BTCchina IS BACK, bank deposits restored!!!

[yomofo]

1rst reddit thread
http://www.reddit.com/r/BTCmarketsCirclejerk/comments/1wj00n/btcchina_reinstates_bank_deposits/

2nd reddit thread
http://www.reddit.com/r/Bitcoin/comments/1wipty/btc_china_enabling_direct_deposits/

3rd reddit thread
http://www.reddit.com/r/BitcoinMarkets/comments/1wivdg/btc_china_enabling_direct_deposits/

(screenshot)

(screenshot after clicking link)

http://imgur.com/0rGXGoP (screenshot)

http://imgur.com/akvm7oL (screenshot after clicking link)

China is back.

Bears should surrender now.

[vokain]

confirmation seems weak and intended purpose seems shady

[bitcoinlitcoinbtcltc]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

[BitcoinAshley]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

[chessnut]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

[bitcoinlitcoinbtcltc]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

[BitcoinAshley]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

Exactly. These people don't get it. Banks aren't just banned from dealing "IN" bitcoin, as the PBOC notice explicitly says. They are are also (implicitly) banned from dealing WITH bitcoin-related companies. This isn't stated directly but it's obviously implied; my sources from within the PBOC confirm this in the chinese language. So even if BTCchina allowed bank deposits, it would be illegal and their bank would be immediately shut down by Chinese regulatory authorities.

Confirmed.

On the 31st we are going down, and I think 350-450 is optimistic, weird troll guy who thread-spams constantly.

[chessnut]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

when an asset more than halves in volume, it crashes. period. I dont deny the capacity to crash more. but the crash was a chinese crash. it is done and over with. Tell me what force in China will drive the crash tomorrow? there will be no open exchanges!

[bitcoinlitcoinbtcltc]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

when an asset more than halves in volume, it crashes. period. I dont deny the capacity to crash more. but the crash was a chinese crash. it is done and over with. Tell me what force in China will drive the crash tomorrow? there will be no open exchanges!

it is going down, the crypto oracle has predicted it

(this is confirmed)

[chessnut]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

when an asset more than halves in volume, it crashes. period. I dont deny the capacity to crash more. but the crash was a chinese crash. it is done and over with. Tell me what force in China will drive the crash tomorrow? there will be no open exchanges!

it is going down, the crypto oracle has predicted it

(this is confirmed)

its funny when proudhon does it - not you though.
http://www.youtube.com/watch?v=pQjqxayxwt4

[BitcoinAshley]

when an asset more than halves in volume, it crashes. period. I dont deny the capacity to crash more. but the crash was a chinese crash. it is done and over with. Tell me what force in China will drive the crash tomorrow? there will be no open exchanges!

it is going down, the crypto oracle has predicted it

(this is confirmed)

See, now it looks like he's playing proudhon's game but you can't even tell.

I bet he's a proudhon alt.

[MoneyMorpheus]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

I think that chinese that wanted out before new year got out. Today is the last banking day of this year and all withdraws made tomorrow won't arrive before the 1st. I don't know if this news are real or not, what I do think is that if it actually "crashes" during the weekend it will be a lame attempt of manipulation.

I don't think it will last much longer than the silkroad "crash". If its not banned it will be seen as good news. But I think if its banned its even better. This because btc has no frontiers. If chinese actually banned btc a black market will appear. Btc will be sold overpriced to take money out of the country. Once all btc from china are bought, they will be force to actually take money out of china to buy them. People with an excess in they early fiat leak will use that to buy them, whereas people that actually need to transfer more money abroad will buy other people excess in the form of btc. After this point price will skyrocket.

Right now I'm getting more bullish by the hour. If you have a better theory elaborate it  

[TERA]

If this is true then this is horrible news. China is rat poison for bitcoin.

[GigaCoin]

There is no announcement on btc China, so far its just a bunch of ppl posting screenshots and someone supposedly "confirming" by talking to his qq chinese "friend"

If indeed true, I see the price going down for a bit as big players will want their coins cheap before taking off again.

[chessnut]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

I think that chinese that wanted out before new year got out. Today is the last banking day of this year and all withdraws made tomorrow won't arrive before the 1st. I don't know if this news are real or not, what I do think is that if it actually "crashes" during the weekend it will be a lame attempt of manipulation.

I don't think it will last much longer than the silkroad "crash". If its not banned it will be seen as good news. But I think if its banned its even better. This because btc has no frontiers. If chinese actually banned btc a black market will appear. Btc will be sold overpriced to take money out of the country. Once all btc from china are bought, they will be force to actually take money out of china to buy them. People with an excess in they early fiat leak will use that to buy them, whereas people that actually need to transfer more money abroad will buy other people excess in the form of btc. After this point price will skyrocket.

