Volume at Huobi dropping like a stone

[r34tr783tr78]

http://data.bitcoinity.org/markets/volume/30d?c=e&t=a&volume_unit=btc

You can remove the oher exchanges by clicking on it.

Just stating a fact that shows the present environment at China, where the government even forced the press to censur news about the current chinese bitcoin conference: http://www.coindesk.com/china-orders-media-silence-on-global-bitcoin-summit/

Sarcasm mode started:

Of course, this has to be good news or FUD

Sarcasm mode ended

[TERA]

Trading fee implementation and reduction of leverages could lower volume.

Although it doesn't appear much lower than normal now because we are still in the upper band of the downtrend where low volume is typically done. If/when we fall into the lower band, there should be more volume.

[gizmoh]

No more leverage trading.

[Ultros]

So we can stop watching chinese markets? Seems too good to be true.

[TERA]

So we can stop watching chinese markets? Seems too good to be true.

Nah. Even at current levels, Huobi volume is still 5x higher than Stamp volume.

[r34tr783tr78]

The decision about the flat rate fee and on leverage has only a few days. I think it's not implement yet.
Any way, this drop started more than a month ago, in the beginning of March:
http://data.bitcoinity.org/markets/volume/6m?c=e&t=a&volume_unit=btc

[ElectricMucus]

Are Chinese exchanges still a thing?





Isn't the deadline like ...today?

[TERA]

Try to think of it like this pattern:



Though I do agree that it is going down a little overall.

[Bitcoin_is_here_to_stay]

Try to think of it like this pattern:



Though I do agree that it is going down a little overall.

nice pic

[Tzupy]

Maybe it's time for volume at Bitstamp to pick up. Since Chinese players are unlikely to transfer much fiat
to Bitstamp, but transferring lots of coins should be easy, bears may rejoice soon.

[Blue]

yeeha !

[fattypig]

Are Chinese exchanges still a thing?





Isn't the deadline like ...today?

Yup, deadline today. So lets just assume huobi and other chinese exchange site would be offline tomorrow onwards.

[adamstgBit]

Are Chinese exchanges still a thing?





Isn't the deadline like ...today?

Yup, deadline today. So lets just assume huobi and other chinese exchange site would be offline tomorrow onwards.

i think MAYBE monday

[DustyRah]

I hope the Chinese commies are out as soon as possible so the rest of the world can get it on with BTC~

[blatchcorn]

Bullish sign

[Sindelar1938]

I think it's a bearish signal with some selling to come next week

[Elwar]

Huobi is a Chinese exchange.

China banned bitcoins months ago.

[ElectricMucus]

Huobi is a Chinese exchange.

China banned bitcoins months ago.

Stupid, how the chumps here are the first to call it a ban, while all that China did was to rule banks shouldn't use it. Don't you guys get that is not the same thing?

[T.Stuart]

Huobi is a Chinese exchange.

China banned bitcoins months ago.

Stupid, how the chumps here are the first to call it a ban, while all that China did was to rule banks shouldn't use it. Don't you guys get that is not the same thing?

They've banned the banks from using it. They've banned journalists from reporting it. They pour scorn on Bitcoin users (maybe they've got that partially right  ). The line you take is beginning to sound pedantic.

[ElectricMucus]

Huobi is a Chinese exchange.

China banned bitcoins months ago.

Stupid, how the chumps here are the first to call it a ban, while all that China did was to rule banks shouldn't use it. Don't you guys get that is not the same thing?

They've banned the banks from using it. They've banned journalists from reporting it. They pour scorn on Bitcoin users (maybe they've got that partially right  ). The line you take is beginning to sound pedantic.

As I recall that's basically one event that shouldn't be reported on, and I'd say that's more international politics than anti-Bitcoin, I could be wrong, but then I don't really care.

Still, the bulk of mining hardware is manufactured in China, and if their gov were against Bitcoin they'd move against that. Or rule something akin to "Bitcoin could have a destabilizing influence on the economy and therefore is prohibited" - which they also didn't.

