is anyone else using btcchina right now and seeing every one of their deposits doubled?
is this normal? or a side-effect from the upgrades?
there is no mention of margin (but then again, half of it is in chinese)
any help from an experienced user would be appreciated
Topic: holy shit, china is going parabolic.. - page 2. (Read 9715 times)
There goes the neighborhood
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
2 billion people just now getting exposed to a store a wealth beyond the control of any state. the culture is all about "saving". they won't care so much about what you can buy so long as their investment grows. bitcoin has yet to see what real deflation is
Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay).
Two-factor authentication for login, + additional un-keyloggable trade PIN stored in separate database for trading & withdrawals.
This should be the last week before we open up -- we don't want to launch too soon.
Will save the rest for a thread where I'm allowed to post this stuff.
On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.
Two-factor authentication for login, + additional un-keyloggable trade PIN stored in separate database for trading & withdrawals.
This should be the last week before we open up -- we don't want to launch too soon.
Will save the rest for a thread where I'm allowed to post this stuff.
On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.
awseome! great news.
yeah the cny -> usd is expected and makes perfect sense.
i look forward to the official post.
Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best.
are your local "client facing" servers going to be hosted in shanghai? will you use a .cn name? i just ask, to know if you will acquire an icp license. i tend to believe that would be a major validation of the governments acceptance of the bitcoin movement.
there is something about a full exchange using blockchain.info's api that doesn't seem right to me; imho you'd be "more secure" with your own local solution (over a private network); but i'm just gonna mind my business on that one
anyway, this is all very exciting stuff and i wish you the best of luck with your launch.
(definitely gonna have some fun watching the events unfold in the upcoming weeks)
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
And China will promote anything tha hurts us dollars dominance over the world.
If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.
They have never turned against gold. All that requires, I think, is for the top leaders to really "get" it, to understand that it's as neutral as gold which is not the product of some western conspiracies(the prevailing narrative on Chinese social network right now, what a bunch of brainwashed idiots) against CCP and even better, with China's nearly unrivalled mining potential they can just play by the rule and reap the benefits.
Quote
Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value.
Yes but it's a PITA any they are trying to do everything to diversify, that's why they have proposed to use IMF's special drawing right as a world reserve currency in 2009.
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
And China will promote anything tha hurts us dollars dominance over the world.
If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.
Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value.
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
And China will promote anything tha hurts us dollars dominance over the world.
If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens.
ASIS are produced there. they will start producing more ASIC supernodes and it will cost them
$5 in parts.
$5 in parts.
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
That's really disturbing. If there's one thing one should remember from history, it's that the one with the gold makes the rules.
Meanwhile, westerners sell their gold.
are you planning to actually HOST the servers in shanghai as well?
which channels will you support for cny <=> btc at launch?
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fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best.
Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay).
Two-factor authentication for login, + additional un-keyloggable trade PIN (hashed and stored in separate database) for trading & withdrawals.
This should be the last week before we open up -- we don't want to launch too soon.
Will save the rest for a thread where I'm allowed to post this stuff.
On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.
China will be the first country to crack down on Bitcoin.
It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.
It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.
Maybe... But if the government were against it, why would they let it go on CCTV then?
that's the million bitcoin question
fyi, started out promising, but thus far my experience on btcchina has NOT been fun. WTF
is that how it works? as soon as people start to care and show you love, you fold under the pressure?
(will try again tomorrow)
Whether China plans to crack down on BTC or not is irrelevant. Once the wealthy elite of China take positions in BTC the pressure on the Chinese government will be overwhelming. They wouldn't dare transgress the gentry, these are the people that really run countries.
Of course this assumes that Chinese investors will go long on bitcoin. I don't see any reason why Chinese investment should not mirror what we've already seen; a mix of both (though with a significant weight to a long bull play in my estimation). However, as bitcoin begins to become more institutionalized anyone on the fence should commit to a long-haul.
Furthermore, why should China crack-down on BTC? If BTC skyrockets China only stands to gain from getting in early, and more importantly, before America. I see China's view on bitcoin as cautiously optimistic right now. If things continue to go well for bitcoin in the coming months we should see some real movement as the Chinese calculus changes.
Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
They are working on a scheduled maintenance to replace the server. They have serious lag in the past weeks.
uh, houston, we have a problem -- 2 deposits now and both were "doubled" the actual amount -- did a test and tried to sell the coins and guess what?
anyway, just deposited some more coins to cover the margin
Centralized systems are always reversible, I think there is no exception. The reason I feel safe about using Alipay is that they are way too large to notice the Bitcoin economy growing on it, even if they crack down on one exchange people can always switch to something else, we have been buying VPNs for circumventing GFW after years of government prohibition hardly with any problem.I am actually more worried about an exchange default atm.
that's really good to know -- i tried to get an alipay account last year, but it didn't work out for me (don't know why) -- will try again during my next trip
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i'm going to be watching this like a hawk -- from what i am seeing now, i can't for the life of my see why bitcoins wouldn't just blow up in china -- all the pieces are there; and i'd like to do my part to see it happen
They are working on a scheduled maintenance to replace the server. They have serious lag in the past weeks.
perhaps i spoke too soon -- had mini heart attack when i saw this
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
Why? Because you can arbitrage to make more than 500% profit?
i naturally assumed coinlab had blown up mt.gox and all was lost -- i'm way, way overexposed in btc; don't want to have to hit those mean streets again
Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it) is, compares to Paypal, at least until now.
Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.
Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.
the question was raised before -- is alipay reversable like paypal? i know EVERYONE uses it, however, i never have (always wanted to try out taobao)
Centralized systems are always reversible, I think there is no exception. The reason I feel safe about using Alipay is that they are way too large to notice the Bitcoin economy growing on it, even if they crack down on one exchange people can always switch to something else, we have been buying VPNs for circumventing GFW after years of government prohibition hardly with any problem.I am actually more worried about an exchange default atm.
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
Why? Because you can arbitrage to make more than 500% profit?
i naturally assumed coinlab had blown up mt.gox and all was lost -- i'm way, way overexposed in btc; don't want to have to hit those mean streets again
Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it) is, compares to Paypal, at least until now.
Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.
Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.
the question was raised before -- is alipay reversable like paypal? i know EVERYONE uses it, however, i never have (always wanted to try out taobao)
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
Why? Because you can arbitrage to make more than 500% profit?
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
Wait, what??
Why would the Chinese goveernment alow a show on bitcoin if they are against it? Well, they could do it so people get bitcoin and they can then seize it all...
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
perhaps i spoke too soon -- had mini heart attack when i saw this
China will be the first country to crack down on Bitcoin.
It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.
It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.
Maybe... But if the government were against it, why would they let it go on CCTV then?
that's the million bitcoin question
http://www.youtube.com/watch?v=PON-wNMIy_Y
my first visit to china was during the 08' olympics; imagine my surprise when i couldn't access my fav *ahem* video sites; well last year i noticed baidu (during a regular search for 'movie') started listing some sites; when i told my friends NO ONE believed me (but seeing was believing lol); so yeah there is progress (seems to be slow but steady)
I'm in Shanghai...
In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).
For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.
No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...
In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).
For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.
No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...
are you planning to actually HOST the servers in shanghai as well?
which channels will you support for cny <=> btc at launch?
-------------------------
fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them
Payment has never been a problem, you have no idea how Bitcoin-friendly Alipay(every Chinese network user uses it) is, compares to Paypal, at least until now.
Think of BTCChina as another BTC-e, no public relation and never felt the need to do it.
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