Why is China Going Up Right Now? | Bitcointalksearch.org

reb0rn21

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Quote from: aminorex on December 19, 2013, 09:40:06 PM

Many reports of wire deposits to huobi and others. You can tell which exchanges can take deposits just by comparing CNY prices on btckan. Bobby Lee needs to grease the right palm. Tricky to do that, since greasing the wrong one gets you a bullet.

shhhhhhhh

Some ppl still crave for 100$ BTC Tongue

reb0rn21

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Quote from: seriouscoin on December 19, 2013, 09:32:09 PM

Quote from: reb0rn21 on December 19, 2013, 09:11:00 PM

Quote from: seriouscoin on December 19, 2013, 09:06:54 PM

Quote from: reb0rn21 on December 19, 2013, 08:48:52 PM

Quote from: Argwai96 on December 19, 2013, 08:46:55 PM

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

And thay had wiretransfer at all?

China ban 3rd party usage, wire transfer is done over bank of china which is not 3rd party... thet`s why I ask

Stop asking the same question over and over.... GO read the damn announcement BY the EXCHANGEs

My patience is running out with stupid spoon fed attitude.

Sure i did read... and now I ask why the anger, butt hurt selling at 400$

get a grip man......

So no exchange did wire transfer deposits in past, and you all know its not allowed and that it will NEVER be! lol

Anyone with less than 1/2 brain would figure out the answer to that question.... by asking themselves .... wouldnt Bobby Lee think about this first?

Welcome to my ignore,

We don`t final decesion, last info we had is not even final...... so still I ask you why you try to kill BTC price

aminorex

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Many reports of wire deposits to huobi and others. You can tell which exchanges can take deposits just by comparing CNY prices on btckan. Bobby Lee needs to grease the right palm. Tricky to do that, since greasing the wrong one gets you a bullet.

seriouscoin

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Quote from: reb0rn21 on December 19, 2013, 09:11:00 PM

Quote from: seriouscoin on December 19, 2013, 09:06:54 PM

Quote from: reb0rn21 on December 19, 2013, 08:48:52 PM

Quote from: Argwai96 on December 19, 2013, 08:46:55 PM

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

And thay had wiretransfer at all?

China ban 3rd party usage, wire transfer is done over bank of china which is not 3rd party... thet`s why I ask

Stop asking the same question over and over.... GO read the damn announcement BY the EXCHANGEs

My patience is running out with stupid spoon fed attitude.

Sure i did read... and now I ask why the anger, butt hurt selling at 400$

get a grip man......

So no exchange did wire transfer deposits in past, and you all know its not allowed and that it will NEVER be! lol

Anyone with less than 1/2 brain would figure out the answer to that question.... by asking themselves .... wouldnt Bobby Lee think about this first?

Welcome to my ignore,

reb0rn21

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Quote from: seriouscoin on December 19, 2013, 09:06:54 PM

Quote from: reb0rn21 on December 19, 2013, 08:48:52 PM

Quote from: Argwai96 on December 19, 2013, 08:46:55 PM

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

And thay had wiretransfer at all?

China ban 3rd party usage, wire transfer is done over bank of china which is not 3rd party... thet`s why I ask

Stop asking the same question over and over.... GO read the damn announcement BY the EXCHANGEs

My patience is running out with stupid spoon fed attitude.

Sure i did read... and now I ask why the anger, butt hurt selling at 400$

get a grip man......

So no exchange did wire transfer deposits in past, and you all know its not allowed and that it will NEVER be! lol

seriouscoin

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Quote from: reb0rn21 on December 19, 2013, 08:48:52 PM

Quote from: Argwai96 on December 19, 2013, 08:46:55 PM

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

And thay had wiretransfer at all?

China ban 3rd party usage, wire transfer is done over bank of china which is not 3rd party... thet`s why I ask

Stop asking the same question over and over.... GO read the damn announcement BY the EXCHANGEs

My patience is running out with stupid spoon fed attitude.

favelle75

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Quote from: BitchicksHusband on December 19, 2013, 06:24:55 PM

Quote from: seriouscoin on December 19, 2013, 06:26:34 AM

Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit.

You know, it's too bad there's no way to move money easily from country to country in minutes for pennies... Somebody should invent that.

LOL...I see what you did there....

reb0rn21

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Quote from: Argwai96 on December 19, 2013, 08:46:55 PM

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

And thay had wiretransfer at all?

