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Dogecoin will never, EVER come even close to bitcoin in any way (price, market cap, adoption, any metric you want). Doge coin is a joke. Literally a joke. 100billion of them, with 5 billion more being created annually, it may continue to be used by childish meme lovers to tip each other every time they rhyme shibe with something, but other than that there is no future for it.
Ask yourself this; what problem does dogecoin solve?
Mods instead of moving this to off topic it probably belongs in the trash.
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the question is:
Will the Chinese dump all their money into the market before its illegal or will they pump out all their money that is left.
Question of if its going to a big rise or a big fall.
A more pertinent question is: Do you, or even I, who consider myself well informed on PRC internal matters, even have the ability to understand the meaning of "legal" in China, let alone the legal status of BTCChina's current arrangement with Shanghai Pudong. You consider yourself well informed on the internal matters of the PRC? Wow, you must be like one of 10 people in the world who can say that. So, what are they going to do about bitcoin? |
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non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.
but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first. Just enter any arbitrary information, it doesn't matter. The only legit thing you need to enter is a mobile number - it sends you a text confirmation number which you enter and voila. You can then see the bank fund/withdrawal area. The question is, has this always been there? The strange thing is everyone who originally reported this did so using a throwaway account. The original user on reddit is a brand new account and it was confirmed by another user with a new account called "btcthrwawy" even some of the people here confirming this are new accounts. Not to say they are fake, just that we need to confirm confirm this actually works and this is something new. I have logged in and seen the bank options but without a Chinese bank account I cant really confirm. Apparently people have pointed out that somewhere on the site it says "bank deposits and withdrawals are not functional", but I haven't seen that. |
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Let me know when they arrest Leon Li
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From reddit:
I just came across a video of Charlie Lee's presentation from the bitcoin conference in Miami. The video is dated Saturday the 25th. For those who don't know, Charlie Lee is the inventor of Litecoin and brother of Bobby Lee, CEO of BTC China.
I really thought I should share this.
In this video, at around the 20:20 mark he is asked about the prospect of Litecoin being added to BTC China, since his brother is the CEO. His response was interesting. Here is a transcript:
"He's really busy with his work obviously, he has, um, a lot of, um, he has a lot of issues. Supposedly next week they're going to really crack down. We don't know what's going to happen. So he's really busy with his company."
Could mean nothing, could just be nerves. Anyway, there's enough going around about China, and I've probably shared enough of my views on the situation there, but I think many of you would appreciate seeing this.
http://redd.it/1w9yy3 |
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Anyway big pat on the back for MatTheCat.
Profits? I was taking about turnover which has fuck all to do with profits. Point being, I don't think it is hard for anyone to imagine that volume on a trading exchange is going to be many multiple times that of that actual amount of an asset that is sitting on accounts there. bawbag. Geez Mat, I'm having a conversation about volume and your comments are just completely irrelevant. No need to get all defensive and take things personally, you won't see me resort to name calling like a fkn child. Anyway, I'm sure things just got taken the wrong way at some point in this thread, we'll just call it a night and I'm sure you'll do better tomorrow. |
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I dont think you are relevant to this conversation, but yeah good job on your vast amount of volume using only a little capital.
u aint relevant to the fkn world. Hahaha seriously, nice response! You've made no sense whatsoever in this entire conversation, jumped in and started blurting out your profits, and I'm not relevant? I think you just enjoy hearing yourself talk or in this case reading your own words. The problem is you don't read the words before or after that! Anyway big pat on the back for MatTheCat. |
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I lost you after the third "31th"
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It's not? I don't understand what you are trying to say. My point is Huobi is driving the market right now, but was informing the OP that the volume is not all it seems.
Of course its not. I have about 500K of volume this month but that is from never more than 30K principle. I still don't know what you are talking about. If you wanted a medal for your 500k volume maybe there's another thread for that try the newbies. You said, how is that different from bit stamp
I said it's not
I dont think you are relevant to this conversation, but yeah good job on your vast amount of volume using only a little capital. |
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Furthermore, Huobi traders can use leveraged trades - they offer margin trading at 2:1. Finally, it has also been speculated that because of the 0 fees (and no way to make money except from the interest from margin trading), that it is likely that Huobi is trading on their own exchange. I have witnessed firsthand someone "painting the tape" over there, in fact a user in China gave screenshots of exactly what I have seen, which are strange 0.001 BTC trades happening. http://s34.photobucket.com/user/snowfox2002/library/0124?sort=9&page=1I do agree completely, if/when (I believe when, not if) Huobi get shut down, the effect on price could be massive. How is that any different from Bitstamp. Seen that happen all the time....microtransactions keeping spot nailed to nearest Ask wall. A Bot operators policy as there are always those who just want Bitcoins who simply fill their order at whatever spot is. It's not? I don't understand what you are trying to say. My point is Huobi is driving the market right now, but was informing the OP that the volume is not all it seems. |
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BTC China has a voucher system. But I have no idea how that works. If someone can explain, that would be great.