Right now I'm getting more bullish by the hour. If you have a better theory elaborate it  

smart investors in China bought Bitcoin because it cant be regulated. why would they let go now? every new law imposed against them makes it more valuable, and more proven, and more desirable.
smart investors and officials in America realise they have no better alternative than to back Bitcoin, and are going to make the best of it.
my 2 cents.

[smoothie]

lol so this isn't confirmed? Just post....be emotional...emotions of others net the smart money more profits.

[empoweoqwj]

There is no announcement on btc China, so far its just a bunch of ppl posting screenshots and someone supposedly "confirming" by talking to his qq chinese "friend"

If indeed true, I see the price going down for a bit as big players will want their coins cheap before taking off again.

So much bs on reddit. Entertaining but that's about it ....

[mgburks77]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

hmm.. just like the war on drugs made selling illegal drugs unprofitable?

[empoweoqwj]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

hmm.. just like the war on drugs made selling illegal drugs unprofitable?

"War on drugs" - even the phrase makes me laugh. You should know when a war isn't winnable.

[mgburks77]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

hmm.. just like the war on drugs made selling illegal drugs unprofitable?

"War on drugs" - even the phrase makes me laugh. You should know when a war isn't winnable.

Agreed

[TERA]

Using drugs is a strong human nature. Investing in one particular type of speculative asset is not - there are plenty others. Most of these Chinese are gamblers and will gladly just move on to the next volatile asset or to the roulette wheel and forget all about bitcoin. I don't see any black market emerging with any volume comparible at all to current volumes.

[mgburks77]

Investing in one particular type of speculative asset is not

greed is not human nature?

mmm...I don't know. Endorphins is endorphins.

[TERA]

Investing in one particular type of speculative asset is not

greed is not human nature?

mmm...I don't know. Endorphins is endorphins.

They can be greedy with something else. There are plenty.

[mgburks77]

Investing in one particular type of speculative asset is not

greed is not human nature?

mmm...I don't know. Endorphins is endorphins.

They can be greedy with something else. There are plenty.

time will tell

[seriouscoin]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

Exactly. These people don't get it. Banks aren't just banned from dealing "IN" bitcoin, as the PBOC notice explicitly says. They are are also (implicitly) banned from dealing WITH bitcoin-related companies. This isn't stated directly but it's obviously implied; my sources from within the PBOC confirm this in the chinese language. So even if BTCchina allowed bank deposits, it would be illegal and their bank would be immediately shut down by Chinese regulatory authorities.

Confirmed.

On the 31st we are going down, and I think 350-450 is optimistic, weird troll guy who thread-spams constantly.

Hey dumbass, didnt you know today and 31st is no different? All banking is already closed. You think ppl wait for that exact day to cash out?

Good luck with your wish, idiot.

[chessnut]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

Exactly. These people don't get it. Banks aren't just banned from dealing "IN" bitcoin, as the PBOC notice explicitly says. They are are also (implicitly) banned from dealing WITH bitcoin-related companies. This isn't stated directly but it's obviously implied; my sources from within the PBOC confirm this in the chinese language. So even if BTCchina allowed bank deposits, it would be illegal and their bank would be immediately shut down by Chinese regulatory authorities.

Confirmed.

On the 31st we are going down, and I think 350-450 is optimistic, weird troll guy who thread-spams constantly.

Hey dumbass, didnt you know today and 31st is no different? All banking is already closed. You think ppl wait for that exact day to cash out?

Good luck with your wish, idiot.

+1
The market is forward looking, unlike some investors here. stuck on the same old crap.

[GigaCoin]

If you go to vip.btcchina.com, under Guide and About BTC China Exchange, it is written that bank transfers are disabled.

so it is fake news afterall. I have a feeling though the markets will reach upwards today anyway.

[Peter R]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

Exactly. These people don't get it. Banks aren't just banned from dealing "IN" bitcoin, as the PBOC notice explicitly says. They are are also (implicitly) banned from dealing WITH bitcoin-related companies. This isn't stated directly but it's obviously implied; my sources from within the PBOC confirm this in the chinese language. So even if BTCchina allowed bank deposits, it would be illegal and their bank would be immediately shut down by Chinese regulatory authorities.

Confirmed.

On the 31st we are going down, and I think 350-450 is optimistic, weird troll guy who thread-spams constantly.

Hey dumbass, didnt you know today and 31st is no different? All banking is already closed. You think ppl wait for that exact day to cash out?

Good luck with your wish, idiot.

BitcoinAshley: you must use your [satire]...[/satire] tags when outside of the "Confirmed Bad News Thread."  Bitcoiners, as a rule, seem less than apt at discerning the real trolls from the fake ones.  

[GigaCoin]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now 

[TERA]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

[Bitbuy]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

Tsss, you desperately need cheap coins, don't you 
You've been conducting attempts to drive the price down several days now.
Everybody knows that only confirmed Proudhon sources are to be reckoned with...

