Wall Observer - China wall movement tracker

[chriswilmer]

Isn't 888 a lucky number in China? 

no, it's 8888.

Does 8888 really have special significance over other 8-based numbers? Wikipedia indicates that pretty much anything with 8's is good:

http://en.wikipedia.org/wiki/Numbers_in_Chinese_culture#Eight

ok, let me be a bit more clear:  no, it's 8888 

That's not more clear! Please elaborate!

More 8s is better, of course. And they don't like 4 and 7, as they are related the death

Well, I have no qualms with bitcoin trading for 8888 yuan per btc. Let's do it

[cypherdoc]

actually, it was China that led the breakout out of the Spring 2012 $5 funk.  geez, it seems so long ago...

[SheHadMANHands]

When did btcchina start this "0% trade fee" promotion everyone is touting?

[jl2012]

When did btcchina start this "0% trade fee" promotion everyone is touting?

End of September I suppose. This is a response to many new exchanges with zero fee.

[erk]

When did btcchina start this "0% trade fee" promotion everyone is touting?

I thought the promotion was only for getting fiat into the exchange, doing trades has a normal fee. I can't read Chinese, so if anyone could confirm.

[StarenseN]

900 CNY is a great resistance.



After a +11% the last 24h on XBT/CNY (+7% in XBT/USD), China cooling a bit down while XBT/USD is doing new high around 153$.

USD to take the progression lead on its monday?

[btctraderr]

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)

Interesting, good info

[bobdude17]

And it is still only 2:48 PM in Hong Kong.

Let's see how their evening goes.

[smoothie]

It is great to see China playing a larger role in the movement of bitcoin prices.

As Cypher has said, China has led many of Bitcoin's rallies.

I suspect this time is no different. The next 60-90 days will be interesting for price movements and volatility.

[Erdogan]

What's going on? China drives the price now?  

Yup. All day today... maybe this will be the norm from now on. I for one welcome our new Chinese overlords.

You know how the saying goes in china: All your base are belong to us!

[el_rlee]

Guess what caused the dip from 897? Lunch break. No doubts.

[el_rlee]

Most people are home now. Let the games begin

[StarenseN]

900 CNY is a great resistance.



After a +11% the last 24h on XBT/CNY (+7% in XBT/USD), China cooling a bit down while XBT/USD is doing new high around 153$.

USD to take the progression lead on its monday?

Bid depth is realy healthy now. Get ready to get 900 CNY destroyed.

[spooderman]

the grape wall of china

[ehoffman]

It's a bit paradoxical to see such a hype in China on the 14!  Aren't any numbers with a '4' considered bad luck in China?  (For people who don't know, 'four' sound almost exactly like 'die' or 'death' in Chinese, and hence, considered a bit like or number '13' here!).

[wtfvanity]

You almost wonder, if they have the BTC to back the volume or if all this is trading on paper.

[Erdogan]

It's a bit paradoxical to see such a hype in China on the 14!  Aren't any numbers with a '4' considered bad luck in China?  (For people who don't know, 'four' sound almost exactly like 'die' or 'death' in Chinese, and hence, considered a bit like or number '13' here!).

And...do they all believe in magic over there?

[derpinheimer]

900 CNY is a great resistance.



After a +11% the last 24h on XBT/CNY (+7% in XBT/USD), China cooling a bit down while XBT/USD is doing new high around 153$.

USD to take the progression lead on its monday?

Bid depth is realy healthy now. Get ready to get 900 CNY destroyed.

Bids arent even up 50% there, LIAR!

[jl2012]

You almost wonder, if they have the BTC to back the volume or if all this is trading on paper.

Why not? Most ASIC were produced in China

[wtfvanity]

You almost wonder, if they have the BTC to back the volume or if all this is trading on paper.

Why not? Most ASIC were produced in China

And the correlation between China producing ASIC chips and having a fully funded exchange.... ??