China ban 3rd party usage, wire transfer is done over bank of china which is not 3rd party... thet`s why I ask

Argwai96

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Quote from: reb0rn21 on December 19, 2013, 08:42:33 PM

Look it like this:

1. China ban deposit, kill all exchanges so result is:
- all BTC trading is done in person so no one knows about $-> BTC transfer, they can not ban BTC transfer, so they lose ALL control they could have over controlling deposit/withdrawal over valid exchange (deposit is done over wire transfer which is bank of china controlled)

For my point of view if they have brains, they would control as match as they can, also my belief is most communist which have power look in BTC as something they "need"

Also as far I know none china exchange had option for wire transfer?? and why... was it just not what ppl wanted when they can deposit over a debit card or just it was impossible in past to do?

last i heard btcchina, okcoin, etc weren't accepting ANY deposits. doesn't that include bank wire?

reb0rn21

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Look it like this:

1. China ban deposit, kill all exchanges so result is:
- all BTC trading is done in person so no one knows about $-> BTC transfer, they can not ban BTC transfer, so they lose ALL control they could have over controlling deposit/withdrawal over valid exchange (deposit is done over wire transfer which is bank of china controlled)

For my point of view if they have brains, they would control as match as they can, also my belief is most communist which have power look in BTC as something they "need"

Also as far I know none china exchange had option for wire transfer?? and why... was it just not what ppl wanted when they can deposit over a debit card or just it was impossible in past to do?

seriouscoin

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Quote from: reb0rn21 on December 19, 2013, 07:26:58 PM

I still think you all sold ~400-500 and do pure FUD, sorry

China communist are full in $ they need to hide, some of them are long ago in BTC, its just internal fight, as someone sad the rest of communist retards are waiting for bribe, my 5c......

Also they can control wire transfer so no big deal (even tax it as they like), anonymous deposits and withdrawal is different thing..

LOL i only trade 15% of my stash.... i'm a bull

But i'm not naive or delusional. I can see why and what PRC is doing. Why dont you live there and understand the country b4 making any conclusion?

accord01

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Quote from: seriouscoin on December 19, 2013, 07:21:39 PM

Quote from: reb0rn21 on December 19, 2013, 07:15:19 PM

For me it looks like someone wana make panic........ in a week for sure we gona see bank wire with verified documents as valid.. i bet on it

If they wanted to kill BTC there they would just close all exchanges

Then whats their excuse for closing the exchange? You dont understand PRC at all or what?

They dont want blatantly claim ppl's right, especially with something like BTC where the whole world is watching. They already limited BTC as commodity. What they did is a smart way of "banning" btc. BTC market will be so small in China, it wont be good for capital leaking.

Its all about capital control.

+1, this is a good assessment of how the government in China works. Just watch what BTCchina is in for....

reb0rn21

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I still think you all sold ~400-500 and do pure FUD, sorry

China communist are full in $ they need to hide, some of them are long ago in BTC, its just internal fight, as someone sad the rest of communist retards are waiting for bribe, my 5c......

Also they can control wire transfer so no big deal (even tax it as they like), anonymous deposits and withdrawal is different thing..

seriouscoin

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Quote from: Argwai96 on December 19, 2013, 07:21:15 PM

Quote from: reb0rn21 on December 19, 2013, 07:15:19 PM

For me it looks like someone wana make panic........ in a week for sure we gona see bank wire with verified documents as valid.. i bet on it

If they wanted to kill BTC there they would just close all exchanges

maybe they dont care about killing btc, only making it difficult to move money and control it

+1 .... why kill something that you can disable its usefulness ?

seriouscoin

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Quote from: reb0rn21 on December 19, 2013, 07:15:19 PM

For me it looks like someone wana make panic........ in a week for sure we gona see bank wire with verified documents as valid.. i bet on it

If they wanted to kill BTC there they would just close all exchanges

Then whats their excuse for closing the exchange? You dont understand PRC at all or what?

They dont want blatantly claim ppl's right, especially with something like BTC where the whole world is watching. They already limited BTC as commodity. What they did is a smart way of "banning" btc. BTC market will be so small in China, it wont be good for capital leaking.

Its all about capital control.

Argwai96

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Quote from: reb0rn21 on December 19, 2013, 07:15:19 PM

For me it looks like someone wana make panic........ in a week for sure we gona see bank wire with verified documents as valid.. i bet on it

If they wanted to kill BTC there they would just close all exchanges

maybe they dont care about killing btc, only making it difficult to move money and control it

reb0rn21

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For me it looks like someone wana make panic........ in a week for sure we gona see bank wire with verified documents as valid.. i bet on it

If they wanted to kill BTC there they would just close all exchanges

seriouscoin

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Quote from: reb0rn21 on December 19, 2013, 07:08:16 PM

I don`t get it....
China just want to regulate deposits/withdrawal same as Bitstamp and MtGox...

Is there anything stoping anyone in china do deposit CNY to BTC China over a bank wire if the one is verified there?

If not, they would just kill all BTC exchanges there

Gee you still dont get the statements? NO BANKS wiring to the exchange whatsoever.

And b4 you ask another silly question, Bobby cant accept your stash of cash either unless he wants to go to jail.

