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

[seleme]

Gox is not Hong Kong, it's Japan.

[TakeTheSkyRoad]

Gox is not Hong Kong, it's Japan.

Oops.... well it's in the right bit of the world anyway

Edit : In my defense it's 3:25am and I've been putting off sleep for a while !

[CryptoMinter]

A few people have said that one reason why there might be such a rush to buy in China is the struggle to get money out of the country and to get USD. So the BTC is being used (in these cases) as a middle-man trading currency.

So I'm wondering which exchange would be the best place to sell to USD and transfer back out to a china friendly bank account ?

Ironically for everyone in the states I'm actually wondering if Hong Kong based gox is the place.
Maybe bit stamp though ?

Or would they not need to sell through an exchange ?

I don't really buy this argument.

http://www.xe.com/currencycharts/?from=CNY&to=USD&view=5Y

Seems to me the logical thing to do is hold CNY. Also it seems pretty easy to wire CNY to pay for tuition in the states for all the foreign Chinese students here. The ones paying their own way also seem to have no problem buying brand new BMW's and Audi's to drive around town.

[Sitarow]

[Walsoraj]

What we need right now is for BTCChina to announce a "cooldown" period and pause its trading engine. 

[TakeTheSkyRoad]

A few people have said that one reason why there might be such a rush to buy in China is the struggle to get money out of the country and to get USD. So the BTC is being used (in these cases) as a middle-man trading currency.

So I'm wondering which exchange would be the best place to sell to USD and transfer back out to a china friendly bank account ?

Ironically for everyone in the states I'm actually wondering if Hong Kong based gox is the place.
Maybe bit stamp though ?

Or would they not need to sell through an exchange ?

I don't really buy this argument.

http://www.xe.com/currencycharts/?from=CNY&to=USD&view=5Y

Seems to me the logical thing to do is hold CNY. Also it seems pretty easy to wire CNY to pay for tuition in the states for all the foreign Chinese students here. The ones paying their own way also seem to have no problem buying brand new BMW's and Audi's to drive around town.

I'd seen it posted elsewhere but a google seems to back this up :
http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html

"Chinese nationals are able to transfer the equivalent of US$2,000 per day into a foreign bank account, however Chinese nationals face a US$50,000 annual ceiling when exchanging RMB into foreign currencies while foreign nationals do not face such restrictions."

[CryptoMinter]

A few people have said that one reason why there might be such a rush to buy in China is the struggle to get money out of the country and to get USD. So the BTC is being used (in these cases) as a middle-man trading currency.

So I'm wondering which exchange would be the best place to sell to USD and transfer back out to a china friendly bank account ?

Ironically for everyone in the states I'm actually wondering if Hong Kong based gox is the place.
Maybe bit stamp though ?

Or would they not need to sell through an exchange ?

I don't really buy this argument.

http://www.xe.com/currencycharts/?from=CNY&to=USD&view=5Y

Seems to me the logical thing to do is hold CNY. Also it seems pretty easy to wire CNY to pay for tuition in the states for all the foreign Chinese students here. The ones paying their own way also seem to have no problem buying brand new BMW's and Audi's to drive around town.

I'd seen it posted elsewhere but a google seems to back this up :
http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html

"Chinese nationals are able to transfer the equivalent of US$2,000 per day into a foreign bank account, however Chinese nationals face a US$50,000 annual ceiling when exchanging RMB into foreign currencies while foreign nationals do not face such restrictions."

This may be true to an extent, but there are certainly other ways besides bitcoin for doing this (cross-border trade settlements). Additionally if it was purely to obtain USD, it would be putting downward pressure on gox (not that anyone trusts to see their USD again from there), stamp, etc while inflating btcchina. Buy and hold is the likely thing that can raise the price across the board.

[ardana123]

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html
bullish?

[ardana123]

Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.

[NamelessOne]

Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.

That is very cool. I like the repeated use of the word innovation.

[mike2kt]

Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.

.

[Adrian-x]

A few people have said that one reason why there might be such a rush to buy in China is the struggle to get money out of the country and to get USD. So the BTC is being used (in these cases) as a middle-man trading currency.

So I'm wondering which exchange would be the best place to sell to USD and transfer back out to a china friendly bank account ?

Ironically for everyone in the states I'm actually wondering if Hong Kong based gox is the place.
Maybe bit stamp though ?

Or would they not need to sell through an exchange ?

I have herd the opposite here in Vancouver lots of OTC coins sold to Chinese who buy in CAD and send them to family to sell in China.

[bassclef]

Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.

Whoa. Nice.

[Crazy]

Underwhelming, I don't think that will move the market in any direction.

[bassclef]

Underwhelming, I don't think that will move the market in any direction.

Maybe not, but good news for the future of Bitcoin in the US.

[byronbb]

Gox goxxing



edit


and its back.

[Crazy]

Underwhelming, I don't think that will move the market in any direction.

but good news for the future of Bitcoin in the US.

Couldn't agree more.

[Loozik]

I think we have just entered the bubble zone. I would pay a lot to know where it takes us.

[accord01]

Why did I close my position at 506?  That must have been poor move.

[beaconpcguru]

Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.

Whoa. Nice.

Federal reserve has nothing to do with regulation of anything other than the printing presses, bond rates against those presses and interest rates...