Want to sell bitcoin for Chinese yuan but don't have enough btc

em3rgentOrdr

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youtube.com/ericfontainejazz now accepts bitcoin

Quote from: Nefario on January 18, 2011, 08:04:36 AM

Quote from: em3rgentOrdr on January 18, 2011, 07:19:47 AM

Quote from: Nefario on January 17, 2011, 06:23:21 AM

Quote from: em3rgentOrdr on January 17, 2011, 05:46:41 AM

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do. But I didn't realize that this was illegal. Anyone know the relevant laws? Surely trading a few hundred yuan can't be illegal.

Only the central bank of china has the authority to exchange yuan, it also has the power to delegate that authority. All else is illegal, quantity does not matter.

Unmarried sex is also illegal here but is only prosecuted when the government want to get some one.

啊！你好！你在中国吗？我可以说中文。你可能设置互联网服务器吗？我要互联网镜像站点。

Nefario

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Quote from: em3rgentOrdr on January 18, 2011, 07:19:47 AM

Quote from: Nefario on January 17, 2011, 06:23:21 AM

Quote from: em3rgentOrdr on January 17, 2011, 05:46:41 AM

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do. But I didn't realize that this was illegal. Anyone know the relevant laws? Surely trading a few hundred yuan can't be illegal.

Only the central bank of china has the authority to exchange yuan, it also has the power to delegate that authority. All else is illegal, quantity does not matter.

Unmarried sex is also illegal here but is only prosecuted when the government want to get some one.

em3rgentOrdr

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Activity: 434

Merit: 252

youtube.com/ericfontainejazz now accepts bitcoin

Quote from: Nefario on January 17, 2011, 06:23:21 AM

Quote from: em3rgentOrdr on January 17, 2011, 05:46:41 AM

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do. But I didn't realize that this was illegal. Anyone know the relevant laws? Surely trading a few hundred yuan can't be illegal.

ElectricGoat

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It's just that most banks keep change in various currencies. When Chinese people go to a foreign country, they buy local money, and the bank keeps yuan money. Then the bank can sell yuans to whoever wants some. But the rates are usually not very good, of course.

Nefario

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Quote from: ElectricGoat on January 17, 2011, 10:24:58 AM

I can order money in any currency from my bank (I'm in Europe), I can go to some post offices, or use cash-converters in airports. In fact, I went to China some time ago and I can confirm that it works with yuan too.

Hmmm, I guess the lesson here is never make assumptions.

After looking everbank has a yuan account, requires $10,000 deposit.

Maybe some places offer yuan but I am sure they can't beat my rate.

ElectricGoat

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I can order money in any currency from my bank (I'm in Europe), I can go to some post offices, or use cash-converters in airports. In fact, I went to China some time ago and I can confirm that it works with yuan too.

Nefario

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Quote from: ElectricGoat on January 17, 2011, 09:22:55 AM

I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

I think you are wrong, if you are not in China you can't buy Yuan in your local bank, there are two(I think) branches of Bank of China (located in the US) that have begun to allow foreigners (non-Chinese) to open Yuan account's, with a minimum balance of $500, but unless you go to those actual branches it's very impractical.

If you are in China you can of course buy $US, if you are not Chinese there is a lot of paperwork in exchanging Yuan in to $US, however it is no problem to exchange $US into Yuan. You also must supply your passport to exchange and money in China, and your ID is recorded with the transaction.

ColdHardMetal

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Quote from: ElectricGoat on January 17, 2011, 09:22:55 AM

I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

Mostly just to help him out in my case. The subversive aspect also holds some appeal. Grin

ElectricGoat

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I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

Nefario

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Quote from: ColdHardMetal on January 17, 2011, 07:57:26 AM

Quote from: Nefario on January 17, 2011, 06:23:21 AM

Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).

25 BTC shipped to that above address for 75 CNY to be held by you.

And I actually have some yuan kicking around somewhere lol.

