Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[bnjmnkent]

no bitstamp asks on bitfinex orderbook

seems bitfinex is out of stampUSD

EDIT: even says it right there: "Not enough USD reserve on Bitstamp, you cannot buy on Bitstamp at the moment."

Bearstamp looks pretty deserted. Can we say that bitfinex accounts for the most traffic, or are there other reasons?

I'll be legitimately surprised if that's true. But, it actually seems fairly likely, looking at bitstamp's current depth.

For reference:

[1714551226]

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[1714551226]

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[1714551226]

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[ChartBuddy]

[vps15]

what about that 2000 coin ask at 385 that has now disappeared? it didn't look like it would get bought up tonight at the slowish rate (in comparison to the last week) we are moving at.  but why was it there? what was the seller trying to do, if anything? why did he take it down now? sum ask still around the same level though

[TERA]

no bitstamp asks on bitfinex orderbook

seems bitfinex is out of stampUSD

EDIT: even says it right there: "Not enough USD reserve on Bitstamp, you cannot buy on Bitstamp at the moment."

Bitfinex has decoupled from Bitstamp!

One BTC is 5-10$ more expensive at the exchange that supports margin trading. 

This always happens at the worst times!!! -_-

Anyway we might not be ready to rally just yet. I think the chart ought to do something like this:

[ChartBuddy]

[bito]

what about that 2000 coin ask at 385 that has now disappeared? it didn't look like it would get bought up tonight at the slowish rate (in comparison to the last week) we are moving at.  but why was it there? what was the seller trying to do, if anything? why did he take it down now? sum ask still around the same level though

It got moved to 400

[derpinheimer]

what about that 2000 coin ask at 385 that has now disappeared? it didn't look like it would get bought up tonight at the slowish rate (in comparison to the last week) we are moving at.  but why was it there? what was the seller trying to do, if anything? why did he take it down now? sum ask still around the same level though

This is why you dont block chartbuddy

[Tzupy]

China is dropping, Gox may follow.

[Vycid]

I just had a bit of a "holy shit" moment.

Bitcoin will break China's control over CNY outflows.

It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.

This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.

If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.

Of course, China will not like this.

[crazy_rabbit]

I just had a bit of a "holy shit" moment.

Bitcoin will break China's control over CNY outflows.

It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.

This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.

If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.

Of course, China will not like this.

Except of course bitcoin will break the dollar hegemony of the world, which is number one priority for china. The enemy go my enemy is my friend.

[BitPirate]

I just had a bit of a "holy shit" moment.

Bitcoin will break China's control over CNY outflows.

It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.

This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.

If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.

Of course, China will not like this.

It helps... but it was never that hard to get money into China. It's getting it out that has always been the problem. Bitcoin can certainly help though. I'm not sure how much in demand USD are these days... but people do always need to buy things overseas.

[Tzupy]

Bitcoinwisdom stopped working. Someone may be preparing a big move, and wants less trading competition.

[rpietila]

It helps... but it was never that hard to get money into China. It's getting it out that has always been the problem. Bitcoin can certainly help though. I'm not sure how much in demand USD are these days... but people do always need to buy things overseas.

LOL, once you finally can get them, they are not wanted anymore.. 

[vps15]

I just had a bit of a "holy shit" moment.

Bitcoin will break China's control over CNY outflows.

It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.

This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.

If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.

Of course, China will not like this.

this is one of the fundamental values of bitcoin

[Voodah]

Is Gox working right now?

[MicroFi]

Is Gox working right now?

Yes.

[adamas]

Is Gox working right now?

 

[ChartBuddy]

[oakpacific]

I just had a bit of a "holy shit" moment.

Bitcoin will break China's control over CNY outflows.

It is very hard to get CNY out of China - the cap is 50k CNY per Chinese citizen per year. This is a big reason why there is a huge arb between USD and CNY Bitcoin exchanges: Westerners can't just wire yuan out of the country. However, as this bubble settles down and the arbitrage market does its thing, more and more individuals in China will cash in on their 50k CNY limit, since it is an easy profit opportunity. They will wire their money to Western exchanges, buy bitcoins there, and sell them domestically. The Chinese markets will drift closer in price to the Western markets.

This means you will be able to move money in and out of China freely, by buying bitcoins on one end and selling them on the other. Chinese citizens will act in rational self-interest to effectively "sell" their 50k CNY export limits.

If wealthy Chinese people would like to buy lots of expensive things directly from the West... now they can, by purchasing the import limits of others by proxy.

Of course, China will not like this.

You can't stop people selling bitcoins, how can you? They will just sell it under different names in their online shops if you try to crack down.

[macsga]

Code:

2,375.00 CNY	=	389.776 USD
Chinese Yuan Renminbi	↔	US Dollar
1 CNY = 0.164116 USD	1 USD = 6.09324 CNY
◀Convert again
USD/CNY thumbnail
View Chart
Mid-market rates: 2013-11-12 09:03 UTC

http://www.xe.com/currencyconverter/convert/?Amount=2375&From=CNY&To=USD