uki
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October 30, 2015, 09:12:23 PM |
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The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).
If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.
(the real question is how long until they "ban purchasing" again)
For now they have green light on BTC and taking into account the size of their market that makes China the leading force in Bitcoin. Mining has already been biggest in China and that is also an established fact. 2+2=4. As soon as the central government sees Bitcoin as a threat to their plans, they will change the light to red. the only question is when it happens. And that is actually the clue of the story.
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Mickeyb
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October 30, 2015, 09:48:57 PM |
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Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment. Chinese citizens are fuelling this upward movement and that's why all of the other non-Chinese exchanges are lagging in price behind them.
This is the only logical explanation.
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StevenLiang
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October 31, 2015, 01:29:29 AM |
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Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment. Chinese citizens are fuelling this upward movement and that's why all of the other non-Chinese exchanges are lagging in price behind them.
This is the only logical explanation.
I would be agree with these. When some currency got popular among citizen (same as bitcoin or alts) The price will going up. China had a great economy strategy so far, they did not want increase their Yuan Currency price globally. So until today many of business people and merchants buy goods from China or with Yuan. For some information, i recently start to investing on Yuan too. (And from this info, i believes people would be invest and hold Yuan)
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tarmi
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October 31, 2015, 01:40:23 AM |
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Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment.
before going down mtgox had a big surge in demand too.
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Amph
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October 31, 2015, 12:41:01 PM |
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The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).
If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.
(the real question is how long until they "ban purchasing" again)
Spot on. Chinese citizens are using mining and bitcoin as a way to move money out of China. Exactly this. Well we will see how long it lasts as they ease off. i also think because there are fake volume and everything is manipulated in their exchange, to encourage maybe foreigners to use their exchange more since there are still restriction for chinese there, for taking out money
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TastyChillySauce00
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October 31, 2015, 12:57:40 PM |
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The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).
If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.
(the real question is how long until they "ban purchasing" again)
Spot on. Chinese citizens are using mining and bitcoin as a way to move money out of China. Exactly this. Well we will see how long it lasts as they ease off. i also think because there are fake volume and everything is manipulated in their exchange, to encourage maybe foreigners to use their exchange more since there are still restriction for chinese there, for taking out money are you sure with what you've said? i'd never hear about market manipulation, and if they'd already know about it then why they didn't go to another exchanger site? ,its pretty strange ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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CIYAM
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October 31, 2015, 01:35:36 PM |
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since there are still restriction for chinese there, for taking out money
Huh? The restrictions were for putting money *in* (since the 2013 boom until recently that has been very hard to do) and those are the ones that have (at least for now) disappeared (there was never any restrictions on taking funds out). Don't confuse the currency controls that are put in place for Chinese moving funds overseas with those of Bitcoin exchanges.
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CoinNation
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October 31, 2015, 05:13:41 PM |
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i also think because there are fake volume and everything is manipulated in their exchange, to encourage maybe foreigners to use their exchange more
Those volumes are unbelievable. If the Chinese exchanges charge 0.2% trading fee, the exchanges will be very rich.
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CIYAM
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October 31, 2015, 05:16:40 PM |
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Those volumes are unbelievable. If the Chinese exchanges charge 0.2% trading fee, the exchanges will be very rich.
Basically the volumes should be ignored - they can be faked even if trading fees apply because if the exchange owns the accounts then the trading fees simply go back to the exchange. Exchanges don't let you inquire about the balances of accounts - so they could create their own accounts and simply credit them back the fees to equal zero fees anyway (the Chinese approach is actually more *honest* as you directly know that the volume can't be trusted).
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jeffthebaker
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October 31, 2015, 05:17:19 PM |
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Huobi has no trading fee, allowing people to trade as much as they want, often times buying/selling to themselves to pump up volume and force a price manipulation. It's simply a minor discrepancy in price due to the lack of fees over in China. Also, one could argue that the $300 ceiling didn't exist in China, since they don't look at USD, which allowed them to cross over it easier.
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dothebeats
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October 31, 2015, 05:23:11 PM |
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The capital controls issue in China plays a significant role in this rise. Also, they have free trade fees so I guess that is another reason why they lead in the run and leave Western exchanges behind.
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uki
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October 31, 2015, 08:13:19 PM |
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The capital controls issue in China plays a significant role in this rise. Also, they have free trade fees so I guess that is another reason why they lead in the run and leave Western exchanges behind.
here is the article that presents a bit different point of view from yours: https://bitcoinmagazine.com/articles/chinese-exchanges-agree-bitcoin-price-has-nothing-to-do-with-capital-controls-1446233197I tend to think, it is a test play of Chinese whales before a bigger (the?) one coming closer to the halving event.
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bct-user
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October 31, 2015, 08:56:14 PM |
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compared huobi with coinbase volume, it's really big different, at huobi there are over 810000BTC coinbase is only 14385BTC. china is the one of the country who feared by superpower country.
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CoinNation
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October 31, 2015, 10:23:34 PM |
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compared huobi with coinbase volume, it's really big different, at huobi there are over 810000BTC coinbase is only 14385BTC. china is the one of the country who feared by superpower country.
The transaction fee in Chinese exchanges is 0%. You can buy or sell to your own order without paying a fee. So the volume is high.
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bct-user
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November 01, 2015, 06:15:36 AM |
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compared huobi with coinbase volume, it's really big different, at huobi there are over 810000BTC coinbase is only 14385BTC. china is the one of the country who feared by superpower country.
The transaction fee in Chinese exchanges is 0%. You can buy or sell to your own order without paying a fee. So the volume is high. AFAIK coinbase recently use zero fees, or am i wrong ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) well the trade activity is more crowded in huobi exchange. i think china will be a first leader bitcoin country, especially if they have bitcoin regulate.
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Luqman
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November 01, 2015, 04:15:17 PM |
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"China can do anything"
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mixan
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November 01, 2015, 06:05:49 PM |
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I think on top of China government control there must be cheap electricity there because of how many farms are located in China. It's not only China that adopted Bitcoin but markets like Argentina, Brazil, Russia and others are keen to Bitcoin because their own currency is very prone to devaluation.
This is a very important thing to know if you are exchanging with those countries on the markets. I would imagine they would sell for less since their local currency is so devaluated. So more of a profit for American and European traders. Knowing this I am more interested in getting into the exchange district.
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mcplums
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November 02, 2015, 12:47:34 PM |
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Could someone please explain how manipulating exchange volume affects the price on that exchange? Seems like the two are unrelated to me.
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Pierre 2
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November 02, 2015, 04:33:55 PM |
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I guess they attacked bitcoin so hard to save themselves from value loss of Yuan. Also they were always the most interested group in bitcoin scene.
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Amph
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November 02, 2015, 07:41:49 PM |
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Could someone please explain how manipulating exchange volume affects the price on that exchange? Seems like the two are unrelated to me.
dunno but i guess, they could incite, more people to try that exchange, or remove some from other big volume exchange this can cause a highest spike for a short time
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