Topic: Wall Observer - China wall movement tracker - page 18. (Read 34651 times)

Exciting day for BTCChina

China is awake now, and up it goes!

849.50

Was at 841 like 5 minutes ago.

So some high Chinese officials that can wire to West, are probably making big money on arbitrage?

Yes, for btcchina keeping the #1 position is probably more valuable than the 0.6% fee (0.3% from buyer and 0.3% from seller) they charged. Now the whole bitcoin world (not just China) is talking about btcchina. This is priceless.

Just not sure how long the the price war will last, but I'm sure some (if not many) new competitors won't survive and some users will get burnt.

I don't think that would have worked.  True, SatoshiDICE's competitors would have disappeared for a while, but eventually they would have to return to charging a house edge, at which point competitors would have flooded back in offering lower fees.  Till then, they would just be offering a 0% house edge and losing money with no competition.

Wow, that's smart. SatoshiDICE should have done that when its competitors appeared. Had it offered 0% (or other super-low) house edge for a while, it would have retained its #1 share instead of losing it to Just-Dice and the other dice sites.

Yes, they are operating like charity now. This is really the Chinese style price war. I think btcchina is still earning about 0.25%-0.5% from CNY withdrawal. Btcchina has earned a lot during the 2013 bubble so it may  survive a while without any income. I guess their plan is to squeeze the small and new competitors to death.

I still trust btcchina because of their track record. I will never trade on other free platforms as they can suddenly disappear.

Thanks for the information. How do you deposit on btc-e ? And how the arbitrage is profitable all fees deduced ?

With no fees, how are the exchanges earning money?

Here is the doc sheet source :

https://docs.google.com/spreadsheet/pub?key=0AoLHebFSM2hBdGktNTk5REt1dHNwMFRvc3pEbkMxanc&gid=2

I'm in Hong Kong and trading bitcoin on many different platforms, both Chinese and Western

The volume spike in China is related to these reasons:

1. There is an ongoing price war in Chinese markets. Many platforms, including btcchina, the biggest and oldest one, have zero trading fee. Therefore it is a bit unfair to compare their volume with other Western markets.

2. Chinese BTC exchanges have the best integration with fiat transfer system. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster and cheaper than depositing bitcoin (as the user may need to pay 0.0001BTC as network fee, while depositing fiat is absolutely free). To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

3. The volume of some platforms are suspicious. I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com. Not saying that the rest are not legit, just I have never traded on them. The volume on btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.

4. It is very difficult for Chinese people to obtain USD and wire to Western exchanges, so they have to pay premium in Chinese markets.

Although it is easy for me to deposit to btcchina, I'm only buying at btc-e since the price is much lower. If I had to sell (but not now), I will definitely do it on btcchina. (This is the advantage of Hong Kong as we are the gateway between China and the rest of the world)

Anyone can create an account:



Does that mean anyone can deposit BTC and trade against CNY?  Or do they have some verification process for deposit/withdrawal?

what's a dollar anyways

Did you heard about this 3 days ago?

http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010

This one is good as well. Live too.

http://mm.btc123.com/btcchina.php

Time to see the network effect in China 

No special conclusions until now. Just observing.

Either the mtgox volume is very low or china is gaining momentum since 2 weeks.

Volume during SilkRoad days were average https://bitcointalksearch.org/topic/m.3290245
and BTC100 seems strange...

And what are the global conclusions ?

In Germany we are looking at the volume since july.

https://bitcointalksearch.org/topic/china-264812

xchrix & daybyter tries but only btcnCNY has an api at this moment.

xchrix made this comparison http://www.cryptocoincharts.info/v2/markets/graphicalComparison