Why is China Going Up Right Now?

[windjc]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

[piramida]

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

[Buster]

And if people can't send fresh money, how the hell are they buying bitcoins?

By spending the existing fiat in their exchange accounts perhaps?

[windjc]

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

Ok. So everyone who is buying is simply trying to arbitrage or trade elsewhere? I mean you have to be a serious trader if you have currency on BTCChina and don't just withdraw it. It means either you want to hold onto the bitcoins long term or trade them there.  And, yes, I know that describes all of us, but we also don't live a communist country that just made it difficult to use to invest in bitcoins.

I am really surprised BTCChina held at 2000 CYN and has gone up to over 3000 CYN. In its current form, it basically can't survive.

[Miz4r]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

[accord01]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

Yeah and you'd have to go through an arm and a leg to be able to put some $ on the exchange, and also risking that getting closed down too.  This is just a temporary bounce with people with chinese fiat trying to make a little profit...

[jl2012]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

Yeah and you'd have to go through an arm and a leg to be able to put some $ on the exchange, and also risking that getting closed down too.  This is just a temporary bounce with people with chinese fiat trying to make a little profit...

The CCP will never violently closing an exchange. This will lead to social instability and this is the last thing they want. In the worst case, they may close exchanges softly, which means halting the trade and let people withdraw their XBT and CNY balance.

[FNG]

Loaded is there

https://bitcointalk.org/index.php?topic=178336.msg4038369#msg4038369

[windjc]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

[Jrock]

Cause they can still buy bitcoins with the money they have on the exchange. (Which is what I would do)

It's most likely the best course of action if you believe in this currency. I believe this is just another bump in the road to new all times highs in the not so far future.

Then again, I'm ready to lose everything in a flash and I won't even blink.

[NUFCrichard]

There is no buying going on on Bitcoin China. Fiatleak shows 17 bitcoins bought in the last 3 hours.
Maybe other exchanges are stepping in to fill the void, and people are buying up nice cheap bitcoins.

[seriouscoin]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

LOL no 3rd party payment network would dare to mess with the government. I bet my ass, there are government officials involved in trading. Its not unusual for the officials to do such things over there.

Beside.... you know most their children are "studying" abroad right?

[seriouscoin]

There is no buying going on on Bitcoin China. Fiatleak shows 17 bitcoins bought in the last 3 hours.
Maybe other exchanges are stepping in to fill the void, and people are buying up nice cheap bitcoins.

LOL wut? did you watch the data feed of BTCChina? And please stop using Fiatleak.... look at the exchange's order book itself.

[knightcoin]

All that Central Bank polices reminds me this book .... revised to Bit "Black Swan" coin scenario 

[jl2012]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

[windjc]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be.

[seriouscoin]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit.

[seriouscoin]

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S.  So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be.

We will never know the reason but from my experience it would most likely be that Bobby asked and got blessing of some officials. He trusted it would be ok and saw a huge opportunity to tap the market. Likewise, any of such business need a connection to know and talk to the "right" ppl.

Doing anything new in China always falls into a grey area.... The CCP makes laws thats always open for interpretations

[segeln]

http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

[sgbett]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)