However, the statement leave private deals (person to person) open for interpretation.... meaning if they dont like you and think you're doing some thing harmful (funding protest....etc) they can put you in jail .

reb0rn21

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I don`t get it....
China just want to regulate deposits/withdrawal same as Bitstamp and MtGox...

Is there anything stoping anyone in china do deposit CNY to BTC China over a bank wire if the one is verified there?

If not, they would just kill all BTC exchanges there

aminorex

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Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Yes, you can. For example, you can open a CNY account at Bank of China or ICBC in New York. However, I should more properly say "CNH" because these are off-shore yuan, and are not freely exchangable for on-shore yuan. You can trade USDCNH, but not USDCNY, on conventional FX platforms, outside of capital controls. To convert CNY to CNH you need an invoice from an onshore company approved by the state export bureau. To convert CNH to CNY you need to invoice an onshore company, and the purchase has to be approved by a channel so obscure and hidden that I don't know the name of the office (or officers) you need to grease.

BitchicksHusband

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Quote from: seriouscoin on December 19, 2013, 06:26:34 AM

Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit.

You know, it's too bad there's no way to move money easily from country to country in minutes for pennies... Somebody should invent that.

TERA

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Apparently Loaded flew to China with cash.

zimmah

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Quote from: piramida on December 19, 2013, 05:37:30 AM

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

exactly what i would do, those few people that still have bitcoins or money in the exchanges should consider themselves lucky, since everyone else can't get bitcoin in china that easily, while they can get very cheap coins right now.

Eventually the price will rise again and a large part of the chinese population can't buy bitcoins even if they wanted to, and once they can finaly buy them it will be much more expensive.

Some chinese people may even trade bitcoin in a localbitcoins style trade, at a much higher price (because it's so hard to replace the bitcoins).

sgbett

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Quote from: seriouscoin on December 19, 2013, 07:04:11 AM

Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Are you serious?

because the Chinese government restrict any forex business against Yuan.... They control the exchange rate of their Yuan .... you must have lived under a rock.

Well yeah i get they have capital controls, for yuan moving in and out of china. I was just kinda trying to think outside the box - i.e. does yuan exist outside of china at all. It being physical currency. Or is it possible for it to exist on the balance sheet of an entity outside of china.

Its a silly thought I know, idle speculation

jamesc760

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Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

It's possible but highly unlikely because the average chinese people are afraid that their red commie government will come and arrest them and put a bullet in their head IF they are found to be transacting cny for btc.

JimboToronto

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Quote from: Miz4r on December 19, 2013, 05:49:21 AM

it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

This.

seriouscoin

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Quote from: superresistant on December 19, 2013, 11:51:28 AM

Quote from: mgio on December 19, 2013, 11:30:59 AM

It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

Media understand nothing about Bitcoin and they don't care about it. They just want to sell space for ad.

+ 1 Unless their chief editor involved in bitcoin trading..... then we will have all kind of BS agenda.

superresistant

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Quote from: mgio on December 19, 2013, 11:30:59 AM

It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

Media understand nothing about Bitcoin and they don't care about it. They just want to sell space for ad.

mgio

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It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

superresistant

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Quote from: segeln on December 19, 2013, 06:37:35 AM

http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

This.

The previous announcement was a manipulation by the Chinese government to make money out of Bitcoin.

featureslif

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because they've seen that china is not an unique country effective at bitcoin prices.
although all the speculative bad news from china, rest of the world still buying.
bitcoin will change the financial system within 3 years even china goverment wants so or not.

tdenisenko

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Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

As stated by Paul Krugman in 1999:
"The point is that you can't have it all: A country must pick two out of three. It can fix its exchange rate without emasculating its central bank, but only by maintaining controls on capital flows (like China today); it can leave capital movement free but retain monetary autonomy, but only by letting the exchange rate fluctuate (like Britain – or Canada); or it can choose to leave capital free and stabilize the currency, but only by abandoning any ability to adjust interest rates to fight inflation or recession (like Argentina today)"

http://en.wikipedia.org/wiki/Impossible_trinity

superresistant

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Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

China filter his internet.

rebuilder

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Weren't there non-chinese traders trading on BTCChina as well? If you were one of those, it'd be quite a no-brainer to buy there and sell higher elsewhere. The question would be, how much profit do you think you can eke out, since it'd be a one-way road.

vphen

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I sold all @6000 CNY
so now I 'm buying back. no matter the deposit issue

Jren

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Quote from: segeln on December 19, 2013, 06:37:35 AM

http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

So no end crash? and here is sold some coins to buy back more when the price goes down again.

Let's hope for a nice weekend/christmas dip

seriouscoin

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Ok i just talked to a few friends who live and do business in China. They all tell me its very common for the government to do this as a "warning" to new growth business. Basically.... they want bribes.

The fact that other small exchanges in China still able to have withdrawn/deposit makes them strongly believe this.

