Topic: China buying alot bitcoins? (Read 2913 times)

Depends on the time of the day. When China is awake, it's often them (still). But at the moment, bitstamp seems to be leading with the 1h macd downtrend.  

But if there are conflicting signals on each or signals that happen at different times, which chart takes priority?

http://hypron.net/bitcoinwisdom.html

You can follow Chinese and Western exchanges at the same time.

Should I be following Chinese chart or Bitstamp chart? It seems all the action still happens on Chinese time.

Yeah, looks like China is going on a major buying spree. Perhaps people are preparing for financial blow ups in the trust sector.

Is this a setup for a dump from china?

no way! look at fiatleak! clearly china is buying ALL THA BITCOINZ

Glad to see someone making sense.

Huobi has zero fees, so their volume is just bots scalping each other.

Just to be clear, what I was saying in the post above is that the Chinese aren't really buying that many bitcoins and that the volume doesn't represent real money entering the market.

If the top seller for rmb vouchers on btcchina has only sold 4million rmb of vouchers in the last 30 days then how can there be volume of 64million rmb in the last 24 hours?  Sure maybe there's been 64million traded in the last 24 hours but there doesn't seem to be much new money coming in.

WOw! Must be something huge is coming as China is big market! If they do something it must worth it.
Maybe it is a sign that bitcoin won't die despite MtGOx death ?

I bought some coins in China yesterday using a RMB bank account.  I got them from btcchina and this was the process.

Buy rmb voucher from taobao (Chinese Ebay)
Use the code from the voucher to add rmb to account on btcchina (the funds are locked on btcchina at this point)
Confirm the receipt of goods on taobao
Seller unlocks the funds on btcchina
Use the funds to buy coins

The whole process is really simple and usually only takes about 5 minutes although it's not automated.

I bought yesterday when the price was about $420 although the price was 3150 rmb (about $510).  The price is usually about $100 higher in China.

At the time though, the guy selling the vouchers said things were going crazy for him with lots of people trying to buy vouchers at the same time.

Looking at the taobao account of the guy selling the vouchers you can see how much he's sold in the last 30 days.

265 10,000 rmb vouchers
156 5,000 rmb vouchers
9 50,000 rmb vouchers
which is about 4 million rmb ($650,000) in 30 days.

There are other ways to get rmb onto btcchina and other sellers of vouchers but this guy seems to be the top seller on taobao (at least one other guy has similar numbers).  And of course there's more buying going on on huobi than btcchina.

The trading volume for the last 24 hours on btcchina is about 18,000 coins which is about 64 million rmb.

Wouldn't it be more accurate to say that 100k-700k BTC are no longer in the hands of those that thought they controlled them?  The coins still exist somewhere on the chain correct?

Green = shows up
Red = doesn't. They're sold to people with buy orders.

Did you ever finished primary school?
To whom are the other 1000 BTC sold?
Or am I missing your logic?

Well, not ALL Europeans are that dumb, youre to stupid to shave all ppl on one side. Use youre words better dude.

Oh yeah, that wasn't at you. It was at the people who ignore the fact that fiatleak's supposed CNY volume only includes buys and not sells, so paints a very misleading, overly bullish picture (despite multiple people pointing it out)

I'm just pointing out that the info on fiatleak that he's basing that statement on is clearly false.

fiatleak shows pretty much only china as buying or selling btc right now.

it's showing 125x the volume in China as the rest of the world.

What? I facepalm at bitcointalk sometimes.

"The sky is blue."
"What? You're saying the sky is red?"

Er yeah, the only people buying or selling btc are in China.

Clearly Fiatleak is using real info

So is China back in business now ? Buying when the west dumps. Reverse of last December.

so china dont like bitcoin and wanna buy it all so noone can use it ?