i thought china cant buy btc's anymore? i still see em buying

[mskryxz]

http://fiatleak.org/

can anyone explain?

[wickedgoodtrader]

They can't deposit money anymore. Some people may have already had money on the trading account.

[mskryxz]

ok thanks

[tubbyjr]

It's not necessarily accurate. CNY is heavily undervalued, due to manipulation to make China's exports much more attractive, so it could be smart international investors with CNY buying. The site just shows which fiats have been exchanged, there is not necessarily a cause-effect relationship there. Plenty of Non-US residents are dealing in USD.

[iPaulito]

It's not necessarily accurate. CNY is heavily undervalued, due to manipulation to make China's exports much more attractive, so it could be smart international investors with CNY buying. The site just shows which fiats have been exchanged, there is not necessarily a cause-effect relationship there. Plenty of Non-US residents are dealing in USD.

What I know is that CNY also pretty hard to get in larger quantities and therefore CNY is much weaker than it should be. Lots of people in China have sold on the exchanges during past 2 days and those who did not withdraw their CNY to accounts are buying back now

[UPENtXF]

Straight from the Man: https://www.youtube.com/watch?v=Oht_i6ADSbc

I don't understand why the Chinese don't just switch to LocalBitcoins, or come into BtcChina office and give them RMB directly?  

Someone could probably make some money running armored couriers to and from the BtcChina office... 

[Noruka]

Straight from the Man: https://www.youtube.com/watch?v=Oht_i6ADSbc

I don't understand why the Chinese don't just switch to LocalBitcoins, or come into BtcChina office and give them RMB directly?  

Someone could probably make some money running armored couriers to and from the BtcChina office... 

who says they aren't? i can tell you that a chinese person that wants bitcoins will get them...just not throught BTC china

[UPENtXF]

who says they aren't? i can tell you that a chinese person that wants bitcoins will get them...just not throught BTC china

I think the world markets are saying that right now, they aren't:
https://bitcoinaverage.com/#CNY

http://bitcoincharts.com/charts/volumepie/

Lately, the volume on the Chinese markets combined has been less than USD since the news.

Wish we had volume charts for LocalBitconsCNY, or whatever else like it that the Chinese use.

[ninjafocus100]

They still can buy. But can not deposit new fund directly from Bank. I bet there are other ways for them to deposit new fund which might not be public at the moment.

[quone17]

Right. They can still buy and sell. I think the btc will be under pressure for a couple months though because no new cash can get into china accounts. I bet the Chinese will come up with another way to get btc and it will spread like wildfire over there.

[nodroids]

Sino-file friends (including Children of Communist party bureaucrats) assure me that the very "untouchable" politicians who made the declaration against deposits via banks to the exchanges are getting money onto the exchanges to buy bitcoins for their personal networks of business people and family. Even in the off chance that this corruption isn't happening, the Chinese populace assumes it is.

Further, unlike in the west where we feign like everyone, including public officials aren't just out for themselves, the Chinese embrace taht everyone is, and codify it in the cultural and institutional rules. The Chinese don't fume over 'corruption' they shrug, admire it and try to get more influence themselves, so they can use side and back doors to get stuff done.

Also, the overall suggestion in this thread in this thread - that of the Chinese will find a way - is very true. They haven't bought up half of the good real estate in Australia, Canada and California by obeying the capital controls!

[U1TRA_L0RD]

There are some...Inconsistencies...in your story.....like that China is still dealing but there are some good people who know their computer smarts and are still trading secretly.

[akujin]

Their lawmakers just want to get cheap bitcoins
And they did succeed...
Buying bitcoins at ~550usd/btc instead of 1200usd/btc