God I hope the Chinese government cracks down on the Chinese

>>1727361
Whoah what. The chinese exchanhes have no fees? What kind of volumes can I place on them as an American?

>>1727361
why do you hope that? Why is zero-fee trading bullshit? Why is the price on OKCOIN dropping with these news?

>>1727390
>>1727396
No, they have no fees.

That's partly why the three big Chinese exchanges have so much volume (that and flat-out bullshit numbers most likely).
It also helps explain some of the volatility, not in the least because a lot of the bots active on those exchanges will go absolutely nuts whenever something mildly out of the ordinary happens.

I wouldn't put a dime on Chinese exchanges as a non-Chinese national; the Chinese government could shut down those exchanges and confiscate all the funds - especially from foreigners - and there wouldn't be a thing you could do about it, short of a land invasion.

The sooner those shitholes are shut down, the sooner we can get some normal movement going, since right now it's the Chinese running the show; or giving that impression at least, which is the same thing ultimately, with non-Chinese bitcoin investors watching China like hawks.

>>1727413
I'm fairly new to finance, but I don't really see the problem? Why would the value decided by investors in china be any less legit?

>>1727423
Because it means the price of bitcoin depends heavily or almost entirely on whatever is going on in China.
Bitcoin has been falling these past few days primarily because of the Chinese govt. announcing oversight measures against the Chinese exchanges, and the artificial valuation of the Yuan.

There are many more places in the world that are looking for alternatives to government-controlled currencies and commodities (Turkish lira is tanking, and the Euro is all set to majorly eat shit, etc.), but this China situation may very well be keeping people back.

>>1727423
>>1727390
And not only are there no fees, but the Chinese exchanges actually REWARD traders for trading as much as possible: the more you trade, the less you pay when you eventually take your money out of the exchange ("withdrawal fee").
They're doing this mainly to compete among themselves.

A purge would be a very good thing right now.

>>1727448
>There are many more places in the world that are looking for alternatives to government-controlled currencies and commodities (Turkish lira is tanking, and the Euro is all set to majorly eat shit, etc.), but this China situation may very well be keeping people back.
Maybe the rest of the world should stop being a bitch and match the economic power of China then? If you're hoping for irrelevant economies to pump up Bitcoins, then I have bad news for you.

>>1727499
It's not China's economic power dominating bitcoin. Over 95% of bitcoin trading volume is Chinese, but that volume is bullshit.

>If you're hoping for irrelevant economies to pump up Bitcoins, then I have bad news for you.
Every bit certainly helps, but I'm more interested in Europe turning to bitcoin when the Euro inevitably shits the bed.

>>1727515
>It's not China's economic power dominating bitcoin. Over 95% of bitcoin trading volume is Chinese, but that volume is bullshit.
It is economic power at play. 1.2 billion people in a large economy. At least tens of millions of them have a high enough income to play around with Bitcoins now. Poor countries don't have the people or resource to do what China can do.

>>1727545
China's interest in general helps, yes. The bullshit with the Chinese exchanges doesn't.

Also, recessions and government manipulation happen to other resourceful areas too, not just China.

If the 2008 recession were to replicate itself right now, you bet your ass Americans and Euros would find their way to bitcoin too.

The Chinese middle class is larger than Canada and the USA's total pop

>>1727581
No shit retard lmao.

>>1727361
8888 cny?

that's way too coincidental.

>>1727545
Ordinary Chinese like gold. The reason for the surge in bitcoin was capital flight; wealthy Chinese were trying to get their wealth into USD or any other safe currency as they knew the Yuan was going to be devalued. They didn't want to be in bitcoin, they were using it to avoid capital controls only.