Topic: Bitcoin Holders Must Prepare For Mass Adoption - page 5. (Read 19037 times)
Very interesting thread. My best guess is that a particular group of Chinese journalists found the topic interesting and did a piece on it, period. I don't view China as a monolith at all -- it's a huge, dynamic mass of people each with his/her own interests and agenda. In some ways, I think that a lot more innovation and dynamism goes on at the small commercial level in China than in the US (not a ground-breaking statement, I realize). But it would be really exciting if the high-level politicos in China have looked at this phenomenon and actually decided that hey, this thing may in fact be in the best strategic interests of China. Think about it, there's a real problem with dependence on USD as the strategic reserve currency of the world, and China is as much trapped by the current system as anyone. Isn't it much better for governments on the short end of this currency stick to promote a decentralized alternative system?
I'm still trying to squeeze some time out so that I can do a sub on this. 
Would love to see a sub!
Would be interesting to see how this plays out, mass exposure sure but we'll have to wait and see if it will reach mass adoption
I am both pessimistic and optimistic about it. You can't deny that downloads of the client for instance have increased so there is more general awareness. But the skeptic in me says: The chinese don't make much money so they aren't going to be able to buy much. Maybe?
Are you kidding? The Chinese middle class numbers over 300 million -- larger than the entire US population. You know how many Chinese millionaires there are? Over 1 million! And all of that is because of their massive production capabilities, and backed up by huge gold and US dollar reserves.
Yeah, there's lots of money in China.
I suspect that the Chinese political class (the nomenclatura, or whatever it is in Chinese) have realized that Bitcoins are a great way to move all that corrupt wealth that they've made from political favors out of the country.
One really has to question how BTC got on Chinese national TV for 30 minutes. This is beyond not making sense to the point that it makes total sense. Know what I mean? 
Seriously, this is great news and as another poster said, the VC's speaking out in the last week were also great. Even if an adjustment now is coming, it can be dangerous to trade
it. Maybe holding is better.
Seriously, this is great news and as another poster said, the VC's speaking out in the last week were also great. Even if an adjustment now is coming, it can be dangerous to trade
it. Maybe holding is better.
I am both pessimistic and optimistic about it. You can't deny that downloads of the client for instance have increased so there is more general awareness. But the skeptic in me says: The chinese don't make much money so they aren't going to be able to buy much. Maybe? Just because it was on TV doesn't mean the government approves it necessarily but it is still shocking that they didn't ban it outright.
On a positive note though........ imagine if china did not only approve bitcoin but encouraged it's citizens to get hold of it. They could become the wealthiest nation in just a few years. They already do some things that attract wealth inside of their country... they have a lot of production. They keep their gold and other resources instead of exporting them. That means there is real wealth there and not some fake wealth that the dollar might be someday if it stops being the worlds reserve currency.
On a positive note though........ imagine if china did not only approve bitcoin but encouraged it's citizens to get hold of it. They could become the wealthiest nation in just a few years. They already do some things that attract wealth inside of their country... they have a lot of production. They keep their gold and other resources instead of exporting them. That means there is real wealth there and not some fake wealth that the dollar might be someday if it stops being the worlds reserve currency.
If a week ago you had told me I had to choose between:
A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.
A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.
And the most amazing thing: that both of the above happened and the price is still not skyrocketing. Bitcoin rises from $80 to $250 for no apparent reason, but when Paypal and Western Union start talking about adopting Bitcoin, world-famous VCs rave about it, Bitcoin is featured on China's most popular finance show, and most important of all -- we're clearly on the verge of going mainstream! -- the price does...almost nothing.
Yet Ripple is going gangbusters. Go figure.
I think yours is an interesting conjecture but could just as well be a piece done by some mid-level journalist that slid by without much ado. China is probably not as controlled as you are implying. Ie. everything shown on Chinese TV is not Chinese government propaganda per se.
The show is hosted by a famous program there - '经济半小时' (literal: Economics in half an hour). I'd say they did a ton of research on the issue (even going as far as to introduce Avalon, ASICMiner and other companies in China), and didn't brush off the entire idea as a bubble or anything. Thx for your analysis (and for changing your screen name to something which doesn't make one think you are a clownish adolescent until proven otherwise...)
I try to understand China as best I can as they are obviously major players on the world stage and destined to become more so. This story appearing as it does where it does is indeed a very interesting development. I'm not sure that I can attach any particular significance to it in a high confidence way just yet. But it is certainly a development worth watching.
It is tempting to write off the OP's rosy analysis as becoming invalid since we have yet to see a sharp rise in BTC valuations (in light of the infamous volatility.) But I remember back to when I became actively interested and chose a number of BTC I wished to control. It still took me some number of weeks to understand the in's and out's of various systems needed to acquire BTC. So, if this story opens up a flood of demand, I would not necessarily expect it to hit for a few weeks.
It is also worth note that Bitcoin is nothing new in Asia. A certain fraction of those who were most pre-disposed to get in probably did so some time ago.
psh mass adoption, no one cares to use bitcoin for anything other than speculation.
Speculation is only for short term. Must people invest long term in bitcoin.A couple of important issues will happen during this summer:
- a lot of bitcoin ATMs will be installed
- some new services and shops will adopt bitcoin
- a bitcoin debit card will come out
But during the summer the prices will remain constant or rise very slowly because many people will spend bitcoins during the vacation.
