Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30974.

nanobrain

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Dumb broad

Quote from: gandhibt on December 17, 2013, 06:54:10 AM

you can still send your fiat instantly with no fees to the exchange and buy bitcoins, same thing other way around, in china, am i correct?

Well, I just checked my BTChina account because there would be some lovely arb opportunities if you could get fiat on there from overseas but it looks very much like the only options are via banks in mainland China. I asked them last month about HK banks and they said no. So, getting funds in from o/s looks difficult.

Where's Bitpirate? I'd be interested in his take on things and how its impacted on rmbtb.com

Unpredictable

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http://bitcointicker.co/combined/

They are dumping bitcoins in china

Voodah

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Quote from: JorgeStolfi on December 17, 2013, 07:00:01 AM

Quote from: UnDerDoG81 on December 17, 2013, 06:56:18 AM

How can something rare drop in price only because people sell it to other people?

"Rare" does not imply "high demand".

Exactly. Well said.

JorgeStolfi

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Quote from: UnDerDoG81 on December 17, 2013, 06:56:18 AM

How can something rare drop in price only because people sell it to other people?

"Rare" does not imply "high demand".

nanobrain

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Dumb broad

Thanks Dragonkiller...that's an interesting stat.

And thanks for the info Crazy_Rabbit....I did see that yesterday but had forgotten in the tsunami of information. BTW I love your "Rum and carrots" line...always makes me smile

Windjc...I was enjoying our discussion earlier until that youngun came in calling me names...hope we are still good, HoneyBadger?

UnDerDoG81

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Will the BTC´s at BTCCHina only stay in China? Or is there a possibility for the chinese people to use Bitstamp/Gox and payout from there? I only wonder because the price dropped 50% with just 2 chinese rumours. But the BTCs are still in China. I really dont understand Bitcoin.

How can something rare drop in price only because people sell it to other people?

gandhibt

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Quote from: stompix on December 17, 2013, 06:50:04 AM

What happened to the "China wants to get rid of the $ , China is embracing BTC as a new currency? .
We're talking about a country that holds it's own currency , the yuan at bay to help exports.
Wake up people. It was a nice ride but we need a real country for the next step , and that ain't China!

you can still send your fiat instantly with no fees to the exchange and buy bitcoins, same thing other way around, in china, am i correct?

dani

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..yeah

at some point I realised that this thread is a better articulated btc-e trollbox. So um, lets just, you know...

stompix

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Blackjack.fun

What happened to the "China wants to get rid of the $ , China is embracing BTC as a new currency? .
We're talking about a country that holds it's own currency , the yuan at bay to help exports.
Wake up people. It was a nice ride but we need a real country for the next step , and that ain't China!

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: nanobrain on December 17, 2013, 06:42:40 AM

Quote from: windjc on December 17, 2013, 06:14:06 AM

Chinese speculators were not in fact very much of the overall Chinese exchange volume - most of it has come from outside mainland China. Meanwhile, the other exchanges and US and European investments have been the solid foundation of all the exchanges, but this fact had been lost in the run up in at ChinaBTC.

Thus, once investors see that 3rd party processors didnt have a sustainable impact on the market (i.e. Silk Road flash crash) investors flock back to secure best positions and additional investment comes in from off the sidelines anticipating a new run up.

I think the problem with this theory is twofold:
1. Getting fiat onto BTChina is difficult.
2. Most of the o/s funds went on there via BTC to take advantage of the zero trading fee...this is no longer an incentive although it is still cheaper than Gox/Stamp but more expensive than BTCe.

I'd be interested in your thoughts re the conundrum I have. If Chinese users will have difficulty getting their Yuan off BTChina they will need coins instead, so this should mean all the CNY on the side should be being spent on BTC, driving the price up. I guess there is a rush to get CNY off there before implementation of the new guidelines?

They have until the chinese new year to get their money off.

Dragonkiller

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Quote from: nanobrain on December 17, 2013, 06:42:40 AM

Quote from: windjc on December 17, 2013, 06:14:06 AM

Chinese speculators were not in fact very much of the overall Chinese exchange volume - most of it has come from outside mainland China. Meanwhile, the other exchanges and US and European investments have been the solid foundation of all the exchanges, but this fact had been lost in the run up in at ChinaBTC.

Thus, once investors see that 3rd party processors didnt have a sustainable impact on the market (i.e. Silk Road flash crash) investors flock back to secure best positions and additional investment comes in from off the sidelines anticipating a new run up.

I think the problem with this theory is twofold:
1. Getting fiat onto BTChina is difficult.
2. Most of the o/s funds went on there via BTC to take advantage of the zero trading fee...this is no longer an incentive although it is still cheaper than Gox/Stamp but more expensive than BTCe.

