Quote from: windjc on December 19, 2013, 11:25:22 AM

Quote from: jl2012 on December 19, 2013, 11:23:28 AM

Quote from: windjc on December 19, 2013, 11:10:03 AM

Quote from: Miz4r on December 19, 2013, 10:49:21 AM

Quote from: windjc on December 19, 2013, 10:34:20 AM

Worst case scenario (but perhaps most likely) is that this is a dead cat bounce in China.

But regardless, why are people buying BTC at all in China?

I have heard that they would buy it to arbitrage it? Ok, assuming they have a way to keep the money or move it back into China. I doubt, however, this is massive.

I have heard that perhaps they want to still own Bitcoin for black market trading. Possible I suppose, but certainly not widespread.

If I understand correctly, $0 money is coming into BTCChina. Am I right? If not where is money coming from? Because I can't wire money to BTCChina from the U.S. So where can people send it from?

I just do not see how BTCChina continues to exist as it is with no new deposits coming from. And if people can't send fresh money, how the hell are they buying bitcoins?

Do you know how much fiat is sitting on the sidelines there now after the crazy sell-off? Some of it will be withdrawn, but it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

So deposits are going to be magically available again. Some 3rd party is going to just give the government the finger and say f*ck you, I'm doing business with these guys? And that's going to last how long?

It never made sense to me why Bobby Lee opened a Chinese exchange. A Hong Kong one I can definitely understand, but China?

I think he will close up and move shop.

Since CNY cannot freely flow between the mainland China / Hong Kong border, a Hong Kong based exchange won't really help a lot and the cost will be much higher

No but at least its a market where you can HAVE a business. And its close to China which apparently is where Bobby wants to be.

We will never know the reason but from my experience it would most likely be that Bobby asked and got blessing of some officials. He trusted it would be ok and saw a huge opportunity to tap the market. Likewise, any of such business need a connection to know and talk to the "right" ppl.

Doing anything new in China always falls into a grey area.... The CCP makes laws thats always open for interpretations