BTCchina's announcement of new payment processor

[accord01]

It's just another way of buying time so that the exchange doesn't collapse.  It's not happening.  You can't just undermine the rulings of the Chinese government.  They are not like the USA's three branch government, where things take a long time to move.  In China, they can close something down overnight, and the next day it is history.

If this was USA trying to stop something, it would take years.  An example is the Unlawful Internet gaming enforcement act, which prohibited banks to deal with online gambling transactions.  

But with China, you can't get around their laws without major repurcussions like USA.  After the UIGEA, people could still gamble online, just via different routes...

Bobby Lee is just buying time here.  Where is the new payment processor that you said would be up 12 hours ago?

[empoweoqwj]

It's just another way of buying time so that the exchange doesn't collapse.  It's not happening.  You can't just undermine the rulings of the Chinese government.  They are not like the USA's three branch government, where things take a long time to move.  In China, they can close something down overnight, and the next day it is history.

If this was USA trying to stop something, it would take years.  An example is the Unlawful Internet gaming enforcement act, which prohibited banks to deal with online gambling transactions.  

But with China, you can't get around their laws without major repurcussions like USA.  After the UIGEA, people could still gamble online, just via different routes...

Bobby Lee is just buying time here.  Where is the new payment processor that you said would be up 12 hours ago?

You say " BTCchina's announcement of new payment processor" but without referencing where this is from? It it news Bobby Lee announced?

[Libin]

there are many btc exchanges in china, some of them still accept CNY deposit via bank transfer
man outside china only know btcchina and okcoin, but i don't think these two exchanges can represent the whole crypto currency market in china.

[viajero]

Major exchanges ordered by
volume are BTC China (CNY), OkCoin (CNY), Mt.Gox (USD, EUR, GBP, JPY,
AUD), FXBTC (CNY), Bitstamp (USD), Bter (CNY), BTC-E (USD), BTCTrade
(CNY), VirtEx (CAD)

source: BoA - Bitcoin: a first assessment


does anybody knows anything about the funding situation at major exchanges in china

[Libin]

Major exchanges ordered by
volume are BTC China (CNY), OkCoin (CNY), Mt.Gox (USD, EUR, GBP, JPY,
AUD), FXBTC (CNY), Bitstamp (USD), Bter (CNY), BTC-E (USD), BTCTrade
(CNY), VirtEx (CAD)

source: BoA - Bitcoin: a first assessment


does anybody knows anything about the funding situation at major exchanges in china

as i know, FXBTC and btctrade is still accepting CNY deposit.

[air_bob]

I use https://cny2btc.com to buy/sell bitcoin few months back, good thing about it is that it accepts alipay deposit, bad thing is their price offer is not that attractive.

[enric]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

[empoweoqwj]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

Great website - never seen it before. Good summary of the big exchanges worldwide, price and volume comparisons.

But where the heck did huobi.com come from to be number 1 so quickly??

[Libin]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

Great website - never seen it before. Good summary of the big exchanges worldwide, price and volume comparisons.

But where the heck did huobi.com come from to be number 1 so quickly??

because huobi accepts cny deposit while btcc and okcoin don't

[empoweoqwj]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

Great website - never seen it before. Good summary of the big exchanges worldwide, price and volume comparisons.

But where the heck did huobi.com come from to be number 1 so quickly??

because huobi accepts cny deposit while btcc and okcoin don't

So we shouldn't expect that to last much longer?

[Bismarckbkk]

This is true. If the chinese rulers banned 3rd party payment processors from transacting with bitcoin exchanges why would a new 3rd party processor be able to do it.

Its possible BTC did NOT keep segregated accounts of customers funds, in fact its a danger for anyone keeping large amounts of money in these exchanges. As theyre not regulated theyre very likely to treat customers funds as company funds and do not keep segregated accounts.

[R2Pleasent]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

Great website - never seen it before. Good summary of the big exchanges worldwide, price and volume comparisons.

But where the heck did huobi.com come from to be number 1 so quickly??

because huobi accepts cny deposit while btcc and okcoin don't

So we shouldn't expect that to last much longer?

I sent a deposit to Huobi today.  They are taking deposits via direct bank card.  There is no way they will be able to continue this long-term.  At the moment, they are simply cashing in until the government forces them out.  They are making bank though.

