China buying alot bitcoins?

[Mulder]

I bought some coins in China yesterday using a RMB bank account.  I got them from btcchina and this was the process.

Buy rmb voucher from taobao (Chinese Ebay)
Use the code from the voucher to add rmb to account on btcchina (the funds are locked on btcchina at this point)
Confirm the receipt of goods on taobao
Seller unlocks the funds on btcchina
Use the funds to buy coins

The whole process is really simple and usually only takes about 5 minutes although it's not automated.

I bought yesterday when the price was about $420 although the price was 3150 rmb (about $510).  The price is usually about $100 higher in China.

At the time though, the guy selling the vouchers said things were going crazy for him with lots of people trying to buy vouchers at the same time.

Looking at the taobao account of the guy selling the vouchers you can see how much he's sold in the last 30 days.

265 10,000 rmb vouchers
156 5,000 rmb vouchers
9 50,000 rmb vouchers
which is about 4 million rmb ($650,000) in 30 days.

There are other ways to get rmb onto btcchina and other sellers of vouchers but this guy seems to be the top seller on taobao (at least one other guy has similar numbers).  And of course there's more buying going on on huobi than btcchina.

The trading volume for the last 24 hours on btcchina is about 18,000 coins which is about 64 million rmb.

[sqabeloth]

WOw! Must be something huge is coming as China is big market! If they do something it must worth it.
Maybe it is a sign that bitcoin won't die despite MtGOx death ?

[Mulder]

Just to be clear, what I was saying in the post above is that the Chinese aren't really buying that many bitcoins and that the volume doesn't represent real money entering the market.

If the top seller for rmb vouchers on btcchina has only sold 4million rmb of vouchers in the last 30 days then how can there be volume of 64million rmb in the last 24 hours?  Sure maybe there's been 64million traded in the last 24 hours but there doesn't seem to be much new money coming in.

[MrPiggles]

Just to be clear, what I was saying in the post above is that the Chinese aren't really buying that many bitcoins and that the volume doesn't represent real money entering the market.

If the top seller for rmb vouchers on btcchina has only sold 4million rmb of vouchers in the last 30 days then how can there be volume of 64million rmb in the last 24 hours?  Sure maybe there's been 64million traded in the last 24 hours but there doesn't seem to be much new money coming in.

no way! look at fiatleak! clearly china is buying ALL THA BITCOINZ

Glad to see someone making sense.

Huobi has zero fees, so their volume is just bots scalping each other.

[drippx]

Is this a setup for a dump from china?

[Lloydie]

Yeah, looks like China is going on a major buying spree. Perhaps people are preparing for financial blow ups in the trust sector.

[TERA]

Should I be following Chinese chart or Bitstamp chart? It seems all the action still happens on Chinese time.

[Dalmar]

Should I be following Chinese chart or Bitstamp chart? It seems all the action still happens on Chinese time.

http://hypron.net/bitcoinwisdom.html

You can follow Chinese and Western exchanges at the same time.

[TERA]

Should I be following Chinese chart or Bitstamp chart? It seems all the action still happens on Chinese time.

http://hypron.net/bitcoinwisdom.html

You can follow Chinese and Western exchanges at the same time.

But if there are conflicting signals on each or signals that happen at different times, which chart takes priority?

[Dalmar]

But if there are conflicting signals on each or signals that happen at different times, which chart takes priority?

Depends on the time of the day. When China is awake, it's often them (still). But at the moment, bitstamp seems to be leading with the 1h macd downtrend.