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Author Topic: We need to wake up fast before china will eat all the BTC..  (Read 1978 times)
vandeam
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November 27, 2013, 01:53:03 PM
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guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right
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deisik
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November 27, 2013, 02:01:25 PM
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guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

Some time ago in one of the threads here I made an assumption (as a jest) that they were going to buy all bitcoins out there, whatever the price might be... Now, looking at these figures, I ask myself, was it really a joke?

jipper3691
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November 27, 2013, 02:02:58 PM
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yes they buy all night non stop.. gov must have bots doing the random buying.. need to catch up on usa silk road free coins...lol

Do not donate to this address 184hrB9GNJpQaLr5yqwxyZAjZWtB3t88Ek
the last thing i need right now is sympathy
niothor
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November 27, 2013, 02:06:12 PM
 #4




guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

You do realize they buy those coins form other chinese right? =))))))

deisik
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November 27, 2013, 02:10:39 PM
 #5

guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

You do realize they buy those coins form other chinese right? =))))))

Are you sure this is not a net surplus by country?

Painful Truth
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November 27, 2013, 02:16:18 PM
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Relevant:


US has Already Ceded Dominance in Bitcoin Trading:

http://www.coindesk.com/us-already-ceded-dominance-bitcoin-trading/
Okurkabinladin
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November 27, 2013, 02:16:28 PM
 #7




guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

You do realize they buy those coins form other chinese right? =))))))

I wouldnt be so sure, BTC-E lagged behind China by huge margin until yersteday. Gox and Stamp before that...
antoineph
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November 27, 2013, 02:21:57 PM
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How many times do you guys need to hear this? The volume in China is a lot higher because of the 0 transaction fee.
niothor
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November 27, 2013, 02:25:04 PM
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Relevant:


US has Already Ceded Dominance in Bitcoin Trading:

http://www.coindesk.com/us-already-ceded-dominance-bitcoin-trading/


What it matters is who has those bitcoins , and the us and eu have the most by far.

Sulaco
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November 28, 2013, 01:07:44 AM
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Bitcoin ownership will become more diverse once it starts to gain popularity in India.
ArticMine
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November 28, 2013, 01:37:38 AM
 #11

This rally seems to be driven only by MTGox with most of the other exchanges, and this includes those in China, trading around 10% below. http://btckan.com/price

I strongly suspect speculation by margin accounts on Plus500 and AvaTrade, that is reflected on the MTGox price. We are talking about the short term high risk traders on margin here.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
xavier
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November 28, 2013, 01:40:28 AM
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Let's not forget satoshi - by far the biggest BTC owner - is definitely not chinese  Grin
notme
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November 28, 2013, 01:40:47 AM
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guys we need to start waking up.. or china will dominate btc at this buying rate..

7500+ BTC bought with Yuan, 561 BTC bought in USD - all in 01:54 hours and rising.. http://fiatleak.com/
somthing isn't right

You do realize they buy those coins form other chinese right? =))))))

Are you sure this is not a net surplus by country?

I don't know if he is sure, but I am.  The site merely shows exchange volume for each currency, and only for some exchanges.  There is no data source for "net surplus by country".

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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hyphymikey
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November 28, 2013, 01:45:09 AM
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How many times do you guys need to hear this? The volume in China is a lot higher because of the 0 transaction fee.

This.
BittBurger
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November 28, 2013, 01:45:27 AM
 #15

The Chinese are buying more.

Because the Chinese are smarter than we are Smiley


Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
TheFacilitator
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November 28, 2013, 01:49:54 AM
 #16

Does the fiat leak website take into account when someone sells bitcoin for fiat? otherwise its pretty useless...
notme
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November 28, 2013, 01:50:50 AM
 #17

Does the fiat leak website take into account when someone sells bitcoin for fiat? otherwise its pretty useless...

Every trade has a buyer and a seller.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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TheFacilitator
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November 28, 2013, 01:57:16 AM
 #18

Does the fiat leak website take into account when someone sells bitcoin for fiat? otherwise its pretty useless...

Every trade has a buyer and a seller.

This is true, but consider this...If someone is buying a bitcoin from a seller who is selling for a loss (fiat loss), the flow is reversed (fiat flowing out of bitcoin rather than into it), and I'm not sure that website takes that into account?
notme
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November 28, 2013, 05:15:27 AM
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Does the fiat leak website take into account when someone sells bitcoin for fiat? otherwise its pretty useless...

Every trade has a buyer and a seller.

This is true, but consider this...If someone is buying a bitcoin from a seller who is selling for a loss (fiat loss), the flow is reversed (fiat flowing out of bitcoin rather than into it), and I'm not sure that website takes that into account?

That sounds like nonsense.  Bitcoin is not a fiat reservoir.  Money flows into exchanges to buy, and then flows out to the seller.  Bitcoins transfer ownership, fiat transfers ownership.  Nothing was created or destroyed.

And no, that site doesn't consider individual traders' profits and losses.  This information is not public.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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eindbaas
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November 28, 2013, 05:28:42 AM
 #20

china shall rule the world. I love chinese food. fuck murica
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