Did any news just happen?

[RenaudGagne]

Downward pressure in BTC for tax loss harvesting. :-) Probably going to help other crypto.

[cn-members]

how is btc38 going to sell the bitCNY at the peg? with BitUSD you can't sell at the peg at any time reliably. Only when shorts expire, and market bids for bitUSD are placed at the peg.

BTC38 sell BitCNY to www.tradebts.com directly in exchange for 1:1 fiat at anytime.
So your question would be about www.tradebts.com .

www.tradebts.com absorb the peg risk by themselves .

[ag]

how is btc38 going to sell the bitCNY at the peg? with BitUSD you can't sell at the peg at any time reliably. Only when shorts expire, and market bids for bitUSD are placed at the peg.

[Gentso1]

Can someone translate this page?
http://www.btc38.com/general/5291.html

It would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.

It's weekend , maybe wait until next week .
Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .

Maybe bter could work with tradebts.com too?  Or any Chinese exchange that allows deposit of CNY.  btcchina etc, all the Chinese exchanges.  Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.

Bter maybe following the path , I'm not sure .
The main point for that notice :
1. BitCNY <1:1>  BTC38-CNY
2. set a limit for every user and daily volume to control the risk .
3. tradebts.com also set  a daily volume to control the risk .

Can you tell use what the daily limit for volume is for for tradebts.com is?

[btswildpig]

Can someone translate this page?
http://www.btc38.com/general/5291.html

It would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.

It's weekend , maybe wait until next week .
Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .

Maybe bter could work with tradebts.com too?  Or any Chinese exchange that allows deposit of CNY.  btcchina etc, all the Chinese exchanges.  Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.

Bter maybe following the path , I'm not sure .
The main point for that notice :
1. BitCNY <1:1>  BTC38-CNY
2. set a limit for every user and daily volume to control the risk .
3. tradebts.com also set  a daily volume to control the risk .

[monsterer]

Maybe bter could work with tradebts.com too?  Or any Chinese exchange that allows deposit of CNY.  btcchina etc, all the Chinese exchanges.  Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.

I don't know about china, but obv the limiting factor in the US/UK is finding a bank which wont close you down and getting signed up with whatever AML procedures the local government has.

[matt608]

Can someone translate this page?
http://www.btc38.com/general/5291.html

It would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.

It's weekend , maybe wait until next week .
Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .

Maybe bter could work with tradebts.com too?  Or any Chinese exchange that allows deposit of CNY.  btcchina etc, all the Chinese exchanges.  Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.

[cn-members]

Can someone translate this page?
http://www.btc38.com/general/5291.html

It would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.

It's weekend , maybe wait until next week .
Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .

[Empirical1.1]

Upward pressure on bitUSD peg due to Chinese demand?

Doubt it. Probably someone trying to hedge because of the bug yesterday, expecting BTS price to fall.
The BitCNY announcement, thanks to Gulu, BTC38 and the Chinese Marketing team is so positive luckily it looks like it's cancelled that negative out & then some.

(That's what good marketing events/announcements do, unlike our release of BitShares.org which sent BTS down 10% that day...)

Edit: Ok, I see CMC says $1.18, yeah that must be wrong.

[kisa]

Upward pressure on bitUSD peg due to Chinese demand or is it an update/feed issue with coinmarketcap?

[muse-umum]

bitCNY is now equal to CNY, 1:1. Great news +5% +5% +5% +5%

Perhaps we should give whoever behind this to make this deal with btc38 happened a paid delegate position, just as a bonus.

I also agree that this kind of marketing is the best. FYI, the honor belongs to Chinese marketing team. Let's see whether there will be bitUSD trade platform or not. +5% +5%

FYI.
https://bitsharestalk.org/index.php?topic=12203.msg161195#msg161195

[Empirical1.1]

bitCNY is now equal to CNY, 1:1. Great news +5% +5% +5% +5%

Perhaps we should give whoever behind this to make this deal with btc38 happened a paid delegate position, just as a bonus.

I also agree that this kind of marketing is the best. FYI, the honor belongs to Chinese marketing team. Let's see whether there will be bitUSD trade platform or not. +5% +5%

+5%  +5%  Thank you Chinese marketing team!

[matt608]

Can someone translate this page?
http://www.btc38.com/general/5291.html

It would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.

[mbaeichapareiko]

Good job to our Chinese partners.  Keep up the good work!

[merlin0113]

No, I believe btc38 don't hold bitcny, at least for now. They will have bitcny changed into cny through tradebts.com (a counterparty to bitpay) right away.

Thats great, this basically means we have bitpay for BTS now.

terrific!