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Author Topic: China - Back to #1 in BTC bought, #2 in overall volume. What???  (Read 5310 times)
evoked22
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December 20, 2013, 08:30:26 AM
 #21

I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.

Ideas?


IAS

I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.

http://www.youtube.com/watch?v=rezHZKNvO34


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bryant.coleman
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December 20, 2013, 11:34:11 AM
 #22

Lots of yuen stuck in the exchanges, I presume.

Yes. They can't withdraw them now. Most probably the owners are converting it to Bitcoin, and then taking them out to barter in Localbitcoins.
smoothrunnings
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December 20, 2013, 12:15:37 PM
 #23

Right, because until people actually move money off the exchange, to the point of no return, most trading can resume as normal. The real consequence to the deposit ban will be a gradual decline in volume as the money that is withdrawn cannot be replaced by money moving in.

This is China we are talking about! Remember they have a big grey market that likely the exchanges will move to allowing people to convert the fiat cash to bitcoin quietly while the government is looking the other way.

The western media likes to add drama to their news reporting, blowing things out of proportion, from what I understand in the recent Max Keiser report is that China is still trading bitcoin as usual.

 
skovbitcoin
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December 20, 2013, 12:27:48 PM
 #24

I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.

Ideas?


IAS

I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.

http://www.youtube.com/watch?v=rezHZKNvO34



That is actually very interesting, is there a reddit or bitcointalk discussion about this anywhere already?
El Dude
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December 20, 2013, 12:38:16 PM
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lol litecoin is number 1 in volume in china

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evoked22
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December 20, 2013, 01:01:28 PM
 #26

I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.

Ideas?


IAS

I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.

http://www.youtube.com/watch?v=rezHZKNvO34



That is actually very interesting, is there a reddit or bitcointalk discussion about this anywhere already?

I dont believe so. Thats pretty fresh. I thought it was very interesting as well Smiley

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December 20, 2013, 01:36:15 PM
 #27

Now that High up Communist Party officials own millions of dollars of bitcoin, they can declare it official currency and dump the dollar!

Where's your /sarc?

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