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Author Topic: Sudden jump in Chinese users.  (Read 3527 times)
ineededausername
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October 01, 2011, 01:03:36 AM
 #21

I am a Chinese from Hong Kong. I am only recently aware of this Bitcoin project. So I first try to setup rigs for mining, I found it is very difficult to source ATI HD5xxx cards in HK(I know they are available from Newegg or other online stores but either shipping is too expensive or not ship international and also the warranty issue). Finally, I bought two HD5850 from taobao.com (Chinese ebay). Although the store claims these XFX cards, I definitely know they are not. I can barely overclock one card to 850MHz and another one to 880MHz. Setting up a mining pool is not a easy task I believe, you need the domain registration and bandwidth and the most important thing is you may not have enough users to keep the pool running. Currently, I am mining at deepbit.net and abcpool.co

You probably got a shanzhai pair of cards  Cheesy
This story is emblematic of so many things in China..

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payb.tc
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October 01, 2011, 01:32:02 AM
 #22

I am a Chinese from Hong Kong.

Currently, I am mining at deepbit.net and abcpool.co

how's the electricity price there?
worldinacoin
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October 01, 2011, 01:44:57 AM
 #23

Hong Kong should be easy to get any domain registration and bandwidth, and if you have some good WOM on some suppliers of graphic cards, it will be very cheap to get direct from China, of course getting from taobao requires some skills and contacts.
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October 01, 2011, 02:10:00 AM
 #24

Electric cost in HK is around 12 cents us$ per kwh
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October 01, 2011, 09:21:49 PM
 #25


Number jumped on Tuesday.

Anyone know why?


See http://bitcoinstatus.rowit.co.uk



Why are they retrieving? Looks like they have almost vanished. Has the Great Fire Wall kicked in?
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October 02, 2011, 06:58:25 AM
 #26

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Why are they retrieving? Looks like they have almost vanished. Has the Great Fire Wall kicked in?

Peeps here think differently from back home. What this whole news thing has managed to do is peak some interest. 80-90% of peeps are now going to wait and see, the mere fact that they actually grabbed the client and ran it to check it out is in itself extremely promising. In 2-3 months they're going to revisit bitcoin and as we'll still be here I'm willing to bet that we'll see an insane jump in usage.
One of the key words in the tv thingy was "scam" back home most peeps would take that at face value but here peeps don't, they'll wait and see if it's safe to jump on-board and then go for it.

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October 02, 2011, 08:32:09 AM
 #27

I will be very scare if the Chinese are in.  Who knows they can have entire factories producing bitcoins and all of us will be priced out of the markets.
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October 02, 2011, 09:00:00 AM
 #28

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I will be very scare if the Chinese are in.  Who knows they can have entire factories producing bitcoins and all of us will be priced out of the markets.

I doubt it will ever come to that. At least in terms of mining. Sure there is access to dirt cheap hardware here (as in stuff you have to rebuild/resolder etc) but that's beyond the technical skills of even most geeks here as it requires more than just a soldering iron. And power prices (at least in the city I'm in) are fully comparable to the US unless you're in a residential building that gets discounted rates.
On the trading side China could be an insane plus as there are tons of peeps here with huge wads that feel bored. And bitcoins is one of the few markets that could represent a challenge to most peeps here as it doesn't receive regular news coverage here and apart from    S3052 there really isn't much going in terms of decent analysis.
Apart from that gambling sites directed at Chinese users using bitcoins could really do a ton of business as gambling is a very integrated part of the culture here.

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October 02, 2011, 09:08:52 AM
 #29

So I know that Satoshi is potentially non-existent, but why is there next to no trading going on in currencies other than USD?  I would expect other countries to be trading just as much as USA.  Are people in other countries trading in USD?  The bitcoincharts site shows mtgox and USD still totally dominating.

I don't completely understand why the other currencies aren't trading as much, unless bitcoincharts is just missing that traffic...?

