Questions to our Chinese friends about current taobao sellers accepting bitcoin

[EuroTrash]

some taobao sellers started to accept bitcoin

How many sellers accepting bitcoins there? Any major sellers? Do you see a trend?
I suppose btchina.com is their CNY price reference (which so far follows Gox with some delay).
How do they protect themselves from the fluctuations in value of bitcoins?
Do they have a price in bitcoins and one in CNY?
Do they use some automatic conversion system, e.g. BitPay-style?

I'm trying to evaluate the real relevance of that fact, once the rumors of last weekend are fading.
(for westerners: taobao is one of the biggest Chinese marketplaces)
Thanks

[cypherdoc]

Oooo.

I don't think Bart Chilton is going to like that.

[ronaldlee0917]

Here is an article from xinhuanet today on the Bitcoin usage in Taobao - the Ebay of China.
http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/07/c_132363788.htm
(You may need a proxy to view the original page)

Here are the key points concerning Taobao:
1. 淘寶網店也是兌換的主要場所。在淘寶網上輸入關鍵詞“比特幣”，能搜索到近240家做“比特幣兌換”生意的店鋪，同時也有少量店鋪開始接受用比特幣支付。
Some Taobao shops are also important Bitcoin exchanges. If you search for "Bitcoin" on Taobao, you can find nearly 240 shops doing business in Bitcoin exchange, also a small number of shops are accepting payments in Bitcoins.

2. 這些店鋪有的位于北京、上海等一線城市，有的位于山東泰安、廣西玉林、江蘇淮安等二、三線城市。記者注意到，淘寶一家專門出售古董首飾的“5R——古董”小店就接受比特幣支付，店主表示他很看好比特幣，相信未來會有更多的人加入使用比特幣。
These shops are located in Beijing, Shanghai and top cities alike and also in some 2nd or 3rd tier cities in ShanDong, GuangXi and Jiangsu. The reporter has also noticed that one of them is a vintage jewelry shop called 5R Antique, its owner said he saw the potential of Bitcoin and believed that there would be more and more people using Bitcoin.

You can buy things with Bitcoins on Taobao as of today (This list is compiled by me, not cited from the article)
1. Shoes
2. pesticides
3. microphones
4. phone protection coat
5. cds/ dvds
6. backpack
7. wall decorations
8. outdoor blankets
9. spectacles
10. shirts
11. underwears
12. mobile phone(crappy one though)
13. astronomical telescope
14. Toys
15. LED bulbs
(This list is compiled from the first 5 out of the 20 result pages, I don't have the patience to check each page, please forgive me )
The shops as seen are mostly mid-size and small shops.
There are also numerous shops selling mining rigs, MtGox coupons and Bitcoin-related stuff.

Whether you interpret this as an hype  or a good news is entirely up to you.
But personally, I don't regard something real and existing as hype.

How do they protect themselves from the fluctuations in value of bitcoins?

About how they manage the fluctuation in price, I would also want to know too, maybe as the shop owner in that article said, they see the true potential and a long-term uptrend of Bitcoin, so they might be comfortable with the short-term price fluctuation.

Do they have a price in bitcoins and one in CNY?

Yes, both.

[cypherdoc]

Here is an article from xinhuanet today on the Bitcoin usage in Taobao - the Ebay of China.
http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/07/c_132363788.htm
(You may need a proxy to view the original page)

Here are the key points concerning Taobao:
1. 淘寶網店也是兌換的主要場所。在淘寶網上輸入關鍵詞“比特幣”，能搜索到近240家做“比特幣兌換”生意的店鋪，同時也有少量店鋪開始接受用比特幣支付。
Some Taobao shops are also important Bitcoin exchanges. If you search for "Bitcoin" on Taobao, you can find nearly 240 shops doing business in Bitcoin exchange, also a small number of shops are accepting payments in Bitcoins.

2. 這些店鋪有的位于北京、上海等一線城市，有的位于山東泰安、廣西玉林、江蘇淮安等二、三線城市。記者注意到，淘寶一家專門出售古董首飾的“5R——古董”小店就接受比特幣支付，店主表示他很看好比特幣，相信未來會有更多的人加入使用比特幣。
These shops are located in Beijing, Shanghai and top cities alike and also in some 2nd or 3rd tier cities in ShanDong, GuangXi and Jiangsu. The reporter has also noticed that one of them is a vintage jewelry shop called 5R Antique, its owner said he saw the potential of Bitcoin and believed that there would be more and more people using Bitcoin.

You can buy things with Bitcoins on Taobao as of today (This list is compiled by me, not cited from the article)
1. Shoes
2. pesticides
3. microphones
4. phone protection coat
5. cds/ dvds
6. backpack
7. wall decorations
8. outdoor blankets
9. spectacles
10. shirts
11. underwears
12. mobile phone(crappy one though)
13. astronomical telescope
14. Toys
15. LED bulbs
(This list is compiled from the first 5 out of the 20 result pages, I don't have the patience to check each page, please forgive me )
The shops as seen are mostly mid-size and small shops.
There are also numerous shops selling mining rigs, MtGox coupons and Bitcoin-related stuff.

Whether you interpret this as an hype  or a good news is entirely up to you.
But personally, I don't regard something real and existing as hype.

How do they protect themselves from the fluctuations in value of bitcoins?

