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Author Topic: BTCChina - Highest trading volume ever today  (Read 12698 times)
CIYAM
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May 27, 2012, 02:45:28 PM
 #61

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

You don't get "notified" you just see the threads you have posted to that have new replies (and although I don't like to put in a nothing message I do sometimes just make a post so I can keep up with a thread this way).

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May 27, 2012, 02:46:01 PM
 #62

Most of us do not check our e-mail for thread updates. We just click on "Show new replies to your posts.

That's fine, but "notify" allows for the same functionality for you but without the disappointment for the rest of us of "great! more good stuff to read... aw shit, just a subber".

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May 27, 2012, 02:47:02 PM
 #63

That's fine, but "notify" allows for the same functionality for you but without the disappointment for the rest of us of "great! more good stuff to read... aw shit, just a subber".

Ironically that's exactly why many frequent users don't use the "notify" feature.

As an aside I have been developing a forum "package" for my upcoming open source project which has Subscribe and Unsubscribe buttons. Grin

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May 27, 2012, 02:50:43 PM
 #64

In the streets of Beijing you can get Bittcoins for half the price, and you almost can't tell the difference….

Sig for sale
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May 27, 2012, 02:53:58 PM
 #65

In the streets of Beijing you can get Bittcoins for half the price, and you almost can't tell the difference….

between...
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May 27, 2012, 02:54:13 PM
 #66

In the streets of Beijing you can get Bittcoins for half the price, and you almost can't tell the difference….

But the Bitcoin Network will tell the difference Wink

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May 27, 2012, 02:59:45 PM
 #67

+1
(I would get an e-mail every 2 mins!)

Not if you changed your personal notification and email preferences ...

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May 27, 2012, 03:06:23 PM
 #68

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

You don't get "notified" you just see the threads you have posted to that have new replies (and although I don't like to put in a nothing message I do sometimes just make a post so I can keep up with a thread this way).


I know I should just try it out but since everyone else is yakking about this, what exactly do you mean when you say you "just see the threads you've just posted to"?
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May 27, 2012, 03:12:55 PM
 #69

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)

Thank you. That was my first 'sub' post, and I didn't realize it was in bad form. I see a lot of 'sub' posts and assumed it was the norm. My apologies.


I hope it's not too obvious that I don't have much experience with online discussion forums.  Cheesy
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May 27, 2012, 03:42:03 PM
 #70

There is seriously a sea change in china - I'm not sure I've ever seen trading on another exchange going over half mtgox on a single day like this (today).
Interestingly trading on mtgox in rmb today was 0.2btc total. I'm assuming this is becasue you cannot actually withdraw rmb from mtgox to a Chinese bank account (I've tried it).
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May 27, 2012, 03:42:34 PM
 #71

I know I should just try it out but since everyone else is yakking about this, what exactly do you mean when you say you "just see the threads you've just posted to"?

I think if you click on "Show new replies to your posts" a few times and enjoy the experience then you might well find yourself becoming another "subber". Wink

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May 27, 2012, 03:43:10 PM
 #72

Still going... over 13,000 volume past 24 hrs.

BTC price in USD at that exchange is now $5.64, and almost 4,000btc in bid orders are still there above $5.00 (I'm converting from yuan, obviously).

Gox is only at 20k volume today... it is theoretically possible that BTCChina would surpass Gox at some point here temporarily. THAT would be the first time any exchange has surpassed Gox's daily volume. I've never seen it. And for it to be CNY doing it?!?

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May 27, 2012, 03:45:48 PM
 #73

I know I should just try it out but since everyone else is yakking about this, what exactly do you mean when you say you "just see the threads you've just posted to"?

I think if you click on "Show new replies to your posts" a few times and enjoy the experience then you might well find yourself becoming another "subber". Wink


Lol, fair enough!
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May 27, 2012, 03:46:25 PM
 #74

Gox is only at 20k volume today... it is theoretically possible that BTCChina would surpass Gox at some point here temporarily. THAT would be the first time any exchange has surpassed Gox's daily volume. I've never seen it. And for it to be CNY doing it?!?

It certainly is amazing - although also rather concerning (can just imagine the plug being pulled on it just as quickly as this surge has happened).

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May 27, 2012, 03:46:53 PM
 #75

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.”



According to BoC UK you can - Transfer Your own RMB account with a Bank of China Limited branch in China and Bank of China offers an RMB Current Account in the UK. You can easily deposit or withdraw RMB cash from the account and transfer funds. You can also get a VISA debit card linked to your RMB account - http://www.bankofchina.com/uk/pbservice/pb3/201109/t20110926_1576346.html - http://www.bankofchina.com/uk/pbservice/pb1/201109/t20110926_1576339.html

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May 27, 2012, 03:58:29 PM
 #76

Still going... over 13,000 volume past 24 hrs.

BTC price in USD at that exchange is now $5.64, and almost 4,000btc in bid orders are still there above $5.00 (I'm converting from yuan, obviously).

Gox is only at 20k volume today... it is theoretically possible that BTCChina would surpass Gox at some point here temporarily. THAT would be the first time any exchange has surpassed Gox's daily volume. I've never seen it. And for it to be CNY doing it?!?



