holy shit, china is going parabolic..

[myrkul]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

http://www.youtube.com/watch?v=PON-wNMIy_Y

[1714877653]

1714877653

[1714877653]

1714877653

[1714877653]

1714877653

[1714877653]

1714877653

[1714877653]

1714877653

[abbyd]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Bwahaha. Think about that and try again. Majority of the top network policy control/DPI hardware vendors are located in USA.

Just because they're not USING them doesn't mean USA don't have them... mostly they sell them to places like UAE, Saudi Arabia, but
you can be fairly certain that devices are at the ready in USA if needed...

[BitPirate]

I'm in Shanghai...

In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).

For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.

No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...

[nyusternie]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

http://www.youtube.com/watch?v=PON-wNMIy_Y

my first visit to china was during the 08' olympics; imagine my surprise when i couldn't access my fav *ahem* video sites; well last year i noticed baidu (during a regular search for 'movie') started listing some sites; when i told my friends NO ONE believed me (but seeing was believing lol); so yeah there is progress (seems to be slow but steady)

I'm in Shanghai...

In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).

For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.

No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...

are you planning to actually HOST the servers in shanghai as well?

which channels will you support for cny <=> btc at launch?
-------------------------

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

[oakpacific]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

http://www.youtube.com/watch?v=PON-wNMIy_Y

my first visit to china was during the 08' olympics; imagine my surprise when i couldn't access my fav *ahem* video sites; well last year i noticed baidu (during a regular search for 'movie') started listing some sites; when i told my friends NO ONE believed me (but seeing was believing lol); so yeah there is progress (seems to be slow but steady)

I'm in Shanghai...

In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).

For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.

No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...

are you planning to actually HOST the servers in shanghai as well?

which channels will you support for cny <=> btc at launch?
-------------------------

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it)  is, compares to Paypal, at least until now.

Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.

[nyusternie]

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

[Babylon]

Why would the Chinese goveernment alow a show on bitcoin if they are against it?  Well, they could do it so people get bitcoin and they can then seize it all...

[Zaih]

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

Wait, what??

[oakpacific]

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

Why? Because you can arbitrage to make more than 500% profit?

[nyusternie]

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

Why? Because you can arbitrage to make more than 500% profit?

i naturally assumed coinlab had blown up mt.gox and all was lost -- i'm way, way overexposed in btc; don't want to have to hit those mean streets again

Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it)  is, compares to Paypal, at least until now.

Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.

the question was raised before -- is alipay reversable like paypal? i know EVERYONE uses it, however, i never have (always wanted to try out taobao)

[oakpacific]

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

Why? Because you can arbitrage to make more than 500% profit?

i naturally assumed coinlab had blown up mt.gox and all was lost -- i'm way, way overexposed in btc; don't want to have to hit those mean streets again

Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it)  is, compares to Paypal, at least until now.

Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.

the question was raised before -- is alipay reversable like paypal? i know EVERYONE uses it, however, i never have (always wanted to try out taobao)

Centralized systems are always reversible, I think there is no exception. The reason I feel safe about using Alipay is that they are way too large to notice the Bitcoin economy growing on it, even if they crack down on one exchange people can always switch to something else, we have been buying VPNs for circumventing GFW after years of government prohibition hardly with any problem.I am actually more worried about an exchange default atm.

[jl2012]

They are working on a scheduled maintenance to replace the server. They have serious lag in the past weeks.

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

perhaps i spoke too soon -- had mini heart attack when i saw this

[nyusternie]

They are working on a scheduled maintenance to replace the server. They have serious lag in the past weeks.

uh, houston, we have a problem -- 2 deposits now and both were "doubled" the actual amount -- did a test and tried to sell the coins and guess what?

anyway, just deposited some more coins to cover the margin

Centralized systems are always reversible, I think there is no exception. The reason I feel safe about using Alipay is that they are way too large to notice the Bitcoin economy growing on it, even if they crack down on one exchange people can always switch to something else, we have been buying VPNs for circumventing GFW after years of government prohibition hardly with any problem.I am actually more worried about an exchange default atm.

that's really good to know -- i tried to get an alipay account last year, but it didn't work out for me (don't know why) -- will try again during my next trip
-------------------

i'm going to be watching this like a hawk -- from what i am seeing now, i can't for the life of my see why bitcoins wouldn't just blow up in china -- all the pieces are there; and i'd like to do my part to see it happen

[Flappy]

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

[Awhut]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

fyi, started out promising, but thus far my experience on btcchina has NOT been fun. WTF
is that how it works? as soon as people start to care and show you love, you fold under the pressure?
 

(will try again tomorrow)

Whether China plans to crack down on BTC or not is irrelevant. Once the wealthy elite of China take positions in BTC the pressure on the Chinese government will be overwhelming. They wouldn't dare transgress the gentry, these are the people that really run countries.

Of course this assumes that Chinese investors will go long on bitcoin. I don't see any reason why Chinese investment should not mirror what we've already seen; a mix of both (though with a significant weight to a long bull play in my estimation). However, as bitcoin begins to become more institutionalized anyone on the fence should commit to a long-haul.

Furthermore, why should China crack-down on BTC? If BTC skyrockets China only stands to gain from getting in early, and more importantly, before America. I see China's view on bitcoin as cautiously optimistic right now. If things continue to go well for bitcoin in the coming months we should see some real movement as the Chinese calculus changes.

[BitPirate]

are you planning to actually HOST the servers in shanghai as well?

which channels will you support for cny <=> btc at launch?
-------------------------

fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
 

Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best.

Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay).

Two-factor authentication for login, + additional un-keyloggable trade PIN (hashed and stored in separate database) for trading & withdrawals.

This should be the last week before we open up -- we don't want to launch too soon.

Will save the rest for a thread where I'm allowed to post this stuff.

On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.

[Frozenlock]

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

That's really disturbing. If there's one thing one should remember from history, it's that the one with the gold makes the rules.

Meanwhile, westerners sell their gold. 

[bitcon]

ASIS are produced there. they will start producing more ASIC supernodes and it will cost them
$5 in parts.

[hugolp]

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

And China will promote anything tha hurts us dollars dominance over the world.

If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.

[BitPirate]

Chinese government likes bitcoin for the same reasons it likes precious metals.  They want to bring wealth into the country.

And China will promote anything tha hurts us dollars dominance over the world.

If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.

Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value.