[Torque]

They've banned the banks from using it. They've banned journalists from reporting it. They pour scorn on Bitcoin users (maybe they've got that partially right  ). The line you take is beginning to sound pedantic.

OMG T. Stuart, has the bitcoin bull now turned permabear?

Still, the bulk of mining hardware is manufactured in China, and if their gov were against Bitcoin they'd move against that. Or rule something akin to "Bitcoin could have a destabilizing influence on the economy and therefore is prohibited" - which they also didn't.

...yet.  Right now, the bitcoin economy market cap is just too small for them to care.  When bitcoin adoption and thus the price grows orders of magnitude from here (and it will eventually), don't put it past the Chinese gov't to do something that grave and stupid.  Just like Russia, they will pull out all the stops they need to pull in order to try and regain control.  They'll probably start seriously caring with the market cap hits ~$50B USD.

The only reason they haven't completely banned bitcoin exchanges in their country is
a) they want to keep the final trump card in their back pocket, in order to keep the FUD going as long as possible (since it seems to be working for now), and
b) they don't want to look like draconian N. Korea to their people, and
c) because they know bitcoin can't be extinguished because it's decentralized and global.  So they'd look pretty stupid going to that extreme.  It would just push it into a black market, and continued growth would them make them lose face to their people.  But they still have plenty of other means of FUD at their disposal.

But ultimately it is a losing game for them, because bitcoin is global.  No one country can control it, not its adoption/growth, it's price, nothing.  It would be like the Chinese government trying to ban Linux usage on a global level, or Tor, or BitTorrent, or the entire internet globally.  Just not possible.  The more they try, the more stupid they look.

EDIT:  BTW, China exchange volume makes up only 7% of the world's bitcoin exchange volume.  ONLY 7%!!!
http://bitcoincharts.com/charts/volumepie/

[r34tr783tr78]

Bitcoincharts doesn't take in account Huobi: its numbers are wrong.
http://www.bitcoinity.org/markets/list?currency=ALL&span=24h

[Torque]

Bitcoincharts doesn't take in account Huobi: its numbers are wrong.
http://www.bitcoinity.org/markets/list?currency=ALL&span=24h

Don't believe the faked volume.

[T.Stuart]

They've banned the banks from using it. They've banned journalists from reporting it. They pour scorn on Bitcoin users (maybe they've got that partially right  ). The line you take is beginning to sound pedantic.

OMG T. Stuart, has the bitcoin bull now turned permabear?

  He he! Not at all. Just trying to put things in black and white - better say black in my opinion. In this way we can get over China quicker. Also it's almost true: imagine if the Chinese gov. banned banks from offering accounts to businesses dealing in other types of property, goods, merchandise, etc. That would be heavy news indeed.

The only reason they haven't completely banned bitcoin exchanges in their country is
a) they want to keep the final trump card in their back pocket, in order to keep the FUD going as long as possible (since it seems to be working for now)

I still think they're moving too quickly if that's their game. If they really want to control the price down then they should have a longer perspective. The net effect of the current policy is that Bitcoin is being pumped with strong vaccine against future Chinese action!

[sporket]

...
But ultimately it is a losing game for [China], because bitcoin is global.  No one country can control it, not its adoption/growth, it's price, nothing.

My cat can't influence any of those things, yet half the posts in this thread don't mention him by name.  China, OTOH...

[frienemy]

My cat can't influence any of those things

Buy a new cat when the old one doesn't work

[knightcoin]

My cat can't influence any of those things

Buy a new cat when the old one doesn't work

yeah .. I heard about it ... fucking cat ... even after the "open" box we still not sure if the cat is dead or just sleeping ...

[r34tr783tr78]

The dropping in volume is accelerating on the last 3 days:
http://data.bitcoinity.org/markets/volume/3d?c=e&t=a&volume_unit=btc

[tupelo]

that was about time imho