Wall Observer - China wall movement tracker

[klaus]

China Wall Observer

A free service brought to you by the bitcoin community

When ever there is a significant change in market depth, please update this thread with a new image.

Due to lack of chinese exchange api's at this early moment i have to start only with BtcnCNY (btcchina.com).
Community's dream would be to get all of them (12 exchanges at the moment) in one market depth view.



EDIT: Best one so far ..:

This one is good as well. Live too.
http://mm.btc123.com/btcchina.php

http://bitcoinity.org/markets/btcchina/CNY


http://bitcoincharts.com/markets/btcnCNY_depth.html

[cowandtea]

China Wall Observer

A free service brought to you by the bitcoin community

When ever there is a significant change in market depth, please update this thread with a new image.

Due to lack of chinese exchange api's at this early moment i have to start only with BtcnCNY (btcchina.com).
Community's dream would be to get all of them (12 exchanges at the moment) in one market depth view.

http://bitcoincharts.com/markets/btcnCNY_depth.html

Thanks for sharing, China market is getting hotter and hotter.

[StarenseN]

I just leave that here:

[SheHadMANHands]

It's crazy how quick China can change things.  I guess when you have 1.4 billion people...

Another interesting graph:



Are there any Chinese on Bitcointalk (or Chinese speakers) who can provide insight into what's going on?

[SheHadMANHands]

I just leave that here:

Awww, beat me to it. 

Are you the Reddit user who posted this?

[SheHadMANHands]

Trading at 825 CNY on btcchina.  At exchange rate of 0.16 USD/CNY, that's about ~$132 USD/bitcoin (compared to ~$129.00 now on Stamp).

[StarenseN]

I just leave that here:

Awww, beat me to it.  

Are you the Reddit user who posted this?

No I'm not. But it needs to be verified, if someone has the figures... ( https://bitcoinaverage.com can help)

[klaus]

In Germany we are looking at the volume since july.

https://bitcointalk.org/index.php?topic=264812.0

xchrix & daybyter tries but only btcnCNY has an api at this moment.

xchrix made this comparison http://www.cryptocoincharts.info/v2/markets/graphicalComparison

[StarenseN]

In Germany we are looking at the volume since july.

https://bitcointalk.org/index.php?topic=264812.0

And what are the global conclusions ?

[klaus]

No special conclusions until now. Just observing.

Either the mtgox volume is very low or china is gaining momentum since 2 weeks.

Volume during SilkRoad days were average https://bitcointalk.org/index.php?topic=264812.msg3290245#msg3290245
and BTC100 seems strange...

[zoinky]

Time to see the network effect in China 

[bobdude17]

This one is good as well. Live too.

http://mm.btc123.com/btcchina.php

[klaus]

Time to see the network effect in China 

Did you heard about this 3 days ago?

http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010

[vokain]

Time to see the network effect in China 

Did you heard about this 3 days ago?

http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010

what's a dollar anyways

[SheHadMANHands]

Anyone can create an account:



Does that mean anyone can deposit BTC and trade against CNY?  Or do they have some verification process for deposit/withdrawal?

[jl2012]

It's crazy how quick China can change things.  I guess when you have 1.4 billion people...

Another interesting graph:



Are there any Chinese on Bitcointalk (or Chinese speakers) who can provide insight into what's going on?

I'm in Hong Kong and trading bitcoin on many different platforms, both Chinese and Western

The volume spike in China is related to these reasons:

1. There is an ongoing price war in Chinese markets. Many platforms, including btcchina, the biggest and oldest one, have zero trading fee. Therefore it is a bit unfair to compare their volume with other Western markets.

2. Chinese BTC exchanges have the best integration with fiat transfer system. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster and cheaper than depositing bitcoin (as the user may need to pay 0.0001BTC as network fee, while depositing fiat is absolutely free). To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

3. The volume of some platforms are suspicious. I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com. Not saying that the rest are not legit, just I have never traded on them. The volume on btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.

4. It is very difficult for Chinese people to obtain USD and wire to Western exchanges, so they have to pay premium in Chinese markets.

