Quote from: Vycid on November 13, 2013, 02:19:23 AM

Quote from: hlynur on November 13, 2013, 02:15:58 AM

*checking chinese subforum*
https://bitcointalk.org/index.php?topic=329534.0

Quote from: keatonatron on November 10, 2013, 05:02:46 AM

Remember how BTC-E has always had low prices? There's a reason for that: hard to get money in.

And you know how now BTCCHINA has really high prices? There's a reason for that, too: hard to get money out.

If it was easy to do, people would already be doing it and we wouldn't see as large a gap as we do. China is a Communist country, and they have a strong hold on their currency. Just doing some quick Googling, Chinese residents can only send $50,000 per year overseas.

So, let's say you put up $45,000 to buy 150 coins. Send them to China, sell for $340 each, split the $6,000 profit with your Chinese partner, and have them wire back $48,000 (while also possibly paying taxes and bank fees, etc).

Oh, and don't forget to add in your trip to China Cheesy

So you might make $3,000 for the year. You could exceed the limit by having your Chinese contact's friends and relatives send you transfers in their names, but it seems like that would require even more trust. And if the price of bitcoins goes way up and the price difference stays the same, you'll hit your limit earlier and make less profit.

It's a nice idea in theory, but I don't think it will pan out as well as it looks. Please let us know if you do try it, though!

But I don't understand why CHINESE people don't do this. You don't need an American partner or a trip to America to open a USD-denominated bank account.

Pretty much every Chinese Bitcoiner should be cashing in on their 50k right now...

The price difference is around 10%, and the internet wire fee and exchange rate loss (RMB -> USD -> RMB) can be more than 5%. Then after all the trouble, you can only get $2500 for a year. Those guys who will spend $50k on bitcoin can easy make that amount in couple of days by just staying in BTCChina (considering the 0 trading fee and high volatility).