BTC38:We will enable bitcny deposit over the next few days.

Ander · February 10, 2015, 06:59:21 PM

Quote from: bluebit on February 10, 2015, 02:13:53 AM
I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

bitCNY rises in market cap when more of it is created. (It is created when someone with BTS shorts it into existance, tying up their BTS as collateral in order to create it). Then they sell the bitCNY to a buyer.

btswildpig · February 10, 2015, 06:58:54 PM

Quote from: bluebit on February 10, 2015, 02:13:53 AM
I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

because supply is rising through demand ? The price is still= 1CNY ,but supply increases

arhag · February 10, 2015, 06:58:20 PM

Quote from: blahblah7up on February 10, 2015, 06:56:24 PM
Quote from: arhag on February 10, 2015, 06:52:22 PM
Quote from: bluebit on February 10, 2015, 02:13:53 AM
I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

Market cap of BitAssets is irrelevant from an investment point of view (investment in the BitAsset that is). As long as the peg works (and it is working) 1 BitCNY will always approximately equal 1 CNY, and the value of CNY has not been rising by much relative to USD over the long-term (assuming you are thinking about your investments in dollars).

But you get yield, right? It's a conservative investment. ;)

Sure, you get yield. But the yield you get has no correlation to the market cap. The implication of bluebit's post was that rising market cap means good investment, and I was just pointing out how that is not the case with BitAssets.

blahblah7up · February 10, 2015, 06:56:24 PM

Quote from: arhag on February 10, 2015, 06:52:22 PM
Quote from: bluebit on February 10, 2015, 02:13:53 AM
I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

Market cap of BitAssets is irrelevant from an investment point of view (investment in the BitAsset that is). As long as the peg works (and it is working) 1 BitCNY will always approximately equal 1 CNY, and the value of CNY has not been rising by much relative to USD over the long-term (assuming you are thinking about your investments in dollars).

But you get yield, right? It's a conservative investment. ;)

arhag · February 10, 2015, 06:52:22 PM

Quote from: bluebit on February 10, 2015, 02:13:53 AM
I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

Market cap of BitAssets is irrelevant from an investment point of view (investment in the BitAsset that is). As long as the peg works (and it is working) 1 BitCNY will always approximately equal 1 CNY, and the value of CNY has not been rising by much relative to USD over the long-term (assuming you are thinking about your investments in dollars).

bluebit · February 10, 2015, 02:13:53 AM

I'd like to know that answer to this as well, why is BitCNY rising in market cap? Maybe I should be investing in some BitCNY :)

teenagecheese · February 10, 2015, 01:25:01 AM

Interesting, bitCNY's market cap has been steadily on the rise while bitUSD has been dropping. What do you think the reasons for this are?

I can guess:
1. The 1:1 bitCNY to CNY exchange rate
2. Better marketing in China (from what I hear)
3. More demand to have a secure digital currency in China due to the economic conditions and financial laws there.

Any other reasons? Any ways we can get this going for bitUSD

vlight · February 10, 2015, 12:36:47 AM

So, BitCNY is currently #85 on Coinmarketcap and is silently overtaking the crypto world. ;)

Mysto · December 13, 2014, 01:41:32 AM

Quote from: Gentso1 on December 12, 2014, 01:32:04 PM
Great great work guys. :-*

http://www.tradebts.com/

As a american I would be more then happy to use bitCNY and the above site if a English version can also be done.

Please do this^^^

Mysto · December 13, 2014, 01:37:53 AM

Quote from: Btc38 on December 12, 2014, 06:40:41 AM
BTC38 will enable bitcny deposit at next few days.

When you deposit bitcny to us, you'll get CNY in your balance.
1000bitcny = 1005 cny

At the start time. each user can only deposit less than 5,000bitcny. total limit is 100,000bitcny at one day.

BTS/CNY: http://www.btc38.com/trade_en.html?btc38_trade_coin_name=bts

WOW +5% +5% +5% +5% +5% +5%

Shentist · December 12, 2014, 10:30:53 PM

yeah, great news on this side, but got crushed from the update desaster.

yellowecho · December 12, 2014, 05:14:02 PM

Whoa, fantastic news!! +5%

mitao · December 12, 2014, 01:42:32 PM

Best marketing effort in the past year!

Sent from my iPhone using Tapatalk

Gentso1 · December 12, 2014, 01:32:04 PM

Great great work guys. :-*

http://www.tradebts.com/

As a american I would be more then happy to use bitCNY and the above site if a English version can also be done.

天籁 · December 12, 2014, 12:37:28 PM

Quote from: heyD on December 12, 2014, 11:36:15 AM
Quote from: monsterer on December 12, 2014, 09:11:14 AM
The fiat fiat gateway! Fantastic work :)

How are they going from bitCNY -> CNY, or do they hold bitCNY?

Forum member @gulu launched a bitcny<-->cny gateway allowing 1:1 exchanges two weeks ago (with no fees at this moment).

Everyday btc38 sends bitcny via blockchain to gulu who then sends back btc38 the cny via banks. Probably btc38 won't hold bitcny unless they also want to launch a gateway.

You can find gulu's site here (now only available in Chinese): http://www.tradebts.com/

Thank you, gulu and btc38.

:P +5%