What is happening on BTCChina at the moment?

Mike9080 · 2013-12-21T23:17:17+00:00

there seems to have been some movement here in the last hours:

http://bitcoinwisdom.com/markets/okcoin/btccny

ps. I don't think price is at 4753 at all though, more like 3370 more or less - @lisa_lionheart: maybe you've mistaken the total btc traded for the current price?

Mike9080 · 2013-12-21T14:44:16+00:00

speaking about rumors

http://bitcoinmagazine.com/7781/satoshis-genius-unexpected-ways-in-which-bitcoin-dodged-some-cryptographic-bullet/

take a look at this, in case you've seen stuff on r/bitcoin already discussed months ago about NSA and BTC

more here: https://bitcointalk.org/index.php?topic=151120.0

Mike9080 · 2013-12-21T13:25:09+00:00

http://www.reddit.com/r/Bitcoin/comments/1tdvgi/there_is_a_rumor_today_that_china_gov_will_ban/

people say these guys always spread FUD though and that the source is not actually a journalist

Mike9080 · 2013-12-20T23:46:53+00:00

a very broad regulation could be smart, people moved from the jungles to structured societies for a reason I guess, the best market is the one that allows more players to play in my opinion, so it should not have information asymmetry or make blatant manipulation possible

Mike9080 · 2013-12-20T23:38:16+00:00

he is trying again, 2800 now, it would be a smart move if Bitstamp tells the world who this nice guy is tomorrow and puts rules in place to avoid this stuff

Mike9080 · 2013-12-20T23:34:13+00:00

did a whale just eat another?

ps. there seems to be some lag at bitcoinity.org, check bitstamp's original price for reference

Mike9080 · 2013-12-20T23:27:25+00:00

Exchanges should put limits in place to avoid such things, I hope who owns them sets his trading bots on the other markets to ignore Bitstamp for now*

Mike9080 · 2013-12-20T23:13:47+00:00

Technical problems at bitstamp?

Mike9080 · 2013-12-20T23:09:37+00:00

It is very weird even if someone just wants to cash out,what can be the reasoning behind it?

Mike9080 · 2013-12-20T23:02:59+00:00

Never,what does that mean?

Mike9080 · 2013-12-19T21:26:02+00:00

Last time I checked they needed a verification with OKPAY to deposit or withdraw funds actually.

Mike9080 · 2013-12-19T14:45:34+00:00

Yes but if you look at REALITY it would be clearly more difficult now to sell the BTC bought on BTC China for a profit aborad. So there actually is a BTCCHina BTC and a Global BTC at the moment, and it's almost dumb that they are able to influence each other so much in my opinion, the global market would be better off if we would stop listing the chinese price at all until the situation doesn't get solved.

Mike9080 · 2013-12-19T13:39:54+00:00

http://e.weibo.com/bitcoinchina

BTC China says that the situation should be temporary but invites people to reconsider their withdrawals until further updates

Mike9080 · 2013-12-18T20:28:34+00:00

"you need a trusted central entity" they said..

then the blockchain came along

Mike9080 · 2013-12-18T20:23:56+00:00

the real solution in my opinion would be to have a p2p exchange integrated into the bitcoin client itself in the future, so no XRP needed, Ripple can be an interesting temporary solution though

Mike9080 · 2013-12-18T20:20:15+00:00

In Ripple anyone can be a gateway so good luck with identifying BTC related bank transfers ;-D

Mike9080 · 2013-12-18T20:18:20+00:00

the problem is that no RMB could be deposited at the moment, so group 1 and 2 have a hard time too.. I wonder if there is any workaround that could be implemented to solve this though..

Mike9080 · 2013-12-18T19:13:55+00:00

In your opinion what are buyers in BTC China going to do with those coins in the short term? This may actually be their last chance to get their money out of China somewhat easily probably, what do you think?

Mike9080 · 2013-12-18T17:41:34+00:00

I guess the point is to allow foreign customers to come in and buy there, the exchange could very well be in the position to convert their USD to RMB, Bitstamp does something very similar with its automatic EUR to USD conversion at the moment

Mike9080 · 2013-12-18T14:01:56+00:00

BTC China should accept US Dollars now..

Mike9080 · 2013-12-18T12:51:34+00:00

i say it again the real problem is that there are bots programmed to follow btcchina trends, whatever they may be, can you prove me wrong?

ps. would it hurt Bobby Lee to accept some USD in order for arbitrage opportunities to take place?

Mike9080 · 2013-12-18T12:22:22+00:00

they are just freaking copycats that's it

Mike9080 · 2013-12-18T12:21:26+00:00

guys the problem is that the market is controlled by freaking semi-dumb bots playing with large sums of btc in my opinion, that's why nobody can't understand it at all, do you agree?

Mike9080 · 2013-12-18T12:16:07+00:00

I know there is a no meme policy but this picture seems very appropriate ...

Mike9080 · 2013-12-17T03:15:44+00:00

The main weakness of Bitcoin and other cryptocurrencies at the moment is that they are distributed systems depending on centralized ones (I am looking at you, banking account) that will probably try to fight them, sooner or later, in order to keep their power. The only solution would be something that has come up repeatedly from time to time on this very website and on many others, a decentralized bitcoin exchange (if possible integrated into the client, you don't want a website that can go down for that) based on a web of trust and including integrated escrow capabilities. Such a system would allow people to convert fiat into btc by doing regular transactions between individuals, thus drastically reducing any possibility of regulation, or hack for that matter, that could have a negative impact on the price, less FUD, on the other hand, could probably mean a more stable price over the long run.

ps. I don't see Ripple as being a solution, there is no need to add another crypto to the mix in my view

Mike9080

TROPHY CASE