In September bitcoin users must refill their reserves and a huge amount of new users will try to get a piece of bitcoin so the prices will rise like never before.
If a week ago you had told me I had to choose between:
A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.
I know which one I would choose, the Chinese can read it on-line just like the rest of the world.
Fortunately I didn't have to make that choice.
Please keep all arms and legs inside the vehicle...
A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.
I know which one I would choose, the Chinese can read it on-line just like the rest of the world.
Fortunately I didn't have to make that choice.
Please keep all arms and legs inside the vehicle...
I think yours is an interesting conjecture but could just as well be a piece done by some mid-level journalist that slid by without much ado. China is probably not as controlled as you are implying. Ie. everything shown on Chinese TV is not Chinese government propaganda per se.
Ofcourse its not all propaganda- China is not N. Korea... some people in the West tend to forget that from time to time it seems.
Anyways, you can be sure that the content is checked before it goes live....If this is good or bad you can choose by yourself.
I support it to a certain extend.
link:
http://en.wikipedia.org/wiki/Television_in_the_People%27s_Republic_of_China
I think yours is an interesting conjecture but could just as well be a piece done by some mid-level journalist that slid by without much ado. China is probably not as controlled as you are implying. Ie. everything shown on Chinese TV is not Chinese government propaganda per se.
The show is hosted by a famous program there - '经济半小时' (literal: Economics in half an hour). I'd say they did a ton of research on the issue (even going as far as to introduce Avalon, ASICMiner and other companies in China), and didn't brush off the entire idea as a bubble or anything.
I think yours is an interesting conjecture but could just as well be a piece done by some mid-level journalist that slid by without much ado. China is probably not as controlled as you are implying. Ie. everything shown on Chinese TV is not Chinese government propaganda per se.
As you probably know, this special was aired on China Central Television(CCTV).
Um, a link to whatever you're talking about would be nice. Your post currently has no context for me.
This is the video: http://tv.cntv.cn/video/C10329/e5ee4fe9a62b4b24b1080327faaafcb7
And google translation: https://bitcointalksearch.org/topic/m.2024867
I'm still trying to squeeze some time out so that I can do a sub on this.
OP you are way too over excited about this...
The world has much bigger issues to worry about than Bitcoin right now for governments.
I'm not going to go into detail about all of this... time will tell.
Re security. Some valid points there in the long term.
But let's take South America for example. Kidnappings do happen on a regular basis for quick cash.
Security guards families are taken hostage in order to the get the keys to the rich houses in gated communities... then money is stolen. This is a frequent occurence. The type of organised crime you are talking about will do better making profits elsewhere. Someone can hold a gun to your daughter's head and make you go to the bank and get cash out... they don't need to ask for your bitcoin keys!
and
don't get me wrong, bitcoin could be huge, but it also could not. You sound like you are trying to validate your involvement in it without staying rational
The world has much bigger issues to worry about than Bitcoin right now for governments.
I'm not going to go into detail about all of this... time will tell.
Re security. Some valid points there in the long term.
But let's take South America for example. Kidnappings do happen on a regular basis for quick cash.
Security guards families are taken hostage in order to the get the keys to the rich houses in gated communities... then money is stolen. This is a frequent occurence. The type of organised crime you are talking about will do better making profits elsewhere. Someone can hold a gun to your daughter's head and make you go to the bank and get cash out... they don't need to ask for your bitcoin keys!
and
Quote
professional-James-Bond-ninja-operative breed of criminals
..... well, that's where your perspective becomes a bit laughable... You watch too many movies clearlydon't get me wrong, bitcoin could be huge, but it also could not. You sound like you are trying to validate your involvement in it without staying rational
Is this an rpietila alt?
No, this is the sixth person in the world who is taking $300k seriously. The number is increasing quite fast.
But no need to be scared of intelligent hackers. They already have bitcoins, and even a thief gets lazy after receiving million$ in an honest way.
As you probably know, this special was aired on China Central Television(CCTV).
Um, a link to whatever you're talking about would be nice. Your post currently has no context for me.
This is the video: http://tv.cntv.cn/video/C10329/e5ee4fe9a62b4b24b1080327faaafcb7
And google translation: https://bitcointalksearch.org/topic/m.2024867
As you probably know, this special was aired on China Central Television(CCTV).
Um, a link to whatever you're talking about would be nice. Your post currently has no context for me.
You have a sweet way of taking something fairly big to beyond the universe hahaha
It is big news, yes, but not 300k by the end of the year news. That would mean that bitcoins has a market cap of 330 trillion. That's not delusional, its funny lol.
1k by the end of the year, yes. China and the chinese people are not going to drop everything tomorrow and put all their money on bitcoins. It is going to be a gradual, slow, taking at least a decade process, until bitcoins becomes as mainstream as facebook.
It is big news, yes, but not 300k by the end of the year news. That would mean that bitcoins has a market cap of 330 trillion. That's not delusional, its funny lol.
1k by the end of the year, yes. China and the chinese people are not going to drop everything tomorrow and put all their money on bitcoins. It is going to be a gradual, slow, taking at least a decade process, until bitcoins becomes as mainstream as facebook.
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