Its not a surprised to them as they've been involved in telecom industry in the early days, same thing happened to top cellphone carriers.

piramida

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Borsche

Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

you can't move much outside of china.

seriouscoin

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Quote from: sgbett on December 19, 2013, 06:58:59 AM

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Are you serious?

because the Chinese government restrict any forex business against Yuan.... They control the exchange rate of their Yuan .... you must have lived under a rock.

sgbett

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This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

segeln

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http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

seriouscoin

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Quote from: windjc on December 19, 2013, 06:25:22 AM

Quote from: jl2012 on December 19, 2013, 06:23:28 AM

Quote from: windjc on December 19, 2013, 06:10:03 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be.

We will never know the reason but from my experience it would most likely be that Bobby asked and got blessing of some officials. He trusted it would be ok and saw a huge opportunity to tap the market. Likewise, any of such business need a connection to know and talk to the "right" ppl.

Doing anything new in China always falls into a grey area.... The CCP makes laws thats always open for interpretations

seriouscoin

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Quote from: jl2012 on December 19, 2013, 06:23:28 AM

Quote from: windjc on December 19, 2013, 06:10:03 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit.

windjc

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Quote from: jl2012 on December 19, 2013, 06:23:28 AM

Quote from: windjc on December 19, 2013, 06:10:03 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be.

jl2012

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Quote from: windjc on December 19, 2013, 06:10:03 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

knightcoin

full member

Activity: 238

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Stand on the shoulders of giants

All that Central Bank polices reminds me this book .... revised to Bit "Black Swan" coin scenario Grin

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: NUFCrichard on December 19, 2013, 06:15:39 AM

There is no buying going on on Bitcoin China. Fiatleak shows 17 bitcoins bought in the last 3 hours.
Maybe other exchanges are stepping in to fill the void, and people are buying up nice cheap bitcoins.

LOL wut? did you watch the data feed of BTCChina? And please stop using Fiatleak.... look at the exchange's order book itself.

seriouscoin

hero member

Activity: 658

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Quote from: windjc on December 19, 2013, 06:10:03 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

LOL no 3rd party payment network would dare to mess with the government. I bet my ass, there are government officials involved in trading. Its not unusual for the officials to do such things over there.

Beside.... you know most their children are "studying" abroad right?

NUFCrichard

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There is no buying going on on Bitcoin China. Fiatleak shows 17 bitcoins bought in the last 3 hours.
Maybe other exchanges are stepping in to fill the void, and people are buying up nice cheap bitcoins.

Jrock

sr. member

Activity: 363

Merit: 250

Cause they can still buy bitcoins with the money they have on the exchange. (Which is what I would do)

It's most likely the best course of action if you believe in this currency. I believe this is just another bump in the road to new all times highs in the not so far future.

Then again, I'm ready to lose everything in a flash and I won't even blink.

windjc

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Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

FNG

hero member

Activity: 588

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Loaded is there

https://bitcointalksearch.org/topic/m.4038369

jl2012

legendary

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Merit: 1121

Quote from: accord01 on December 19, 2013, 05:51:24 AM

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

Yeah and you'd have to go through an arm and a leg to be able to put some $ on the exchange, and also risking that getting closed down too. This is just a temporary bounce with people with chinese fiat trying to make a little profit...

The CCP will never violently closing an exchange. This will lead to social instability and this is the last thing they want. In the worst case, they may close exchanges softly, which means halting the trade and let people withdraw their XBT and CNY balance.

accord01

full member

Activity: 238

Merit: 100

Quote from: Miz4r on December 19, 2013, 05:49:21 AM

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

Yeah and you'd have to go through an arm and a leg to be able to put some $ on the exchange, and also risking that getting closed down too. This is just a temporary bounce with people with chinese fiat trying to make a little profit...

Miz4r

legendary

Activity: 1246

Merit: 1000

Quote from: windjc on December 19, 2013, 05:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

windjc

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Quote from: piramida on December 19, 2013, 05:37:30 AM

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

Ok. So everyone who is buying is simply trying to arbitrage or trade elsewhere? I mean you have to be a serious trader if you have currency on BTCChina and don't just withdraw it. It means either you want to hold onto the bitcoins long term or trade them there. And, yes, I know that describes all of us, but we also don't live a communist country that just made it difficult to use to invest in bitcoins.

I am really surprised BTCChina held at 2000 CYN and has gone up to over 3000 CYN. In its current form, it basically can't survive.

Buster

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Quote from: windjc on December 19, 2013, 05:34:20 AM

And if people can't send fresh money, how the hell are they buying bitcoins?

By spending the existing fiat in their exchange accounts perhaps?

piramida

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Borsche

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

windjc

legendary

Activity: 2156

Merit: 1070

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Topic: Why is China Going Up Right Now? (Read 4083 times)