BTCchina IS BACK, bank deposits restored!!!

[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.