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Asrael999
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November 09, 2013, 03:09:53 PM |
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Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. Individuals are capped at USD 50,000 equivalent that can be converted in any year. Buying bitcoin with CNY, sending it to another exchange and selling to Euro, USD or whatever allows this quite effectively.
Other methods are very expensive and convoluted and involve doing deals with third parties who arrange for you to deposit money into a strangers bank account in China whilst having another stranger deposit money in your overseas account.
All in all using BTC is cheaper (although at 25% differential between Stamp and BTCChina that may not be true) involves far more time and has a much greater risk of your money simply vanishing.
Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.
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Nagle
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Activity: 1204
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November 09, 2013, 06:33:33 PM
Last edit: November 10, 2013, 07:38:52 AM by Nagle |
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Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. ...
Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.
That's it, exactly. This Bitcoin run-up looks like a rush to do just that before the People's Bank of China stops it. A caution for users in China: if, at some point, the PRC decides that Bitcoin transfers in and out of China are undesirable, the Bitcoin protocol could be blocked by the Great Firewall of China. |
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zeroday
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Activity: 784
Merit: 1000
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November 09, 2013, 06:46:40 PM |
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Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. ...
Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.
That's it, exactly. This Bitcoin run-up looks like a rush to do just that before the People's Bank of China stops it. <p> A caution for users in China: if, at some point, the PRC decides that Bitcoin transfers in and out of China are undesirable, the Bitcoin protocol could be blocked by the Great Firewall of China. Don't think so. Chinese government is pretty satisfied to see their people stocking up with bitcoin, which shatters confidence in US dollar. |
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theonewhowaskazu
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November 09, 2013, 06:48:57 PM |
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How can the great firewall of china stop Bitcoin transfers? You still know your private key, so if you wanted couldn't you always sign raw transactions and use some sort of a out-of-china server to "push" the transaction onto the network?
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Sage
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November 09, 2013, 06:50:55 PM |
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China has for a very long time made pro Bitcoin statements....
....likely because they see it as a queen on the chess board, finally undermining the dollar.
The Chinese don't play the short-ball. They are thinking long-ball. And have had it in their mind to get off the dollar dependance one way or another. This is part of a long-term move for them.
I don't see China blocking Bitcoin anytime soon.
I spent time in China. China blocks the internet, but every Chinese person has VPNs setup to subvert it (even though their is a stiff penalty if they get caught.) And that's just with a motive to get information. Imagine a financial motive.
...Even if they tried to block Bitcoin they couldn't.
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DeathAndTaxes
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Activity: 1218
Merit: 1079
Gerald Davis
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November 09, 2013, 07:45:29 PM |
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Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. ...
Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.
That's it, exactly. This Bitcoin run-up looks like a rush to do just that before the People's Bank of China stops it. <p> A caution for users in China: if, at some point, the PRC decides that Bitcoin transfers in and out of China are undesirable, the Bitcoin protocol could be blocked by the Great Firewall of China. Probably easier to simply tightly control the echanges and put monetary controls there just like they do fiat exchanges. So hopefully the operator of BTC China sees that one coming because even if China remains neutral on Bitcoin they likely are going to want control/insight into currency flows into Bitcoin. |
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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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November 09, 2013, 07:50:25 PM |
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Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. ...
Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.
