Slark
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December 15, 2015, 09:29:45 AM |
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Chinese people never had faith in their own currency (quite surprisingly, as we know that their economy very strong) they believed that yuan is sub par to Dollar. So this of money flying out of China tendency is nothing odd and could help us establish even higher bitcoin price as a result. Good news for bitcoin community.
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Arcteryx
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December 15, 2015, 08:17:19 PM |
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Yes this might be one of the reasons why chinese exchanges are running like hell since weeks. Good for Bitcoin!The chinese aren't that dumb or naive as the greeks. When shit hits the fence you have to be prepared!Or better to feather one's own nest!
This is probably the reason why we see the rise of bitcoin price. China is at it again ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Didn't really see the connection before to China being a direct contributor to the increase in price by so much. It does in fact have a direct correlation to other currencies as the article states that the trading of foreign currencies leaving their shores is the cause. This I can see it being the reason.
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ajareselde
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December 15, 2015, 09:11:15 PM |
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Years of exploiting both people and land have come to charge their price, and it's not surprising either. China is well known as one of the leaders in productions, but don't be mistaken, that can change faster than you think. CNY is as strong as what's backing it, and lately it's not much, and getting lesser by the day.
cheers
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Monnt
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December 15, 2015, 10:46:49 PM |
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Well, if China dumps the mass USD reserve that they have right now the US economy is going to be collapsing for sure.
The reason that China isn't doing it on a mass scale yet is because they want to make sure that the USD they have retains their value.
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pereira4
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December 16, 2015, 01:19:46 AM |
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Everytime that there's something going on with China the price of Bitcoin has been going up lately, it's pretty much now a confirmed pattern, I would say almost guaranteed that when something is about to happen with China capital controls it's a really good time to buy in if you are feeling lucky and think you can time the market to short some of your BTC.
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Pab
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December 16, 2015, 02:56:29 AM |
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CNN,That trilions didnt move from.It is data from forex exchange,what way money flow,also it is drop in exchange
It is becouse Chinise moved awayyuan from dollar basquets,Thay dont want to be yuan related to dollar Whatever debt economy crash is coming
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avw1982
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December 16, 2015, 05:59:57 AM |
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Yes this might be one of the reasons why chinese exchanges are running like hell since weeks. Good for Bitcoin!The chinese aren't that dumb or naive as the greeks. When shit hits the fence you have to be prepared!Or better to feather one's own nest!
I think reason behind the large fall in China’s reserves in November would be that the total is reported in U.S. dollars. The dollar acquired in value against other foreign currencies recently, meaning any pounds or yen China held would look less valuable.
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hunnaryb
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December 16, 2015, 06:59:43 AM |
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Yuan is a little bit like the second tier crypto currencies. Everybody seems to want USD in the end and CNY is there to just facilitate the growth of their USD.
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Casdinyard
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December 16, 2015, 07:35:42 AM |
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The rich Chinese will not buy bitcoin in exchanges. They will buy it off the exchange. There are so many miners there.
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zenitzz
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December 16, 2015, 12:56:13 PM |
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Yes this might be one of the reasons why chinese exchanges are running like hell since weeks. Good for Bitcoin!The chinese aren't that dumb or naive as the greeks. When shit hits the fence you have to be prepared!Or better to feather one's own nest!
I think reason behind the large fall in China’s reserves in November would be that the total is reported in U.S. dollars. The dollar acquired in value against other foreign currencies recently, meaning any pounds or yen China held would look less valuable. Part of the fall is China pouring billions of dollars into the hands of the corrupt Venezuelan government who have nothing to show for it.
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BTCRoyal
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December 17, 2015, 02:04:20 AM |
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Billions of Dollars wouldn't effect a nations currency, as you'd think. Especially, it being CNY and also take into account that if China knew that loaning that amount would put them at risk economically they would have not made the agreement on the loan.
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talks_cheep
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December 17, 2015, 03:25:44 AM |
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The rich Chinese will not buy bitcoin in exchanges. They will buy it off the exchange. There are so many miners there.
And why would the Chinese miners sell outside the exchanges? You're implying the Chinese miners would sell at low prices to the Rich Chinese. If I was a Chinese miner, I would sell at a good and fair price, especially to a Rich Chinaman. If I was rich Chinese, why would I buy from a miner, off exchanges? That just makes no sense AT ALL>
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Blue_Tiger73
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December 17, 2015, 03:44:44 AM |
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I don't really understand why they would want to do this, and I don't think they do. Anyways, Bitcoin is still a very good investment to have.