Recored, 350rmb remaining

Quote from: kiba

I thought it's nearly impossible to set up a yuan bank account and then an exchange market? Huh

It's illegal, but you don't know where I am, nor does anyone else here, so no matter how much you are tortured you can't tell. The money that I am keeping is in cash, the government doesn't know that I have it.

This is essentially a black market yaun/btc exchange. Currently it's very VERY small scale, but as it grows so will it's ability to continue despite government pressure.

If you want to actually get your yuan(the cash itself) the only option is face to face cash delivery for people that I already do not know. If I know you then bank transfers are ok (Chinese bank to Chinese bank). This is the only way, it must be cell structured to resist government squashing (when the event actually happens).

It will operate on a web of trust. At least, it will until I get arrested(very likely if this becomes successful).

ColdHardMetal

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Quote from: Nefario on January 17, 2011, 06:23:21 AM

Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).

25 BTC shipped to that above address for 75 CNY to be held by you.

And I actually have some yuan kicking around somewhere lol.

Cryptoman

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Quote from: Nefario on January 17, 2011, 03:54:30 AM

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount).

That's still a good deal, so yeah, hold on to the 75 yuan for me. I'll buy more from you at that price if you need.

kiba

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I thought it's nearly impossible to set up a yuan bank account and then an exchange market? Huh

Nefario

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Quote from: em3rgentOrdr on January 17, 2011, 05:46:41 AM

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Unless cryptoman changes his mind he has gotten the first 75rmb, leaving 425rmb.

Further payments are to the address 1PGo8dQUvwR7c7hxQBN1wAPs4JfD4p4vsv, you can send a message with the payment also(such as address instructions or something).

I need to set up a somewhat automate chinese yuan exchange/market soon. I don't like these manual entries.

em3rgentOrdr

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youtube.com/ericfontainejazz now accepts bitcoin

Quote from: Nefario on January 17, 2011, 03:54:30 AM

Quote from: Cryptoman on January 17, 2011, 02:55:30 AM

I just sent you 25 BTC. I'll take the first 100 yuan!

It seems I made a typo

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount).

As I said I have limited amounts. I am sorry for the confusion the typo may have caused.

Again, the rate is buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin. That means a spread of 1 yuan.

I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Nefario

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Quote from: Cryptoman on January 17, 2011, 02:55:30 AM

I just sent you 25 BTC. I'll take the first 100 yuan!

It seems I made a typo

I should have said, buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin sorry about that mistake. If you would still like to go ahead 25 btc will get you 75 yuan and I will keep this for you, exchangable at any time in the future for btc, if you dont want to continue at that rate I will refund you btc (tomorrow as The address you sent to is actually my other machine, and is for " donations". for a refund just tell me the address you sent from and I will refund the whole amount).

As I said I have limited amounts. I am sorry for the confusion the typo may have caused.

Again, the rate is buying bitcoin at 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin. That means a spread of 1 yuan.

Babylon

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Quote from: Cryptoman on January 17, 2011, 03:06:25 AM

Quote from: Babylon on January 17, 2011, 03:01:46 AM

It looks to me as if your exchange rates are poorly arranged. I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

Great idea!

Nefario, can you exchange those 100 yuan you're holding for me back to Bitcoin? That's 33.33 BTC at your current exchange rate, right? Just kidding. Cheesy

My point is it doesn't matter if one person does this or if he simply makes a bunch of trades, he's going to end up losing money.

Cryptoman

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Quote from: Babylon on January 17, 2011, 03:01:46 AM

It looks to me as if your exchange rates are poorly arranged. I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

Great idea!

Nefario, can you exchange those 100 yuan you're holding for me back to Bitcoin? That's 33.33 BTC at your current exchange rate, right? Just kidding. Cheesy

Babylon

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It looks to me as if your exchange rates are poorly arranged. I could, conceivably, spend all my bitcoin buying yuan, then all my yuan buying bitcoin, and end up with all your money.

kiba

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1. Move to Hong Kong.
2. Open up a bank account
3. Start exchanging yuan and hong kong dollars for bitcoins
4. Huh

5. Profit!

Topic: Want to sell bitcoin for Chinese yuan but don't have enough btc (Read 5135 times)