[Holliday]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

[Zarathustra]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

Yes. Now some gamblers only are disappearing, while the freedom fighting movement is growing steadily, exponentially. Government terror has been the driver of bitcoin from the very beginning. That can't reverse with ongoing terror.

[chessnut]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

Yes. Now some gamblers only are disappearing, while the freedom fighting movement is growing steadily, exponentially. Government terror was the driver of bitcoin from the very beginning. That can't reverse with ongoing terror.

well said

[aminorex]

Financial freedom is far, far more important than using recreational drugs.

Nothing recreational about it.  The ability to control your own biochemistry is the ability to control your own mind.  Without it, your very thoughts are under the control of others.  The freedom to think as you choose is much more important than the freedom to transact as you choose.

[TERA]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even if he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

[chessnut]

Financial freedom is far, far more important than using recreational drugs.

Nothing recreational about it.  The ability to control your own biochemistry is the ability to control your own mind.  Without it, your very thoughts are under the control of others.  The freedom to think as you choose is much more important than the freedom to transact as you choose.

lol we need drugs to stop the butthurt of financial rape. get real, we have not evolved to require drugs in nature.

[Holliday]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even is he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

Freedom isn't free. Sometimes you have to fight for it. Perhaps others think differently than I do, but the genie is out of the bottle with Bitcoin and I, personally, won't give up the power it provides to the individual.

You seem to think the only reason to be involved with Bitcoin is as an investment opportunity. That's simply an unintended (although necessary) consequence in my book.

[billyjoeallen]

Huge dump on BTC-e to 761 and dropping.

[TERA]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even is he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

Freedom isn't free. Sometimes you have to fight for it. Perhaps others think differently than I do, but the genie is out of the bottle with Bitcoin and I, personally, won't give up the power it provides to the individual.

You seem to think the only reason to be involved with Bitcoin is as an investment opportunity. That's simply an unintended (although necessary) consequence in my book.

No what I think is that the majority of chinese investors saw it as an investment opportunity. I don't that over the course of a few months there were all the sudden all these die-hard bitcoin enthusiasts in China who had learned all about the technicalities of bitcoin and bitcoin idealism overnight.

[Holliday]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even is he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

Freedom isn't free. Sometimes you have to fight for it. Perhaps others think differently than I do, but the genie is out of the bottle with Bitcoin and I, personally, won't give up the power it provides to the individual.

You seem to think the only reason to be involved with Bitcoin is as an investment opportunity. That's simply an unintended (although necessary) consequence in my book.

No what I think is that the majority of chinese investors saw it as an investment opportunity. I don't that over the course of a few months there were all the sudden all these die-hard bitcoin enthusiasts in China who had learned all about the technicalities of bitcoin and bitcoin idealism overnight.

It would seem like they need it more than most. I really have no idea though.

[desired_username]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

[chessnut]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

you can get technical about it but we do not need cocaine, heroin, marijuana, opium etc....
WE DONT!
you know the inventor of ecstacy once said - "nothing beats a good sunrise"
(and dont get me wrong - Ill do drugs when I wanna)

[isov]

get real, we have not evolved to require drugs in nature.

Completely incorrect.

Drugs are "matter" which have an effect on your body (contrary to the common misconception a human does not have a soul, it's all about the brain and the supporting organs)
You can consider any substance which you consume as drugs, even table salt or sugar. Also even your own body can produce "substances" altering your mood, pain threshold, consciousness and many more.

We (and all other animals) have evolved that "drugs" are an elemental part of our existence.

you can get technical about it but we do not need cocaine, heroin, marijuana, opium etc....
WE DONT!

But I would be guessing we DO need all the endorphines and whatever are the names for this substances in your brain that deliver electric impulses and release all these substances in our bodies to alter pain sensations, happiness and other things. And when you take drugs the effect you feel is these substances getting freed in to your system so its just artificial way of deciding how your body feels when usually it happens automaticly and you cant "decide" how you feel.

[PirateHatForTea]

I bought on this news, and then freaked out when BTC price dropped $15 - I thought the news must be fake. I was planning to buy anyway if it got to the 31st and there was no more news of a crackdown out of China, so I'm not too upset, but I have a BTCChina account so I thought I may as well log in and check for myself.

Although the help has indeed not been updated, and still states that the Bank Transfer option is disabled, if I go to Fund CNY there is in fact a Bank Transfer option, as per the screenshots. Don;t take my word for it though - there is nothing stopping you from opening an account at BTCChina and seeing for yourself - the mobile verification codes will send to international numbers, and there is an English version of the BTCChina website.

[GigaCoin]

I bought on this news, and then freaked out when BTC price dropped $15 - I thought the news must be fake. I was planning to buy anyway if it got to the 31st and there was no more news of a crackdown out of China, so I'm not too upset, but I have a BTCChina account so I thought I may as well log in and check for myself.

