EhVedadoOAnonimato



Offline



Activity: 630

Merit: 500









Hero MemberActivity: 630Merit: 500 Re: The best new Bitcoin idea from China! (MACAU and BITCOINS) May 09, 2012, 09:43:15 AM #9



Quote from: MemoryDealers on May 09, 2012, 07:08:51 AM WIN: Customers would love it, because they can bring as much money to gamble with as they want.

WIN: Casinos would love it, because customers can bring as much money to gamble with as they want.



I can't think of any reason why anyone involved wouldn't like this idea.



You're right about people involved. But, you know, there are these people which are not involved but love to mind other people's business. There's a potential "LOSE: The Chinese government will hate it, because people would be disobeying them" in your list.



Let's just hope Macau's casinos and bitcoin exchangers in mainland China are faster than the Chinese government, so that if they ever try to forbid anything, it's already too late. These are very good news you bring, MemoryDealer.You're right about people involved. But, you know, there are these people which are not involved but love to mind other people's business. There's a potential "LOSE: The Chinese government will hate it, because people would be disobeying them" in your list.Let's just hope Macau's casinos and bitcoin exchangers in mainland China are faster than the Chinese government, so that if they ever try to forbid anything, it's already too late.

Steve



Offline



Activity: 868

Merit: 1000









Hero MemberActivity: 868Merit: 1000 Re: The best new Bitcoin idea from China! (MACAU and BITCOINS) May 09, 2012, 12:25:14 PM #11 We've run into similar issues regarding the Chinese being restricted in spending their currency outside their borders (for an entirely different business opportunity). After some thinking, I came to the conclusion that you need to get a domestic exchange going in China and people like yourself need to start using Bitcoin to buy things from the Chinese (so they can obtain more Bitcoin to use on their local exchanges). Since Chinese currency isn't very usable outside China, it's unlikely that many people outside China will offer to sell Bitcoins in exchange for Yuan (but maybe speculators will). So, you need domestic sellers of Bitcoin and for their to be sellers, they need to have Bitcoins to sell.



If you start paying some of your Chinese vendors in Bitcoin and find someone to run a domestic exchange, I think that would be a necessary prerequisite to making Bitcoin available to the Chinese for spending when they travel abroad (Macau or elsewhere). And from what I gather, many Chinese have this problem when traveling and would love to have a way of converting their Yuan into something that is spendable outside China.



Now, there is a 2009 law that makes it illegal in China to use virtual currencies to buy real world goods and you are skirting around their capital controls so anyone engaging in this activity in China needs to be aware of the risks involved. (gasteve on IRC) Does your website accept cash? https://bitpay.com

EhVedadoOAnonimato



Offline



Activity: 630

Merit: 500









Hero MemberActivity: 630Merit: 500 Re: The best new Bitcoin idea from China! (MACAU and BITCOINS) May 09, 2012, 12:54:36 PM #14 Quote from: Steve on May 09, 2012, 12:25:14 PM We've run into similar issues regarding the Chinese being restricted in spending their currency outside their borders (for an entirely different business opportunity). After some thinking, I came to the conclusion that you need to get a domestic exchange going in China and people like yourself need to start using Bitcoin to buy things from the Chinese (so they can obtain more Bitcoin to use on their local exchanges). Since Chinese currency isn't very usable outside China, it's unlikely that many people outside China will offer to sell Bitcoins in exchange for Yuan (but maybe speculators will). So, you need domestic sellers of Bitcoin and for their to be sellers, they need to have Bitcoins to sell.



You don't need to worry about having local btc sellers. People looking for arbitrage opportunities will do the job of moving bitcoins in or out of China as necessary. You don't need to worry about having local btc sellers. People looking for arbitrage opportunities will do the job of moving bitcoins in or out of China as necessary.

Steve



Offline



Activity: 868

Merit: 1000









Hero MemberActivity: 868Merit: 1000 Re: The best new Bitcoin idea from China! (MACAU and BITCOINS) May 09, 2012, 02:37:53 PM #18 Quote from: EhVedadoOAnonimato on May 09, 2012, 12:54:36 PM Quote from: Steve on May 09, 2012, 12:25:14 PM We've run into similar issues regarding the Chinese being restricted in spending their currency outside their borders (for an entirely different business opportunity). After some thinking, I came to the conclusion that you need to get a domestic exchange going in China and people like yourself need to start using Bitcoin to buy things from the Chinese (so they can obtain more Bitcoin to use on their local exchanges). Since Chinese currency isn't very usable outside China, it's unlikely that many people outside China will offer to sell Bitcoins in exchange for Yuan (but maybe speculators will). So, you need domestic sellers of Bitcoin and for their to be sellers, they need to have Bitcoins to sell.



You don't need to worry about having local btc sellers. People looking for arbitrage opportunities will do the job of moving bitcoins in or out of China as necessary.

You don't need to worry about having local btc sellers. People looking for arbitrage opportunities will do the job of moving bitcoins in or out of China as necessary.



I think there would also be benefits in such an exchange to currency traders that might want trade Yuan against other currencies. They could sell dollars for bitcoins, send the bitcoins to the Chinese bitcoin exchange, and sell the bitcoins for Yuan to hold in their account. Then reverse that trade as they see fit. Given there there are such strict controls on trading Yuan for other currencies on the free market, I bet you could make a fortune doing it if you could do it in large enough quantities you buy Yuan after interventions force the exchange rate back in line with the USD, then sell as it rises and in advance of another intervention. And precisely what would such arbitrageurs outside of China do with the Yuan they purchase with their bitcoins? Normally, the arbitrageur would need to wire/convert the Yuan back into USD and then buy back more bitcoins than they originally sold. But China has strict controls on such transfers and exchange. The problems that people in China have with spending their Yuan outside China are exactly the same problems that will impede such arbitrage. Hence the need to create a domestic exchange of bitcoins for Yuan.I think there would also be benefits in such an exchange to currency traders that might want trade Yuan against other currencies. They could sell dollars for bitcoins, send the bitcoins to the Chinese bitcoin exchange, and sell the bitcoins for Yuan to hold in their account. Then reverse that trade as they see fit. Given there there are such strict controls on trading Yuan for other currencies on the free market, I bet you could make a fortune doing it if you could do it in large enough quantities you buy Yuan after interventions force the exchange rate back in line with the USD, then sell as it rises and in advance of another intervention. (gasteve on IRC) Does your website accept cash? https://bitpay.com