Topic: BTC/CNY - | Bitcoin - Chinese Yuan | (Read 932 times)
Keep in mind, you don't need to be Chinese to use Huobi. You can still deposit and withdraw Bitcoins without a Chinese bank account. Many people use Huobi with no intention to ever withdraw fiat. They just take advantage of the 0% trading fees.
Ya, it's hard to tell what's real or fake. Amazing how the field has changed so much in just over a month.. I wish I had enough money to open a quality exchange, what a goldmine!
I'm more inclined to believe the Chinese volume is real. With zero fee, the amount of $ in play does not get reduced each time a trade take place and it is possible to generate huge volume without resorting to fractional reserve scheme. Assuming they are not running a fractional reserve shop, the market depth is more a determinant on China's impact. You can have 25 'professional traders' or bot keep going back and forth on the buying / selling the same 20 BTC like 200 times and voila, you have 100000 BTC trading volume - kind of like prop trading.
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Yeah, but don't worry about that.
When Huobi is forced to close down, the Bitcoin price will hold up just fine.
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You can't have it both ways.
Either Huobi volume is fake or Huobi closing will have a monumental effect on BTC price
Not both!
(I'm just assuming that you are someone who insists that china volume is fake, based on your previous posts. I'm not saying it's right or wrong - for all I know, it is fake - but indeed, either the volume is fake and closing will not have much effect, or it really does have substantial volume so that it closing would affect price. 75% of volume disappearing would not exactly be a good thing. 50% of fake volume disappearing (depending on how inflated we think the figure is) wouldn't do diddlysquat.)
If you think it would be purely psychological effect... how long have you been around for? Exchanges close quite often... the float rate is, what, 50%? I assume it's improved recently but still, it's not like bitcoin users aren't exactly used to that...
I think he was joking
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Yeah, but don't worry about that.
When Huobi is forced to close down, the Bitcoin price will hold up just fine.
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You can't have it both ways.
Either Huobi volume is fake or Huobi closing will have a monumental effect on BTC price
Not both!
(I'm just assuming that you are someone who insists that china volume is fake, based on your previous posts. I'm not saying it's right or wrong - for all I know, it is fake - but indeed, either the volume is fake and closing will not have much effect, or it really does have substantial volume so that it closing would affect price. 75% of volume disappearing would not exactly be a good thing. 50% of fake volume disappearing (depending on how inflated we think the figure is) wouldn't do diddlysquat.)
If you think it would be purely psychological effect... how long have you been around for? Exchanges close quite often... the float rate is, what, 50%? I assume it's improved recently but still, it's not like bitcoin users aren't exactly used to that...
I'm not so surprise about Huobi, since their date might be fake. What I am surprised about is Gox being so low. Bitfinex is only half of Gox. Craaazzzzyyy!!!
it seems to be hard to get real info on exchange volume..
here's two different sources of conflicting exchange volume to add to the mix:
http://www.cryptocoincharts.info/v2/markets/info
http://btckan.com/price
Pretty much all confirm similar volume, except for http://www.cryptocoincharts.info/v2/markets/info, which is still in beta and doesn't even list Huobi.
| 90100.41 http://btckan.com/price 88400 http://data.bitcoinity.org/#caaaabcdba 87302 http://bitcoinity.org/markets/list?currency=ALL&span=24h 94000(yesterday) http://bitcoinwisdom.com/markets/huobi/btccny |
Bottom line: Huobi, a virtually unknown exchange a few weeks ago is now the largest BTC exchange in the world by a massive margin, and is either a) trading a massive amount of BTC in the face of uncertainty from its government, 2 weeks before 3rd party payment providers must terminate deposit/withdrawals from all exchanges; or b) creating artificial volume. But to what end
i thought huobi and also OKCoin have zero trading fee, which inflates the volume.
it seems to be hard to get real info on exchange volume..
here's two different sources of conflicting exchange volume to add to the mix:
http://www.cryptocoincharts.info/v2/markets/info
http://btckan.com/price
this does not have huobi
it seems to be hard to get real info on exchange volume..
here's two different sources of conflicting exchange volume to add to the mix:
http://www.cryptocoincharts.info/v2/markets/info
http://btckan.com/price
On the last day BTC / CNY Huobi represented 73.46% of the actual volume.
Blog - Bull And Bear Markets
Yeah, but don't worry about that.
When Huobi is forced to close down, the Bitcoin price will hold up just fine.
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