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Author Topic: BTCChina - Highest trading volume ever today  (Read 12707 times)
minorman
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May 27, 2012, 09:39:02 AM
 #41

Hmmm.

Now the volume is over 10700 btc.
Seems like a freak spike to me. Does anyone have actual insight on what is going on here? Seems strange that china - out of nowhere - becomes comparable to mtgox from one day to the next...

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cypherdoc
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May 27, 2012, 09:41:45 AM
 #42

it would seem to me that with the China bubble apparently beginning to fade along with the recent turmoil in worldwide stock markets (related events) that any smart, self respecting Chinese would at the very least begin diversifying his currency gains while he has the time.  

seems to me that b/c the yuan is pegged to the USD, the recent rise in the USD along with the yuan would maximize the buying power of the yuan at this point in time.  after all, everyone expects more printing and subsequent devaluation, right?  so better to buy Bitcoin now.  the problem with that is that it'll probably be for naught, ie, pushing on a string.
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May 27, 2012, 09:42:51 AM
 #43

Hmmm.

Now the volume is over 10700 btc.
Seems like a freak spike to me. Does anyone have actual insight on what is going on here? Seems strange that china - out of nowhere - becomes comparable to mtgox from one day to the next...

we don't know if this activity will remain sustained.
and don't forget that mtgox's volume is relatively low today...

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May 27, 2012, 09:45:24 AM
 #44

now we're gettin movin:

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May 27, 2012, 09:46:31 AM
 #45

It seems Bitcoin would be useful for China since moving currency in or out of the county is not so easy.

On the other hand, IIRC, there is a law that forbids the use of virtual currencies for anything other than purchases of virtual goods.

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Bigpiggy01
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May 27, 2012, 09:54:25 AM
 #46

Quote
On the other hand, IIRC, there is a law that forbids the use of virtual currencies for anything other than purchases of virtual goods.

The interpretation of this varies drastically from province to province, in Guangxi for example it's supposed to be interpreted very strictly where as in Heilongjiang it's supposed to be extremely lax.

However as an outwards remittance tool bitcoin has the local system beat by miles.

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May 27, 2012, 09:59:44 AM
 #47

Hmmm.

Now the volume is over 10700 btc.
Seems like a freak spike to me. Does anyone have actual insight on what is going on here? Seems strange that china - out of nowhere - becomes comparable to mtgox from one day to the next...

we don't know if this activity will remain sustained.
and don't forget that mtgox's volume is relatively low today...


yes, the mtgox volume is very low today.

but, its a loooong waited picture, to see something like this:





bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1​
threema:HXUAMT96
Otoh
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May 27, 2012, 10:06:40 AM
 #48

I'm guessing it would be hard to arbitrage this because the chinese currency cannot easily be moved to gox?
If you are determined enough I guess you could fly over to HK or Russia (or any other jurisdiction where banks open accounts in CNY), open a CNY and USD accounts at a bank there and convert CNY<->USD as needed Wink
Not sure if any exchange restrictions apply but certainly CNY bank accounts are available in at least two jurisdictions mentioned above.


Since the beginning of 2011 US citizens can open RMB accounts in person at the Bank of China, 2 in NY & 1 in LA, minimum of $500 - but you can't actually use it for anything except a savings account to then convert back in to US$ unfortunately

“Can I write checks in Chinese currency?” I asked.

“No, you cannot.”

“Can I withdraw Chinese currency?”

“No.”

“Can I go to Beijing and withdraw currency from my account there?”

“No.”

“Can I have a debit card and use it in Shanghai?”

“No.”

“Can I deposit currency in my account at the airport in Hong Kong on my way back to the states?”

“No.”

“Can I write checks in dollars?”

“No.”

“Can I send Yuan to the btcchina.com exchange & buy bitcoins with it & vice versa?”

“Oh sure, absolutely, WTF security - security we have an incident at counter number 2, taze this terrorist, take down - take down.”

