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Author Topic: BTCChina overtook Mtgox as the leader in volume  (Read 3444 times)
dan99
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November 04, 2013, 08:31:47 AM
 #1

Wow the Volume in China is really picking up, what is driving the market over there?
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wobber
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November 04, 2013, 08:38:25 AM
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Wow the Volume in China is really picking up, what is driving the market over there?

Or why is MtGox volume going down??

One word: Bubblepop

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
dan99
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November 04, 2013, 08:40:52 AM
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Right Now in this order on Volume  :

1) Chinese - 21,251

2) Japanese - 14,107

3) Europe - 12,414

4) Russian - 10,002

and the rest of the world .........

Source : http://bitcoincharts.com/markets/
xephireusMMX
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November 04, 2013, 08:44:29 AM
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Wow the Volume in China is really picking up, what is driving the market over there?


Adoption. It takes time before you buy first BTC after you found Bitcoin

el_rlee
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November 04, 2013, 11:29:39 AM
 #5

Right Now in this order on Volume  :

1) Chinese - 21,251

2) Japanese - 14,107

3) Americans - 12,414

4) Russian - 10,002

and the rest of the world .........

Source : http://bitcoincharts.com/markets/

3) Bitstamp is not American.
dan99
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November 04, 2013, 01:01:40 PM
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Right Now in this order on Volume  :

1) Chinese - 21,251

2) Japanese - 14,107

3) Americans - 12,414

4) Russian - 10,002

and the rest of the world .........

Source : http://bitcoincharts.com/markets/

3) Bitstamp is not American.

OK Noted, Eastern Europe, Slovenia
xavier
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November 04, 2013, 10:49:30 PM
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Americans don't even feature.... wow
johnmatrix
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November 04, 2013, 11:07:35 PM
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I wonder how good will litecoin gonna perform when it gets added to btcchina.com
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November 04, 2013, 11:13:03 PM
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I wonder how good will litecoin gonna perform when it gets added to btcchina.com

Is there a planned date of addition or just speculative?
dan99
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November 05, 2013, 01:47:54 AM
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Have to acknowledge Bitstamp who also over took mtgox in volume. But BTCCHINA, is really going nuts with the buying, 40,143 in volume?
slothbag
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November 05, 2013, 01:56:16 AM
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If you add up all the BTC volume across all currencies for MtGox its about 780,000BTC over 30 days.. so BTCChina still has a little ways to go to knock them off the top in terms of BTC Volume.

Not to mention BTCChina has zero trade fees at the moment, which makes me very suspicious about their volumes.
Walsoraj
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November 05, 2013, 02:08:04 AM
 #12

Wow the Volume in China is really picking up, what is driving the market over there?

Zero trade fees and strong incentive to trade with oneself (earns shares). Total sham.
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November 05, 2013, 02:19:53 AM
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Wow the Volume in China is really picking up, what is driving the market over there?

Zero trade fees and strong incentive to trade with oneself (earns shares). Total sham.

Yeah, I think we saw the shadow of Chinese gov.

dree12
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November 05, 2013, 02:53:35 AM
 #14

If you add up all the BTC volume across all currencies for MtGox its about 780,000BTC over 30 days.. so BTCChina still has a little ways to go to knock them off the top in terms of BTC Volume.

Not to mention BTCChina has zero trade fees at the moment, which makes me very suspicious about their volumes.

You can't just "add up" all the BTC volume across all currencies for Mt. Gox. That would be double-counting. To understand this, one needs to understand how Mt. Gox works.

You see, Mt. Gox doesn't have a market for each currency. Rather, all currencies share a single trade book. When an order is placed with one currency, it is injected into the trade book and potentially matched with other currencies. Thus, traders in obscure currencies have the benefit of being able to trade with a more mainstream currency.

There are then two types of Mt. Gox transactions: transactions with two of the same currency markets (e.g. USD and USD or EUR and EUR), and transactions between two different currency markets (e.g. USD and EUR). Because the USD market is so much larger, most of the volume for other currency markets has already been counted in the USD currency market.