That's it, exactly. This Bitcoin run-up looks like a rush to do just that before the People's Bank of China stops it. <p> A caution for users in China: if, at some point, the PRC decides that Bitcoin transfers in and out of China are undesirable, the Bitcoin protocol could be blocked by the Great Firewall of China. Probably easier to simply tightly control the echanges and put monetary controls there just like they do fiat exchanges. So hopefully the operator of BTC China sees that one coming because even if China remains neutral on Bitcoin they likely are going to want control/insight into currency flows into Bitcoin. Even easier is blocking access to the exchanges websites. |
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Walsoraj
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November 09, 2013, 07:56:12 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
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Sage
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November 09, 2013, 08:10:03 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
Where are you getting your data? And how do you come to this conclusion? |
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Walsoraj
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November 09, 2013, 08:52:11 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
Where are you getting your data? And how do you come to this conclusion? Common sense. And: -Correlation with diminishing volume on FINCEN reg'd exchanges and increasing volume on non-reg'd -no trader fees on btcchina -btcchina encourages trading with oneself through awarding shares to high vol traders -btc ripe for manipulation due to fiat stuck on exchanges |
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adamstgBit
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Merit: 1037
Trusted Bitcoiner
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November 09, 2013, 08:57:27 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
lol you are so full so shit. |
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Walsoraj
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November 09, 2013, 09:00:49 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
lol you are so full so shit. I will be proven correct, eventually. Also, I preemptively accept your apology. |
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Sage
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November 09, 2013, 09:05:28 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
Where are you getting your data? And how do you come to this conclusion? Common sense. And: -Correlation with diminishing volume on FINCEN reg'd exchanges and increasing volume on non-reg'd -no trader fees on btcchina -btcchina encourages trading with oneself through awarding shares to high vol traders -btc ripe for manipulation due to fiat stuck on exchanges The rise of BTCchina corresponds with the overall rise of bitcoin. We aren't seeing a diminishing volume of the other exchanges. We are seeing Gox lose it's monopoly (thank God), but other exchanges like Bitstamp have taken up that loss in volume at Gox. I don't see how you can extrapolate that all this money driving BTCchina price is based on American criminals. I believe we are indeed seeing a market driven by the Chinese themselves. The ultimate answer though to your question would be a meta analysis of the BTCchina client database. An interesting meta analysis it would be. |
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Walsoraj
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November 09, 2013, 09:10:26 PM |
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Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.
Where are you getting your data? And how do you come to this conclusion? Common sense. And: -Correlation with diminishing volume on FINCEN reg'd exchanges and increasing volume on non-reg'd -no trader fees on btcchina -btcchina encourages trading with oneself through awarding shares to high vol traders -btc ripe for manipulation due to fiat stuck on exchanges The rise of BTCchina corresponds with the overall rise of bitcoin. We aren't seeing a diminishing volume of the other exchanges. We are seeing Gox lose it's monopoly (thank God), but other exchanges like Bitstamp have taken up that loss in volume at Gox. I don't see how you can extrapolate that all this money driving BTCchina price is based on American criminals. I believe we are indeed seeing a market driven by the Chinese themselves. The ultimate answer though to your question would be a meta analysis of the BTCchina client database. An interesting meta analysis it would be. btcchina conveniently doesn't require much identifying data from its traders.  |
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BlueTemplar
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Activity: 164
Merit: 100
Gone for a minute now back again
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November 09, 2013, 11:42:21 PM |
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Xer0
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November 10, 2013, 01:06:55 AM |
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china bears just got their morning tea, checked QQ and now begin with trading enjoy the show  |
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2sog
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Activity: 27
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November 10, 2013, 01:09:49 AM |
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If only it wasn't 1am here, I would stay and watch the show all night haha
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nottorious91
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Activity: 20
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November 10, 2013, 01:35:12 AM |
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4 am, yay
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Tzupy
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Activity: 2128
Merit: 1074
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November 10, 2013, 01:59:21 AM |
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4 am here too. This market has no respect for people's sleep hours!  |
Sometimes, if it looks too bullish, it's actually bearish
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Kaiji
Full Member
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Activity: 140
Merit: 100
Hoist the Colours
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November 10, 2013, 02:11:48 PM |
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I remember reading in a mag years ago that in the west people make business plans for a year or two ahead while the chinese plan decades ahead. The question is are the chinese the ones buying up most of the coins? Bitcoins have become even more interesting, who would have predicted a $350+ price in Nov. after the price slump in the summer?  Crazy. |
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