“So what can I do?”

“You can deposit at minimum of $500 and it will be converted to RMB. If the value of the Chinese currency rises, your dollar account will increase in value. Then you can withdraw dollars. And it is insured by the FDIC.”

“Why would I want to open an account that I can’t really use?”

“Well, if the rate on your savings or money market account is barely zero percent and if the Chinese currency appreciates between 3% and 5% a year as it is expected to, then you can have a savings account at the Bank of China that yields you much more than any equivalent domestic American savings account with the same FDIC protection.”


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weex
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May 27, 2012, 10:24:09 AM
 #49

“Oh sure, absolutely, WTF security - security we have an incident at counter number 2, taze this terrorist, take down - take down.”
Bravo! You need to write the next Bitcoin video. (I lol'd)

Spekulatius
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May 27, 2012, 11:16:59 AM
 #50

Dammit! It seems pretty tough to participate in that craze right now from outside china.
The only funding/withdrawing options being alipay and Tenpay (china only).



https://btcchina.com/bbs/viewtopic.php?f=10&t=872&p=2828#p2828


Any ideas how to get money in and out from/to lets say.. GERMANY? (hallo wie gehts Leute!?)

Thx,
beam me up!

P.S.: Is it possible to merge this thread with the one on the speculation forum? (double posting sucks)
Bigpiggy01
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May 27, 2012, 11:40:15 AM
 #51

Atm the only option is finding a Chinese Alipay to whatever exchange you trust and make use of their services.

LR direct is in the works but still a while off.

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May 27, 2012, 11:50:22 AM
 #52

Atm the only option is finding a Chinese Alipay to whatever exchange you trust and make use of their services.

LR direct is in the works but still a while off.

Hi, Bigpiggy666 I presume?

could you please elaborate a little on the withdraw aspect and alipay? As far as I get it, you are saying, that I need a chinese helper, that I send the CNY to (using alipay?) and that person then sends me that amount in CNY or USD for example to my international bank account?

Thx for clearing things up.

P.S.: your exchange really seems to get traction now, Im happy for you;)
Bigpiggy01
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May 27, 2012, 12:25:42 PM
 #53

I'm only lowly English support but yes you've basically got it in a nutshell.

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May 27, 2012, 12:37:38 PM
 #54

OK, thats way too complicated/risky for me. Ill wait for the implementation of LR (hopefully soon).
finway
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May 27, 2012, 01:49:07 PM
 #55

I guess it's just a tiny player joined in bitcoin community.

EDIT: Maybe sold one of his condos, you know, Chinese condos worth a lot.

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May 27, 2012, 02:24:48 PM
 #56

You subbers can just click the 'notify' link to subscribe and it doesn't muck up the thread (and notify the rest of us that you're subscribing)

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TheHarbinger
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Why is it so damn hot in here?


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May 27, 2012, 02:29:33 PM
 #57

You subbers can just click the 'notify' link to subscribe and it doesn't muck up the thread (and notify the rest of us that you're subscribing)

Yes, because I want to get an e-mail every time someone posts in the thread.   Roll Eyes

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ThomasV
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May 27, 2012, 02:30:34 PM
 #58

the title of this thread remains true for today ;-)

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freespirit
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May 27, 2012, 02:35:25 PM
 #59

Most of us do not check our e-mail for thread updates. We just click on "Show new replies to your posts.
"
Nice to meet you, "Most Of Us" Cheesy

Seriously, what makes you think that you know what most of us do? I for one check my email for notifications.
cypherdoc
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May 27, 2012, 02:43:16 PM
 #60

Most of us do not check our e-mail for thread updates. We just click on "Show new replies to your posts.
"
Nice to meet you, "Most Of Us" Cheesy

Seriously, what makes you think that you know what most of us do? I for one check my email for notifications.

This is what I do.

I don't even understand how you get notified by clicking"show new replies"without using email.
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