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Author Topic: Want to sell bitcoin for Chinese yuan but don't have enough btc  (Read 4725 times)
Nefario
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January 16, 2011, 07:54:29 AM
 #1

I have a little eless than 1000 btc and am now offering them for sale for Chinese yuan, but I know I will run out soon (already I have two people who will be buying,and I dont want to sell all my btc).

How can I get more btc to sell, whats the process for doing this?


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1480794433
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nanotube
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January 16, 2011, 08:03:55 AM
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see
https://en.bitcoin.it/wiki/Buying_bitcoins

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grondilu
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January 16, 2011, 08:05:56 AM
 #3


On my website, I have a formula for my offer :  the smaller is my stock, the higher is my price.

I don't know if that's the best solution, but it works and it makes sense economically.
ElectricGoat
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January 17, 2011, 01:44:06 AM
 #4

Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?

It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.

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January 17, 2011, 01:49:11 AM
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Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?

It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.

He wants to help people in his area get coins, but he wants to be able to replace them so he doesn't run out.

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Nefario
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January 17, 2011, 07:40:40 AM
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Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?

It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.

He wants to help people in his area get coins, but he wants to be able to replace them so he doesn't run out.

Exactly.

I have spent some time thinking about this and have had something of an epiphany.

Because the yuan is not a floating currency, that is you can not readily buy it on the market and trade it, China is therefor something of a walled garden. I had thought that when exchanging yuan for bitcoin the exchange rate would be based on $US, which is around 2btc for 1 yuan, but it is not based on the dollar.

I (and maybe only two or three others here) are the only ones with access to yuan, the entire value of bitcoin to yuan is my bitcoin reserve. We can charge what we like (until more competitors come in)

So I am buying bitcoin at a rate of 3 yuan for one btc, and selling yuan at a rate of 4 yuan for 1btc.

This is a good deal to those with bitcoins, and it will mean that bitcoins should flow into the yuan exchange. This will make btc available to those in China that wish to purchase( it is not cheap and also therefor encourages trading) as btc flows into the yuan, btc should drop in value relative to yuan, meaning those who have yuan can later buy back their btc, and at the same time this should increase the overall value of btc relative to the dollar and euro as more individuals join the btc economy.

The only problem is it will leave me yuan poor  Sad

So for the moment I will not be trading huge amounts. I only have 500 yuan available, which is about 60$, and will only sell 100 yuan per customer( for a current total of 500 yuan). Since yuan is not transferable internationally I will hold the yuan for you and you can exchange it back to btc at any time, at the prevailing rate.

Hopefully this should allow btc to get "kickstarted" in China.

Is there anyone else in China who would like to join with me in offering yuan for btc? It's a cornered market.

Quote
Edit: Sorry the above exchange was a typo, the rate is :
Buying bitcoin at a rate of 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin, this is a spread of one yuan

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Cryptoman
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January 17, 2011, 07:55:30 AM
 #7

I just sent you 25 BTC.  I'll take the first 100 yuan!

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kiba
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January 17, 2011, 07:56:45 AM
 #8

1. Move to Hong Kong.
2. Open up a  bank account
3. Start exchanging yuan and hong kong dollars for bitcoins
4. Huh
5. Profit!

Babylon
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January 17, 2011, 08:01:46 AM
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It looks to me as if your exchange rates are poorly arranged.  I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

Cryptoman
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January 17, 2011, 08:06:25 AM
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It looks to me as if your exchange rates are poorly arranged.  I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

Great idea!

Nefario, can you exchange those 100 yuan you're holding for me back to Bitcoin?  That's 33.33 BTC at your current exchange rate, right?  Just kidding.   Cheesy

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
Babylon
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January 17, 2011, 08:15:40 AM
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It looks to me as if your exchange rates are poorly arranged.  I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

Great idea!

Nefario, can you exchange those 100 yuan you're holding for me back to Bitcoin?  That's 33.33 BTC at your current exchange rate, right?  Just kidding.   Cheesy

My point is it doesn't matter if one person does this or if he simply makes a bunch of trades, he's going to end up losing money.

Nefario
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January 17, 2011, 08:54:30 AM
 #12

I just sent you 25 BTC.  I'll take the first 100 yuan!

It seems I made a typo

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount). 

As I said I have limited amounts. I am sorry for the confusion the typo may have caused.

Again, the rate is buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin. That means a spread of 1 yuan.

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January 17, 2011, 10:46:41 AM
 #13

I just sent you 25 BTC.  I'll take the first 100 yuan!

It seems I made a typo

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount). 

As I said I have limited amounts. I am sorry for the confusion the typo may have caused.

Again, the rate is buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin. That means a spread of 1 yuan.

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

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Nefario
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January 17, 2011, 11:23:21 AM
 #14


I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Unless cryptoman changes his mind he has gotten the first 75rmb, leaving 425rmb.

Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).


I need to set up a somewhat automate chinese yuan exchange/market soon. I don't like these manual entries.

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kiba
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January 17, 2011, 11:38:08 AM
 #15

I thought it's nearly impossible to set up a yuan bank account and then an exchange market?  Huh

Cryptoman
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January 17, 2011, 12:05:22 PM
 #16

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount).

That's still a good deal, so yeah, hold on to the 75 yuan for me.  I'll buy more from you at that price if you need.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
ColdHardMetal
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January 17, 2011, 12:57:26 PM
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Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).


25 BTC shipped to that above address for 75 CNY to be held by you.

And I actually have some yuan kicking around somewhere lol.

Nefario
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January 17, 2011, 01:57:57 PM
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Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).


25 BTC shipped to that above address for 75 CNY to be held by you.

And I actually have some yuan kicking around somewhere lol.

Recored, 350rmb remaining

Quote from: kiba

I thought it's nearly impossible to set up a yuan bank account and then an exchange market?  Huh

It's illegal, but you don't know where I am, nor does anyone else here, so no matter how much you are tortured you can't tell. The money that I am keeping is in cash, the government doesn't know that I have it.

This is essentially a black market yaun/btc exchange. Currently it's very VERY small scale, but as it grows so will it's ability to continue despite government pressure.

If you want to actually get your yuan(the cash itself) the only option is face to face cash delivery for people that I already do not know. If I know you then bank transfers are ok (Chinese bank to Chinese bank). This is the only way, it must be cell structured to resist government squashing (when the event actually happens).

It will operate on a web of trust. At least, it will until I get arrested(very likely if this becomes successful).

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January 17, 2011, 02:22:55 PM
 #19

I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

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January 17, 2011, 02:45:32 PM
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I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

Mostly just to help him out in my case. The subversive aspect also holds some appeal.  Grin

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