it would flourish? With all the government regulation, bitcoin's anonymity would benefit its users. How much is the CNY regulated? Maybe bitcoin isnt popular there as the CNY is so unregulated that theres no reason to have an anonymous payment system. Although, I'm sure some would still be interested in mining. |
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The volume of Chinese Bitcoin exchange( www.btcchina.com) in the past 30 days is 6452.13 BTCs. Thats one exchange, what other major exchanges are there that serve the chinese/asian market? |
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Especially at the moment with an indecisive market and low volumes.
Does anyone have any theories on why this is happening? Everybody has run out of secret rockets and the secret submersibles have all sunk. We have to wait for more to be manufactured. |
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Is there a Chinese forum for bitcoins?
Theres a chinese subforum here but its small. Might be tough information to get... the great firewall of china coming into affect? Maybe Zhoutong can shed some light on it. |
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With the US deficit not shrinking any time soon, China looks like its going to becoming one of the world's most important economies. How big is bitcoin in China?
The volume pie chart on Bitcoincharts doesnt show CNY, but given that the country has heaps of rich folk now... this cant be right!?
With China having roots in communism and the state wanting to control everything, bitcoin in theory (being both anonymous and decentralized) would be very valuable to them.
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Also one other project I'd like to mention is: http://bitcoin100.org/That project hasn't really exploded yet but it's just a matter of time. There is currently 266 BTC just waiting for the first charity to add Bitcoin donation option through the Bitcoin 100 project. Donations involve a lot of micro transactions which is the main reason why it's only a matter of time before more and more charities start endorsing Bitcoin. It's just so much cheaper than the alternatives and convenient as well. +1 good cause Isn't there somebody providing hosting (paid for in BTC) floating around on this forum too? |
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Hi Andre, any update on this?
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A little more info?
Your site looks good but theres no info on it at all before signup. Currencys accepted? Payment methods? API? About page? Why should we trust you etc...
Give us all a bit of background and reasons (besides low trade fees) to use you.
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Anyway we got another option currently on planning stage that may go live by end of may ...
What is your current recommendation for people who need a stable live price feed? The current socket.io and/or websockets feeds have been really awful the past few days/(weeks?). While occasionally seeming to work at times, they often go down for hours at a time, pretty much every day. What do sites like Bitcoinica, trading bots, or merchant sites do when the Mt.Gox feed goes down for hours at a time? Is "maybe wait until the end of May" the only option here? The JSON web API with post/get calls. *edit* actually i just realised you asked for live feed... the json calls aren't live. |
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hi thanks for your reply. as i said, fix the problem, and everything will be ok. well, as you already checked my orders, and indented me, then i have to say, yes, my number of the post aren't exact, because i don't want people know about my market trade arrangement. when i said deposited 15k usd, it was around 9k usd. the amount is not important here. so lets just ignore it. as you can see, i am a market trader, for me and many others, timing is very important. i put my orders on your site to buy coins, 2000 at $5, 500 at $5.01 when they showed up at your order list. for at least 5 minutes, you didn't match my orders, i bought nothing. and the price was gone off the order list. let's say, someone or you bought it before i do. do you know how this shit made one boil with anger? after 5 or 7 or whatever minutes, next round order showed up, you processed my orders with the new orders, but at that time, the market timing is gone, do you understand? process or not process my orders doesn't matter any more, even you processed them, it was even worse, because the market price was lower than yours at that time. So, the thing at yesterday was when i tried to buy coins at $5 on your site, 5 or 7 minutes after, i got nothing and coins were out off the list, you sold those $5 coins to someone else or you kept them yourself. another 1 or 3 minutes after, new $5 order show up because the market was dropping, then you sold me those coins (i was so pissed off, i forgot to canceled my orders in time). this, its not "matched partially with corresponding sell orders". for me, i did buy nothing, and things even get worse that you matched my orders after long time (minutes) when the market was dropping! and imagine, if the market goes up, the new $5 order would never show up, i would never have chances to buy any coins.at the end, i want to say, your order matching is always slow/wrong, you miss-match my buy orders, after long time (minutes), when the market price was dropping, you matched my orders with new ask order (won't happen if market goes up or no new order show up). this was all your fault, even you didn't do any under table things. and your promise of resolve system problems never come true for these days. so, please stop finding excuses or talking about other useless/little importance things. this kinds of delay/slow/wrong problem never happened with other exchangers, and it cost you > 2 weeks to fix until now still failed. please, read it with your occupational ethics, and tell us, did i spread rubbish? https://bitcointalk.org/index.php?topic=64546.msg763090#msg763090
I have had nothing but problems with Cryptoxchange. There are several problems which occur on a regular basis and then all the other problems that go along with it. The trade engine is always down. I have lost money on a regular basis with Cryptoxchange. I haven't actually lost money but the transactions are not processed. That leads to me not being able to complete transactions and make money. That is how I come up with the response I am losing money. The only answers and responses I get from customer service from cryptoxchange are that yes we realize there is a problem and we have been working on it. When you work on a problem everyday and it's the same problem that tells me it's nt a problem more like it's how we do business. If the platform is not ready to use maybe you should consider shutting the site down until it is ready and there aren't any more problems. Pretty much all you are doing by running around the problem is pissing people off. I am one of the people you pissed off with a weekly apology and no compensation and no remedy for the problem. I would suggest anyone looking to use Cryptoxchange to think again and find another exchange. Give them a chance BillGalaxy... you're obviously very annoyed: 1. You've pointed out some of their flaws and even labeled them as scammers 2. They've acknowledged the problems and have arranged a fix for Monday 3. You still trade knowing there are problems and are criticizing them again knowing that they are working on a fix!? Do yourself a favour, dont trade until their new fix is in place and then raise any complaints. If not, $15k is a lot of money, enough to work with developers to set up your own broker. Go ahead. |
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The exchange is reasonably new so I'm giving them a chance. Yes it is very annoying, and yes I've lost out on many deals due to their trading engine doing all of the strange things you mentioned.
