Japanese people, here they come - page 2.

stompix

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Yeah right:

Quote

The number of weekly registration at bitbank jumped 40% above average a week after the Mar. 12th BTC price crash.
Volume and changes in the number of accounts shows retail investors are buying the dip.
The current situation vastly differs from the pre-Crypto Winter of 2019.

Author:
By Yuya Hasegawa, a Market Analyst at bitbank, inc

Definitely going to trust those numbers.
If a company reports an increase in clients it's normal to think that the whole country is doing this, Japanese people are withdrawing every yen and putting all in Bitcoin.

But lets' look at the facts:
https://app.bitbank.cc/trade
Hmm, is that line going up or down, cause to me it sure looks like it goes downhill (volume at the bottom, not the price)

gentlemand

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Quote from: Ryutaro on March 26, 2020, 05:39:13 PM

reports measuring the volume by countries always state China, Korea and Japan in the first places also we can't except a large adoption there, by the end, it's a small island compared to china.

It has 125 million people earning around ten times more than Chinese people. You're hard to please.

China is long gone. Korea burnt itself out, is also a closed market so no foreign money can get in and out, and it has been another one with zero fees which makes volume meaningless.

Ryutaro

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Would we expect less from Japanese lol? Wise people will know that this can be a perfect chance to have a nice investment since the price is very affordable and can't really get much lower than it is now. People are panicking and cashing their money to save it home, mostly thinking that the crisis will have a huge influence on money liquidity, we're all seeing what this worldwide panic has done, people are acting without any proper thinking and Japanese got enough gray matter to make the correct choice lol.

Quote from: gentlemand on March 26, 2020, 06:16:18 AM

I have genuinely never in my life seen any trader anywhere mention JPY volume or pay any attention to it. That says enough about adoption and interest there.

reports measuring the volume by countries always state China, Korea and Japan in the first places also we can't except a large adoption there, by the end, it's a small island compared to china.

Cryptoreflector_666

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Quote from: bhabygrim on March 26, 2020, 06:19:29 AM

So it is the reason why the price of Bitcoin goes up recently I though that most of the people who panic sell their holding are buying it back.
I think it is a good sign for Bitcoin. The question now is if this would continue and Japan would make a big move towards crypto or Bitcoin.

In my opinion, bitcoin will recover very quickly. A couple of months and we will see steady growth again. What do you think influences growth very much? Of course, the crisis! And now is the most favorable time for bitcoin.

gentlemand

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Quote from: figmentofmyass on March 26, 2020, 05:10:44 PM

after strict crypto regulations were passed, japanese exchange volume plummeted and japan fell off the radar. most of it was fake to begin with i'm sure, but fake volume can have a powerful effect. before 2017, we used to follow chinese exchanges for the same reason.

That's a very good point. You've reminded me the biggest Japanese exchanges had zero fee trading just like China. That makes whatever impact Japan had at the time doubly irrelevant. They're well ahead in terms of retail adoption compared to most places. I'd be very intrigued to know if it's anywhere above negligible.

figmentofmyass

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Quote from: gentlemand on March 26, 2020, 06:16:18 AM

I have genuinely never in my life seen any trader anywhere mention JPY volume or pay any attention to it. That says enough about adoption and interest there.

in 2017, japan was a big deal. i always had a tab open for bitflyer BTC/JPY, and so did other traders i know of. at one point BTC/JPY even represented 60% of all reported trading volume: https://www.cnbc.com/2018/06/22/bitcoin-tumbles-after-japan-watchdog-orders-exchanges-to-review-business-practices.html

after strict crypto regulations were passed, japanese exchange volume plummeted and japan fell off the radar. most of it was fake to begin with i'm sure, but fake volume can have a powerful effect. before 2017, we used to follow chinese exchanges for the same reason.

bhabygrim

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So it is the reason why the price of Bitcoin goes up recently I though that most of the people who panic sell their holding are buying it back.
I think it is a good sign for Bitcoin. The question now is if this would continue and Japan would make a big move towards crypto or Bitcoin.

gentlemand

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Welt Am Draht

If Japanese people were going to run in and save us they would've done it several years ago as they've had the opportunity all along.

I have genuinely never in my life seen any trader anywhere mention JPY volume or pay any attention to it. That says enough about adoption and interest there.

They love their cash above all. It's also revealing that I remember Roger Ver saying that everywhere he went and told locals about BTC they were intrigued, the only exception was Japan where the majority decided it sounded scary.

Japan will get there in the end alongside everywhere else but if it was going to lead it would be doing it already. It has tools and options few others places do.

Twinkledoe

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If the stats are true, it will create more demand for bitcoin. I like Japanese people, the discipline, their way of life. The movement may be owed largely to our current pandemic situation. They don't care if they are required to undergo KYC because I believe they are one of the honest people on earth. Just my opinion. Because I remember reading their history, if someone did wrong, he will commit harakiri. So this is good news in crypto, more users, more demand, hence, increase in price.

Lucius

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Although BTC has not proven resilient to the current global crisis, most investors still know that the time is right to buy when the blood is on the streets. Many saw the opportunity to invest in BTC at an extremely good price (under $4000), probably assuming that the upcoming halving would still have a positive impact on the price increase. Looking at the short term, they have all already profited from the current price, and it is not at all unrealistic that they will profit in the long run.

However, perhaps the reason for investing in BTC by the Japanese should also be seen in the fact that BTC is completely legal in that country, and that there are many shops, restaurants, cafes that accept it as a means of payment. Therefore, it is possible for some to buy it only in the short term to get more for their money by paying for goods and services. This may be even more important if we know that crypto taxes in Japan go as high as 55%, which is definitely not at all attractive to large investors.

Casdinyard

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Quote

Bitcoin not Safu haven, but People Seem to not Mind that

Not to promote this source bitbank, but according to them, the bloodbath or the recent bitcoin decline seem to be an opportunity for Japanese people to accumulate or buy more bitcoins. That is based from the number of people registering new accounts on the Japanese crypto exchange which is the bitbank.

Imagine, a 40 percent spike for the number of people is quite huge and KYC doesn't restrict that to happen. What does that mean?

For me, I know Japanese people's actions are so absolute and precise, they have huge discipline in many aspects that they take and with regards to the recent market decline, I believe that they know what they are doing, and with that, accumulation of huge amount of cyptocurrency would be advisable for us to consider.

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