Bitcoin bubble won't last without Beijing's approval

Cryddit

legendary

Activity: 924

Merit: 1132

Quote from: mb300sd on January 13, 2014, 01:47:55 AM

Remember all the good news out of china, and that positive piece that aired on a government sponsored channel? You just know some nasty corrupt motherf**king pig of an official over there got rich off of this. Pump and dump on an international scale.

So let's assume our mystery official bought a bunch of bitcoin when s/he first heard about it, then talked it up/endorsed it in China, the price rose massively, s/he sold out, then shorted, then came out with the banking ban and got coverage with the above tone started. Price went down, and whoever it is covered the short and now has an acre of money.

The cool thing about that game is it can be played several times. China in -- price goes up. China out -- price goes down.

If our mystery official wants to go back to the pump, s/he's buying up coins now. S/He'll wait at least six months to keep the cognitive dissonance to a dull roar, then go to work on getting the banking ban overturned and start to talk it up again.

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: yomofo on January 13, 2014, 12:14:40 AM

http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Quote

Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses. When the bubble bursts, the Chinese government won't be able to arrest these foreigners and get the money back. The bubble is not under Chinese government control. Hence, it cannot be tolerated.

My $.02.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

At this point, haven't we already heard from Beijing that they don't approve? And yet BTC price seems reasonably stable. Is this thread just too old? (Yet the discussion continues ...)

semaforo

hero member

Activity: 728

Merit: 500

I think the naming of the android bitcoin wallet "Mycellium" is very appropriate. If you were to map the bitcoin network nodes, it might look a lot like networks of mycellium. And these "bubbles" are similar in their growth patterns to mushrooms. There are these phases where the mycellium saturate a new growth medium, or strata of population, and then explode, releasing millions of spores in the next wave of people who find out about bitcoin...

Kaiji

full member

Activity: 140

Merit: 100

Hoist the Colours

This is what I was worrying about when prices passed $1000. As long as it stays near that value then its all well and good. If it falls all they way back down to $100 then it will be a major blow to bitcoin as an idea and commodity. Too many people will lose their shirts and they won't forget it. When the bubbles went up to $260 then they damage caused by crashes were minimal. If we have this tsunami of a crash then bitcoin will be leaving behind a horde of angry losers who will turn their back on bitcoin. For how many major bubbles can we last before we've alienated everybody who was interested in bitcoins?

If the prices fall to pre oct. levels then I hope it never jumps up to ridiculous amounts in a short amount of time again. A steady rise as businesses adopt it then fine.

Then again maybe my subconscious is hoping it falls so I can get cheap coins.

sayaz

member

Activity: 119

Merit: 10

China takes BTC to $1200+

"WE LOVE CHINA!! ARGENTINA WILL LEAD THE NEXT ONE TO $10,000 MEBE!?!??"

Bubble bursts = FUCK CHINA! CHINA DOESN'T NEED BITCOIN WE WILL CONTINUE ON WITHOUT THEM. CHINA DOESN'T UNDERSTAND HOW AMAZING BITCOIN IS ITS THEIR LOSS IF THEY SELL. WHATEVER CHINA, SELL, ILL HODL!!!!!!!!!!!!!!

All you hodl fuckers grind my gears.

exapted

newbie

Activity: 51

Merit: 0

Speculators in China seem really irrational, and people who don't understand cryptocurrencies may think Bitcoin is yet another fad. That is the sentiment that the article seems to attempt to capitalize on, and a casual speculator in China may believe it and act on it. While Bitcoin could currently be in a bubble, cryptocurrencies are not a passing fad. They solve hard problems, regardless of whether Bitcoin is currently in a speculative bubble. And Bitcoin has first-mover advantage. So the premise of the article is bogus and so is the conclusion.

That being said, without the involvement of China the value of Bitcoin will be lower than if China is involved. Also, whatever the central government of China decides, other countries' governments may follow their lead. And maybe another cryptocurrency will beat Bitcoin.

