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Azeh (OP)
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December 22, 2013, 06:39:48 AM |
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Anyone notice all the fiat being leaked into bitcoin from China? What the hell is going on?
Any idea how people are bypassing capital controls?
Right now more Bitcoins are being bought with CNY than USD. Crazy!
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seleme
Legendary
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Activity: 2772
Merit: 1028
Duelbits.com
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December 22, 2013, 06:46:33 AM |
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I can't believe people seriously thing that Fiatleak is showing fiat coming to the exchanges, I seriously can't...
FiatLeak can't ever know how much fiat is coming to the exchanges, it uses trades there, buys of course, and is marketing that as fiat coming to the exchanges. It's so obvious it's untrue..
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Azeh (OP)
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December 22, 2013, 06:49:19 AM |
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How do you account for the fact that after BtcChina and other exchanges cut off payment processors, there was effectively nothing coming from CNY on fiatleak. Now, there is a heavy flow. Where are they buying then? Gox?
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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December 22, 2013, 06:54:26 AM
Last edit: December 22, 2013, 07:52:09 AM by seleme |
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I never watch Fiatleak so I don't have idea what is happening there but I surely know that they can't have an idea when fiat hits an exchange except looking at bid volume, trades etc..
When China's problem occured, nobody was actually buying there, only selling so that might be a reason why there was no activity on Fiatleak. Now, dust settled a bit, price went down so there are few market buys and so.
It's a logic really... nobody doesn't have idea when someone wires money into any exchange therefore nobody can show us that in real, or any other time except exchanges themselves, and they're not doing it. It's only Fiatleak's marketing to bring people on their site.
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Azeh (OP)
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December 22, 2013, 06:59:04 AM |
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Thanks for the info. I still find it interesting though as it says buying from Chinese is occurring now. The past few days the volume of Bitcoins on fiatleak has been below Canada and Singapore's. Now it is higher than the US.
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A L I E N
Legendary
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Activity: 1358
Merit: 1000
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December 22, 2013, 07:05:30 AM |
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Thanks for the info. I still find it interesting though as it says buying from Chinese is occurring now. The past few days the volume of Bitcoins on fiatleak has been below Canada and Singapore's. Now it is higher than the US.
Like he said its most likely fiat still held on the exchanges buying back in... But as you speculate, they must have some hope for the future of BTC. |
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Skoupi
Sr. Member
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Activity: 252
Merit: 250
Skoupi the Great
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December 22, 2013, 07:11:09 AM |
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The Chinese still have funds in their local exchanges and they can speculate for a little longer.
Until the end of January that is.
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eldentyrell
Donator
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Activity: 980
Merit: 1004
felonious vagrancy, personified
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December 22, 2013, 08:22:05 AM |
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Anyone notice all the fiat being leaked into bitcoin from China? What the hell is going on?
Exchange volume fraud. |
The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators. So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
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niothor
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December 22, 2013, 08:26:24 AM |
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People really trust a website who uses data from some shady traders like Okcoin and start makings assumption on what's happening in China based on that?
common,
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Wilhelm
Legendary
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Activity: 1652
Merit: 1265
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December 22, 2013, 12:07:39 PM |
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How do you account for the fact that after BtcChina and other exchanges cut off payment processors, there was effectively nothing coming from CNY on fiatleak. Now, there is a heavy flow. Where are they buying then? Gox?
Offline wallets flowing in? |
Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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proudhon
Legendary
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Activity: 2198
Merit: 1311
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December 22, 2013, 01:41:27 PM |
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Anyone notice all the fiat being leaked into bitcoin from China? What the hell is going on?
Any idea how people are bypassing capital controls?
Right now more Bitcoins are being bought with CNY than USD. Crazy!
The obvious explanation is that a lot of the fiat that was floating around in the exchange before the price fell from over 6000+ CNY wasn't withdrawn. *Shrug* |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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MatTheCat
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December 22, 2013, 02:27:28 PM
Last edit: December 22, 2013, 02:53:05 PM by MatTheCat |
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Offline wallets flowing in?
If the huge Chinese volume on Fiatleak is coin flowing in from offline wallets............ RUNTER! RUNTER! RUNTER! |
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NUFCrichard
Legendary
Offline
Activity: 1218
Merit: 1003
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December 22, 2013, 10:57:59 PM |
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I thought fiat leak just showed the amount of buying, not really how much comes from fiat...
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GeniuSxBoY
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December 22, 2013, 11:02:20 PM |
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fiakleak shows the absolute value of all trades that occur on a given market  |
Be humble!
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podizzle
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December 23, 2013, 03:49:54 AM |
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im still baffled how people seem to think this website shows new money coming in. use your brain people
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