Topic: BTCChina - Highest trading volume ever today (Read 14229 times)

Huang Xiaoyu seems founder of Bitcoin china.
His new ICO is u starting in few days: http://www.icocoin.org/

+1 However until this grey area becomes slightly less grey the owner will stay the way he is.

BTW my name is freely available on this forum. If it helps appease your fears have a look at http://item.taobao.com/item.htm?id=10805371808&ali_trackid=2:mm_29718961_2548973_9505179,0:1338378727_3z8_1203944589 which is public record anyway.

Certainly I have not posted a single negative thing about their service or the site itself (just the fact that the general public has no idea who they actually are).

I do wish that btcchina will continue to do good business and grow and also I do hope that the "grey areas" of the law/regulations/etc. will become more "black and white" in the future to help this to succeed.

I have been a regular trader on their site for nearly one year. One thing I feel satisfied is their rapid respond to user's request. I have tried to contact various bitcoin services before. MtGox responds me in days and solves my problem in weeks. Bitcoinica... months if not never. But BTCChina's QQ staff is almost always online 9am to 6pm, and my problems can usually be solved in a minute.

Lol, touche.

If there is no legal issues and you guys can be so well trusted then can you please just tell us the legal company name, address and phone number of btcchina so we can do our "due dilligence" ourselves then rather than relying on your "expertise in all matters Chinese".

So now, a poorly researched article from 2009 is what current Chinese legislation is based on come on.

Did you even take the time to read the link to the actual ministry release http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html which clearly states that the only criminal matter connected to virtual currencies is if you gamble with your virtual currency. Oh and it also says that the hundreds of thousands of vendors selling QQ coin cards to little kids so they can buy a new car in QQcart or whatever are breaking the law.


Exactly what are you basing your oh so brilliant deduction on?

This is China, labor is cheap, meaning that stuff other sites try to automate (making it only as good as the code and security) we keep manual and in 100% separate systems in order to minimize risk exposure. Don 't take this to mean there isn't security in place, it just means that nothing over certain very small thresholds is capable of being processed without staff being involved on the btc side, on the cny side nothing at all can be processed without staff being involved.

Trust issues are very high up on peoples list of priorities here and basically the above model is how a very large number of businesses here operate. It's not infallible but the chances of your cousin running away with all the loot are an awful lot smaller than the chances of your server getting hacked.

他妈的磁铁，他们如何工作？

Well I got the information about the laws/rules/whatever from here:

http://www.informationweek.com/news/internet/ebusiness/218101859

The point that I am trying to make (which seems rather hard when you are seemingly just focused on attacking me and saying that I am "ranting") is that "if btcchina was to disappear don't expect much chance of getting your money back".

And if a successful hacking attack similar to Bitcoinica were to occur with btcchina then I expect it would probably just disappear.

Is that a rant? If so then I guess I am ranting - sorry.

Ful disclosure   I occasionally answer English language support questions for btcchina so remember to put that spin on the below.

Yup, I think you're not putting the matter into its proper context at all.

The only person creating an issue atm is you by ranting and raving about stuff that is pretty obvious to anyone doing any kind of due diligence in understanding how a market works, as to people who are unwilling to do so, well they can whinge all they want but will get nothing but scorn from me.

Imo giving the system a big fat index finger is a lot more appropriate than say hiding behind a whoisguard.

Let's put your supposed great danger into context:
http://search8.taobao.com/search?q=lr%D3%CE%CF%B7%B1%D2&source=suggest&suggest=0_4&unid=0&mode=63&pid=mm_14507416_2297358_8935934&p4p_str=fp_midtop%3D10%26firstpage_pushleft%3D0%26lo1%3D60%26lo2%3D60%26nt%3D1&s=0#J_FilterTabBar

The above link demonstrates the even more illegal practice of unregulated money exchange with about 80 public vendors. Rofl some of them are even claiming that Liberty Reserve USD are a virtual currency as that is really low on most priority lists here.

Here's another 16k+ traders involved in illicit sales practices:
http://search8.taobao.com/search?q=wow+%BD%F0%B1%D2&pid=mm_14507416_2297358_8935934&unid=0&mode=63&initiative_id=staobaoz_20120530&suggest_query=wow+%BD%F0%B1%D2&sb_id=14&suggest=0_7&source=suggest&wq=wow+

As to the legality of trading in virtual currencies the interpretation of that directive (and no it's not a law) varies among the different provinces. You'll not find any single law (barring ones on matters of state security or similar issues) applied or interpreted in the same way in any two provinces. Making any claims that "in China bla bla bla" an idiotic fallacy.

+1

I didn't mean to suggest that there is anything wrong with having an RMB account per se - the "heads up" was more about the point that as exchanging virtual money for RMB is illegal one can expect that if the spotlight is put on btcchina then it is very likely to just disappear.

But hey - it seems perhaps the majority of the community are gamblers anyway so no need to listen to me - put *all* your BTC in the btcchina and good luck with it.


Sound like you don't believe me? I actually hadn't used "whois" for over 10 years and my wife (who is Chinese) has never heard of it - so you are going to say she hasn't been in China for "any length of time" also?

Umm what exactly is wrong with rmb accounts?

And if you've been in China for any length of time you should be completely aware of why whois etc are the way they are.

I believe this is the owner of Btcchina.com


https://bitcointalksearch.org/user/yanglinke-21541

A good strategy and again agreed.

Just trying to give a "heads up" to foreigners who are talking about wanting to open up RMB accounts.

I just pump RMB on the Btcchina, and buy bitcoin, and withdraw all the bitcoin. Leave no bitcoin on btcchina.com.  If government decided to shut down btcchina, the officer will have to give the RMB back to the users. Bitcoin? not likely.

Agreed entirely - my point is that the more publicity and injection of large amounts of money into the exchange the quicker it will simply end up gone (and the more that people will lose when it happens).

Again, you're over worried FOR HIM. most of Chinese enterprise is doing something illegal everyday, for example,

1. tax evasion.  
2. there are lots of Chinese companies that is now listed in America, such as Baidu.com, Sina.com. However, their law structure is actually illegal.
3. Lots of big online game is running some gambling program, Open boxes, which will give you an opportunity to win very awesome weapons but you have to try many times with great money. it's illegal,  it's forbidden, it's criticized by the newspaper, it's running everyday.

In Chinese, the law that governs this area is not so important. The law governing the virtual currency is given by the Ministry of Culture and the Commerce Department. it actually should be named as "regulation", not "law".

 it's  As long as the btcchina.com is small, the owner of btcchina should not be worried.

However, this is not a business which could be last.

Or, some truly smart people within the PRC hierarchy will have long ago determined that BTC adoption actually works in their favour, by allowing them to maintain an artificially deflated currency at home while controlling an artificially strong currency abroad.