Although the help has indeed not been updated, and still states that the Bank Transfer option is disabled, if I go to Fund CNY there is in fact a Bank Transfer option, as per the screenshots. Don;t take my word for it though - there is nothing stopping you from opening an account at BTCChina and seeing for yourself - the mobile verification codes will send to international numbers, and there is an English version of the BTCChina website.

Thank you PirateHat for clarifying, so i guess the news is not fake afterall. This means BTCChina indeed opened up bank transfers, i have a feeling though its a similar arrangement to Huobi where the account is a personal account of the CEO. As China hasn't changed its stance on Bitcoin so why suddenly bank transfers would be open ?

That or Bob lee made an arrangement with some high ranking official to make it happen. I'm very interested to see how the markets will react to this.

[BTC2DAMOON]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

[GigaCoin]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

does that mean banks cannot process bank transfers till feb 8th?

[Hyena]

Speaking of drugs... This is Jaguar, enjoying its financial freedom and practising its free will to get high:


And here's the full vid: http://www.youtube.com/watch?v=OqGDv0KCJl8

If such a majestic creature does it to enhance it's hunting power, I'm sure it could also enhance market speculation skills.

[BTC2DAMOON]

Hahahahahahahaha, what a hopeless attempt to drive the price up.
If it was restored, BTC China would have made an official comment about it.

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

does that mean banks cannot process bank transfers till feb 8th?

No not at all... it's the same here during CNY as using my USA bank accounts during Thanksgiving or Christmas.  The physical banks are closed of course but everyone can still do on-line banking as usual which includes the ability to transfer rmb.

[TERA]

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

[MatTheCat]

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

So nice of you to register today and confirm this bullish news.

 

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

Tried it as well. BTC China is not for Johnny Foreigner.

[GigaCoin]

I'm an American on assignment in Beijing for 3 years and have been trading on BTCchina.  I checked my account just now and the news appears to be true.  BTCchina has added back the controls so I can once again fund rmb from my China Merchant Bank account into BTCchina and get a confirmation in 2 hours.

I would guess there will be an announcement soon from BTCchina but they could be waiting on PRC.  CNY has already started as of today and PRC government and almost everything else is shut down until February 8th.

So nice of you to register today and confirm this bullish news.

 

I tried verifying this myself buy I'm asked to submit idenitfy verification using one of several methods which involve chinese identification documents/residency which I don't possess. How are you guys doing this?

Tried it as well. BTC China is not for Johnny Foreigner.

That maybe true for btc2moon but piratetea has been around for a while, I doubt he would lie about this

[dudel42]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

[cr1776]

We need confirmation that this is incorrect, preferably in a foreign language source (russian or chinese for best confirmation)

Obviously it is not true, BTC is over in china, and on the 31st it will crash.

Bitcoin has already crashed. on the 31st it will do nothing. dont you get it?

Lol, it's far from ''crashed''.
It will at least drop to the 350-450 range.

I think that chinese that wanted out before new year got out. Today is the last banking day of this year and all withdraws made tomorrow won't arrive before the 1st. I don't know if this news are real or not, what I do think is that if it actually "crashes" during the weekend it will be a lame attempt of manipulation.

I don't think it will last much longer than the silkroad "crash". If its not banned it will be seen as good news. But I think if its banned its even better. This because btc has no frontiers. If chinese actually banned btc a black market will appear. Btc will be sold overpriced to take money out of the country. Once all btc from china are bought, they will be force to actually take money out of china to buy them. People with an excess in they early fiat leak will use that to buy them, whereas people that actually need to transfer more money abroad will buy other people excess in the form of btc. After this point price will skyrocket.

Right now I'm getting more bullish by the hour. If you have a better theory elaborate it  

smart investors in China bought Bitcoin because it cant be regulated. why would they let go now? every new law imposed against them makes it more valuable, and more proven, and more desirable.
smart investors and officials in America realise they have no better alternative than to back Bitcoin, and are going to make the best of it.
my 2 cents.

This.  Smart people in China kept it as a hedge against the authoritarian rulers

[TERA]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first.

[segeln]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

the question is: has the Option ever been off  or not functional ?
And does it work now ?

[dudel42]

verification worked just fine with the usual documents (utility bill and government id)

[mgburks77]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

It's valid logic

1. Drugs aren't the only black market

2. Not same strength, much stronger because of higher demand and restricted supply.

[mgburks77]

Erm why are we discussing drugs here ? Is BTCchina selling drugs now  

For some reason people like to use drugs and prohibition to support an argument that the btc economy will retain the same strength even if bitcoin is banned by governments. I think drugs/prohibition and bitcoin usage is a loose and exaggerated relationship in that regard.

So do I. Financial freedom is far, far more important than using recreational drugs.

I think it might be difficult to enjoy this financial "freedom" when you're behind bars.