About how they manage the fluctuation in price, I would also want to know too, maybe as the shop owner in that article said, they see the true potential and a long-term uptrend of Bitcoin, so they might be comfortable with the short-term price fluctuation.

Do they have a price in bitcoins and one in CNY?

Yes, both.

But they keep telling me you can only buy drugs with it?

[oakpacific]

Seriously, when will the European/American mainstream/electric/luxury/boutique shops start accepting bitcoins? Do they know how big the demand for foreign products is in China? And how inadequate all the current payment systems are for this task?

[greyhawk]

But they keep telling me you can only buy drugs with it?

Actually, you can't what with the Silk Road closed and all.

[FNG]

Nice!

Thanks, Ronald

[jl2012]

http://jingji.cntv.cn/2013/05/07/ARTI1367904585592268.shtml

A fluorescent lamp seller says accepting bitcoin is just a gimmick to attract more attention. Only a handful of buyers pay in BTC

[evoorhees]

http://jingji.cntv.cn/2013/05/07/ARTI1367904585592268.shtml

A fluorescent lamp seller says accepting bitcoin is just a gimmick to attract more attention. Only a handful of buyers pay in BTC today.

FTFY

[Blueberry408]

I don't believe the part about shops selling mining rigs in a large Chinese marketplace. Prolly imitations. But no evidence.

But they keep telling me you can only buy drugs with it?

Actually, you can't what with the Silk Road closed and all.

[kokojie]

There has been selling of BTC on taobao from the beginning. I think as long as the seller is extremely reputable, he can offer accepting BTC(but must be with a discount, which is difficult since taobao's payment service is nearly free), and there will be customers

[BTC Books]

Seriously, when will the European/American mainstream/electric/luxury/boutique shops start accepting bitcoins? Do they know how big the demand for foreign products is in China? And how inadequate all the current payment systems are for this task?

 

go to etsy.com, and type 'bitcoin' into the search box...

[Anenome5]

But they keep telling me you can only buy drugs with it?

Actually, you can't what with the Silk Road closed and all.

Is it really still closed right now? I guess the DDOS thing?

[EuroTrash]

http://jingji.cntv.cn/2013/05/07/ARTI1367904585592268.shtml

A fluorescent lamp seller says accepting bitcoin is just a gimmick to attract more attention. Only a handful of buyers pay in BTC

Thanks!

Guess it won't be long before a number of companies start producing ASICs in Shenzen.

[oakpacific]

Seriously, when will the European/American mainstream/electric/luxury/boutique shops start accepting bitcoins? Do they know how big the demand for foreign products is in China? And how inadequate all the current payment systems are for this task?

 

go to etsy.com, and type 'bitcoin' into the search box...

You don't know what I talked about. I meant iPhone, Macbook, LV, Chanel, Senn-heiser, Bose......Almost all foreign luxury/electric/cosmetic/many other products are vastly overpriced in China despite being mostly made in China.

[BTCisthefuture]

My question is how do/would sellers protect themselves from chargebacks with bitcoin. I'm guessing they only accept COD.

As far as I know, bitcoin still isn't that popular in China but it's growing. Although I do fear if it becomes too popular the government will just clamp down on it like they have with other virtual currencies in the past. China has already banned using virtual currencies to buy real world items awhile back, I forget which currency it was I think it was QQ coins or something like that.

[waxwing]

You don't know what I talked about. I meant iPhone, Macbook, LV, Chanel, Senn-heiser, Bose......Almost all foreign luxury/electric/cosmetic/many other products are vastly overpriced in China despite being mostly made in China.

That's true but, as I understand it, having items delivered by mail means import taxes can't be avoided, at least not usually. Which means it will still be overpriced. Bitcoin will only cut a small slice off the cost.

[oakpacific]

You don't know what I talked about. I meant iPhone, Macbook, LV, Chanel, Senn-heiser, Bose......Almost all foreign luxury/electric/cosmetic/many other products are vastly overpriced in China despite being mostly made in China.

That's true but, as I understand it, having items delivered by mail means import taxes can't be avoided, at least not usually. Which means it will still be overpriced. Bitcoin will only cut a small slice off the cost.

The problem is not overpricing, it's completely lack of adequate payment method for this task, I can go on and on with this, you probably don't understand how many payment requests a Chinese oversea student/worker will receive per year on average.

About delivery: obviously Bitcoin can't solve all the problems, especially those it's not designed to solve(there is one whole breed of "package forwarding companies" doing that), the whole oversea shopping industry has run for quite sometime under the nose of the Chinese customs.

[waxwing]

You don't know what I talked about. I meant iPhone, Macbook, LV, Chanel, Senn-heiser, Bose......Almost all foreign luxury/electric/cosmetic/many other products are vastly overpriced in China despite being mostly made in China.

That's true but, as I understand it, having items delivered by mail means import taxes can't be avoided, at least not usually. Which means it will still be overpriced. Bitcoin will only cut a small slice off the cost.

The problem is not overpricing, it's completely lack of adequate payment method for this task, I can go on and on with this, you probably don't understand how many payment requests a Chinese oversea student/worker will receive per year on average.

About delivery: obviously Bitcoin can't solve all the problems, especially those it's not designed to solve(there is one whole breed of "package forwarding companies" doing that), the whole oversea shopping industry has run for quite sometime under the nose of the Chinese customs.

Right. That makes sense. I actually do understand what you're saying, and I can see that you're right...