Now that High up Communist Party officials own millions of dollars of bitcoin, they can declare it official currency and dump the dollar!
Where's your /sarc?
Topic: China - Back to #1 in BTC bought, #2 in overall volume. What??? (Read 5341 times)
Where's your /sarc?
December 20, 2013, 08:01:28 AM
I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.
http://www.youtube.com/watch?v=rezHZKNvO34
That is actually very interesting, is there a reddit or bitcointalk discussion about this anywhere already?
I dont believe so. Thats pretty fresh. I thought it was very interesting as well
December 20, 2013, 07:38:16 AM
lol litecoin is number 1 in volume in china
December 20, 2013, 07:27:48 AM
I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.
http://www.youtube.com/watch?v=rezHZKNvO34
That is actually very interesting, is there a reddit or bitcointalk discussion about this anywhere already?
December 20, 2013, 07:15:37 AM
Right, because until people actually move money off the exchange, to the point of no return, most trading can resume as normal. The real consequence to the deposit ban will be a gradual decline in volume as the money that is withdrawn cannot be replaced by money moving in.
This is China we are talking about! Remember they have a big grey market that likely the exchanges will move to allowing people to convert the fiat cash to bitcoin quietly while the government is looking the other way.
The western media likes to add drama to their news reporting, blowing things out of proportion, from what I understand in the recent Max Keiser report is that China is still trading bitcoin as usual.
December 20, 2013, 06:34:11 AM
Lots of yuen stuck in the exchanges, I presume.
Yes. They can't withdraw them now. Most probably the owners are converting it to Bitcoin, and then taking them out to barter in Localbitcoins.
December 20, 2013, 03:30:26 AM
I don't get this, if there is a suspension on bringing money into Chinese Bitcoin exchanges, how is China up there with Gox regarding Volume? http://bitcoincharts.com/markets/
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
And, China is #1 with BTC purchases, just watch Fiatleak. I've had it going for a while and right now it is showing 37,500 BTC buys in CNY and 8600 in USD. http://fiatleak.com/
And of note, when the news was first made a couple of days ago, fiatleak showed 1 BTC bought. Then yesterday it just started going crazy again.
Ideas?
IAS
I saw a video you might enjoy watching. What the purchases were on windows vs linux on the night the so called "bann" occured. I was spinning out when i saw this.
http://www.youtube.com/watch?v=rezHZKNvO34
December 20, 2013, 02:17:55 AM
It is a bit simplistic to say that for every BTC bought there is one sold. You can say that is what took us from $1 to $1200. But that would be incomplete.
The greater question and I'm not sure if Fiatleak considers this, is "Were the BTC bought at ask or sold at the bid?"
Obviously, the rally the last few days consisted mostly of the bullish former.
Anyway, let's hope the Chinese figure it out.
The greater question and I'm not sure if Fiatleak considers this, is "Were the BTC bought at ask or sold at the bid?"
Obviously, the rally the last few days consisted mostly of the bullish former.
Anyway, let's hope the Chinese figure it out.
December 19, 2013, 09:13:50 PM
This isnt true. Exchanges don't actually send coins through the blockchain for every transaction.
this is very true, fiatleak is getting their data from the exchange APIs I suppose, not from the blockchain:
Quote
Each trade results in a bitcoin being sent from the currency counter in red to the country on the map. - Data from MT.GOX, BITSTAMP, BTCChina, BTC-E, Bit2c, Mercado Bitcoin BR, Local Bitcoins, OKCoin, BTCTrade
fiatleak ist just some toy for kids. and not a very good one for that part...
December 19, 2013, 08:39:21 PM
Lots of yuen stuck in the exchanges, I presume.
December 19, 2013, 08:31:11 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...]
sure! thats what i meant and thats why fiatleak is senseless!
This isnt true. Exchanges don't actually send coins through the blockchain for every transaction.
December 19, 2013, 07:34:59 PM
Now that High up Communist Party officials own millions of dollars of bitcoin, they can declare it official currency and dump the dollar!
yeah, that's very smart. dump 3,557,006 million (3,5 trillion) in exchange for a couple of millions...
December 19, 2013, 07:26:38 PM
Now that High up Communist Party officials own millions of dollars of bitcoin, they can declare it official currency and dump the dollar!
December 19, 2013, 06:55:46 PM
welcome to the crazy bitcoin-world
December 19, 2013, 06:44:15 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...]Exactly, the data doesn't represent the fiat actually flowing in
Also it can be manipulated, the last thing Bobby Lee wants is to make people freak out and be short of a few millions
Manipulated by BTCChina or by whales?
December 19, 2013, 06:29:27 PM
=China is #1 with BTC purchases
High volumes doesn't mean there are more or less bitcoins going into or out of China.Bitcoins aren't bought or sold, but traded. For every single BTC that is traded on BTCChina, one Chinese gains +1 bitcoin and another Chinese loses -1 bitcoin.
Obviously, people also trade on other exchanges and then bring their bitcoins into China, but that's purely Bitcoin traffic. You can't measure that from any exchange's trading volume.
December 19, 2013, 05:53:42 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...]Exactly, the data doesn't represent the fiat actually flowing in
Also it can be manipulated, the last thing Bobby Lee wants is to make people freak out and be short of a few millions
December 19, 2013, 04:58:18 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...]
sure! thats what i meant and thats why fiatleak is senseless!
Agree. Fiat leak would make a lot more sense if it tracked deposits into and out of exchanges worldwide. But this isn't publicly-available information.
December 19, 2013, 04:54:26 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...]
sure! thats what i meant and thats why fiatleak is senseless!
December 19, 2013, 04:35:19 PM
as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. Ppl that didint withdraw their fiat are buying BTC from ppl that want to withdraw.
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