Try to think about the mindset of the types of Chinese traders and investors we have been seeing - the ones really moving the price who are buying up 1,000 - 10,000btc a time. He is already rich and has millions. Now he wants to find a way to increase the size of his portfolio with an investment. He sees something called 'bitcoin' which is getting very popular, has historically done very well, and seems to have good fundamentals. It has risks also but this is outweighed by the hefty rewards. So he engages because he expects that he'll probably increase his portfolio and also the worst that can happen is that he loses some.

Now things have changed. Let's say the Chinese government has actually banned bitcoin. First off it's going to more difficult for the Chinese man to get his money in - he is going to need to go through some underground channel, where is at risk of a total loss. Then once he is in bitcoin the movement is going to be a bit weaker and the fundamentals slightly less because governments are banning bitcoin. He is now in a market where the midterm trend has been down and prone to crashing. Then in order to withdraw money he is going to need to go through another undeground source where he risks total loss. During all of these steps, he is also at risk of being discovered and arrested by his government. So now an investment that was once medium risk high reward is now ultra-high risk and medium reward. There are mutliple vectors in which he can make a total loss of his money, and the worst that can happen is no longer that he loses some money but that he ends up behind bars!

Now is it really worth it for the Chinese man to continue on with this type of investment? He is already rich, and was simply looking for a way to increase his portfolio. Now Bitcoin is no longer easy to do and has a chance to land him behind bars. Even if he became successful he would have to live a life of secrecy about how he did it. He was probably never interested in being a criminal. It's a completely different situation than before. Is it really worth it to take the risk of being behind bars to continue with this avenue of investment just to increase his portolio? I don't think so. I think he'd rather just move on to one of the other investment opportinities he was looking at which might have somewhat less returns but much less risk.

people always follow the law when looking for profit...  

[cowandtea]

anybody can confirm this please? BTC price should sky rocket right?

[F-bernanke]

look at huobi

[Apostata]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first.

Just enter any arbitrary information, it doesn't matter.  The only legit thing you need to enter is a mobile number - it sends you a text confirmation number which you enter and voila.  You can then see the bank fund/withdrawal area.

The question is, has this always been there?

The strange thing is everyone who originally reported this did so using a throwaway account.  The original user on reddit is a brand new account and it was confirmed by another user with a new account called "btcthrwawy" even some of the people here confirming this are new accounts.  Not to say they are fake, just that we need to confirm confirm this actually works and this is something new.  I have logged in and seen the bank options but without a Chinese bank account I cant really confirm.  Apparently people have pointed out that somewhere on the site it says "bank deposits and withdrawals are not functional", but I haven't seen that.  

[MatTheCat]

look at huobi

tis shooting up

10:35pm in Beijing.

Another couple of hours before most of them are in their beds.

[Sonny]

non-chinese account here (their english website is actually pretty good), and I can also see the bank deposit option again -- can't use it without chinese bank account, of course, but it is there again.

but how did you do the identity verification? I can't even get to the screen where it shows withdrawal options because I'm asked to do verification first.

Just enter any arbitrary information, it doesn't matter.  The only legit thing you need to enter is a mobile number - it sends you a text confirmation number which you enter and voila.  You can then see the bank fund/withdrawal area.

Definitely the easiest and fastest "ID Verification" lol.

[GigaCoin]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

[TERA]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

[doctor877]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

This pretty much sums it up. It's almost inevitable, that PBoC will shut these exchanges down at some point, they might aswell do it now so we can get China out of the system. Taking into account their past actions towards bitcoin, it just doesn't make sense that they would let bitcoin exist.

[humanitee]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

Really? I think it's good. I like that bitcoin can get into China easily, it's a tool for freedom. Don't wish oppression on others.

[mgburks77]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

Really? I think it's good. I like that bitcoin can get into China easily, it's a tool for freedom. Don't wish oppression on others.

Kind of have to if you want to profit from cheap coins

[TERA]

anybody can confirm this please? BTC price should sky rocket right?

Coindesk just confirmed this news, btcchina accepting bank deposits is the real deal

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

Really? I think it's good. I like that bitcoin can get into China easily, it's a tool for freedom. Don't wish oppression on others.

I don't necessarily want to oppress China - I just want a clear decision to be made one way or the other - either china allows bitcoin or it doesn't. I'm tired of the back and forth bs, the completely unpredictable swings, the market manipulation, the unreadable volume, and the sudden random oddly placed crashes that seem to only happen strategically when I'm long. I don't want btcchina back just because 'bobby lee see said so' - that definitely seems like the wrong reason, which will lead to more pain and loss. It's just more of this game, with no resolution.

[gentlemand]

Yup. It's going to drag things out for the foreseeable future. Fudsters will continue to roll around and squeal and no one'll be quite sure what's on the horizon. Hopefully it'll fade away a little there as time goes on and other markets grow.

Perhaps we should all club together and donate some BTC to the central committee in return for a straightforward decision.

