What's going on in btcchina?

[majamalu]

Did you see the charts? http://bitcoincharts.com/markets/btcnCNY.html

[cypherdoc]

its going up.

[majamalu]

the volume is monstrous.

[cypherdoc]

the volume is monstrous.

they led us up last time, remember?

[Mike Jones]

Will the Chinese be the ones that hold Bitcoin up?

[smoothie]

Will the Chinese be the ones that hold Bitcoin up?

Like dollars...they will be the ones holding the most bitcoins....perhaps they should convert their treasury holdings into cash then bitcoins?

[majamalu]

the volume is monstrous.

they led us up last time, remember?

True. It was the starting point. I guess it doesn't matter if we have a few big players or a lot of small players over there: if Bitcoin is catching on in China, we will have an exciting trip.

[cypherdoc]

there have been alot of articles about how the Chinese elite are moving their money out of China to perceived safe havens.  Bitcoin has got to be one of them.

[molecular]

there have been alot of articles about how the Chinese elite are moving their money out of China to perceived safe havens.  Bitcoin has got to be one of them.

*looks at volume data* That's miniscule amounts of wealth for even one member of the Chinese Elite.

[cloon]

while usd has its overvalued pirate40 discussion, btcchina continues with normal trading...

[cypherdoc]

there have been alot of articles about how the Chinese elite are moving their money out of China to perceived safe havens.  Bitcoin has got to be one of them.

*looks at volume data* That's miniscule amounts of wealth for even one member of the Chinese Elite.

they're not going to move everything they have at once.  elites make it their job to know everything that's going on in the money world.  yeah, i think they'd take a flyer on several thousand Bitcoins but yes, its a process.

[notme]

the volume is monstrous.

All the way up to 3.4K BTC.  That puts them in 4th for the day so far, although there several exchanges not far behind.

[majamalu]

the volume is monstrous.

All the way up to 3.4K BTC.  That puts them in 4th for the day so far, although there several exchanges not far behind.

Yes, I meant compared to the average btcchina's volume.

[niko]

Probably something about bitcoin in the news.

I disagree. No matter how hard I tried, I could not find correlation between changes in price and media reports. It seems to me that the price is currently driven by a few speculators in conjunction with the herd mentality of small players (like myself). Add to it a pinch of random fluctuations, and you'll get a realistic picture.

[majamalu]

Probably something about bitcoin in the news.

If a major media outlet has published something, we'll know soon. But the last time we saw such high volumes there was no connection with the media.

[cypherdoc]

the awareness cycles upwards.

[cypherdoc]

Seems to have tapered off a bit, will keep a close eye on that though, if it stays fairly consistent day and night it could be a major buy-in.

this is just the start.

[genuise]

Can anybody advice how to find any official representative from btcchina here on forums?
I am interested to contact them in order to get access to thier orderbook api, if it exists to include CNY to bitcoin-analytics.com charts.

I already sent them email using address on thier website but nothing in return.

thank you indvance.

[bitsire]

this is just the start.

Exactly. I've been predicting a full blown frenzy into Bitcoin due an intensifying collapse in confidence of the world financial system for a while now - it looks like it has begun. Just wait until September when Europe is back from vacation and the shit really starts to hit the fan. September is THE month for banking crises, and I have a feeling that this September will make 2008 look like a blip.

[FreeMoney]

this is just the start.

Exactly. I've been predicting a full blown frenzy into Bitcoin due an intensifying collapse in confidence of the world financial system for a while now - it looks like it has begun. Just wait until September when Europe is back from vacation and the shit really starts to hit the fan. September is THE month for banking crises, and I have a feeling that this September will make 2008 look like a blip.

Summer 2011 will look like a blimp to, know what I mean? know what I mean?