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

[samsam]

Wonder what is causing the selling.

Fear of what will happen when China wakes???

[600watt]

So do you believe this could be an answer for the Chinese problem?  Why were the exchanges and depositors having to use 3rd party payment processors, if they could just use the banks directly like this anyway?

Localbitcoins?  (Or a local equivalent.)

Cash trades aren't banned right now, I think

roy

would p2p exchanges solve it ?

[Dragonkiller]

Wonder what is causing the selling.

Fear of what will happen when China wakes???

china is awake

[Roy Badami]

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

In the contexts I'm familiar with, remittance refers to services in western countries designed to help expats send money back to their home country.

If that's what it refers to here, then it's not clear how much help it is to most people in China, as it would require them to have funds in the west to start with (or the ability to transfer funds from China to a western country).

roy

[Nolo]

Surely, Bobby Lee would have looked into this alternative form of sending fiat to the exchanges right? 

I'd like to hear his opinion on this "remittance" option. 

[samsam]

Wonder what is causing the selling.

Fear of what will happen when China wakes???

china is awake

Opps, you are right.

[explorer]

It is wire.wire within China is cheap and instant

This is starting to get posted everywhere:

The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"

Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

It looks like this exchange has found a way around the new regulations.  

So do you believe this could be an answer for the Chinese problem?  Why were the exchanges and depositors having to use 3rd party payment processors, if they could just use the banks directly like this anyway?

anonymity I believe.  Direct bank transfers are of course documented, whereas it sounds like the 3rd party payment system less scrutinized?

But now it sounds like the 3rd party payment system is the one so heavily scrutinized.  Plus, were the Chinese really using BTC for things they felt they needed to be anonymous for?  

I think if someone like OKCoin or BTCchina were to announce this, the price would explode.  

It's hard to know what to think given the state of most translations. wanting anonymity has nothing to do (for me anyway) with NEEDING it. Its about NOYB. Any chance I have to NOT be recorded, documented, watched or otherwise controlled I tend to take. And that is before even venturing into the arena  of taxation.  We need more direct Chinese commentary to get a full picture.

[Nolo]

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

In the contexts I'm familiar with, remittance refers to services in western countries designed to help expats send money back to their home country.

If that's what it refers to here, then it's not clear how much help it is to most people in China, as it would require them to have funds in the west to start with (or the ability to transfer funds from China to a western country).

roy

Earlier, someone said that remittance is a service only within the borders of China.  I'll try to find more info on it.  

[Nolo]

From ICBC's website:

Remittance Express
 
☆ Introduction
A service for making transfer of RMB or foreign currency between remitter and the appointed domestic receiver in the form of cash or transfer through the remittance channel of ICBC domestic.

☆ Target Client
All individual customers are welcomed to remit money via "Remittance Express" in a fast and safe manner.

☆ Features
1. Fast and accurate. For remittance between ICBC accounts, once the name and A/C No. are correct, the amount will be accurately credited into receiving account. RMB remittance between ICBC accounts is credited into the receiving account in real time. FX remittance between ICBC accounts is credited in real time into the receiving account if in the same city, and usually on the next day if in other city. ICBC will process the remittance to accounts in other banks in China in the shortest span. However, when will the remittance amount be credited into the payee account depends on the receiving bank.   

So it appears that remittance is also used within the country.  Looks like a viable option so far.

[fotosonics]

Gonna tweet this thread as an excellent resource for anyone interested in Bitcoin. If not just for the entertaining educational value.

[JorgeStolfi]

Wonder what is causing the selling.

Fear of what will happen when China wakes???

It is 9:00 am in China, is that bank opening time? Cybercafe opening time?

Trade volume on BTC-China spiked and price fell sharply by 100-150 CNY.

[vdcc]

Wonder what is causing the selling.

Fear of what will happen when China wakes???

It is 9:00 am in China, is that bank opening time? Cybercafe opening time?

Trade volume on BTC-China spiked and price fell sharply by 100-150 CNY.

It's naive to think that regular people owns majority of coins there...

[Nolo]

I think China's nearly dead, can't see much of a pulse :/ Oppressive tendencies and all they probably just switch off if the state looks unhappy, hope it return from the grave soon though. Lol, a ghost exchange.

Volume on Chinese exchanges:

[samsam]

Hmmm...the market seems paralyzed at the moment.

[Walsoraj]

Looks like we are getting ready for another dive.

[600watt]

http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency

sry if this was posted here before.

[Dabs]

Sold at 900, bought at 450. Doubled my coins again.

[OldGeek]

BTC-e (15m on BitcoinWisdom) continues with the downward oscillations.  However, the amplitude is flattening so perhaps a break coming.  Up or down?  Likely down.

[gandhibt]

Sold at 900, bought at 450. Doubled my coins again.

How big is your stash? It's quite different to double 100+ or 1000+ coins than 10.

[OldGeek]

Too close to call right now.  Seems to be a battle at 500.