Quote from: alyssa85 on January 13, 2017, 04:14:08 PM

Quote from: ed_teech on January 13, 2017, 04:00:27 PM

Quote

Chinese bitcoin exchanges charge zero trade fees

Many things come to mind.

1. Why aren't all traders trading there ? I imagine with zero trading fees bitfinex, ... have a hard time gathering volume.
2. Bots ? Aren't they dominating because of this ?

Huh

nonsense

Looks like you have no idea what you are talking about here. let me correct you:

~~western traders had to use VPNs to get past the Great Firewall~~
bs. You don't need a vpn to access anything in China unless your government ban that content in your country. try visit okcoin.cn and you see. if you mean you have to have an China IP to register & trade in Chinese exchangers then it's still dead wrong and you don't need so.

~~And the Chinese exchanges charged huge fees for withdrawing fiat~~
bs number 2. Huge fees? e.g. okcoin.cn charges 0.5% - 0.3% for withdraw CNY. deposit by bank wire on the other hand is free. Is this fee you consider as huge? this is even less than the fee per trade on almost every exchangers out there. i.e the fee for sell&buy on btc-e is 0.2%*2=0.4%, 0.25%*2=0.5% for bitstamp. say you buy and sell 10 btc, you got your money in hand after 10*(0.5%-0.3%) fee on okcoin/huobi. you might end up paying 10*times more fee on btc-e/bitstamp.

~~Which probably encouraged shorts to push the bitcoin price down~~
hs. who pumps bitcoin? Chinese pumps bitcoin. from the day 1.

Quote

so western whales could buy cheap bitcoin and then transfer their coins out to the western exchanges, where they could sell for dollars.

For now, Yes. it has been a long time that Chinese price are $20-$100 above USD/JPY/EUR/etc price. now we have the chance to trade the difference in gap vice versa.

We shall see of the PBOC crackdown changes anything...
Not only PBOC is currently on this matter, Police and financial regulator are also involved.