Thus, adding up the volume across all currencies for Mt. Gox is a gross overestimate. The USD volume is much, much closer to actual volume.
johnmatrix
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November 05, 2013, 02:55:44 AM
 #15

I wonder how good will litecoin gonna perform when it gets added to btcchina.com

Is there a planned date of addition or just speculative?

The CEO of btcchina is brother of Charlie lee, the litecoin founder.
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November 05, 2013, 03:09:48 AM
 #16

If you add up all the BTC volume across all currencies for MtGox its about 780,000BTC over 30 days.. so BTCChina still has a little ways to go to knock them off the top in terms of BTC Volume.

Not to mention BTCChina has zero trade fees at the moment, which makes me very suspicious about their volumes.

You can't just "add up" all the BTC volume across all currencies for Mt. Gox. That would be double-counting. To understand this, one needs to understand how Mt. Gox works.

You see, Mt. Gox doesn't have a market for each currency. Rather, all currencies share a single trade book. When an order is placed with one currency, it is injected into the trade book and potentially matched with other currencies. Thus, traders in obscure currencies have the benefit of being able to trade with a more mainstream currency.

There are then two types of Mt. Gox transactions: transactions with two of the same currency markets (e.g. USD and USD or EUR and EUR), and transactions between two different currency markets (e.g. USD and EUR). Because the USD market is so much larger, most of the volume for other currency markets has already been counted in the USD currency market.

Thus, adding up the volume across all currencies for Mt. Gox is a gross overestimate. The USD volume is much, much closer to actual volume.

Valid point, we can't really accurately gauge the total volume on Gox since we don't know how many trades were currency converted.

dan99
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November 05, 2013, 08:05:42 AM
 #17

Have to acknowledge Bitstamp who also over took mtgox in volume. But BTCCHINA, is really going nuts with the buying, 40,143 in volume?


Is BTCCHINa @ 46,637 ------ would they hit 50k today

Bitstamp @ 30,426 - also rising fast  ----- would they hit 35k today

Mt.Gox @ 22,496

Btc-e @ 15,183

For the Top 2 my answer would be a Big YES !!!
mvidetto
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November 05, 2013, 03:19:34 PM
 #18

Yeah um mtgox sucks, can't wait til they go out of business just slowing down the evolution of bitcoin imo.
dan99
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November 05, 2013, 04:00:26 PM
 #19

I made my prediction correctly :

    Symbol    Latest Price    30 days    Average    Volume    Low    High    Bid    Ask    24h Avg.    Volume
▲ CNY    BTC China btcnCNY    (24h)    1517.82 1517.82 (24h)    1500.52    1502    1446.37 59.64 4.12%    56,597.21

▲ USD    BitStamp bitstampUSD    217 (24h)    245.56 245.56 (24h)    244.5    244.69    229.63 14.07 6.13%            36,909.69 
Zaghomat
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November 05, 2013, 05:37:46 PM
 #20

If you add up all the BTC volume across all currencies for MtGox its about 780,000BTC over 30 days.. so BTCChina still has a little ways to go to knock them off the top in terms of BTC Volume.

Not to mention BTCChina has zero trade fees at the moment, which makes me very suspicious about their volumes.

You can't just "add up" all the BTC volume across all currencies for Mt. Gox. That would be double-counting. To understand this, one needs to understand how Mt. Gox works.

You see, Mt. Gox doesn't have a market for each currency. Rather, all currencies share a single trade book. When an order is placed with one currency, it is injected into the trade book and potentially matched with other currencies. Thus, traders in obscure currencies have the benefit of being able to trade with a more mainstream currency.

There are then two types of Mt. Gox transactions: transactions with two of the same currency markets (e.g. USD and USD or EUR and EUR), and transactions between two different currency markets (e.g. USD and EUR). Because the USD market is so much larger, most of the volume for other currency markets has already been counted in the USD currency market.

Thus, adding up the volume across all currencies for Mt. Gox is a gross overestimate. The USD volume is much, much closer to actual volume.

Are you 100% sure of that? because i had order in euro that were not fulfilled completely while an equivalent higher price in $ was hit.

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