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

[barbs]

QFT

[KFR]

Kraken is registered, fully audited and based in Europe - a UK trading address with a German bank.  On top of that I can add my own subjective experience that they're quick, efficient, reliable and have lots of features and a very slick interface.  My impression of both their management and technical abilities is that it's lightyears beyond most crypto exchanges, but that's not as high praise as it should be of course.

Aren't they from San Francisco? Part of the Payward? And yes, they use Fidor bank, based in Munich. If you want a business account at Kraken, get ready for sending them tons of paper    
I use it also... specially for pay out, because Kraken EUR is much higher than bitstamp USD. And I don't lose money on bank exchange fees

Their address:
Payward
548 Market Street #39656
San Francisco, CA 94104-5401

Ah thanks for that.  Yup they're Payward.  I actually found the verification process to be pretty slick.  The address they use for EUR deposits shows as: One London Wall, London, EC2Y 5EB, United Kingdom

[barbs]

It seems that shorts are closing.

It seems.

[ChartBuddy]

Explanation

[podyx]

Looks like this slow uptrend I predicted is about to begin

[mooncake]

Looks like this slow uptrend I predicted is about to begin

I really want to see how low this can go.

[EuroTrash]

Some good news to China
https://btc-e.com/news/203

I understand that to mean: any Chinese citizens who can send their CNY offshore (which turns them into CNH) can now deposit them directly to BTC-e, without converting them to EUR or USD first.

That could be one option for Chinese citizens to put new money into the cryptocoin market.  However it seems to be limited to 50,000 CNY/year for most people, is that correct?

Chinese citizens who already have money in their Chinese exchange accounts would probably want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

I suppose that the PBoC would not mind, quite the opposite, if Chinese citizens withdraw CNH from BTC-e and bring them back into the mainland?

If I see it your way, it means that the Chinese have a BTC/LTC-way to escape capital controls until April 15th.

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

So if BTC-E provides them with a way to withdraw CNH, and if they can convert CNH to CNY easily, they could put some of their savings into crypto.

Can any Chinese citizen here please confirm that this is the case?

[el_rlee]

Ooh, some new FUD at last. Bitstamp hit by localised apocalypse, withdrawals and deposits only possible through God.

source?

[el_rlee]

Some good news to China
https://btc-e.com/news/203

I understand that to mean: any Chinese citizens who can send their CNY offshore (which turns them into CNH) can now deposit them directly to BTC-e, without converting them to EUR or USD first.

That could be one option for Chinese citizens to put new money into the cryptocoin market.  However it seems to be limited to 50,000 CNY/year for most people, is that correct?

Chinese citizens who already have money in their Chinese exchange accounts would probably want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

I suppose that the PBoC would not mind, quite the opposite, if Chinese citizens withdraw CNH from BTC-e and bring them back into the mainland?

If I see it your way, it means that the Chinese have a BTC/LTC-way to escape capital controls until April 15th.

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

So if BTC-E provides them with a way to withdraw CNH, and if they can convert CNH to CNY easily, they could put some of their savings into crypto.

Can any Chinese citizen here please confirm that this is the case?

No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

[bitgeek]

Ooh, some new FUD at last. Bitstamp hit by localised apocalypse, withdrawals and deposits only possible through God.

source?

His ass of course.

[dreamspark]

Seems that Bitstamp deposits have begun to roll in 

[aminorex]

Even the world's barren, someone your followers,

True love!

[aminorex]

No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

That really not much per year sadly the limit is really pathetic

Yeah thats only like 60 trillion dollars. Hardly enough for a decent world war or terraforming a planet.

[JorgeStolfi]

Chinese citizens who already have money in their Chinese exchange accounts would want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

Wont be much success what do you think

Sorry, I was thinking of those who wish to continue trading cryptos after April 15 (assuming the rumor is correct) and eventually cash some profits.

More generally, they also have the options of withdrawing their money before April 15, or  trading on the Chinese exchange forever without ever cashing out.

[JorgeStolfi]

No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

Thanks for the correction!

[el_rlee]

No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

Thanks for the correction!

A source: http://www.chinalawblog.com/2012/07/on-getting-paid-from-china-is-there-really-a-50000-yearly-limit.html (but also heard that from the locals)

Chinese citizens can convert and remit freely up to USD $50,000 equivalent per year. Conversions exceeding the USD$50,000 quota is still possible, but the citizen cannot complete it at a bank counter freely; he or she must apply to the local State Administration of Foreign Exchange for written approval.  Chinese banks will not let the extra conversion go without seeing SAFE’s approval letter.

However you have to open a special account, running in multiple currencies and deal with an overseas transaction which is far more work than a local wire which goes trough almost instantly and is done in a matter of minutes.

Also receiving back money from the exchange, meaning receiving an overseas transaction might be a real pain... don't know about that exactly, would be interested myself.

[tailor]

... but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

BTC? It is not that store. 

Look at how easily the value is "stolen" by bad news, or poorly managed exchanges collapsing, or arbitrary rules put in place by government, exchanges, banks, etc.  BTC needs a far more established and reliable support infrastructure before it's considered a safe store of value by the general public. For now BTC is known within a relatively small community, and is understood to be a gamble by most within it.

[JorgeStolfi]

Folks have probably noticed this, but at this moment the price seems to be back to the exponential trend that it was following from Jan/19 to Jan/31 and from Feb/07 to Mar/03:


(Huobi, 1d, log scale)

The bump from Jan/31 to Feb/07 corresponds exactyly to the Chinese New Year bank holidays.

I don't recall if a good explanation was found for the jump on Mar/03.  There was an "important announcement on Bloomberg" that may have triggered a big buy on Bitstamp. The "sheep" followed, and forgot to come down again when the announcement turned out to be a flop --  is that it?

[JorgeStolfi]

- And oddly enough, they end the article with "Even if the world is barren, there will still be those who are believer". Maybe a reference to bitcoin itself?

Saint Google to the rescue:
100 Most Attractive Male Characters in Chinese Internet Novels – Part 2
http://hui3r.wordpress.com/2013/08/04/100-most-attractive-male-characters-in-chinese-internet-novels-part-2/

EDIT: the relevant item is

46. Xǔ Zhì Jūn/Lín Yì Zhōu from novel: Stars in the Deep Sea (深海里的星星)
“Even if the world is barren, there will still be someone who believes in you.”

[Xell]

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

It's not the Chinese working class who are buying BItcoin. Its the Chinese rich (maybe with questionable sources) who have much more money than the European middle class. Hence why the biggest property owners in cities like London are.... Chinese private investors. You're living in the dark ages. Chinese people have money and they want to burn it. Many have a LOT of money to burn.

See all the visa schemes aimed at Chinese, where they can buy a passport for places like Australia or Canada if they can spare maybe a few hundred thousand dollars? Yeh, they're over-run and Canada had to decline everyone because so many Chinese have that much cash sitting around. It's totally absurd to even mention the Chinese workers.