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Ditto to above remarks that no one really knows what is happening.
An example that I knew nothing about (until reading it here in this thread) is the apparent lax capital controls in China. I otherwise would have guessed that they would have been very strict.
With Bitcoin (and much about the world economy), it is almost impossible to be completely informed. There is great value in reading a wide variety of information sources.
Topic: The China capital control (Read 724 times)
That is all fake,hype news.There is only 10% of transactions coming from China.That newsare maybe to hide something what is much more huge for global economys.I will post about it in separate thread
Who the heck knows what's really the truth here? Rumors get out then they deny them but who knows who's really telling the truth. They can really say whatever they want. Bobby Lee, and OkCoin representatives and everyone else.
That's like a rumor that Chinese officials are buying Bitcoin to hedge against its success. It seems very unreal but who can say 100% that no Chinese official has ever bought bitcoins. Everything is possible!
That's like a rumor that Chinese officials are buying Bitcoin to hedge against its success. It seems very unreal but who can say 100% that no Chinese official has ever bought bitcoins. Everything is possible!
Bitcoin got lots of free "advertising" because of the Chinese govt. That advertising created a perceived demand which increased sales. Thank you China. Ditto Russia.
The most important thing. the price of bitcoin is increasing
Bitcoin got lots of free "advertising" because of the Chinese govt. That advertising created a perceived demand which increased sales. Thank you China. Ditto Russia.
There is a Zerohedge story that claims capital controls in China are responsible for driving the price up. However according to Bitcoinmagazine neither BTCC or OKCoin agree that's the reason for the price rise. Both of them say there are better loopholes than Bitcoin around capital controls, and that the Bitcoin price rise is due to speculation.
https://bitcoinmagazine.com/articles/chinese-exchanges-agree-bitcoin-price-has-nothing-to-do-with-capital-controls-1446233197
https://bitcoinmagazine.com/articles/chinese-exchanges-agree-bitcoin-price-has-nothing-to-do-with-capital-controls-1446233197
Quote
According to Bobby Lee, the Founder and CEO of BTCC, while a hedge against capital controls is certainly a use case for bitcoin, it’s not what is driving this run up.
“I can tell you, being on the ground with the bitcoin exchange in China, I can guestimate that the vast majority of trading volume is not for that reason. The reality is, there are many loopholes around the capital controls. For the most part, it’s not a strict, strict capital controls,” he explained in an interview with Bitcoin Magazine. “If you look at countries like Myanmar and Argentina, which have very strict capital controls, you’ll have the price of bitcoin to USD [U.S. dollars] is much greater.”
Jack Liu, head of international at OKCoin, also disagreed with the notion that it had anything to do with capital controls. In an email to Bitcoin Magazine , he said, “I don't think so. It's speculation.”
“I can tell you, being on the ground with the bitcoin exchange in China, I can guestimate that the vast majority of trading volume is not for that reason. The reality is, there are many loopholes around the capital controls. For the most part, it’s not a strict, strict capital controls,” he explained in an interview with Bitcoin Magazine. “If you look at countries like Myanmar and Argentina, which have very strict capital controls, you’ll have the price of bitcoin to USD [U.S. dollars] is much greater.”
Jack Liu, head of international at OKCoin, also disagreed with the notion that it had anything to do with capital controls. In an email to Bitcoin Magazine , he said, “I don't think so. It's speculation.”
Thanks for an article. Just read a few more and found out that the capital controls were not strict at all, which made me think that the Chinese are buying alongside the heat of the news to cover what's really causing them to buy large amounts of coins. It (capital controls) may be a reason why they are buying, but there are still more to it that we still don't know.
There is a Zerohedge story that claims capital controls in China are responsible for driving the price up. However according to Bitcoinmagazine neither BTCC or OKCoin agree that's the reason for the price rise. Both of them say there are better loopholes than Bitcoin around capital controls, and that the Bitcoin price rise is due to speculation.
https://bitcoinmagazine.com/articles/chinese-exchanges-agree-bitcoin-price-has-nothing-to-do-with-capital-controls-1446233197
https://bitcoinmagazine.com/articles/chinese-exchanges-agree-bitcoin-price-has-nothing-to-do-with-capital-controls-1446233197
Quote
According to Bobby Lee, the Founder and CEO of BTCC, while a hedge against capital controls is certainly a use case for bitcoin, it’s not what is driving this run up.
“I can tell you, being on the ground with the bitcoin exchange in China, I can guestimate that the vast majority of trading volume is not for that reason. The reality is, there are many loopholes around the capital controls. For the most part, it’s not a strict, strict capital controls,” he explained in an interview with Bitcoin Magazine. “If you look at countries like Myanmar and Argentina, which have very strict capital controls, you’ll have the price of bitcoin to USD [U.S. dollars] is much greater.”
Jack Liu, head of international at OKCoin, also disagreed with the notion that it had anything to do with capital controls. In an email to Bitcoin Magazine , he said, “I don't think so. It's speculation.”
“I can tell you, being on the ground with the bitcoin exchange in China, I can guestimate that the vast majority of trading volume is not for that reason. The reality is, there are many loopholes around the capital controls. For the most part, it’s not a strict, strict capital controls,” he explained in an interview with Bitcoin Magazine. “If you look at countries like Myanmar and Argentina, which have very strict capital controls, you’ll have the price of bitcoin to USD [U.S. dollars] is much greater.”
Jack Liu, head of international at OKCoin, also disagreed with the notion that it had anything to do with capital controls. In an email to Bitcoin Magazine , he said, “I don't think so. It's speculation.”
The capital control makes people very hard to do arbitrage. This explains why Chinese are buying bitcoins like crazy & the huge price gap between Chinese platforms and foreign exchanges.
Evidence : google " underground banks in china shutdown " , " China capital control " or something alike .
http://ftalphaville.ft.com/2015/09/21/2140362/of-chinese-capital-outflows-tighter-capital-controls-and-baccarat/
Evidence : google " underground banks in china shutdown " , " China capital control " or something alike .
http://ftalphaville.ft.com/2015/09/21/2140362/of-chinese-capital-outflows-tighter-capital-controls-and-baccarat/
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