The BTC China voucher system is basically like buying a gift card - that can only be used to buy BTC on BTC China. The problem is that a big part of their network of retailers who sold these vouchers were on Taobao (China's Amazon) - who have sinced banned the sale of anything bitcoin related. So the voucher system is all but dead BTC China also set up a "Maker-Taker" system, which essentially promotes the sale of BTC between users, which is allowed under the new Chinese regulations. |
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I believe what he is referring to is this excerpt from the Official Bitcoin Noticed issued by the Peoples Bank of China: "Financial institutions and payment institutions are not allowed to use bitcoin...or directly or indirectly provide customers with other services related to bitcoin" See paragraph 3 of this English translation provided by BTC China https://vip.btcchina.com/page/bocnotice2013Essentially, banks are forbidden from having anything to do with bitcoin, directly or indirectly. |
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Actually, as I read it, the rumor I reported is true. The false rumor is quite a bit more ambitious in its scope. The true part is that holiday schedules curtail banking services through the 7th. Hmmmm...I don't know what to believe!  I think you are right, I think the Zerohedge report was specifically referring to Citibank. Update: Looks like Forbes took down the original article! http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/ |
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Huobi's volume is +/- twice as big as the other 16 exchanges combined!
Including all the other major exchanges + smaller ones!
Almost all the Chinese are trading at Huobi!
Volume:
96,000 of traded bitcoins located on Chinese exchanges (not taking into account the Chinese traders on non-Chinese exchanges!)
41,000 outside China
+/- 60% of bitcoins are located in China.
If China dumps, the price will crash HARD!
The only thing you have to consider is that the volume from Huobi doesn't mean that that is the number of bitcoins being traded. Because they have 0 fees, the exchange is full of bots. So what this means is essentially 1 bitcoin can be traded a billion times (or in this case 96,000 times). Unfortunately, there is actually no way to tell just how many bitcoins are actually being traded. Furthermore, Huobi traders can use leveraged trades - they offer margin trading at 2:1. Finally, it has also been speculated that because of the 0 fees (and no way to make money except from the interest from margin trading), that it is likely that Huobi is trading on their own exchange. I have witnessed firsthand someone "painting the tape" over there, in fact a user in China gave screenshots of exactly what I have seen, which are strange 0.001 BTC trades happening. http://s34.photobucket.com/user/snowfox2002/library/0124?sort=9&page=1I do agree completely, if/when (I believe when, not if) Huobi get shut down, the effect on price could be massive. |
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Actually, as I read it, the rumor I reported is true. The false rumor is quite a bit more ambitious in its scope. The true part is that holiday schedules curtail banking services through the 7th. Hmmmm...I don't know what to believe! I think you are right, I think the Zerohedge report was specifically referring to Citibank. |
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you are rite, Third party processing already shut down and that effect happened for few days and now its back
I don't understand what you are trying to say here |
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if they are shut down it means end of bitcoin
They will be shut down. And it won't mean the end of bitcoin. Huobi is a cesspool of bots and price manipulation, driving each of the mini rallies and crashes over the past month. Once they are shut down, there will be an immediate but short term negative effect on the price. But we are then free of these fly by night Chinese exchanges and it will be smooth sailing for bitcoin. |
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I think it's possible that the owner/operators of those exchanges are influential party members or more likely related to influential party members. The payment processor issue was more about favoritism against Bobby Lee (the outsider) than anything else. It's also very possible that the ban will drive renmimbi/yuan to the exchanges as people thing this may be their last chance to buy a rapidly appreciating asset that allows them to evade capital controls.
Many people agree, however, here are my thoughts on that. Bobby Lee was the one who broke the news about the 31st to CoinDesk. http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/Bobby Lee had sources inside the PBOC meeting with 3rd party payment providers who advised him of the meeting. I believe Bobby Lee is as connected as anyone, and none of this has to do with any "Guanxi". So why has Bobby Lee and BTC China given up the throne to Huobi? Because Huobi is operating outside of the law, and I would argue Bobby Lee actually has more sway with regulators, and knows his time is up. In a Wired.com interview, Lee states that BTC China isn’t thinking about the direct payment route because they would first need to be licensed as a payment processor in order to send and receive funds to and from clients and the company's corporate bank account. http://www.wired.com/wiredenterprise/2014/01/huobi/ |
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