Author

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28672. (Read 26720873 times)

hero member
Activity: 910
Merit: 1003
Folks have probably noticed this, but at this moment the price seems to be back to the exponential trend that it was following from Jan/19 to Jan/31 and from Feb/07 to Mar/03:


(Huobi, 1d, log scale)

The bump from Jan/31 to Feb/07 corresponds exactyly to the Chinese New Year bank holidays.

I don't recall if a good explanation was found for the jump on Mar/03.  There was an "important announcement on Bloomberg" that may have triggered a big buy on Bitstamp. The "sheep" followed, and forgot to come down again when the announcement turned out to be a flop --  is that it?
member
Activity: 66
Merit: 10
... but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

BTC? It is not that store. 

Look at how easily the value is "stolen" by bad news, or poorly managed exchanges collapsing, or arbitrary rules put in place by government, exchanges, banks, etc.  BTC needs a far more established and reliable support infrastructure before it's considered a safe store of value by the general public. For now BTC is known within a relatively small community, and is understood to be a gamble by most within it.
legendary
Activity: 1600
Merit: 1014
No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

Thanks for the correction!

A source: http://www.chinalawblog.com/2012/07/on-getting-paid-from-china-is-there-really-a-50000-yearly-limit.html (but also heard that from the locals)

Quote
Chinese citizens can convert and remit freely up to USD $50,000 equivalent per year. Conversions exceeding the USD$50,000 quota is still possible, but the citizen cannot complete it at a bank counter freely; he or she must apply to the local State Administration of Foreign Exchange for written approval.  Chinese banks will not let the extra conversion go without seeing SAFE’s approval letter.

However you have to open a special account, running in multiple currencies and deal with an overseas transaction which is far more work than a local wire which goes trough almost instantly and is done in a matter of minutes.

Also receiving back money from the exchange, meaning receiving an overseas transaction might be a real pain... don't know about that exactly, would be interested myself.
hero member
Activity: 910
Merit: 1003
No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

Thanks for the correction!
hero member
Activity: 910
Merit: 1003
Chinese citizens who already have money in their Chinese exchange accounts would want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

Wont be much success what do you think

Sorry, I was thinking of those who wish to continue trading cryptos after April 15 (assuming the rumor is correct) and eventually cash some profits.

More generally, they also have the options of withdrawing their money before April 15, or  trading on the Chinese exchange forever without ever cashing out.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Quote
No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.

That really not much per year sadly the limit is really pathetic

Yeah thats only like 60 trillion dollars. Hardly enough for a decent world war or terraforming a planet.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Even the world's barren, someone your followers,

True love!
hero member
Activity: 798
Merit: 1000
Seems that Bitstamp deposits have begun to roll in  Wink
sr. member
Activity: 462
Merit: 251
Ooh, some new FUD at last. Bitstamp hit by localised apocalypse, withdrawals and deposits only possible through God.

source?
His ass of course.
legendary
Activity: 1600
Merit: 1014
Some good news to China
https://btc-e.com/news/203

I understand that to mean: any Chinese citizens who can send their CNY offshore (which turns them into CNH) can now deposit them directly to BTC-e, without converting them to EUR or USD first.

That could be one option for Chinese citizens to put new money into the cryptocoin market.  However it seems to be limited to 50,000 CNY/year for most people, is that correct?

Chinese citizens who already have money in their Chinese exchange accounts would probably want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

I suppose that the PBoC would not mind, quite the opposite, if Chinese citizens withdraw CNH from BTC-e and bring them back into the mainland?

If I see it your way, it means that the Chinese have a BTC/LTC-way to escape capital controls until April 15th.

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

So if BTC-E provides them with a way to withdraw CNH, and if they can convert CNH to CNY easily, they could put some of their savings into crypto.

Can any Chinese citizen here please confirm that this is the case?



No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.
legendary
Activity: 1600
Merit: 1014
Ooh, some new FUD at last. Bitstamp hit by localised apocalypse, withdrawals and deposits only possible through God.

source?
hero member
Activity: 728
Merit: 500
Some good news to China
https://btc-e.com/news/203

I understand that to mean: any Chinese citizens who can send their CNY offshore (which turns them into CNH) can now deposit them directly to BTC-e, without converting them to EUR or USD first.

That could be one option for Chinese citizens to put new money into the cryptocoin market.  However it seems to be limited to 50,000 CNY/year for most people, is that correct?

Chinese citizens who already have money in their Chinese exchange accounts would probably want to buy bitcoins there and export them to an account on BTC-e or any other exchange.

I suppose that the PBoC would not mind, quite the opposite, if Chinese citizens withdraw CNH from BTC-e and bring them back into the mainland?

If I see it your way, it means that the Chinese have a BTC/LTC-way to escape capital controls until April 15th.

Also 50000 CNY is almost 6 grand in € which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.

So if BTC-E provides them with a way to withdraw CNH, and if they can convert CNH to CNY easily, they could put some of their savings into crypto.

Can any Chinese citizen here please confirm that this is the case?

sr. member
Activity: 434
Merit: 250
Looks like this slow uptrend I predicted is about to begin


I really want to see how low this can go.
legendary
Activity: 2338
Merit: 1035
Looks like this slow uptrend I predicted is about to begin
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
hero member
Activity: 854
Merit: 1000
It seems that shorts are closing.

It seems.
KFR
hero member
Activity: 560
Merit: 500
Per ardua ad luna
Kraken is registered, fully audited and based in Europe - a UK trading address with a German bank.  On top of that I can add my own subjective experience that they're quick, efficient, reliable and have lots of features and a very slick interface.  My impression of both their management and technical abilities is that it's lightyears beyond most crypto exchanges, but that's not as high praise as it should be of course. Wink

Aren't they from San Francisco? Part of the Payward? And yes, they use Fidor bank, based in Munich. If you want a business account at Kraken, get ready for sending them tons of paper  Grin  
I use it also... specially for pay out, because Kraken EUR is much higher than bitstamp USD. And I don't lose money on bank exchange fees Wink

Their address:
Payward
548 Market Street #39656
San Francisco, CA 94104-5401



Ah thanks for that.  Yup they're Payward.  I actually found the verification process to be pretty slick.  The address they use for EUR deposits shows as: One London Wall, London, EC2Y 5EB, United Kingdom

full member
Activity: 160
Merit: 100
There is a disturbing lack of train pics in this thread right now

I posted this a while back Smiley



ccmf ?
hero member
Activity: 546
Merit: 500
hm
Some good news to China

https://btc-e.com/news/203

Whats the use btw ?


probably for chinese traders and arbitrage, cause the news of china central bank ban could be real.

They could do that anyway. True or not. So we still don't know about the situation about China? I think it's time to get some good translations. Aren't here Chinese people with good English skills?

PS: I call it the bottom. Now the good news coming in. Kraken got 5mio. investment. Maybe we go touch the 400 or 410 on Stamp again, but definetly not below 400! I am all in now.


send and withdraw cash from bitstamp? I dont think so.

good for you that you are all in!

I don't send and withdraw cash. I buy/sell via bitcoin.de, so I send to/get from individuals per bankwire. Are there issues with Stamp? Relax...
Jump to: