[2014-07-13] Major Chinese Exchanges Poised To Roll Out Bitcoin Banking Services

Ron~Popeil

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Quote from: ThomasCrowne on July 21, 2014, 03:11:40 AM

Quote from: Bit_Happy on July 15, 2014, 02:15:42 PM

Quote from: ThomasCrowne on July 15, 2014, 01:12:18 PM

It's people like Li Xiaolai holding BTC bag's > 100,000BTC that worry the proverbial shit outta me. Having such a small handful of individuals with such huge bag's of bitcoin doesn't bode well for bitcoin price in the short-term I'm afraid. Perhaps not so much people like Li since he hasn't had anything really negative said about Bitcoinsand per say, but individuals like Tradefortress, Karpeles, jdbif, realsolid, and all of the myriad other scammers that have literally bilked btc users out of tends of thousands if not hundreds of thousands of bitcoins.

The BTC fundamentals are so strong that large holders will have two choices:
1) Dump way too early and miss out on huge profits.
2) Sell slowly and hold on for much higher prices.

Agree completely. On a positive note I'm purchasing whatever I can even in small amounts. Think the storm is just a brewin and might not be able to pick them up @ ~600 for long

Exactly. I buy bit coin each month with a set amount of fiat regardless of price. I believe even small amounts will be worth a lot more in the near future.

ThomasCrowne

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★☆★ 777Coin - The Exciting Bitco

Quote from: Bit_Happy on July 15, 2014, 02:15:42 PM

Quote from: ThomasCrowne on July 15, 2014, 01:12:18 PM

It's people like Li Xiaolai holding BTC bag's > 100,000BTC that worry the proverbial shit outta me. Having such a small handful of individuals with such huge bag's of bitcoin doesn't bode well for bitcoin price in the short-term I'm afraid. Perhaps not so much people like Li since he hasn't had anything really negative said about Bitcoinsand per say, but individuals like Tradefortress, Karpeles, jdbif, realsolid, and all of the myriad other scammers that have literally bilked btc users out of tends of thousands if not hundreds of thousands of bitcoins.

The BTC fundamentals are so strong that large holders will have two choices:
1) Dump way too early and miss out on huge profits.
2) Sell slowly and hold on for much higher prices.

Agree completely. On a positive note I'm purchasing whatever I can even in small amounts. Think the storm is just a brewin and might not be able to pick them up @ ~600 for long

howardb

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Quote from: bitbouillion on July 12, 2014, 11:59:36 PM

Inflation is a fundamental requirement for banking. It drives the public to deposit money with a bank to get compensated for inflation by interest payments. Without inflation the only motivation to keep money in the bank is security and utility. Since Bitcoin does not need banks for security or utility and it can't be inflated, why would someone lend Bitcoins? The only reason I can imagine is insane greed.

People lend bitcoin already exactly the same way they lend dollars, and for the same reasons (interest). Thats how the BitFinex.com exchange works!
The more bitcoin price stabilises, the more likely people are to want to lend out their coins for other instruments, thats the nature of Finance and swaps.
Bitcoin banks will become the facilitators of that mechanism and operate pretty much the same as current banks offering accounts with interest on condition they can lend out a portion of your deposits.

freedomno1

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Quote from: bryant.coleman on July 18, 2014, 01:52:07 AM

Quote from: okthen on July 17, 2014, 05:19:01 AM

Maybe we're all wrong and the next bubble will be a yellow one again Grin

The first bubble in 2013 December was not caused by China. It was a result of market manipulation by the Mt Gox guys. However, most of the people attributed it to China. Anyway... let us hope that the next (real) spike will be from China.

I recall it being a variety of both then again not sure how the market settled that one out since Gox was also a factor
http://www.wired.com/2013/12/china_crackdown/

Bitcoin prices took a big hit on Wednesday after China’s regulators ordered the country’s payment processors to stop doing business with the country’s Bitcoin exchanges.

BTC-China, the world’s biggest Bitcoin exchange, said it would no longer take deposits in Yuan, effectively putting an end to the exchange’s pipeline of new Bitcoin buyers.

Bitcoin, the world’s most popular digital currency, which had been trading at about $700 on worldwide exchanges, dropped 35 percent to around $450 on the news. But then it did gain back some of that ground. At press time, bitcoins were trading at $575. That’s about half what a bitcoin was trading at two weeks ago.

bryant.coleman

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Quote from: okthen on July 17, 2014, 05:19:01 AM

Maybe we're all wrong and the next bubble will be a yellow one again Grin

The first bubble in 2013 December was not caused by China. It was a result of market manipulation by the Mt Gox guys. However, most of the people attributed it to China. Anyway... let us hope that the next (real) spike will be from China.

okthen

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Finally good news from asia!
This Huobi removing deposit limitations is huge.
Maybe we're all wrong and the next bubble will be a yellow one again Grin

freedomno1

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Learning the troll avoidance button :)

Quote from: counter on July 17, 2014, 12:29:32 AM

Quote from: freedomno1 on July 13, 2014, 05:52:32 PM

Quote from: Bit_Happy on July 13, 2014, 12:45:32 PM

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

I'm still a bit sarcastic are you sure were not going to get China bans Bitcoin again ^_^
That said if it does work in practice this is big news.

That is not something I look forward to and could see happening again for sure. Atleast if it happens we won't be so surprised, sigh.

True there are only so many times we can say
OMG its happening so many people to have our hopes crushed again by the China news lol.