[Miz4r]

Well I for one am glad that BTCChina is back in business. So what if things become less predictable for you silly day traders? I couldn't care less if you can't sleep at night because of all the uncertainty. Oh the horror, the Chinese can deposit their money and buy BTC again and how on earth will the government respond? *yawn* 

[Dalmar]

It's now officially Jan 31st in China, and some tard pumped the price to 4900.

[mgburks77]

moar price discovery

[BTC2DAMOON]

look at huobi

tis shooting up

10:35pm in Beijing.

Another couple of hours before most of them are in their beds.

LOL the fireworks are too loud for anyone to sleep and they'll continue until ~3am.... now the local time in China is midnight.

If you have never been to China during CNY before it's hard to imagine.  Back home we have 20 minutes of fireworks and everybody thinks it's great and goes home.  Here it goes on ALL DAY AND ALMOST ALL NIGHT for 9 days in a row everywhere not just in one place.  Today is the first day of Spring Festival.

[segeln]

This is horrible news. We were doing so good with merchant adoption and bitcoin confidence with these stable prices and now all this Chinese bs is going to start up again with all the volatility, manipulative trading, completely unpredictable swings, and of course the inevitable crash when corporate bank accounts for bitcoin are outlawed. Our dreams of finding some legitimately supported price anytime soon will be gone.

in principal I aggree, but i don`t care too much about China. The rough Waters beginning perhaps now will calm down

[bitcoinlitcoinbtcltc]

Foosl will be fooled.
China is not allowing this, those who pump money into Chinese exchanges are now are extremely stupid.
Would you put money into a Chinese exchange if you're not even allowed to withdraw?

Last dead cat bounces, but it is good because this will confirm that bitcoin can not be trusted, exchanges can not be trusted, and US government will witness the volatility of bitcoin AGAIN, and ban it.

Everyone buying now is a complete moron. This ship is going down !

[600watt]

Financial freedom is far, far more important than using recreational drugs.

Nothing recreational about it.  The ability to control your own biochemistry is the ability to control your own mind.  Without it, your very thoughts are under the control of others.  The freedom to think as you choose is much more important than the freedom to transact as you choose.

interesting argument.

[micalith]

Foosl will be fooled.
China is not allowing this, those who pump money into Chinese exchanges are now are extremely stupid.
Would you put money into a Chinese exchange if you're not even allowed to withdraw?

Last dead cat bounces, but it is good because this will confirm that bitcoin can not be trusted, exchanges can not be trusted, and US government will witness the volatility of bitcoin AGAIN, and ban it.

Everyone buying now is a complete moron. This ship is going down !

Maybe they're just buying up as many BTC as they can before a black market requires even higher prices for them

[mgburks77]

Foosl will be fooled.
China is not allowing this, those who pump money into Chinese exchanges are now are extremely stupid.
Would you put money into a Chinese exchange if you're not even allowed to withdraw?

Last dead cat bounces, but it is good because this will confirm that bitcoin can not be trusted, exchanges can not be trusted, and US government will witness the volatility of bitcoin AGAIN, and ban it.

Everyone buying now is a complete moron. This ship is going down !

Bitcoin is a trustless protocol. It's in prohibitive environments that it's best usage will be realized.

[BitcoinAshley]

Let's look at the facts people:

-On reddit, the OP was a throwaway account and the first "confirmer" was a throwaway account
-Several of the "confirmers" here have been new users or users with low post/activity
-No one's actually confirmed functionality - the button is there but the website still says bank transfers are not functional, that's pretty clear to me
-Someone said it was confirmed on Coindesk but no link? FISHY
-No announcement from BTCChina

I'm not convinced. This is just a half-assed attempt to pump the price, which will continue to plummet as soon as all the gullible fools realize that this is unconfirmed and therefore false, and that Bitcoin really is outright banned in China.

(Thanks for the hint, guy on page 2, but I'm not going to add [sarc] tags because it's more fun if people don't realize I'm trolling)

I assume Chinese New Year involves lots of alcohol, and therefore drunk trading? This is a bullish signal. (But still not outweighed by the massive bearish signal that is "BTC banned in china.")

[600watt]

Let's look at the facts people:

-On reddit, the OP was a throwaway account and the first "confirmer" was a throwaway account
-Several of the "confirmers" here have been new users or users with low post/activity
-No one's actually confirmed functionality - the button is there but the website still says bank transfers are not functional, that's pretty clear to me
-Someone said it was confirmed on Coindesk but no link? FISHY
-No announcement from BTCChina

I'm not convinced. This is just a half-assed attempt to pump the price, which will continue to plummet as soon as all the gullible fools realize that this is unconfirmed and therefore false, and that Bitcoin really is outright banned in China.