I'd be interested in your thoughts re the conundrum I have. If Chinese users will have difficulty getting their Yuan off BTChina they will need coins instead, so this should mean all the CNY on the side should be being spent on BTC, driving the price up. I guess there is a rush to get CNY off there before implementation of the new guidelines?

according to alexa, 60% of visits to btcchina are from china, rest is from overseas

gandhibt

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Quote from: bizz on December 17, 2013, 06:41:34 AM

I say yes it was FUD because there is nothing new only some cool FUD headlines

Chinese gov said last week it will do heavy exchange regulation & no accepted btc in stores. What did people expect? That the heavy regulation means Russian payment providers??? Grin

Of course that every Bitcoin bought will have to go through gov banks.

yep

Dragonkiller

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Quote from: mmitech on December 17, 2013, 06:38:40 AM

Quote from: Dragonkiller on December 17, 2013, 06:28:29 AM

so was the china thing FUD?

nope it wasn't, all third payment parties are forbidden from dealing with Bitcoin exchanges, but this is not new or maybe new to Chinese, why ?

when you use third payment processors to deposit/withdraw your funds from exchanges you actually somehow skip the regulation process, and verifying your transaction will be a bit harder than when dealing with a bank.

what are the third payment parties ? they are similar to PayPal, but the most famous are Yeepay,Alipay,Paypal.... the second part was the introduce of trading fee, exchanges are registered as companies and have to pay Taxes as well and this explain the sudden increase in fees.

it is nothing wrong with this news, Mtgox has cancelled allot of funding methods, Bitstamp doesn't support any of these methods, and it is good for regulators and doesn't mean the end of bitcoin....

give it few weeks and this will be clear and people will stop panicking, though the price make a bit longer to recover from all of this bad energy going around us, the price did rise too fast this is why this happening now, if the price went slowly up I am sure this wouldn't happen.

hopefully it's just for regulation and not a move to gradually stop bank funding. i don't think they will do that because that would effectively kill bitcoin in china, if they wanted to do that the statement they made a couple of weeks ago seems stupid. they probably would have just banned it straight away

nanobrain

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Dumb broad

Quote from: windjc on December 17, 2013, 06:14:06 AM

Chinese speculators were not in fact very much of the overall Chinese exchange volume - most of it has come from outside mainland China. Meanwhile, the other exchanges and US and European investments have been the solid foundation of all the exchanges, but this fact had been lost in the run up in at ChinaBTC.

Thus, once investors see that 3rd party processors didnt have a sustainable impact on the market (i.e. Silk Road flash crash) investors flock back to secure best positions and additional investment comes in from off the sidelines anticipating a new run up.

I think the problem with this theory is twofold:
1. Getting fiat onto BTChina is difficult.
2. Most of the o/s funds went on there via BTC to take advantage of the zero trading fee...this is no longer an incentive although it is still cheaper than Gox/Stamp but more expensive than BTCe.

I'd be interested in your thoughts re the conundrum I have. If Chinese users will have difficulty getting their Yuan off BTChina they will need coins instead, so this should mean all the CNY on the side should be being spent on BTC, driving the price up. I guess there is a rush to get CNY off there before implementation of the new guidelines?

tutkarz

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I don't know who should be worried about 3rd party institutions, shouldn't bitcoin replace them anyway?

bizz

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I say yes it was FUD because there is nothing new only some cool FUD headlines

Chinese gov said last week it will do heavy exchange regulation & no accepted btc in stores. What did people expect? That the heavy regulation means Russian payment providers??? Grin

Of course that every Bitcoin bought will have to go through gov banks.

mmitech

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things you own end up owning you

Quote from: Dragonkiller on December 17, 2013, 06:28:29 AM

so was the china thing FUD?

nope it wasn't, all third payment parties are forbidden from dealing with Bitcoin exchanges, but this is not new or maybe new to Chinese, why ?

when you use third payment processors to deposit/withdraw your funds from exchanges you actually somehow skip the regulation process, and verifying your transaction will be a bit harder than when dealing with a bank.

what are the third payment parties ? they are similar to PayPal, but the most famous are Yeepay,Alipay,Paypal.... the second part was the introduce of trading fee, exchanges are registered as companies and have to pay Taxes as well and this explain the sudden increase in fees.

it is nothing wrong with this news, Mtgox has cancelled allot of funding methods, Bitstamp doesn't support any of these methods, and it is good for regulators and doesn't mean the end of bitcoin....

give it few weeks and this will be clear and people will stop panicking, though the price make a bit longer to recover from all of this bad energy going around us, the price did rise too fast this is why this happening now, if the price went slowly up I am sure this wouldn't happen.

Salivan

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