(Cough but if they wait a full year and then ban it again he-he whole new generation of panic lol.)

counter

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Time is on our side, yes it is!

Quote from: freedomno1 on July 13, 2014, 05:52:32 PM

Quote from: Bit_Happy on July 13, 2014, 12:45:32 PM

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

I'm still a bit sarcastic are you sure were not going to get China bans Bitcoin again ^_^
That said if it does work in practice this is big news.

That is not something I look forward to and could see happening again for sure. Atleast if it happens we won't be so surprised, sigh.

gmx95

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I wonder if it would not put them in hot water with Chinese authorities, who said that bitcoin should not be used in the banking industry.

Bit_Happy

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A Great Time to Start Something!

Quote from: ThomasCrowne on July 15, 2014, 01:12:18 PM

It's people like Li Xiaolai holding BTC bag's > 100,000BTC that worry the proverbial shit outta me. Having such a small handful of individuals with such huge bag's of bitcoin doesn't bode well for bitcoin price in the short-term I'm afraid. Perhaps not so much people like Li since he hasn't had anything really negative said about Bitcoinsand per say, but individuals like Tradefortress, Karpeles, jdbif, realsolid, and all of the myriad other scammers that have literally bilked btc users out of tends of thousands if not hundreds of thousands of bitcoins.

The BTC fundamentals are so strong that large holders will have two choices:
1) Dump way too early and miss out on huge profits.
2) Sell slowly and hold on for much higher prices.

ThomasCrowne

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Activity: 210

Merit: 100

★☆★ 777Coin - The Exciting Bitco

It's people like Li Xiaolai holding BTC bag's > 100,000BTC that worry the proverbial shit outta me. Having such a small handful of individuals with such huge bag's of bitcoin doesn't bode well for bitcoin price in the short-term I'm afraid. Perhaps not so much people like Li since he hasn't had anything really negative said about Bitcoinsand per say, but individuals like Tradefortress, Karpeles, jdbif, realsolid, and all of the myriad other scammers that have literally bilked btc users out of tends of thousands if not hundreds of thousands of bitcoins.

bitbouillion

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Quote from: Chef Ramsay on July 13, 2014, 12:17:59 PM

I thought I read somewhere else that these deposits were going to be fully insured.

Weren't subprime MBS fully insured too? What if the insurer goes bankrupt? Will the government bail out the Bitcoin depositors?

nwfella

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Well hello there!

Quote from: erono on July 12, 2014, 10:06:36 PM

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

Okcoin and Huobi, two leading Chinese cryptocurrcency exchanges, have unveiled their Bitcoin wealth management schemes recently. Right now both only take deposits from invited users, but at least in the case of Huobi, such restriction will be lifted at the end of the month. Apparently the two exchanges have put a great amount of effort in preparation for the services, for instance, both registered their investment subsidiaries in Hong Kong. Given that neither sites are charging fees from regular trading, this new investment scheme can be their hope to turn a profit.

I love the use of the word "scheme". FYI, I'm reading this as a verb with regards to Okcoin and Huobi.

Bit_Happy

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A Great Time to Start Something!

Quote from: Ron~Popeil on July 13, 2014, 05:32:12 PM

Quote from: Bit_Happy on July 13, 2014, 12:45:32 PM

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

Agreed. It is weird that people over react to Chinese non stories but shrug off any notion of good news from China. Markets can be so illogical at times.

Markets can appear to be very illogical:
Sometimes the market is going to a certain range (no matter what), and the news is just a handy excuse and/or "fast forward" button.

freedomno1

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Learning the troll avoidance button :)

Quote from: Bit_Happy on July 13, 2014, 12:45:32 PM

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

I'm still a bit sarcastic are you sure were not going to get China bans Bitcoin again ^_^
That said if it does work in practice this is big news.

Ron~Popeil

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Quote from: Bit_Happy on July 13, 2014, 12:45:32 PM

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

Agreed. It is weird that people over react to Chinese non stories but shrug off any notion of good news from China. Markets can be so illogical at times.

Bit_Happy

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A Great Time to Start Something!

This is a huge step above "China Bans BTC!", it is very encouraging to see some good news from that part of the world.

Chef Ramsay

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Quote from: LiteCoinGuy on July 13, 2014, 03:31:17 AM

"Will 5% or higher annual return enough incentive for me to change my policy? I don’t think so. After experiencing several boom-bust cycles, seeing my coin’s value rising and falling is something that I can live with, but losing them for over-trusting is something that I just can’t forgive myself doing."

I thought I read somewhere else that these deposits were going to be fully insured. Either way, this offers a service to newer people to the rodeo that may have little knowledge or weak stomachs when it comes to personal banking and the 5% interest is enough to get them to let the outfit sit on their coins for them.

LiteCoinGuy

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In Satoshi I Trust

"Will 5% or higher annual return enough incentive for me to change my policy? I don’t think so. After experiencing several boom-bust cycles, seeing my coin’s value rising and falling is something that I can live with, but losing them for over-trusting is something that I just can’t forgive myself doing."

bitbouillion

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Inflation is a fundamental requirement for banking. It drives the public to deposit money with a bank to get compensated for inflation by interest payments. Without inflation the only motivation to keep money in the bank is security and utility. Since Bitcoin does not need banks for security or utility and it can't be inflated, why would someone lend Bitcoins? The only reason I can imagine is insane greed.

Topic: [2014-07-13] Major Chinese Exchanges Poised To Roll Out Bitcoin Banking Services (Read 1959 times)