Although it is easy for me to deposit to btcchina, I'm only buying at btc-e since the price is much lower. If I had to sell (but not now), I will definitely do it on btcchina. (This is the advantage of Hong Kong as we are the gateway between China and the rest of the world)

[StarenseN]

I just leave that here:

Awww, beat me to it.  

Are you the Reddit user who posted this?

No I'm not. But it needs to be verified, if someone has the figures... ( https://bitcoinaverage.com can help)

Here is the doc sheet source :

https://docs.google.com/spreadsheet/pub?key=0AoLHebFSM2hBdGktNTk5REt1dHNwMFRvc3pEbkMxanc&gid=2

[dree12]

It's crazy how quick China can change things.  I guess when you have 1.4 billion people...

Another interesting graph:



Are there any Chinese on Bitcointalk (or Chinese speakers) who can provide insight into what's going on?

I'm in Hong Kong and trading bitcoin on many different platforms, both Chinese and Western

The volume spike in China is related to these reasons:

1. There is an ongoing price war in Chinese markets. Many platforms, including btcchina, the biggest and oldest one, have zero trading fee. Therefore it is a bit unfair to compare their volume with other Western markets.

2. Chinese BTC exchanges have the best integration with fiat transfer system. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster and cheaper than depositing bitcoin (as the user may need to pay 0.0001BTC as network fee, while depositing fiat is absolutely free). To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

3. The volume of some platforms are suspicious. I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com. Not saying that the rest are not legit, just I have never traded on them. The volume on btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.

4. It is very difficult for Chinese people to obtain USD and wire to Western exchanges, so they have to pay premium in Chinese markets.

Although it is easy for me to deposit to btcchina, I'm only buying at btc-e since the price is much lower. If I had to sell (but not now), I will definitely do it on btcchina. (This is the advantage of Hong Kong as we are the gateway between China and the rest of the world)

With no fees, how are the exchanges earning money?

[StarenseN]

Although it is easy for me to deposit to btcchina, I'm only buying at btc-e since the price is much lower. If I had to sell (but not now), I will definitely do it on btcchina. (This is the advantage of Hong Kong as we are the gateway between China and the rest of the world)

Thanks for the information. How do you deposit on btc-e ? And how the arbitrage is profitable all fees deduced ?

[jl2012]

My post titled "Warning to bears: Big players in China" at February 2013:

As some of you may not know, btcchina.com is now trading at 193.85CNY, or 31.1USD, while MtGox is trading at 29.7USD. It is 4.7% higher, and this phenomenon has lasted for at least 2 weeks. In December and January, it was always trading lower than MtGox.

Please also look at the weekly volume chart of btcchina:



Five weeks ago, weekly trading volume in CNY suddenly doubled from 0.63M to 1.32M, making an all-time-high. More importantly, it stays at this level since then. Last week it doubled again, from 1.59M to 3.14M.

Bitcoin has big potential in China:

• 1. Hedging for serious inflation. The official figure is about 5%pa, and no one would believe that;
• 2. Money laundering for corrupt officials: China is one of the most corrupt country in the world;
• 3. Circumventing taxation: China ranks the second on Forbes Tax Misery Index
• 4. Circumventing foreign exchange control: It's difficult to move money in/out the country and obtain foreign currency. That may also explain why people pay more CNY to buy bitcoin because it's difficult to send money to Gox;
• 5. Gambling: Chinese are very obsessive in gambling. In 2011, Macau collected US$33.5 billion from gamblers, comparing with only US$4.5 billion in Vegas;
• 6. Big internet population, still with huge room of growth: There are 538M internet users in China, accounting for only 40% of the total population. In US, there are only 245M, and that's 79% of the total population (i.e. nearly saturated)
• 7. Bitcoin has very low popularity in China: The volume in btcchina is only 4% of Gox. It sounds bad, but that also means the growth could be more dramatic.

If Chinese big players try to get on the train, the momentum could be really tremendous. Don't bet on the wrong size.