(Thanks for the hint, guy on page 2, but I'm not going to add [sarc] tags because it's more fun if people don't realize I'm trolling)

I assume Chinese New Year involves lots of alcohol, and therefore drunk trading? This is a bullish signal. (But still not outweighed by the massive bearish signal that is "BTC banned in china.")

http://www.coindesk.com/btc-china-accepting-bank-deposits/

edit: lol, i didn´t get it, i guess 

[BitcoinAshley]

Let's look at the facts people:

-On reddit, the OP was a throwaway account and the first "confirmer" was a throwaway account
-Several of the "confirmers" here have been new users or users with low post/activity
-No one's actually confirmed functionality - the button is there but the website still says bank transfers are not functional, that's pretty clear to me
-Someone said it was confirmed on Coindesk but no link? FISHY
-No announcement from BTCChina

I'm not convinced. This is just a half-assed attempt to pump the price, which will continue to plummet as soon as all the gullible fools realize that this is unconfirmed and therefore false, and that Bitcoin really is outright banned in China.

(Thanks for the hint, guy on page 2, but I'm not going to add [sarc] tags because it's more fun if people don't realize I'm trolling)

I assume Chinese New Year involves lots of alcohol, and therefore drunk trading? This is a bullish signal. (But still not outweighed by the massive bearish signal that is "BTC banned in china.")

http://www.coindesk.com/btc-china-accepting-bank-deposits/

edit: lol, i didn´t get it, i guess 

This is not a foreign language source therefore unconfirmed. Proudhon will back me on this.

[koryu]

i am bit confused now  so do you still expect anything to happen @chinese new year 31st of january?

btcchina volume is back, around 20k coins last hour... its just people switching back from huobi to btcchina or is the chinese volume increasing heavily now?

[fonzie]

It´s the same coins goin back and forth





95 buy
95 sell
96 buy
96 sell
76
77
...


I wonder if that volume might be fake..., they´re actin even worse than Huobi now, it´s so obvious, they don´t even try to hide it anymore.

[koryu]

It´s the same coins goin back and forth





95 buy
95 sell
96 buy
96 sell
76
77
...


I wonder if that volume might be fake..., they´re actin even worse than Huobi now, it´s so obvious, they don´t even try to hide it anymore.

true, nice sherlocked^^ that actually looks fake 

[fonzie]

Another one




and this




This is so ridiculous

[koryu]

just watch it on btcwisdom, it's obvious

[fonzie]

In a few hours we will have a new market leader with about 2 Mio. BTC changed in 6 hours

 

[rezilient]

Can someone please explain what they are doing and why?  I guess they are creating volume but I don't fully understand the ramifications.  Sorry for the noob question.

[koryu]

Can someone please explain what they are doing and why?  I guess they are creating volume but I don't fully understand the ramifications.  Sorry for the noob question.

fact is that anybody is creating volume... but this volume means nothing, it doesnt change the value.

question is who and why... i just read that they have started their "maker-taker" fee structure and give out the fee as prize to a lucky customer.
so i see two options:
1. some traders just buy and sell to get the prize
2. btcchina is testing out their new system themself and generate fake volume, also to lure customers maybe.

just brainstorming... nothing confirmed

[kahir]

u know what i learned when i hear things like that .... and see some random chart waves .... i dump all for fiat   ... and see what happen

[stylin]

Can someone please explain what they are doing and why?  I guess they are creating volume but I don't fully understand the ramifications.  Sorry for the noob question.

fact is that anybody is creating volume... but this volume means nothing, it doesnt change the value.

question is who and why... i just read that they have started their "maker-taker" fee structure and give out the fee as prize to a lucky customer.
so i see two options:
1. some traders just buy and sell to get the prize
2. btcchina is testing out their new system themself and generate fake volume, also to lure customers maybe.

just brainstorming... nothing confirmed

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

[fonzie]

Can someone please explain what they are doing and why?  I guess they are creating volume but I don't fully understand the ramifications.  Sorry for the noob question.

fact is that anybody is creating volume... but this volume means nothing, it doesnt change the value.

question is who and why... i just read that they have started their "maker-taker" fee structure and give out the fee as prize to a lucky customer.
so i see two options:
1. some traders just buy and sell to get the prize
2. btcchina is testing out their new system themself and generate fake volume, also to lure customers maybe.

just brainstorming... nothing confirmed

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

Maker- Taker has been active at BTCChina for 2-3 weeks, not?

[fonzie]

ahahahahahaha

[BitcoinAshley]

Can someone please explain what they are doing and why?  I guess they are creating volume but I don't fully understand the ramifications.  Sorry for the noob question.

fact is that anybody is creating volume... but this volume means nothing, it doesnt change the value.
question is who and why... i just read that they have started their "maker-taker" fee structure and give out the fee as prize to a lucky customer.
so i see two options:
1. some traders just buy and sell to get the prize
2. btcchina is testing out their new system themself and generate fake volume, also to lure customers maybe.
just brainstorming... nothing confirmed

What is happening is that BTCChina has recently instituted a reward for market-making (google market-maker). This means that a whale can set huge buy and sell orders very close to each other and make money off of others buying and selling into them. This happens on Wall Street all the time, and now Bobby Lee has actually incentivized it. It's a genius move in my opinion, it reduces volatility and increases liquidity.