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chennan
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December 17, 2015, 04:07:57 AM |
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Billions of Dollars wouldn't effect a nations currency, as you'd think. Especially, it being CNY and also take into account that if China knew that loaning that amount would put them at risk economically they would have not made the agreement on the loan.
Are you being serious? That kind of thinking sends governments into turmoil, spending what they can't spend and borrowing from governments. Now I know that if a government loans to another, then that means that in a way it will collect some kind of interest from it, and it is seen in the current US debt from Chinese loans... but this is not good for both sides at all. It is basic Economics... when one major nation suffers economically, all major nations and thus fore, every nation suffers because of this. This is why cryptocurrencies matter so much... it is because a digitalized/limited currency can make all nations play on the same "playing field" and allow trading/loaning to be "fair" in some aspects.
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OROBTC
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December 17, 2015, 04:14:38 AM |
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...
Another factor maybe worth thinking about as well re China and the US$ would be that if rates paid by US banks goes up (which probably will happen at some point), then more Chinese (and other) money will come here seeking a better return than at home. So far, the US banks have raised their loan rates, but not rates paid to savers.
Typically, the banks are slow to raise rates paid, but very quick to raise rates on loans. You see something similar happen when crude oil goes down, gasoline prices take a while to go down. But, they react much more quickly to raise prices when crude goes up.
So, if rates look like they will continue to go up (and there is a "sort of consensus" that the FED will raise two - four times next year), then I would expect MOAR Chinese money to flow here.
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Zaduca
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January 08, 2016, 01:07:24 PM |
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...
Another factor maybe worth thinking about as well re China and the US$ would be that if rates paid by US banks goes up (which probably will happen at some point), then more Chinese (and other) money will come here seeking a better return than at home. So far, the US banks have raised their loan rates, but not rates paid to savers.
Typically, the banks are slow to raise rates paid, but very quick to raise rates on loans. You see something similar happen when crude oil goes down, gasoline prices take a while to go down. But, they react much more quickly to raise prices when crude goes up.
So, if rates look like they will continue to go up (and there is a "sort of consensus" that the FED will raise two - four times next year), then I would expect MOAR Chinese money to flow here.
Interest rates in commercial banks will rise eventually. The dollar will become stronger so the money will flow out of any other countries.
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LuckyYOU
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January 08, 2016, 03:07:51 PM |
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Transferring money to another account was one of the good things that they have done
Seeing as the market as been in the red and has been closing earlier than usual.
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Raimonn
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January 08, 2016, 06:39:45 PM |
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The rich Chinese will not buy bitcoin in exchanges. They will buy it off the exchange. There are so many miners there.
And why would the Chinese miners sell outside the exchanges? You're implying the Chinese miners would sell at low prices to the Rich Chinese. If I was a Chinese miner, I would sell at a good and fair price, especially to a Rich Chinaman. If I was rich Chinese, why would I buy from a miner, off exchanges? That just makes no sense AT ALL> Why you think that minners will sell the bitcoins at lower prices? I think that if the chinese miners sell off exchanges will do it at higher prices. Exchangers ask for id documents, and this people don't want that its govern knows that they are trying to take its money out off the country.
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Pkzone
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January 08, 2016, 06:42:25 PM |
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This is normal. When you begin to have quite a lot of money, you start to think about how to diversify to protect your wealth. It's only logical, the same thing goes in any country, but it's quite new in China, since recently, it was very difficult to move any money out of China. It has become easier but obviously, the government doesn't like it, and it wants to make it difficult again.
That would be my take as well. Were I a rich Chinese guy, I certainly would look for an alternative place/investment outside of China's .gov control... And Bitcoin would likely be the easiest way of getting capital out. What would be interesting to know is how much of the newly-mined BTC by the various big-time BTC miners is going too... * * * Any Chinese investors interested in a high-end oceanfront condo, I would welcome a PM. Payment (in part) in BTC OK. Gold or cash too. Hmm, I think you are right.
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pereira4
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January 08, 2016, 11:06:10 PM |
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Billions of Dollars wouldn't effect a nations currency, as you'd think. Especially, it being CNY and also take into account that if China knew that loaning that amount would put them at risk economically they would have not made the agreement on the loan.
It may not affect a nations currency, but it's an huge impact on the bitcoin marketcap which is only a tiny amount at the moment, not even 2 figure billion marketcap yet, we are yet to see x1000 growth minimum, I wish a couple of countries pulled a China/Cyprus and everyone started getting their money out of their respective countries thanks to Bitcoin.
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