jl2012
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Activity: 1792
Merit: 1097
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October 14, 2013, 04:06:42 PM |
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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.... ?? Not sure what you mean but deposit and withdraw requests for both fiat and BTC are timely processed. So they are not trading on paper or having fractional reserve. |
Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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johnyj
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Activity: 1988
Merit: 1012
Beyond Imagination
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October 14, 2013, 04:09:43 PM |
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I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow
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wtfvanity
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October 14, 2013, 04:26:31 PM |
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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.... ?? Not sure what you mean but deposit and withdraw requests for both fiat and BTC are timely processed. So they are not trading on paper or having fractional reserve. Currently, yes. That still doesn't mean they aren't fractional on their BTC side. |
WTF! Don't Click Here
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BitcoinAshley
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October 14, 2013, 04:28:53 PM |
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I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow
I'm not so sure about this. China CB as been buying gold (massive amounts in the last few years) whereas the US has been selling, and we don't even know that the gold the US claims is in their vaults is really there (they defaulted on Germany's gold last year when delivery was requested.) Gold is not something CBs buy en masse when they are interested in saving their rapidly inflating fiat currency at all costs. In fact China has recently made statements expressing interest in an entirely new currency standard and their gold purchases may be to help back such an endeavour. Also, bitcoin may be very important for money laundering by high chinese officials. And we know how rampant corruption is over there. (I lol because it's rampant over here too, although it's a bit harder to bribe the zoning board for a ruling exception in the US so maybe it's not as prevalent in the lower levels.) Sure, they could make it illegal for the general populace yet find ways for these officials to launder.... OTOH, with the chinese public participating, price is increasing (and possibly less volatile) which makes it a more efficient vehicle for laundering. Officials may be dragging their feet due to their own [laundering & gambling] self-interest. I think the chinese goobermint did issue a statement a while back that bitcoin is, in fact, illegal there. They don't seem to be enforcing this, so IDK what that says about its actual legal status... Also there was that suspicious TV docu on the state channel... they don't just let "big advertisement for bitcoin" air when they are planning on dropping the anvil on it. Something fishy's going on. Also, while bitcoin could certainly bite the Chinese government and the Yuan, it would bite the USG/USD even harder and we all know how much the chinese wants the US on their knees. So while they may crack down on bitcoin, it may not be as quickly as we'd expect from a western government, or with the fervour that we'd expect. |
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wtfvanity
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October 14, 2013, 04:40:00 PM |
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I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow
I'm not so sure about this. China CB as been buying gold (massive amounts in the last few years) whereas the US has been selling, and we don't even know that the gold the US claims is in their vaults is really there (they defaulted on Germany's gold last year when delivery was requested.) Gold is not something CBs buy en masse when they are interested in saving their rapidly inflating fiat currency at all costs. In fact China has recently made statements expressing interest in an entirely new currency standard and their gold purchases may be to help back such an endeavour. Also, bitcoin may be very important for money laundering by high chinese officials. And we know how rampant corruption is over there. (I lol because it's rampant over here too, although it's a bit harder to bribe the zoning board for a ruling exception in the US so maybe it's not as prevalent in the lower levels.) Sure, they could make it illegal for the general populace yet find ways for these officials to launder.... OTOH, with the chinese public participating, price is increasing (and possibly less volatile) which makes it a more efficient vehicle for laundering. Officials may be dragging their feet due to their own [laundering & gambling] self-interest. I think the chinese goobermint did issue a statement a while back that bitcoin is, in fact, illegal there. They don't seem to be enforcing this, so IDK what that says about its actual legal status... Also there was that suspicious TV docu on the state channel... they don't just let "big advertisement for bitcoin" air when they are planning on dropping the anvil on it. Something fishy's going on. Also, while bitcoin could certainly bite the Chinese government and the Yuan, it would bite the USG/USD even harder and we all know how much the chinese wants the US on their knees. So while they may crack down on bitcoin, it may not be as quickly as we'd expect from a western government, or with the fervour that we'd expect. And who is not to say that the Chinese government themselves aren't buying them in quantity? With their manipulation of their currency, they can buy gold, bitcoin, US debt with few short term consequences. If they bet right, they never will have to pay for their sins. |
WTF! Don't Click Here
