reverting back to $100-150 - the pre china madness days
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30878. (Read 26711937 times)
December 18, 2013, 08:52:40 PM
btc is sliding again..
reverting back to $100-150 - the pre china madness days
reverting back to $100-150 - the pre china madness days
December 18, 2013, 08:51:57 PM
It is wire.wire within China is cheap and instant
This is starting to get posted everywhere:
The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"
Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".
I know huobi is a Chinese exchange. I know they're saying they are now accepting fiat via "remittance". What is remittance though? And they say they support two different banks. Is remittance like a cashier's check form one of these banks? Is it a bank wire?
It looks like this exchange has found a way around the new regulations.
The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"
Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".
I know huobi is a Chinese exchange. I know they're saying they are now accepting fiat via "remittance". What is remittance though? And they say they support two different banks. Is remittance like a cashier's check form one of these banks? Is it a bank wire?
It looks like this exchange has found a way around the new regulations.
So do you believe this could be an answer for the Chinese problem? Why were the exchanges and depositors having to use 3rd party payment processors, if they could just use the banks directly like this anyway?
Bank wire needs manual operation and 3rd party processors provide API, so they use the latter
Is bank wire the answer? Yes, if their accounts are not frozen later. Look at gox.
December 18, 2013, 08:51:19 PM
damn it was fun while it lasted but i guess its over now. 
December 18, 2013, 08:50:35 PM
There is almost no volume on the exchanges. Everybody is just waiting on the sidelines and watching BTC China.
December 18, 2013, 08:47:12 PM
Too close to call right now. Seems to be a battle at 500.
December 18, 2013, 08:42:56 PM
Sold at 900, bought at 450. Doubled my coins again.
How big is your stash? It's quite different to double 100+ or 1000+ coins than 10.
December 18, 2013, 08:41:39 PM
BTC-e (15m on BitcoinWisdom) continues with the downward oscillations. However, the amplitude is flattening so perhaps a break coming. Up or down? Likely down.
December 18, 2013, 08:38:25 PM
Sold at 900, bought at 450. Doubled my coins again.
December 18, 2013, 08:36:27 PM
http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency
sry if this was posted here before.
sry if this was posted here before.
December 18, 2013, 08:35:55 PM
Looks like we are getting ready for another dive.
December 18, 2013, 08:35:48 PM
Hmmm...the market seems paralyzed at the moment.
December 18, 2013, 08:35:12 PM
I think China's nearly dead, can't see much of a pulse :/ Oppressive tendencies and all they probably just switch off if the state looks unhappy, hope it return from the grave soon though. Lol, a ghost exchange.
Volume on Chinese exchanges:
December 18, 2013, 08:31:41 PM
Wonder what is causing the selling.
Fear of what will happen when China wakes???
Fear of what will happen when China wakes???
It is 9:00 am in China, is that bank opening time? Cybercafe opening time?
Trade volume on BTC-China spiked and price fell sharply by 100-150 CNY.
December 18, 2013, 08:26:02 PM
Wonder what is causing the selling.
Fear of what will happen when China wakes???
Fear of what will happen when China wakes???
It is 9:00 am in China, is that bank opening time? Cybercafe opening time?
Trade volume on BTC-China spiked and price fell sharply by 100-150 CNY.
December 18, 2013, 08:25:44 PM
Gonna tweet this thread as an excellent resource for anyone interested in Bitcoin. If not just for the entertaining educational value.
December 18, 2013, 08:24:00 PM
From ICBC's website:
So it appears that remittance is also used within the country. Looks like a viable option so far.
Quote
Remittance Express
☆ Introduction
A service for making transfer of RMB or foreign currency between remitter and the appointed domestic receiver in the form of cash or transfer through the remittance channel of ICBC domestic.
☆ Target Client
All individual customers are welcomed to remit money via "Remittance Express" in a fast and safe manner.
☆ Features
1. Fast and accurate. For remittance between ICBC accounts, once the name and A/C No. are correct, the amount will be accurately credited into receiving account. RMB remittance between ICBC accounts is credited into the receiving account in real time. FX remittance between ICBC accounts is credited in real time into the receiving account if in the same city, and usually on the next day if in other city. ICBC will process the remittance to accounts in other banks in China in the shortest span. However, when will the remittance amount be credited into the payee account depends on the receiving bank.
☆ Introduction
A service for making transfer of RMB or foreign currency between remitter and the appointed domestic receiver in the form of cash or transfer through the remittance channel of ICBC domestic.
☆ Target Client
All individual customers are welcomed to remit money via "Remittance Express" in a fast and safe manner.
☆ Features
1. Fast and accurate. For remittance between ICBC accounts, once the name and A/C No. are correct, the amount will be accurately credited into receiving account. RMB remittance between ICBC accounts is credited into the receiving account in real time. FX remittance between ICBC accounts is credited in real time into the receiving account if in the same city, and usually on the next day if in other city. ICBC will process the remittance to accounts in other banks in China in the shortest span. However, when will the remittance amount be credited into the payee account depends on the receiving bank.
So it appears that remittance is also used within the country. Looks like a viable option so far.
December 18, 2013, 08:20:22 PM
I know huobi is a Chinese exchange. I know they're saying they are now accepting fiat via "remittance". What is remittance though? And they say they support two different banks. Is remittance like a cashier's check form one of these banks? Is it a bank wire?
In the contexts I'm familiar with, remittance refers to services in western countries designed to help expats send money back to their home country.
If that's what it refers to here, then it's not clear how much help it is to most people in China, as it would require them to have funds in the west to start with (or the ability to transfer funds from China to a western country).
roy
Earlier, someone said that remittance is a service only within the borders of China. I'll try to find more info on it.
December 18, 2013, 08:20:05 PM
It is wire.wire within China is cheap and instant
This is starting to get posted everywhere:
The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"
Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".
I know huobi is a Chinese exchange. I know they're saying they are now accepting fiat via "remittance". What is remittance though? And they say they support two different banks. Is remittance like a cashier's check form one of these banks? Is it a bank wire?
It looks like this exchange has found a way around the new regulations.
The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"
Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".
I know huobi is a Chinese exchange. I know they're saying they are now accepting fiat via "remittance". What is remittance though? And they say they support two different banks. Is remittance like a cashier's check form one of these banks? Is it a bank wire?
It looks like this exchange has found a way around the new regulations.
So do you believe this could be an answer for the Chinese problem? Why were the exchanges and depositors having to use 3rd party payment processors, if they could just use the banks directly like this anyway?
anonymity I believe. Direct bank transfers are of course documented, whereas it sounds like the 3rd party payment system less scrutinized?
But now it sounds like the 3rd party payment system is the one so heavily scrutinized. Plus, were the Chinese really using BTC for things they felt they needed to be anonymous for?
I think if someone like OKCoin or BTCchina were to announce this, the price would explode.
It's hard to know what to think given the state of most translations. wanting anonymity has nothing to do (for me anyway) with NEEDING it. Its about NOYB. Any chance I have to NOT be recorded, documented, watched or otherwise controlled I tend to take. And that is before even venturing into the arena of taxation. We need more direct Chinese commentary to get a full picture.
December 18, 2013, 08:19:50 PM
Wonder what is causing the selling.
Fear of what will happen when China wakes???
Fear of what will happen when China wakes???
china is awake
Opps, you are right.
December 18, 2013, 08:19:44 PM
Surely, Bobby Lee would have looked into this alternative form of sending fiat to the exchanges right?
I'd like to hear his opinion on this "remittance" option.
I'd like to hear his opinion on this "remittance" option.
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