Dafar

legendary

Activity: 1330

Merit: 1000

dafar consulting

Forget Andreas, I declare Honeypothead as the new voice of bitcoin

Sitarow

legendary

Activity: 1792

Merit: 1047

Andreas sums up the issue rather eloquently.

http://www.youtube.com/watch?v=6kfYQhdUNXg&list=PLbSdnuFOLV4nMiQG9gvPBX_VQUf6E4COM#t=125

Dodgers

newbie

Activity: 49

Merit: 0

Quote from: aminorex on January 13, 2014, 05:13:53 PM

Actually, the Chinese government was concerned that some Chinese people might get wealthy without being in their loyalty network, under control. They want to choke off bitcoin in order to keep the Chinese people as slaves.

But....The Chinese have the resources (whether it be in Gold or USD) to buy vast amounts of BTC and have some measure of control... considering the "semi-pro" US response to BTC i would have thought that they would try to buy it up in order to control... as they are doing with gold reserves.... this would offer them some future-proofing just in case.....

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Actually, the Chinese government was concerned that some Chinese people might get wealthy without being in their loyalty network, under control. They want to choke off bitcoin in order to keep the Chinese people as slaves.

Dodgers

newbie

Activity: 49

Merit: 0

Quote from: Honeypot on January 13, 2014, 04:44:30 PM

Quote from: Dodgers on January 13, 2014, 04:40:41 PM

Quote from: Honeypot on January 13, 2014, 04:39:36 PM

Quote from: Dodgers on January 13, 2014, 04:37:13 PM

Quote from: ?? on ??

You're both pathetic backwater scum. Now take it somewhere else.

who is "both"

Take a wild guess....

Not paying to much attention to non-relevant nonsense tbh..... however I hope their parents come home soon.
I can only speculate that their Playstations don't work so they cannot heckle people on Call Of Duty or BattleField.....hence they come here to vent the abundance of teenage testosterone.....

As soon as the boy can work up the balls crawl over to his daddy with his head and eyes hanging low and asking for handouts because he got himself into debt he can't repay

On topic, bitcoin doesn't need anyone's 'approval', definitely not chinese one. Why should bitcoin care since it has been having ups and downs since the beginning, slow and sure upward trend, increasing bubble amounts each year, and growing userbase?

The only thing chinese did is to speed up the schedule of the inevitable large bubble. Even if every single chinese withdrew from bitcoin, the schedule will continue and leave china in the dust.

Going back to the article in question, it seem to be a lot more "anti" than previous articles.... if we assume that it was state sponsored/sanctioned, then we have to speculate that the tide is indeed turning for the worse.
Whilst i don't believe that china will be a deal breaker, i have to admit that it would have been in the best interests of the bitcoin community if China had got behind it, or even tolerated it's existence within their borders.

As I said, we don't need china for bitcoin. If you observed the trends, you can clearly see that this current bubble was an ahead-of schedule anomaly.

If the chinese quit, bitcoin will return to its original schedule, and reach each bubble slower. That's all. There's little stopping its rise unless serious regulations are placed by larger and more powerful governments.

Regulation is a necessary evil for mass adoption.......whether people like it or not

That is right. Unfortunately, too many day dreamers and kids on this forum bitching about the US government has yet to realize this completely. Where was all the necessary hate towards the PRC? They were the ones to first really beat down on bitcoin.

The big factor is not regulation - it's an actual shutdown due to extremely strict regulations. Some regulations will help bitcoin by providing stable and safer way for general public to get into it.

In conclusion, chinos can go fuck themselves. Crypto will continue, and will not need their 'help'.

An almost rational reply.......totally spoilt by a racist comment.....come on HP...no one will take you seriously if you continue this path.
Most "chinos" i know disagree with their government policies that same way that many americans and europeans do.... please don't judge a nation based on the policy dictated to them by the few....

Honeypot

sr. member

Activity: 420

Merit: 250

Quote from: Dodgers on January 13, 2014, 04:40:41 PM

Quote from: Honeypot on January 13, 2014, 04:39:36 PM

Quote from: Dodgers on January 13, 2014, 04:37:13 PM

Quote from: ?? on ??

You're both pathetic backwater scum. Now take it somewhere else.

who is "both"

Take a wild guess....