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dree12
Legendary
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Activity: 1246
Merit: 1077
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October 14, 2013, 04:45:38 PM |
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I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow
I'm not so sure about this. China CB as been buying gold (massive amounts in the last few years) whereas the US has been selling, and we don't even know that the gold the US claims is in their vaults is really there (they defaulted on Germany's gold last year when delivery was requested.) Gold is not something CBs buy en masse when they are interested in saving their rapidly inflating fiat currency at all costs. In fact China has recently made statements expressing interest in an entirely new currency standard and their gold purchases may be to help back such an endeavour. Also, bitcoin may be very important for money laundering by high chinese officials. And we know how rampant corruption is over there. (I lol because it's rampant over here too, although it's a bit harder to bribe the zoning board for a ruling exception in the US so maybe it's not as prevalent in the lower levels.) Sure, they could make it illegal for the general populace yet find ways for these officials to launder.... OTOH, with the chinese public participating, price is increasing (and possibly less volatile) which makes it a more efficient vehicle for laundering. Officials may be dragging their feet due to their own [laundering & gambling] self-interest. I think the chinese goobermint did issue a statement a while back that bitcoin is, in fact, illegal there. They don't seem to be enforcing this, so IDK what that says about its actual legal status... Also there was that suspicious TV docu on the state channel... they don't just let "big advertisement for bitcoin" air when they are planning on dropping the anvil on it. Something fishy's going on. Also, while bitcoin could certainly bite the Chinese government and the Yuan, it would bite the USG/USD even harder and we all know how much the chinese wants the US on their knees. So while they may crack down on bitcoin, it may not be as quickly as we'd expect from a western government, or with the fervour that we'd expect. And who is not to say that the Chinese government themselves aren't buying them in quantity? With their manipulation of their currency, they can buy gold, bitcoin, US debt with few short term consequences. If they bet right, they never will have to pay for their sins. I don't think the Communist Party of China is stupid. They probably realize that Bitcoin will be the future, and they won't risk the US holding 626000 BTC from the DPR seizure while having none of it themselves. |
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bitcoin carpenter
Legendary
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Activity: 1582
Merit: 1001
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October 14, 2013, 04:57:50 PM |
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Forget 100usd or 100 euro
Next stop 1000 cny
.... or 160 dollars
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If your not actively using the technology behind your crypto investment,
IT IS A SCAM!!!!
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joesmoe2012
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October 14, 2013, 11:42:27 PM |
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I guess china will be the first country to ban bitcoin officially, since Chinese government own their central bank, they don't want another competing currency disturbing their money printing business. But if US government officially support bitcoin, they might just follow
I'm not so sure about this. China CB as been buying gold (massive amounts in the last few years) whereas the US has been selling, and we don't even know that the gold the US claims is in their vaults is really there (they defaulted on Germany's gold last year when delivery was requested.) Gold is not something CBs buy en masse when they are interested in saving their rapidly inflating fiat currency at all costs. In fact China has recently made statements expressing interest in an entirely new currency standard and their gold purchases may be to help back such an endeavour. Also, bitcoin may be very important for money laundering by high chinese officials. And we know how rampant corruption is over there. (I lol because it's rampant over here too, although it's a bit harder to bribe the zoning board for a ruling exception in the US so maybe it's not as prevalent in the lower levels.) Sure, they could make it illegal for the general populace yet find ways for these officials to launder.... OTOH, with the chinese public participating, price is increasing (and possibly less volatile) which makes it a more efficient vehicle for laundering. Officials may be dragging their feet due to their own [laundering & gambling] self-interest. I think the chinese goobermint did issue a statement a while back that bitcoin is, in fact, illegal there. They don't seem to be enforcing this, so IDK what that says about its actual legal status... Also there was that suspicious TV docu on the state channel... they don't just let "big advertisement for bitcoin" air when they are planning on dropping the anvil on it. Something fishy's going on. Also, while bitcoin could certainly bite the Chinese government and the Yuan, it would bite the USG/USD even harder and we all know how much the chinese wants the US on their knees. So while they may crack down on bitcoin, it may not be as quickly as we'd expect from a western government, or with the fervour that we'd expect. When did the chinese govt state that bitcoin was illegal there? I don't recall reading that... |
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BitcoinAshley
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October 15, 2013, 12:07:12 AM |
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When did the chinese govt state that bitcoin was illegal there? I don't recall reading that...
