Dogecoin will never, EVER come even close to bitcoin in any way (price, market cap, adoption, any metric you want).  Doge coin is a joke.  Literally a joke.  100billion of them, with 5 billion more being created annually, it may continue to be used by childish meme lovers to tip each other every time they rhyme shibe with something, but other than that there is no future for it.

Ask yourself this; what problem does dogecoin solve? 

Mods instead of moving this to off topic it probably belongs in the trash.

You consider yourself well informed on the internal matters of the PRC?  Wow, you must be like one of 10 people in the world who can say that.  So, what are they going to do about bitcoin?

Just enter any arbitrary information, it doesn't matter.  The only legit thing you need to enter is a mobile number - it sends you a text confirmation number which you enter and voila.  You can then see the bank fund/withdrawal area.

The question is, has this always been there?

The strange thing is everyone who originally reported this did so using a throwaway account.  The original user on reddit is a brand new account and it was confirmed by another user with a new account called "btcthrwawy" even some of the people here confirming this are new accounts.  Not to say they are fake, just that we need to confirm confirm this actually works and this is something new.  I have logged in and seen the bank options but without a Chinese bank account I cant really confirm.  Apparently people have pointed out that somewhere on the site it says "bank deposits and withdrawals are not functional", but I haven't seen that.  

Big news day.  Russia bans bitcoin exchanges

https://bitcointalk.org/index.php?topic=434994.0

Let me know when they arrest Leon Li

From reddit:



http://redd.it/1w9yy3

Geez Mat, I'm having a conversation about volume and your comments are just completely irrelevant.  No need to get all defensive and take things personally, you won't see me resort to name calling like a fkn child. 

Anyway, I'm sure things just got taken the wrong way at some point in this thread, we'll just call it a night and I'm sure you'll do better tomorrow.

Hahaha seriously, nice response! You've made no sense whatsoever in this entire conversation, jumped in and started blurting out your profits, and I'm not relevant?  I think you just enjoy hearing yourself talk or in this case reading your own words. The problem is you don't read the words before or after that!

Anyway big pat on the back for MatTheCat. 

I lost you after the third "31th"

I still don't know what you are talking about.  If you wanted a medal for your 500k volume maybe there's another thread for that try the newbies.

You said,

I said


I dont think you are relevant to this conversation, but yeah good job on your vast amount of volume using only a little capital. 

It's not?  I don't understand what you are trying to say.  My point is Huobi is driving the market right now,  but was informing the OP that the volume is not all it seems. 

The BTC China voucher system is basically like buying a gift card - that can only be used to buy BTC on BTC China.  The problem is that a big part of their network of retailers who sold these vouchers were on Taobao (China's Amazon) - who have sinced banned the sale of anything bitcoin related.  So the voucher system is all but dead

BTC China also set up a "Maker-Taker" system, which essentially promotes the sale of BTC between users, which is allowed under the new Chinese regulations.

I believe what he is referring to is this excerpt from the Official Bitcoin Noticed issued by the Peoples Bank of China:

"Financial institutions and payment institutions are not allowed to use bitcoin...or directly or indirectly provide customers with other services related to bitcoin"

See paragraph 3 of this English translation provided by BTC China https://vip.btcchina.com/page/bocnotice2013

Essentially, banks are forbidden from having anything to do with bitcoin, directly or indirectly. 

Update: Looks like Forbes took down the original article!

http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/

The only thing you have to consider is that the volume from Huobi doesn't mean that that is the number of bitcoins being traded.  Because they have 0 fees, the exchange is full of bots.  So what this means is essentially 1 bitcoin can be traded a billion times (or in this case 96,000 times).  Unfortunately, there is actually no way to tell just how many bitcoins are actually being traded.

Furthermore, Huobi traders can use leveraged trades - they offer margin trading at 2:1.  Finally, it has also been speculated that because of the 0 fees (and no way to make money except from the interest from margin trading), that it is likely that Huobi is trading on their own exchange.  I have witnessed firsthand someone "painting the tape" over there, in fact a user in China gave screenshots of exactly what I have seen, which are strange 0.001 BTC trades happening.  http://s34.photobucket.com/user/snowfox2002/library/0124?sort=9&page=1

I do agree completely, if/when (I believe when, not if) Huobi get shut down, the effect on price could be massive. 

Hmmmm...I don't know what to believe!   I think you are right, I think the Zerohedge report was specifically referring to Citibank.   

I don't understand what you are trying to say here

Strange thing is Zerohedge confirmed the rumor was FALSE, however Huobi still say on their website that withdrawals and deposits will not be processed during this time

http://www.zerohedge.com/news/2014-01-26/no-there-no-stoppage-cash-transfers-china

http://www.huobi.com/news/index.php?a=show_notice&id=46

http://www.huobi.com/news/index.php?a=show_notice&id=66

They will be shut down.  And it won't mean the end of bitcoin.  Huobi is a cesspool of bots and price manipulation, driving each of the mini rallies and crashes over the past month.  Once they are shut down, there will be an immediate but short term negative effect on the price.  But we are then free of these fly by night Chinese exchanges and it will be smooth sailing for bitcoin.

Many people agree, however, here are my thoughts on that.  Bobby Lee was the one who broke the news about the 31st to CoinDesk.  

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

Bobby Lee had sources inside the PBOC meeting with 3rd party payment providers who advised him of the meeting.  I believe Bobby Lee is as connected as anyone, and none of this has to do with any "Guanxi".  

So why has Bobby Lee and BTC China given up the throne to Huobi?  Because Huobi is operating outside of the law, and I would argue Bobby Lee actually has more sway with regulators, and knows his time is up.  In a Wired.com interview, Lee states that BTC China isn’t thinking about the direct payment route because they would first need to be licensed as a payment processor in order to send and receive funds to and from clients and the company's corporate bank account.

http://www.wired.com/wiredenterprise/2014/01/huobi/