What happens then - what price do we follow? There are arbitrage opportunities, but if you are not in China you just have to trust you will be able to extract your money via bitcoin at a future date when the prices stabilize.
btcChina currently has a 10btc per day withdrawal limit (unless you 'contact the administrator')
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May 27, 2012, 04:01:00 PM
 #77

Most of us do not check our e-mail for thread updates. We just click on "Show new replies to your posts.

That's fine, but "notify" allows for the same functionality for you but without the disappointment for the rest of us of "great! more good stuff to read... aw shit, just a subber".

gnah! This forum sux big time. If I want to quickly see where I have to read up, /sub is the best way I know of. Complaining about a /sub, causing a big meta-discussion is pure trolling. Anybody who does /sub, please keep doing it. If there is a 100% replacement for that, please mods enforce its usage by forbidding /subbers pointing them to how to do it silently. ... enough troll feeding for today ...

In the streets of Beijing you can get Bittcoins for half the price, and you almost can't tell the difference….

LOL Smiley)))


If it really becomes a super big issue getting BTC to China I bet the Chinese community abroad that wants to send money home will realize they get 1.5$ per $ when going through BTC and quickly solve the problem.

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May 27, 2012, 04:09:07 PM
 #78



Quote

According to BoC UK you can - Transfer Your own RMB account with a Bank of China Limited branch in China and Bank of China offers an RMB Current Account in the UK. You can easily deposit or withdraw RMB cash from the account and transfer funds. You can also get a VISA debit card linked to your RMB account - http://www.bankofchina.com/uk/pbservice/pb3/201109/t20110926_1576346.html - http://www.bankofchina.com/uk/pbservice/pb1/201109/t20110926_1576339.html

The problem is you then need a tenpay. yeepay or alipay account in China - btcChina don't have a direct bank transfer option. Moving money to China is easy - using it there is another matter.
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May 27, 2012, 04:11:41 PM
 #79

gnah! This forum sux big time. If I want to quickly see where I have to read up, /sub is the best way I know of. Complaining about a /sub, causing a big meta-discussion is pure trolling. Anybody who does /sub, please keep doing it. If there is a 100% replacement for that, please mods enforce its usage by forbidding /subbers pointing them to how to do it silently. ... enough troll feeding for today ...

A 'sub' is just as distracting, off-topic, and 'meta' as complaining about it. There is a silent alternative, 'notify', use it.

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May 27, 2012, 04:42:05 PM
 #80

so lets try and game theory this a bit more as to why this buying is occurring.

options:

1.  chinese are buying btc's so they can move their yuan out of china into a different fiat currency.
2.  chinese are enthusiastic about btc and are buying as an investment.

knowns:

1.  Chinese students laugh at Geithner
2.  world stock markets have had record volatility this month with more consecutive days of stock selling, 12 out of 13, since 1974.  it appears we're repeating 2008 all over again.
3.  Chinese economy is rolling over-numerous reports on Zerohedge about electricity consumption decreasing, loan growth slumping, commodity buying waning.
4.  gold is down 19% from the top. silver is down 43%. miners are down 56%.

i think the balance of evidence points to #2.  chinese students have understood and mocked the USD for years now.  they would be the first to understand and favor btc.  even the average chinese citizen has a better understanding of tech and money than the average American.  sorry guys, but true.

its possible #1 could be happening as buying a rising USD might make sense.  i know i've moved alot to USD cash but also alot to Bitcoin.  but given the chinese skepticism about the USD in that article by students, it seems less likely.

even if they are buying btc's for #1, its still bullish for Bitcoin b/c it is being used as a remittance vehicle.  this is what we've been saying all along.

Chinese citizens tend to save much more than Americans.  as we know, CB's worldwide have been cruel to savers in terms of miniscule interest rates.  they may think it makes sense to diversify out of fiat.  since the yuan is pegged to the USD, it too is rising as the USD rises.  this will decrease exports and i would argue the whole growth story has been a function of primarily Fed easing leading to a torrent of foreign debt based investment into yuan related investments.  this is now going into reverse.

why not buy gold/silver instead?  in general, the last 6 months btc has gone up relative to gold which has gone down. look at the dramatic statistics i've provided.

if the miracle China growth bubble is waning or in fact over, it would make much more sense that chinese would want to move their yuan out of China.  the easiest way to do this is via btc rather than buy metal which has to stay local and could be confiscated by a communist regime.

Chinese also love to gamble.  Bitcoin has much more potential than other investments.

as i said earlier, the lockstep movements of the gox and china charts suggest that the connection of btcchina to the outside world is relatively seamless w/o huge arbitrage opportunities having existed.  one might "expect" the goxusd price to move up in lockstep as well altho this is certainly not guaranteed.  in fact, a great arbitrage opportunity does now exist; and if #2 is true, means that chinese will somehow find a way to exchange yuan for usd's and buy the "cheap" btc at gox.

stock markets declining in May is a big warning sign that the trend has changed from reflation to deflation.  yuan is a peripheral currency to the world reserve USD and if you believe the primary trend has changed, as i do, then diversification of one's yuan is a logical move.

feel free to disagree or add anything i've missed.
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