How big is Bitcoin's presence in China?

[Seal]

With the US deficit not shrinking any time soon, China looks like its going to becoming one of the world's most important economies. How big is bitcoin in China?

The volume pie chart on Bitcoincharts doesnt show CNY, but given that the country has heaps of rich folk now... this cant be right!?

With China having roots in communism and the state wanting to control everything, bitcoin in theory (being both anonymous and decentralized) would be very valuable to them.

[Otoh]

Zhoutong just made Chinese the second language of choice on Bitcoinica

www.bitcoinica.com/trading

    简体中文

select language

I hope that Zhou Xiaochuan, the head of the People's Bank of China, takes note

[grue]

How big is Bitcoin's presence in China?

[Otoh]

I'd imagine atm bigger in Honk Kong province but look see:

http://www.blockchain.info/nodes-globe?series=48hrs

edit: & as Honk Kong is most likely where Zhoutong will shortly incorporate Bitcoinica we may see a big growth of interest there when it's officially registered as a Ltd. Co./Inc.

[late443]

Is there a Chinese forum for bitcoins?

[Otoh]

a search is your friend there, plenty of Ruskie one's if that's any help & just curious if you're Chinese what are you doing with those dreaded 4's in your user name? perhaps you're not or it's some cryptic that I haven't goxed as yet..

[notme]

a search is your friend there, plenty of Ruskies if that's any help & just curious if you're Chinese what are you doing with those dreaded 4's in your user name? perhaps you're not or it's some cryptic that I haven't goxed as yet..

443 is HTTPS port.

[Otoh]

hmmm, all geek to me dood, but 5 & 8 would be much more auspicious as it also would be for the BTC $ price too  

edit: thanks btw notme for the enlightenment on that, I see you have atm Posts: 1483

one of my favorite numbers is: 143

[Seal]

Is there a Chinese forum for bitcoins?

Theres a chinese subforum here but its small.

Might be tough information to get... the great firewall of china coming into affect?

Maybe Zhoutong can shed some light on it.

[friedcat]

The volume of Chinese Bitcoin exchange(www.btcchina.com) in the past 30 days is 6452.13 BTCs.

[Seal]

The volume of Chinese Bitcoin exchange(www.btcchina.com) in the past 30 days is 6452.13 BTCs.

Thats one exchange, what other major exchanges are there that serve the chinese/asian market?

[finway]

Not big, because of the regulations.

Think about the Chinese GreatFireWall...

[CIYAM]

Of course that dreaded wall is a concern but at least so far I have not seen any blocking of the ports nor of the main websites (perhaps this is just because it is too small to be on the radar yet).

[friedcat]

The volume of Chinese Bitcoin exchange(www.btcchina.com) in the past 30 days is 6452.13 BTCs.

Thats one exchange, what other major exchanges are there that serve the chinese/asian market?

No one could tell the exact contribution to trading volumes in other exchanges. But I briefly
know quite a few serious miners in China. They use either btcchina or mtgox.

[friedcat]

With the US deficit not shrinking any time soon, China looks like its going to becoming one of the world's most important economies. How big is bitcoin in China?

The volume pie chart on Bitcoincharts doesnt show CNY, but given that the country has heaps of rich folk now... this cant be right!?

With China having roots in communism and the state wanting to control everything, bitcoin in theory (being both anonymous and decentralized) would be very valuable to them.

In reality, the Chinese government is insanely afraid of the circulation of non-fiat currencies. Fundraising and financial companies in China are also highly regulated. An enterpreneur had just been sentenced to death just because she promised a high interest rate to her loaners(http://en.wikipedia.org/wiki/Wu_Ying). This is why services like Bitcoinica wouldn't exist in China for at least a while.

[friedcat]

a search is your friend there, plenty of Ruskie one's if that's any help & just curious if you're Chinese what are you doing with those dreaded 4's in your user name? perhaps you're not or it's some cryptic that I haven't goxed as yet..

Chinese people don't particularly dread 4's. They just don't like to have them in celebrations very much. (I'm a Chinese and I live in China.)

[friedcat]

I'd imagine atm bigger in Honk Kong province but look see:

http://www.blockchain.info/nodes-globe?series=48hrs

edit: & as Honk Kong is most likely where Zhoutong will shortly incorporate Bitcoinica we may see a big growth of interest there when it's officially registered as a Ltd. Co./Inc.

Note that Hong Kong is not a province. It's a Special Administrative Region that uses the British-style common law and has a local government of which Beijing only has a limited control. A lot of things that are perfectly fine in Hong Kong are serious crimes in the rest parts of China.

[friedcat]

Of course that dreaded wall is a concern but at least so far I have not seen any blocking of the ports nor of the main websites (perhaps this is just because it is too small to be on the radar yet).

Indeed. But I could imagine the furious react of the government when they identify Bitcoin as a threat. They would demonize it in TVs and newspapers most of which are owned by the state. They would randomly centesimate some people for their use of Bitcoin. They would also ban the ports.

But the good part, is that I don't think the Chinese government is capable of launching a 51% attack. At least the probability is very low. They are too inefficient to do such a thing. If the hardware cost of 51% attack is X dollars. They would waste at least 100*X dollars on constructing beautiful buildings for new government employees, organizing banquets for bureaucrats, and bribing a bunch of economists and scientists to justify their deeds in the media.

[notme]

With the US deficit not shrinking any time soon, China looks like its going to becoming one of the world's most important economies. How big is bitcoin in China?

The volume pie chart on Bitcoincharts doesnt show CNY, but given that the country has heaps of rich folk now... this cant be right!?

With China having roots in communism and the state wanting to control everything, bitcoin in theory (being both anonymous and decentralized) would be very valuable to them.

In reality, the Chinese government is insanely afraid of the circulation of non-fiat currencies. Fundraising and financial companies in China are also highly regulated. An enterpreneur had just been sentenced to death just because she promised a high interest rate to her loaners(http://en.wikipedia.org/wiki/Wu_Ying). This is why services like Bitcoinica wouldn't exist in China for at least a while.

From the link, it looks like she did more than promise high interest... Half the money was missing by the time they arrested her.  The death penalty is a bit steep, but she was guilty (and plead as such) of more than offering good interest rates.

[finway]

Not Big.