Why is China so much more expensive? - page 2.

Amph

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Quote from: DrPaid on October 30, 2015, 03:07:03 PM

Quote from: arbitrage001 on October 30, 2015, 02:34:32 PM

Quote from: CIYAM on October 30, 2015, 11:50:54 AM

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

Spot on.

Chinese citizens are using mining and bitcoin as a way to move money out of China.

Exactly this. Well we will see how long it lasts as they ease off.

i also think because there are fake volume and everything is manipulated in their exchange, to encourage maybe foreigners to use their exchange more

since there are still restriction for chinese there, for taking out money

tarmi

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Quote from: Mickeyb on October 30, 2015, 05:48:57 PM

Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment.

before going down mtgox had a big surge in demand too.

StevenLiang

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Quote from: Mickeyb on October 30, 2015, 05:48:57 PM

Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment. Chinese citizens are fuelling this upward movement and that's why all of the other non-Chinese exchanges are lagging in price behind them.

This is the only logical explanation.

I would be agree with these.
When some currency got popular among citizen (same as bitcoin or alts) The price will going up. China had a great economy strategy so far, they did not want increase their Yuan Currency price globally. So until today many of business people and merchants buy goods from China or with Yuan.

For some information, i recently start to investing on Yuan too. (And from this info, i believes people would be invest and hold Yuan)

Mickeyb

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Move On !!!!!!

Most often the exchanges where there is the most demand are the most expensive. This is surely the case with China at the moment. Chinese citizens are fuelling this upward movement and that's why all of the other non-Chinese exchanges are lagging in price behind them.

This is the only logical explanation.

uki

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cryptojunk bag holder

Quote from: CIYAM on October 30, 2015, 11:50:54 AM

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

For now they have green light on BTC and taking into account the size of their market that makes China the leading force in Bitcoin.
Mining has already been biggest in China and that is also an established fact. 2+2=4. As soon as the central government sees Bitcoin as a threat to their plans, they will change the light to red. the only question is when it happens. And that is actually the clue of the story.

ridery99

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Quote from: zimmah on October 30, 2015, 08:47:09 AM

Yesterday China was trading for 2080ish ($330 or €300) while European and American exchanges traded for $317 and €287 respectively.

Usually when there are big differences between exchanges, arbitrage will cause them to move towards each other in price. (I'm going to ignore Russia here because Russia has obvious reasons to lag behind).

Now the European and American exchanges haven't really moved much today but China actually went up to 2123 ($336 or €305.5)

Why is China so much more expensive? Are we just slow to respond? Does China have good reasons to be more expensive?

Depending on how hard it is to trade in Chinese accounts it seems like free money, buy Bitcoin in an European or American exchange, move the Bitcoin to a Chinese exchange, sell it for CNY, sell the CNY for dollars/euros, buy Bitcoin for those, rinse and repeat.

This might be harder than it sounds.

I don't know prob china boyz mo xpensive cause they hav more fiat to throw and market overheated usa eu only following and soon dumping in china too you know.

CoinNation

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Most miners are in China, when they stop selling, the price will not drop but rise. I do not know the exact catalyst for this rise. Maybe the block chain meeting in China?

DrPaid

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Quote from: arbitrage001 on October 30, 2015, 02:34:32 PM

Quote from: CIYAM on October 30, 2015, 11:50:54 AM

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

Spot on.

Chinese citizens are using mining and bitcoin as a way to move money out of China.

Exactly this. Well we will see how long it lasts as they ease off.

arbitrage001

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Quote from: CIYAM on October 30, 2015, 11:50:54 AM

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

Spot on.

Chinese citizens are using mining and bitcoin as a way to move money out of China.

techboy2

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Quote from: OmegaStarScream on October 30, 2015, 08:48:38 AM

Bitcoin mining farms are mostly all in China , invetors are mostly all in china and as you can see they have all the huge trading volumes (Huobi & OKcoin) and they are probably doing some market manipulation since they have shitload of coins as I said .

Should this not be the reason why China should be cheaper, not more expensive.

randy8777

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Quote from: CIYAM on October 30, 2015, 11:50:54 AM

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

they will ban bitcoin again once they see cash is flowing from china into other parts of the world. i hope they will be a bit more friendly towards bitcoin and embrace it instead of fighting it.

CIYAM

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Ian Knowles - CIYAM Lead Developer

The reason is that you can now buy BTC with RMB from banks (supposedly not possible since 2013).

If you understand the issues of "capital control" it is not hard to see why this would push the value of BTC up.

(the real question is how long until they "ban purchasing" again)

spazzdla

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They are driving the rise the other exchanges are catching up via arbitratoin.

zimmah

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Quote from: mtnsaa on October 30, 2015, 10:19:37 AM

I think on top of China government control there must be cheap electricity there because of how many farms are located in China. It's not only China that adopted Bitcoin but markets like Argentina, Brazil, Russia and others are keen to Bitcoin because their own currency is very prone to devaluation.

that would only make it cheaper to produce and therefore they could sell them cheaper.

most of the reasons given in this thread are reasons why bitcoin should be cheaper in china.

the only valid reason i heard is that CNY is not easy to move out of china

mtnsaa

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I think on top of China government control there must be cheap electricity there because of how many farms are located in China. It's not only China that adopted Bitcoin but markets like Argentina, Brazil, Russia and others are keen to Bitcoin because their own currency is very prone to devaluation.

Raimonn

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I think the difference could be with the local coin that is more controlled by chinese authorities. Euro and dollars are easy to exchange than Yuan.

zimmah

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Quote from: 1Referee on October 30, 2015, 09:45:58 AM

It looks like Huobi is comming back to earth, which makes the difference between them and other exchanges "just" $16 instead of $30 earlier this morning. They were probably hoping other exchange would follow to +$360 but it didn't happen. Huobi peaked at around $366 while the peaks of other exchanges were $30 lower!! Would be nice to hear from a Chinese trader at Huobi why there is such a huge difference.

why didn't europe and america follow though?

is there a reason not to follow china?

doublemore

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Quote from: 1Referee on October 30, 2015, 09:45:58 AM

It looks like Huobi is comming back to earth, which makes the difference between them and other exchanges "just" $16 instead of $30 earlier this morning. They were probably hoping other exchange would follow to +$360 but it didn't happen. Huobi peaked at around $366 while the peaks of other exchanges were $30 lower!! Would be nice to hear from a Chinese trader at Huobi why there is such a huge difference.

Now down to $14 gap, people need to relax. If there are $30 gaps for a month or something then it might be because of some other reason. Check the china volume right now though its at record highs.

1Referee

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It looks like Huobi is comming back to earth, which makes the difference between them and other exchanges "just" $16 instead of $30 earlier this morning. They were probably hoping other exchange would follow to +$360 but it didn't happen. Huobi peaked at around $366 while the peaks of other exchanges were $30 lower!! Would be nice to hear from a Chinese trader at Huobi why there is such a huge difference.

Snorek

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China are now leading party when it comes to bitcoin market. It will be natural that price will be first shaped on Chinese exchanges and then carry all over.
It won't be long before we will have that higher bitcoin price in US and EU.

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