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Topic: Warning to bears: Big players in China - page 2. (Read 5161 times)

legendary
Activity: 1064
Merit: 1000
February 25, 2013, 05:29:15 PM
#45
It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

The other day there was a Chinese mentioning that he got together with some classmates to buy an Avalon rig.
They are forming mining guilds!

Bitcoin outsourced

one problem of mining in china is that is hard to get the equipment free of dust. and the lungs too. damn Sad
sr. member
Activity: 504
Merit: 250
February 25, 2013, 05:24:41 PM
#44
It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

The other day there was a Chinese mentioning that he got together with some classmates to buy an Avalon rig.
They are forming mining guilds!

Bitcoin outsourced
legendary
Activity: 3472
Merit: 1721
February 25, 2013, 05:18:33 PM
#43
It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.
legendary
Activity: 1036
Merit: 1000
February 25, 2013, 05:05:44 PM
#42
It just occurred to me that mining economics in China would be much more favorable: you can buy ASICs and other hardware domestically (cheaper, I assume), and you have a very low cost of living so a few BTC in profit per month is a big deal. Mining in China might take off. What is the search term for mining bitcoins? 比特市発掘?
hero member
Activity: 518
Merit: 500
February 25, 2013, 01:57:44 PM
#41
lol

bulls grasping at straws,  Grin cool


What's funny is that you calling this grasping at straws is really just you grasping at thin air.  Funny or sad. Can't decide.
legendary
Activity: 2436
Merit: 2119
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
February 25, 2013, 01:33:02 PM
#40
The Chinese have an interest in displacing the dollar as the currency of choice for oil transactions. They're unlikely to be able to do that with their own currency. The Euro doesn't really help them and has its own issues in any case. Could they be looking at Bitcoin for the job?
legendary
Activity: 1792
Merit: 1087
February 25, 2013, 10:47:17 AM
#39
Very well-informed article, and I could supplement it with the following picture, the Google trend for the Chinese phrase of "bitcoin":




You need to look at Baidu trend since google is blocked by the Chinese government.

>>>>>> http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2 <<<<<<

The Baidu trend is still at about 60% of the 2011 bubble. However, it has increased by 4-time since 2013, with the peak during Avalon shipping.

How come there are peaks for your search term in 2007 and 2008???
It it was "Bitcoin" there couldnt possibly be so large spikes. Care to explain?

No, the default chart is only for the last month. For example, the peak "D" is the Avalon news on 4 Feb (2月4日). The year scale below is another graph for you to zoom in/out.
legendary
Activity: 1022
Merit: 1000
February 25, 2013, 10:43:11 AM
#38
Very well-informed article, and I could supplement it with the following picture, the Google trend for the Chinese phrase of "bitcoin":




You need to look at Baidu trend since google is blocked by the Chinese government.

>>>>>> http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2 <<<<<<

The Baidu trend is still at about 60% of the 2011 bubble. However, it has increased by 4-time since 2013, with the peak during Avalon shipping.

How come there are peaks for your search term in 2007 and 2008???
It it was "Bitcoin" there couldnt possibly be so large spikes. Care to explain?
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
February 25, 2013, 10:30:52 AM
#37
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

Yep. Do you recall when it changed? It was trading only marginally higher last year.

Is the rally driven by non-US people mainly?

Since the rally started, gox usd and virtex cad are often off compared to the bank exchange, with canadian coins being more expensive. This was not the case so often before.

Perhaps the rally is universal, but americans tend to sell off more Wink

legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
February 25, 2013, 07:46:21 AM
#36
We should get Kim Jong Un hooked on Bitcoin, he strikes me as the right type.

Actually who is there to stop all kinds of unwanted people from parking a significant portion of their assets in bitcoins? If I were one, I would be glad to sell USD.

Kind of waiting for the strategic acquisition race, when it finally starts in its earnest Cheesy


They already are. Some people here would make the Great Leader of the Korean People look like a muppet in comparison if placed in this position.
legendary
Activity: 1792
Merit: 1087
February 25, 2013, 07:38:28 AM
#35
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Care for a link? I'd like to check that myself. I only see the yuan prices on their site.

It's the front page of the site, right above the chart there are two tables, the right table displays Mt.Gox prices in both currencies, last/max/min prices, etc, the USD is converted into CNY in real time, and the rate is up to date, if you compare the equivalent CNY price to the left column btcchina price, which is displayed in CNY only, the btcchina price is consistently higher, though not by that much ATM

We were talking about the past prices though. That's was I meant the yuan prices appear to have been lower in the past because the exchange rate yuan/usd is now higher.

At Jan 27th(I pick that day because price was relatively stable during the day), the yuan/usd rate was even higher at 1usd=6.22 yuan, the btcchina price, according to the chart on the frontpage(the "transaction price" could be seen by hovering the pointer over the data point), was ¥107.99/6.22=17.3633 usd, if btcchina uses Beijing time, the Mt.Gox price for the corresponding time-frame (it uses UTC) would be between 17.4-17.7 usd, if both use UTC time, Gox closing price would be 17.81, assuming, of course, that by "transaction price" btcchina means "closing price". Of course it is just one data point but this is generally in agreement with my own recollection.

