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by jzd 3818 days ago
What does this mean for Bitcoin?
4 comments
kbaker 3817 days ago
BTC/CNY instantly up 2% after the crash / circuit breaker just a few hours ago? Maybe it is just more speculation...

https://bter.com/trade/btc_cny

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mirimir 3818 days ago
It's increasing Bitcoin popularity in China, I suspect. And 81% of Bitcoin exchange volume is already in CNY (average for last 30 days). I'm guessing that the price will stay in the 420-450 USD range.
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oska 3817 days ago
You can't rely on the self-reported volume figures from Chinese bitcoin exchanges. They are zero fee exchanges so it's very easy to inflate volume and there are many indications that that is exactly what they do.
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mirimir 3817 days ago
OK, thanks. I have heard that before, now that you say so. Are there any credible estimates of how inflated they are? Is there any way to check against the blockchain?

Also, what's the incentive for inflating volume? Promotion?

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ufo 3817 days ago
Bitcoin didn't explode in during any of the latest economic crashes (greece comes to mind). I don't see why this one should be any different.
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charlesism 3817 days ago
0% interest rates (or even negative rates, in some countries) for saving fiat money means you're better off investing in stocks...

but enough years of pumping stocks, they crash...

So now that fiat and stocks are bad investments that leaves you with gold, silver, bitcoin, etc.

That's why bitcoin is back above $450 today.

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