Now a bot that hasn't taken this recently-added incentive into account is buying and selling into the market-making bots' orders. I am not surprised they found a bot to exploit, BTCChina has been dead for a while. The bot is slowly losing a lot of money though, when the owner wakes up in the morning he will be pissed lol.

Maker- Taker has been active at BTCChina for 2-3 weeks, not?

(1) I'm glad someone actually understands what's going on and is not taking the tinfoil hat approach. It is obvious that this is whales buying and selling to themselves each other with bots.
(2) The maker-taker reward may have been active for that long, but it's just now gotten more publicity, AND bank transfers are functional again (although there is a holiday period) which  may have sparked whale interest enough to get things going.

[litepresence]

Conceptualize what's happening...

one guy has a bot that he's sleeping in.. it will buy at one price and sell at another based on a preset margin. It doesn't place "limit orders" it places "market orders".

Another guy... much wiser... has realized that by placing limit orders on the books will

1) entice this other bot to buy and sell at ever decreasing margins
2) EARN "maker" fees for the winner
3) Leave the loser to wake up not just to the fees associated w/ buying and selling 100 or 200 BTCs... but 50,000 BTC worth of fees.


Someone is going to wake up so F'ed its not funny...

And someone else is going to be swimming in a BANK of maker fees.


awww SNAP!!!


Some has just had

over 100 BTC drained to nothing


in market order fees in less than 2 hours because they slept in a market order bot... and someone else exploited that bot w/ a limit order bot.

[litepresence]

Maker-Taker is a system whereby those posting multiple buy/sell offers and increase liquidity in the market (“makers”)


are paid a fee,


whereas those who take the offers and remove market liquidity (the “takers”) are charged a fee of 0.3%.

[acsalles]

Amazing what the world has become in these early digital age.
It's almost an academic example of exponential evolution, taking the last century as reference.

[GigaCoin]

Looks like we're gearing up for take off tomorrow...bears might get slaughtered and thrown down the gutter.

[sgbett]

We have a new volume leader 

http://bitcoinity.org/markets/list?currency=ALL&span=24h

but but china banned BTC!!!!111 

[windjc]

Conceptualize what's happening...

one guy has a bot that he's sleeping in.. it will buy at one price and sell at another based on a preset margin. It doesn't place "limit orders" it places "market orders".

Another guy... much wiser... has realized that by placing limit orders on the books will

1) entice this other bot to buy and sell at ever decreasing margins
2) EARN "maker" fees for the winner
3) Leave the loser to wake up not just to the fees associated w/ buying and selling 100 or 200 BTCs... but 50,000 BTC worth of fees.


Someone is going to wake up so F'ed its not funny...

And someone else is going to be swimming in a BANK of maker fees.


awww SNAP!!!


Some has just had

over 100 BTC drained to nothing


in market order fees in less than 2 hours because they slept in a market order bot... and someone else exploited that bot w/ a limit order bot.

I would tend to agree. Would make perfect sense.

[afbitcoins]

when an asset more than halves in volume, it crashes. period. I dont deny the capacity to crash more. but the crash was a chinese crash. it is done and over with. Tell me what force in China will drive the crash tomorrow? there will be no open exchanges!

it is going down, the crypto oracle has predicted it

(this is confirmed)

See, now it looks like he's playing proudhon's game but you can't even tell.

I bet he's a proudhon alt.

A poudhon alt !!!
That made me LOL

[teukon]

it is going down, the crypto oracle has predicted it

(this is confirmed)

See, now it looks like he's playing proudhon's game but you can't even tell.

I bet he's a proudhon alt.

A poudhon alt !!!
That made me LOL

I don't trust any of the alt-hons.  Most of them are little more than cheap copies of the original proudhon.

[sgbett]

it is going down, the crypto oracle has predicted it

(this is confirmed)

See, now it looks like he's playing proudhon's game but you can't even tell.

I bet he's a proudhon alt.

A poudhon alt !!!
That made me LOL

I don't trust any of the alt-hons.  Most of them are little more than cheap copies of the original proudhon.

That sounds like bad news. Do you have confirmation of it?

[pungopete468]

it is going down, the crypto oracle has predicted it

(this is confirmed)

See, now it looks like he's playing proudhon's game but you can't even tell.

I bet he's a proudhon alt.

A poudhon alt !!!
That made me LOL

I don't trust any of the alt-hons.  Most of them are little more than cheap copies of the original proudhon.

That sounds like bad news. Do you have confirmation of it?

Confirmed.

[pazor_true]

btcchina.com is down -> GAME OVER -> another mt.gox ?
 

[alexeft]

?

[podyx]

btcchina.com is down -> GAME OVER -> another mt.gox ?