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memvola
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October 02, 2011, 09:48:05 AM
 #30

Are people in other countries trading in USD?

Bingo. Traders will trade where the volume is, so MtGox/USD wins. (This will probably change in the near future once the market gets efficient enough.)
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October 02, 2011, 01:37:45 PM
 #31

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I've got a huge wad and I'm often bored but I've never thought to trade with it.

Then again you aren't a nueavu riche Chinese Grin

I don't know how many times I've been grilled on anything moving in foreign capital markets. Atm a lot of peeps here (Dalian) are trading scrap plastic futures and just about anything else under the sun.

Futures and commodities trading here is amazing, you go to an exchange with a bag of cash 30+K local (minimum for trading account) and just play numbers games for a day or two and walk home with a lighter or heavier bag of cash at the end of each day. Tax transaction fees etc are all paid instantly so you walk home with you take in full.
Once you clear your buy in, it becomes almost a game. Though a lot more addictive than a game especially if you're hooked up with news services that provide news that might be slowish (preferably non English) in hitting mainstream in China but still might move the market here.

RyNinDaCleM
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October 02, 2011, 02:22:24 PM
 #32

Are people in other countries trading in USD?

Bingo. Traders will trade where the volume is, so MtGox/USD wins. (This will probably change in the near future once the market gets efficient enough.)


I was actually thinking of trading in Yuan a couple days ago!
The exchange rate for BTC->Yuan->USD was higher than straight BTC->USD.
This was two or three days ago though, and I haven't seen it like that again since.

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October 02, 2011, 02:36:07 PM
 #33

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I was actually thinking of trading in Yuan a couple days ago!
The exchange rate for BTC->Yuan->USD was higher than straight BTC->USD.
This was two or three days ago though, and I haven't seen it like that again since.

If you're looking to hold currency that's bound to go up then the RMB is it. It's been slowly rising against the dollar and everything else for the last 5 years as restrictions are slowly loosened up. I believe that another round of deregulation is coming in January (purely tea leaves and what the currency futures are doing here).

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October 02, 2011, 05:59:39 PM
 #34

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I was actually thinking of trading in Yuan a couple days ago!
The exchange rate for BTC->Yuan->USD was higher than straight BTC->USD.
This was two or three days ago though, and I haven't seen it like that again since.

If you're looking to hold currency that's bound to go up then the RMB is it. It's been slowly rising against the dollar and everything else for the last 5 years as restrictions are slowly loosened up. I believe that another round of deregulation is coming in January (purely tea leaves and what the currency futures are doing here).
I can appreciate your patriotism  Roll Eyes

Don't you think that your currency will have the same fate once the dollar is severely weakened against gold?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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October 02, 2011, 06:09:13 PM
 #35

It's got nothing to do with patriotism.

For example, 5-10 years ago, 1 USD bought more than 120 Japanese Yen (the RMB was pegged at 8.28:1 for quite a long time). Now, 1 USD buys less than 80 JPY.

My wife's apartment in Beijing cost 400k RMB in 2000, now it's worth close to 2 million RMB.




ElectricMucus
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October 02, 2011, 06:11:03 PM
 #36

I realize the trend. My point is in order to buy gold the rest of the world has to buy dollars.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Frozenace
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October 02, 2011, 06:55:30 PM
 #37

Even better, spend dollars and don't wait for the feds to print more.


ElectricMucus
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October 02, 2011, 09:34:58 PM
 #38

Well its a vicious cycle... The Dollar gets inflated -> gold goes up -> the world buys dollars to get in position -> dollar strengthens a little against gold -> other countries inflate their currency to compensate -> repeat.
Also the US has more gold than China.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Frozenace
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October 02, 2011, 09:54:06 PM
 #39

Quite interesting. According to the Wikipedia article on gold reserves, the US has a >75% gold as share of national forex reserves, whereas China has about 1.7%. Maybe the respective governments' priorities are different.




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