Not paying to much attention to non-relevant nonsense tbh..... however I hope their parents come home soon.
I can only speculate that their Playstations don't work so they cannot heckle people on Call Of Duty or BattleField.....hence they come here to vent the abundance of teenage testosterone.....

As soon as the boy can work up the balls crawl over to his daddy with his head and eyes hanging low and asking for handouts because he got himself into debt he can't repay

On topic, bitcoin doesn't need anyone's 'approval', definitely not chinese one. Why should bitcoin care since it has been having ups and downs since the beginning, slow and sure upward trend, increasing bubble amounts each year, and growing userbase?

The only thing chinese did is to speed up the schedule of the inevitable large bubble. Even if every single chinese withdrew from bitcoin, the schedule will continue and leave china in the dust.

Going back to the article in question, it seem to be a lot more "anti" than previous articles.... if we assume that it was state sponsored/sanctioned, then we have to speculate that the tide is indeed turning for the worse.
Whilst i don't believe that china will be a deal breaker, i have to admit that it would have been in the best interests of the bitcoin community if China had got behind it, or even tolerated it's existence within their borders.

As I said, we don't need china for bitcoin. If you observed the trends, you can clearly see that this current bubble was an ahead-of schedule anomaly.

If the chinese quit, bitcoin will return to its original schedule, and reach each bubble slower. That's all. There's little stopping its rise unless serious regulations are placed by larger and more powerful governments.

Regulation is a necessary evil for mass adoption.......whether people like it or not

That is right. Unfortunately, too many day dreamers and kids on this forum bitching about the US government has yet to realize this completely. Where was all the necessary hate towards the PRC? They were the ones to first really beat down on bitcoin.

The big factor is not regulation - it's an actual shutdown due to extremely strict regulations. Some regulations will help bitcoin by providing stable and safer way for general public to get into it.

In conclusion, chinos can go fuck themselves. Crypto will continue, and will not need their 'help'.

Dodgers

newbie

Activity: 49

Merit: 0

Quote from: Honeypot on January 13, 2014, 04:39:36 PM

Quote from: Dodgers on January 13, 2014, 04:37:13 PM

Quote from: ?? on ??

You're both pathetic backwater scum. Now take it somewhere else.

who is "both"

Take a wild guess....

Not paying to much attention to non-relevant nonsense tbh..... however I hope their parents come home soon.
I can only speculate that their Playstations don't work so they cannot heckle people on Call Of Duty or BattleField.....hence they come here to vent the abundance of teenage testosterone.....

As soon as the boy can work up the balls crawl over to his daddy with his head and eyes hanging low and asking for handouts because he got himself into debt he can't repay

On topic, bitcoin doesn't need anyone's 'approval', definitely not chinese one. Why should bitcoin care since it has been having ups and downs since the beginning, slow and sure upward trend, increasing bubble amounts each year, and growing userbase?

The only thing chinese did is to speed up the schedule of the inevitable large bubble. Even if every single chinese withdrew from bitcoin, the schedule will continue and leave china in the dust.

Going back to the article in question, it seem to be a lot more "anti" than previous articles.... if we assume that it was state sponsored/sanctioned, then we have to speculate that the tide is indeed turning for the worse.
Whilst i don't believe that china will be a deal breaker, i have to admit that it would have been in the best interests of the bitcoin community if China had got behind it, or even tolerated it's existence within their borders.

As I said, we don't need china for bitcoin. If you observed the trends, you can clearly see that this current bubble was an ahead-of schedule anomaly.

If the chinese quit, bitcoin will return to its original schedule, and reach each bubble slower. That's all. There's little stopping its rise unless serious regulations are placed by larger and more powerful governments.

Regulation is a necessary evil for mass adoption.......whether people like it or not

(sub-note) at the exchanges... as this is all they can control

Honeypot

sr. member

Activity: 420

Merit: 250

Quote from: Dodgers on January 13, 2014, 04:37:13 PM

Quote from: ?? on ??

You're both pathetic backwater scum. Now take it somewhere else.

who is "both"

Take a wild guess....

Not paying to much attention to non-relevant nonsense tbh..... however I hope their parents come home soon.
I can only speculate that their Playstations don't work so they cannot heckle people on Call Of Duty or BattleField.....hence they come here to vent the abundance of teenage testosterone.....

