Quote from: emanymton on June 12, 2016, 10:14:09 PM

Quote from: talks_cheep on June 12, 2016, 09:57:59 PM

Quote from: Biodom on June 12, 2016, 09:47:31 PM

Quote from: elux on June 12, 2016, 09:32:19 PM

Quote from: Biodom on June 12, 2016, 09:24:49 PM

and who said that we rose because of chinese?

Very simple! The price of Bitcoin says so:

Huobi price: $713

Bitfinex price: $672

that is nothing, it just reflects the speculation level.
so, what does btc-e low price reflect?
if anything these prices reflect that chinese exchanges are more speculative, as mtgox price was higher than every other exchange for months before going tits up.

Denial is strong in Biodom. Weeks long, Chinese have been buying in massive scale. Western banks have been closing since 2008 and nobody gives shit. CNY has been slowly devaluing, Chinese are converting their money to dollars, gold and btc. That's what's driving the price rise.

Agreed, arbitrage will see the prices in the west follow the chinese price. I'm not sure why the chinese are buying but it looks clear that they are driving the rally. The reason why gox was higher than the others in the past was due to no cash withdrawals for months before the collapse.

not so re mtgox, the price on it it was higher even before no cash withdrawals. to me, high level on chinese exchanges reflects no cost transactions, high leverage (up to 1:20, which is crazy) and, maybe, also stronger desire than in the west to diversify from their local currency for btc in a situation where they are limited by the $50K cap on foreign exchange. Chinese companies themselves think that btc price on their exchanges is fake (overpriced).