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A comment on China and the soaring price of Bitcoin. Parent comment

Re:China and the soaring price of Bitcoin by ashray on Thursday November 21, 2013 @04:05AM (#6773752)
That's actually an interesting point. It's possible that people on BTC China are not in fact moving their bitcoins out of the exchange and selling them on another exchange to launder money. They're possibly holding bitcoins in their BTC China wallets. Those transactions will not influence the over all bitcoin transaction volume.

Furthermore, per exchange volumes have been insanely high over the past few days. See: http://bitcoincharts.com/markets/

What you basically pointed out points towards the premise of the article being false. It's not money laundering, it's something else.

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Re:China and the soaring price of Bitcoin by Anon84 on Thursday November 21, 2013 @05:32AM (#6773982)
> Those transactions will not influence the over all bitcoin transaction volume.

Shouldn't there be a "MtGox wallet (say)" -> "chinese wallet" transaction somewhere in the blockchain?

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Re:China and the soaring price of Bitcoin by ashray on Thursday November 21, 2013 @05:40AM (#6773997)
There should be, if they chose to withdraw their bitcoins from Gox. But assuming that the article is right, there would be another transaction that moves the money from their private wallet to bitstamp/another exchange as well.

Basically all there is evidence of right now is that the Chinese are buying tons of bitcoins. No evidence of selling/moving as such.

It's not possible to use Gox for USD withdrawals at the moment so I don't think they'll try that anyway.

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