EDIT: oh I forgot bitcoinchart's datas of btcnCNY, http://bitcoincharts.com/charts/btcnCNY#rg60ztgSzm1g10zm2g25zv it was actually the closing price they display on the frontpage chart.

I am very sure because in December and January's I kept buying in btcchina and selling in gox immediately
donator
Activity: 1722
Merit: 1036
February 25, 2013, 07:37:48 AM
#34
We should get Kim Jong Un hooked on Bitcoin, he strikes me as the right type.

Actually who is there to stop all kinds of unwanted people from parking a significant portion of their assets in bitcoins? If I were one, I would be glad to sell USD.

Kind of waiting for the strategic acquisition race, when it finally starts in its earnest Cheesy
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
February 25, 2013, 07:08:30 AM
#33
That sounds way too complicated dude.
hero member
Activity: 784
Merit: 1000
February 25, 2013, 07:01:43 AM
#32
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Care for a link? I'd like to check that myself. I only see the yuan prices on their site.

It's the front page of the site, right above the chart there are two tables, the right table displays Mt.Gox prices in both currencies, last/max/min prices, etc, the USD is converted into CNY in real time, and the rate is up to date, if you compare the equivalent CNY price to the left column btcchina price, which is displayed in CNY only, the btcchina price is consistently higher, though not by that much ATM

We were talking about the past prices though. That's was I meant the yuan prices appear to have been lower in the past because the exchange rate yuan/usd is now higher.

At Jan 27th(I pick that day because price was relatively stable during the day), the yuan/usd rate was even higher at 1usd=6.22 yuan, the btcchina price, according to the chart on the frontpage(the "transaction price" could be seen by hovering the pointer over the data point), was ¥107.99/6.22=17.3633 usd, if btcchina uses Beijing time, the Mt.Gox price for the corresponding time-frame (it uses UTC) would be between 17.4-17.7 usd, if both use UTC time, Gox closing price would be 17.81, assuming, of course, that by "transaction price" btcchina means "closing price". Of course it is just one data point but this is generally in agreement with my own recollection.

EDIT: oh I forgot bitcoinchart's datas of btcnCNY, http://bitcoincharts.com/charts/btcnCNY#rg60ztgSzm1g10zm2g25zv it was actually the closing price they display on the frontpage chart.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
February 25, 2013, 06:57:42 AM
#31
We should get Kim Jong Un hooked on Bitcoin, he strikes me as the right type.
hero member
Activity: 1101
Merit: 512
February 25, 2013, 06:49:49 AM
#30
It mean that a small splinter of Chinese young people have finally waked up and wanted to hurry up in order to participate in the game. As far as I know, even among the tech-savvying white collars in Shanghai, only smaller than 1% of them have ever heard of it or have some basic understanding of the crypto-currency.  So my conclusion is: the potential is way too biiiiiiiiiiiiiiiiiiig!
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
February 25, 2013, 06:32:47 AM
#29
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Care for a link? I'd like to check that myself. I only see the yuan prices on their site.

It's the front page of the site, right above the chart there are two tables, the right table displays Mt.Gox prices in both currencies, last/max/min prices, etc, the USD is converted into CNY in real time, and the rate is up to date, if you compare the equivalent CNY price to the left column btcchina price, which is displayed in CNY only, the btcchina price is consistently higher, though not by that much ATM

We were talking about the past prices though. That's was I meant the yuan prices appear to have been lower in the past because the exchange rate yuan/usd is now higher.
hero member
Activity: 784
Merit: 1000
February 25, 2013, 04:50:23 AM
#28
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Someone wrote here last year that Btcchina did not have a live ticker and order book. They only update price in 5 minutes interval. Also the tradition in China for small investors is to speculate in bucket shops with very little to go on besides the price on the stock they are trading.

So are Chinese traders more of a gambling mentality? Do Btcchina really smell legit, have they improved?

(I'm not Chinese, despite my signature)
There has always been an orderbook as far as I am concerned. And according to the site frontpage, the local last price refreshes in real time, it's the referential Mt.Gox price that refreshes in 5 minutes interval.
hero member
Activity: 784
Merit: 1000
February 25, 2013, 04:49:25 AM
#27
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Care for a link? I'd like to check that myself. I only see the yuan prices on their site.

It's the front page of the site, right above the chart there are two tables, the right table displays Mt.Gox prices in both currencies, last/max/min prices, etc, the USD is converted into CNY in real time, and the rate is up to date, if you compare the equivalent CNY price to the left column btcchina price, which is displayed in CNY only, the btcchina price is consistently higher, though not by that much ATM
sr. member
Activity: 504
Merit: 250
February 25, 2013, 04:47:27 AM
#26
On a related note, the BTC trades usually for 1-2 EUR higher on bitcoin.de.

What's interesting is btcchina had always traded at lower than Mt.Gox price, until recently.

take into account the rising yuan.

Btcchina displays the rate in both currencies.

Someone wrote here last year that Btcchina did not have a live ticker and order book. They only update price in 5 minutes interval. Also the tradition in China for small investors is to speculate in bucket shops with very little to go on besides the price on the stock they are trading.

So are Chinese traders more of a gambling mentality? Do Btcchina really smell legit, have they improved?

(I'm not Chinese, despite my signature)
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