Topic: Want to sell bitcoin for Chinese yuan but don't have enough btc - page 2. (Read 5137 times)
January 17, 2011, 02:55:30 AM
I just sent you 25 BTC. I'll take the first 100 yuan!
January 17, 2011, 02:40:40 AM
Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
He wants to help people in his area get coins, but he wants to be able to replace them so he doesn't run out.
I have spent some time thinking about this and have had something of an epiphany.
Because the yuan is not a floating currency, that is you can not readily buy it on the market and trade it, China is therefor something of a walled garden. I had thought that when exchanging yuan for bitcoin the exchange rate would be based on $US, which is around 2btc for 1 yuan, but it is not based on the dollar.
I (and maybe only two or three others here) are the only ones with access to yuan, the entire value of bitcoin to yuan is my bitcoin reserve. We can charge what we like (until more competitors come in)
So I am buying bitcoin at a rate of 3 yuan for one btc, and selling yuan at a rate of 4 yuan for 1btc.
This is a good deal to those with bitcoins, and it will mean that bitcoins should flow into the yuan exchange. This will make btc available to those in China that wish to purchase( it is not cheap and also therefor encourages trading) as btc flows into the yuan, btc should drop in value relative to yuan, meaning those who have yuan can later buy back their btc, and at the same time this should increase the overall value of btc relative to the dollar and euro as more individuals join the btc economy.
The only problem is it will leave me yuan poor
So for the moment I will not be trading huge amounts. I only have 500 yuan available, which is about 60$, and will only sell 100 yuan per customer( for a current total of 500 yuan). Since yuan is not transferable internationally I will hold the yuan for you and you can exchange it back to btc at any time, at the prevailing rate.
Hopefully this should allow btc to get "kickstarted" in China.
Is there anyone else in China who would like to join with me in offering yuan for btc? It's a cornered market.
Quote
Edit: Sorry the above exchange was a typo, the rate is :
Buying bitcoin at a rate of 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin, this is a spread of one yuan
Buying bitcoin at a rate of 3 yuan for 1 bitcoin, selling bitcoin at 4 yuan for 1 bitcoin, this is a spread of one yuan
January 16, 2011, 08:49:11 PM
Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
He wants to help people in his area get coins, but he wants to be able to replace them so he doesn't run out.
January 16, 2011, 08:44:06 PM
Out of curiosity: may I ask why you want to sell your Bitcoins, but still you don't want to run out of Bitcoins ?
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
It seems to make sense to hang onto your bitcoins unless you need local money urgently. That's why I'm asking.
January 16, 2011, 03:05:56 AM
On my website, I have a formula for my offer : the smaller is my stock, the higher is my price.
I don't know if that's the best solution, but it works and it makes sense economically.
January 16, 2011, 03:03:55 AM
January 16, 2011, 02:54:29 AM
I have a little eless than 1000 btc and am now offering them for sale for Chinese yuan, but I know I will run out soon (already I have two people who will be buying,and I dont want to sell all my btc).
How can I get more btc to sell, whats the process for doing this?
How can I get more btc to sell, whats the process for doing this?
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