[empoweoqwj]

Check http://btckan.com/price
to see the main chinese exchanges.
From wednesday huobi.com is the first of china and of the world in volume

right now in china
Huobi.com 109300
chbtc.com 54760
btcchina.com  45671
okcoin.com 31946
fxbtc.com 24924
btctrade.com  19015

Great website - never seen it before. Good summary of the big exchanges worldwide, price and volume comparisons.

But where the heck did huobi.com come from to be number 1 so quickly??

because huobi accepts cny deposit while btcc and okcoin don't

So we shouldn't expect that to last much longer?

I sent a deposit to Huobi today.  They are taking deposits via direct bank card.  There is no way they will be able to continue this long-term.  At the moment, they are simply cashing in until the government forces them out.  They are making bank though.

Isn't that risky? Sending a deposit to a company you are pretty sure are going to be shut down soon.

[FenixRD]

So, tracking the Bitcoin || filesharing pattern, Napster has been crippled but lo and behold, a wild Kazaa / Morpheus / Limewire / etc etc appears. Since the dawn of the usage of GOX as a verb, where a DDOS or admin's drunken bender could tank a large section of the economy, it has been foretold that a viable distributed, decentralized trade platform without glaring incentives design holes would appear as the chosen one.

We are waiting, and we believe.

I actually have design that is conceptually complete, but needs edge case study and extensive game theory incentives analysis to convince me that I haven't overlooked something.

Edit: Added boldtext before someone points me at one of the various flawed abortions of this.

[empoweoqwj]

So, tracking the Bitcoin || filesharing pattern, Napster has been crippled but lo and behold, a wild Kazaa / Morpheus / Limewire / etc etc appears. Since the dawn of the usage of GOX as a verb, where a DDOS or admin's drunken bender could tank a large section of the economy, it has been foretold that a viable distributed, decentralized trade platform without glaring incentives design holes would appear as the chosen one.

We are waiting, and we believe.

I actually have design that is conceptually complete, but needs edge case study and extensive game theory incentives analysis to convince me that I haven't overlooked something.

Edit: Added boldtext before someone points me at one of the various flawed abortions of this.

Have you published it anywhere for analysis or keeping it "amongst friends" for now?

[FenixRD]

Have you published it anywhere for analysis or keeping it "amongst friends" for now?

Among friends, and mostly, my brain. I trust my own brain above most other brains... it's worked out pretty well thus far. I've went over it with a couple "close associates" who have the proper credentials to at least listen to their opinions, and they haven't found anything obvious. But yeah, if I were to pursue it the first thing it needs is a more thorough incentives analysis. No plans at present to make it available publicly though.

[infinitybo]

It's still risky to contest the authority @empoweoqwj anyways you can give it a try.

[empoweoqwj]

Have you published it anywhere for analysis or keeping it "amongst friends" for now?

Among friends, and mostly, my brain. I trust my own brain above most other brains... it's worked out pretty well thus far. I've went over it with a couple "close associates" who have the proper credentials to at least listen to their opinions, and they haven't found anything obvious. But yeah, if I were to pursue it the first thing it needs is a more thorough incentives analysis. No plans at present to make it available publicly though.

I'm not saying you have to publish it for the world to see but you need to go beyond your own brain, however bright you are. We all tend to think our own ideas are great .....

[FenixRD]

Have you published it anywhere for analysis or keeping it "amongst friends" for now?

Among friends, and mostly, my brain. I trust my own brain above most other brains... it's worked out pretty well thus far. I've went over it with a couple "close associates" who have the proper credentials to at least listen to their opinions, and they haven't found anything obvious. But yeah, if I were to pursue it the first thing it needs is a more thorough incentives analysis. No plans at present to make it available publicly though.

I'm not saying you have to publish it for the world to see but you need to go beyond your own brain, however bright you are. We all tend to think our own ideas are great .....

Haha. Yes that's my point. That's why I'm waiting for the time to properly pursue it, hoping someone else will come up with it in the meantime. We'll see. If I never get the chance, I'll just take the time to publish it instead. We're not there yet, I'm still thinking I'll have time to develop it in a few months. I only woke up with the final puzzle piece of the answer (I think!) a few weeks ago.