As soon as the boy can work up the balls crawl over to his daddy with his head and eyes hanging low and asking for handouts because he got himself into debt he can't repay

On topic, bitcoin doesn't need anyone's 'approval', definitely not chinese one. Why should bitcoin care since it has been having ups and downs since the beginning, slow and sure upward trend, increasing bubble amounts each year, and growing userbase?

The only thing chinese did is to speed up the schedule of the inevitable large bubble. Even if every single chinese withdrew from bitcoin, the schedule will continue and leave china in the dust.

Going back to the article in question, it seem to be a lot more "anti" than previous articles.... if we assume that it was state sponsored/sanctioned, then we have to speculate that the tide is indeed turning for the worse.
Whilst i don't believe that china will be a deal breaker, i have to admit that it would have been in the best interests of the bitcoin community if China had got behind it, or even tolerated it's existence within their borders.

As I said, we don't need china for bitcoin. If you observed the trends, you can clearly see that this current bubble was an ahead-of schedule anomaly.

If the chinese quit, bitcoin will return to its original schedule, and reach each bubble slower. That's all. There's little stopping its rise unless serious regulations are placed by larger and more powerful governments.

Dodgers

newbie

Activity: 49

Merit: 0

Quote from: ?? on ??

You're both pathetic backwater scum. Now take it somewhere else.

who is "both"

Take a wild guess....

Not paying to much attention to non-relevant nonsense tbh..... however I hope their parents come home soon.
I can only speculate that their Playstations don't work so they cannot heckle people on Call Of Duty or BattleField.....hence they come here to vent the abundance of teenage testosterone.....

As soon as the boy can work up the balls crawl over to his daddy with his head and eyes hanging low and asking for handouts because he got himself into debt he can't repay

On topic, bitcoin doesn't need anyone's 'approval', definitely not chinese one. Why should bitcoin care since it has been having ups and downs since the beginning, slow and sure upward trend, increasing bubble amounts each year, and growing userbase?

The only thing chinese did is to speed up the schedule of the inevitable large bubble. Even if every single chinese withdrew from bitcoin, the schedule will continue and leave china in the dust.

Going back to the article in question, it seem to be a lot more "anti" than previous articles.... if we assume that it was state sponsored/sanctioned, then we have to speculate that the tide is indeed turning for the worse.
Whilst i don't believe that china will be a deal breaker, i have to admit that it would have been in the best interests of the bitcoin community if China had got behind it, or even tolerated it's existence within their borders.

kromer

member

Activity: 86

Merit: 16

Quote from: MatTheCat on January 13, 2014, 03:16:08 PM

Quote from: kromer on January 13, 2014, 03:06:47 PM

I doubt we will ever see sub $500 again.

Heard all this before the December crashes, but we have indeed seen sub $500 coins. Even without some Huobi inspired catastrophe, I could see Bitcoin trending down to low $600s, but with an 'event', crashing to much lower.

Without a catastrophe, why do you think it will trend down? Since adoption is growing all around the world, surely it will trend up?

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: kromer on January 13, 2014, 03:06:47 PM

I doubt we will ever see sub $500 again.

Heard all this before the December crashes, but we have indeed seen sub $500 coins. Even without some Huobi inspired catastrophe, I could see Bitcoin trending down to low $600s, but with an 'event', crashing to much lower.

kromer

member

Activity: 86

Merit: 16

Quote from: MatTheCat on January 13, 2014, 07:35:42 AM

Bitcoin is fucked in China. This means a massive sell-off is on the horizon......

A lot of people are waiting for this opportunity. We don't need China as much as we think.

Quote from: MatTheCat on January 13, 2014, 07:35:42 AM

Pump n Dump on international scale 'The Wall Street Whales' will weep. Sub $100 bitcoin is coming around the mountain.

I doubt we will ever see sub $500 again.

Dodgers

newbie

Activity: 49

Merit: 0

As mentioned in another post..

If you feel strongly about the article, feel free to critique the author's work directly on his Facebook page:
https://www.facebook.com/andy.xie.economist?fref=ts

Topic: Bitcoin bubble won't last without Beijing's approval (Read 4796 times)