On the one hand they're usually quick to reassure customers that they are working on it, and judging from the number of changes recently, they do seem to be working away.
I am however surprised at how long its taken them to sort out their trading engine as its absolutely essential that it works flawlessly. They are after all in the business of matching trades and they don't seem to be able to get the very basics of it right!? (well occasionally, but not consistently)
Intersango and WBX run off open source code and their trading engine is fast, solid and pretty flawless. I've not been a member of this forum for long but haven't seen complaints from their engine.
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Picture is full of win.  lol +1. All these secret rockets.... Y U ALL SO SECRET!!! (insert Y U man pic) |
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This sounds like a really bad idea...
Edit: I'm not at all opposed to automated trading on principle, even in bitcoin. But this particular instance sounds like it will end in tears
Good luck gewure. I have written an automated trading system and it works pretty well. The benefits of using an automated trading system is that it removes the largest bias that will affect anybody's trading methodology... human emotion. If you design a system that is in effect correct 51% of the time and you code something up to trade on it consistently; let it run and let the easy money flow into your accounts without you having to move your fingertips. Those who typically design automated trading systems will aim to be correct >51% of the time which isn't too difficult. There are hundreds of different methods and tactics that can be used to gain small margins here and there a few of which have already been talked about in this thread. Add some code to a handful of them and you will have a very effective trading system which will have the capability of pulling small profits upon each trade. |
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 my bad, i searched for 'address validate php' and 'address validation php'... *duh*
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Anyone written a PHP address validator? I saw a javascript one on the forum searches but wanted one in PHP.
... alternatively if someone can tell me how to calculate the validity of an address I'll code and share it myself.
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Hey Andre, is everything ok down at WBX? I noticed that you've frozen all trading at the moment.
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Heh. Sure, we all want lower fees. BitFloor makes substantially less per transaction. It's their choice.
The amount made per transaction is independent of the principle of paying the liquidity provider. Mt.Gox make 0.65% * 2 per transaction. That can be split anywhere they like, and the percentage to provider can be anything they like. For example if the liquidity provider is paid 0.5%, then the liquidity taker has to pay that 0.5% plus the 1.3% trade fee = 1.8%. I'm not saying that would be good; but it's to demonstrate that paying the provider is a separate issue. I know. But I'm talking about the numbers quoted above, not about the principle. The principle is basically the same between Bitfloor and Intersango now, but Bitfloor takes a much lesser fee and balances it more towards the liquidity provider. The only thing I'd say is that they aren't the same because of that key threshold: zero. There is a huge difference between a trade earning you a fee and a trade costing you a fee. I'd not heard of Bitfloor before your comment, but I will investigate them now. In fact Intersango worked without any fees for some time and often mtGox was the better deal to both buy and sell. However Intersango is very convenient for me having a British bank account and being able to trade in GBP. If I have to deal in dollars that involves some friction and some loses to currency swings. I might hedge that but I don't trade anywhere near enough to justify all this complexity. Intersango had no fees to attract enough trade volume to turn it into the second largest bitcoin broker out there. Its worked well to attract liquidity however it hasnt exceeded MtGox and I doubt ever will if the fees charged serve to lower trade volume*edit* raise the cost of orderbook purchasing resulting in lowered trade volume. I'm just waiting to see the impact. muyuu: You can trade GBP with direct GBP bank funding in MtGox. Currently Intersango's GBP trade volume usually matches and exceeds MtGox's however the actual bitcoin prices are a lot better on MtGox, especially with discounts applied. How do you deal in dollars? I've been looking into it but haven't found a cost effective way of converting and transferring my currency. |
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Each year by June 30th, US taxpayers are obliged to report all foreign financial accounts in which they have either a beneficial interest or signature authority, so long as the aggregate value of all the accounts exceeds $10,000 at any time during the calendar year. The form is known as the FBAR.
How about bitcoins held at an exchange in Japan (Mt. Gox) or Chile (TradeHill), perhaps? More importantly and more obviously... how about CASH held at an exchange at Gox or TH...? |
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First off, I have to add my +1 for Intersango as an exchange. Their trade execution is flawless and I find them both reliable and trustworthy even in the face of the banking problems they've been having recently. GBP transfers are free too! I totally recommend them to anyone who hasn't yet signed up. Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Looks like Intersango have taken my idea. (Although they've done it in a way that makes the uncomfortably high fees even more uncomfortable) Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.
Example:
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee of is given to John as a Market Maker Bonus.
Still; this is a move in the right direction... A USP for Intersango versus Mt.Gox. +1 on being uncomfortable with the new fee structure. Agreed, its a step in the right direction however but trading bitcoins off the orderbook which is what a lot of people normally tend to do (myself included) is gonna get very expensive! Interesting structure though, very imaginative. I speculate that it will lead to tighter spreads but a lower trade volume. I'm keen on seeing how this'll affect their orderbook after the new fee structure is in place. |
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