That's a good question; It's just something I recall reading here a couple months ago when there was all the china hype. The gov made a statement to the effect that it was illegal, and the poster used that to support the conclusion of "See? All this china hype nonsense won't effect the price at all." Of course now we see China driving the price so whether or not the gov actually said that is irrelevant since if they did say it, they aren't acting on it and if they didn't, it doesn't matter. |
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User705
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Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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October 15, 2013, 01:43:51 AM |
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It's crazy how quick China can change things. I guess when you have 1.4 billion people...
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. ... With no fees, how are the exchanges earning money? We'll find out once one or two close up shop and keep he BTC. |
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joesmoe2012
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October 15, 2013, 01:58:52 AM |
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From what i remember there was a documentary on public china tv that was a big hit, and it was promoting bitcoin overall, not saying it was illegal. no FUD please.
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Chalkbot
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Activity: 896
Merit: 1001
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October 15, 2013, 02:10:07 AM |
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With no fees, how are the exchanges earning money?
We'll find out once one or two close up shop and keep he BTC. The Chinese exchanges take a percentage of deposits and withdrawals instead of transactions. This is why their volume seems to be skyrocketing, as you can buy/sell for free. (I suspect most of the volume is artificial) When did the chinese govt state that bitcoin was illegal there? I don't recall reading that...
That's a good question; It's just something I recall reading here a couple months ago when there was all the china hype. The gov made a statement to the effect that it was illegal, and the poster used that to support the conclusion of "See? All this china hype nonsense won't effect the price at all." You may be remembering their crackdown on "Q Coin", which was a digital currency for paying cell phone bills. It started to take off in China as a peer to peer payment system (since most people could use it to pay their bills), and the government halted it. I believe the comparison has been made in terms of how they would handle bitcoin. |
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derpinheimer
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Activity: 896
Merit: 1000
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October 15, 2013, 03:54:00 AM |
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 Unable to break 900. Resistance building. |
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theonewhowaskazu
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October 15, 2013, 04:25:59 AM |
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With no fees, how are the exchanges earning money?
We'll find out once one or two close up shop and keep he BTC. The Chinese exchanges take a percentage of deposits and withdrawals instead of transactions. This is why their volume seems to be skyrocketing, as you can buy/sell for free. (I suspect most of the volume is artificial) When did the chinese govt state that bitcoin was illegal there? I don't recall reading that...
That's a good question; It's just something I recall reading here a couple months ago when there was all the china hype. The gov made a statement to the effect that it was illegal, and the poster used that to support the conclusion of "See? All this china hype nonsense won't effect the price at all." You may be remembering their crackdown on "Q Coin", which was a digital currency for paying cell phone bills. It started to take off in China as a peer to peer payment system (since most people could use it to pay their bills), and the government halted it. I believe the comparison has been made in terms of how they would handle bitcoin. Why do they structure it in that way? It seems like it'd just encourage a huge amount of spread plays and actually discourage people from depositing large amounts, instead rewarding huge resource hogs and a gigantic amount of extremely small spread plays. |
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el_rlee
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Activity: 1600
Merit: 1014
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October 15, 2013, 12:40:09 PM |
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a whole 0.0008543 BTC so far |
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klaus (OP)
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Activity: 1932
Merit: 1004
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October 15, 2013, 01:02:09 PM |
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 minimum 0.0008544 |
bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1
threema:HXUAMT96
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n8rwJeTt8TrrLKPa55eU
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October 15, 2013, 02:50:53 PM |
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a whole 0.0008543 BTC so far True, but one has to give it time, and the PR value by itself is probably non-trivial in terms of getting other companies to take the plunge in the future. Most people are trend followers and and not trend setters, and thus only adopt ideas after they've been vetted by larger third parties. That piece of the puzzle is now in place, this is the Chinese equivalent of the Wordpress announcement, not a big deal in terms of transaction volume but perhaps a big milestone on the road to becoming mainstream. Given the context, seems appropriate to quote a wise Chinese philosopher: a journey of a thousand miles begins with a single step (even though I doubt they used British distance units in 600BC China...) |
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