Topic: Bitcoin Holders Must Prepare For Mass Adoption - page 6. (Read 19037 times)
assuming Satoshi is US Gov and holding roughly 2% of btc, China just took the bait to trap anyone trying to flee from US currency.
As in - officials in Washington DC are having frantic closed door meetings right now.
Why, just because you say so? You have absolutely zero evidence to back that up.That's why they are close door meetings.
Realistically I think the real truth is that bitcoin is not perceived in any kind of meaningful light in the eyes of the chinese govt. CCTV reporting bitcoin's rise and fall, to the chinese top dogs, at least, probably carry about as much significance as a report on the discovery of a new breed of turtle: mildly interesting, but hardly significant.
You are assuming a lower level, I am saying it came top down.
passing out
OP, I think what you're saying is possible. But at this point, simply not probable
Realistically I think the real truth is that bitcoin is not perceived in any kind of meaningful light in the eyes of the chinese govt. CCTV reporting bitcoin's rise and fall, to the chinese top dogs, at least, probably carry about as much significance as a report on the discovery of a new breed of turtle: mildly interesting, but hardly significant.
What we can expect, however, is a great deal of increased exposure, which, if it translate to larger adoption numbers, should see a mid term price increase in the BTC/CNY exchange rate (and it's consequent effect on the exchange rate everywhere else)
But as far as China making a concerted effort to corner the entire bitcoin currency market in an attempt to reduce USD domination...well, I'm not so sure
However, as a holder of a not insignificant amount of BTC
Realistically I think the real truth is that bitcoin is not perceived in any kind of meaningful light in the eyes of the chinese govt. CCTV reporting bitcoin's rise and fall, to the chinese top dogs, at least, probably carry about as much significance as a report on the discovery of a new breed of turtle: mildly interesting, but hardly significant.
What we can expect, however, is a great deal of increased exposure, which, if it translate to larger adoption numbers, should see a mid term price increase in the BTC/CNY exchange rate (and it's consequent effect on the exchange rate everywhere else)
But as far as China making a concerted effort to corner the entire bitcoin currency market in an attempt to reduce USD domination...well, I'm not so sure
However, as a holder of a not insignificant amount of BTC
As in - officials in Washington DC are having frantic closed door meetings right now.
Why, just because you say so? You have absolutely zero evidence to back that up.Quote
As you probably know, this special was aired on China Central Television(CCTV). This is a state-sponsored, state-censored TV channel, as in the main one.
Just because it's state sponsored and censored, doesn't mean EVERY word coming out of their mouths is a large-scale propaganda event. Is the weather report an indicator of future policy too?This might means bitcoin isn't ILLEGAL in China, but that's about it. I think anything else is largely wishful thinking on your part. It's not a bearish sign but you're blowing it way out of proportion.
FAQ
I'll answer common questions that come up, to prevent double posting, but feel free to address my answers if you want.
I will be moderating this discussion, so please stay on topic.
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1.
I very much agree. But everything played with a positive spin on CCTV is at least in line with government ideals. I don't think there is any way a 30 minute special endorsing such a disruptive technology with large political ramifications would escape the notice of the Chinese government during it's production. Not on it's own mouthpiece channel. That would be very sloppy, very unlike China. Logical evidence supports this conclusion more than supporting the idea that this program slipped through the cracks and got broadcast to the majority of Chinese citizens spontaneously.
We westerners have a kind of attitude that things just "kind of come on TV", I don't think that is the case here. I think there is good reason to conclude this was produced with intent, under direction of the top levels of government.
2.
Everything about Bitcoin, from its orgins to its markets, have been "not probable". I expect its future to be even more so.
I'll answer common questions that come up, to prevent double posting, but feel free to address my answers if you want.
I will be moderating this discussion, so please stay on topic.
Please don't take it personally if I delete your post, just keeping everything streamlined.
1.
Quote
Not everything played on CCTV is a government propaganda plot.
I very much agree. But everything played with a positive spin on CCTV is at least in line with government ideals. I don't think there is any way a 30 minute special endorsing such a disruptive technology with large political ramifications would escape the notice of the Chinese government during it's production. Not on it's own mouthpiece channel. That would be very sloppy, very unlike China. Logical evidence supports this conclusion more than supporting the idea that this program slipped through the cracks and got broadcast to the majority of Chinese citizens spontaneously.
We westerners have a kind of attitude that things just "kind of come on TV", I don't think that is the case here. I think there is good reason to conclude this was produced with intent, under direction of the top levels of government.
2.
Quote
OP, I think what you're saying is possible. But at this point, simply not probable
Everything about Bitcoin, from its orgins to its markets, have been "not probable". I expect its future to be even more so.
In light of all this news, Bitcoin holders must prepare for the possibility of mass adoption. With China triggering the international gold rush and most likely engineering upcoming Bitcoin infrastructure, members of this community are likely to become very rich, very soon.
I as well, would not be surprised to reach 300k per coin by the end of this year. Perhaps higher. Gold rush, exponential adoption.
Cool, right? Very!
However this brings up the price of the success we have all been fervently wishing for. We simply have way too many people who don't understand how rich they are about to be, congregating in this forum. And we will all become targets. I am not being melodramatic, it would just be a fact.
A gold rush of Bitcoin would practically bring in a golden age of hacking.
Where have your IPs been stored? Where on the internet have you been identified? It would be so easy for an organization of hackers to write up a hit list of people in this forum, priority given to early registration, and start up the machine.
I don't know of abuses in the past of registering on this forum TOR, but for what may soon happen, it is absolutely ludicrous not be able to use this board with the TOR anonymous browser. This is simply too much money in one place not being intelligently protected. This needs to change as soon as possible.
Physical security. Not often thought about seriously, I know. But I think it needs to be. There is a fundamental difference in security between getting rich off Bitcoin overnight and say winning the lottery overnight. The lottery winner would have his winnings in a bank.
Generally rich people aren't strategically physically robbed for this reason. Just because a guy has a ton of stocks and bonds, and is worth a whole bunch of money doesn't mean that putting a gun to his face is going to get an attacker much more than his wallet.
This is why if Bitcoin succeeds, it doesn't mean that banks are going to die, just that their roles will change.
Now imagine that someone on the internet believes you to be an early adopter. Let's say a hacker group broke into Moneygram and sold the home addresses of people paying cash to Bitinstant during certain dates, IPs from bitcointalk.org etc...Your security is lax, and he tracks down where you live. What won't he/they do if they think you are holding the information to some private codes worth 60 million dollars... yeah
Let me be clear: it doesn't matter how good and secure your cold storage wallets are if there is man with a pistol barrel to your daughter's head.
The attacker would not have bothered with the lotto winner because it's not like he can march him into the bank at gunpoint and have him make a withdrawal.
And with early adopters holding information to 60 million dollars worth of untraceable digital cash, it is not absurd to think you could attract the professional-James-Bond-ninja-operative breed of criminals to your home.
I would honestly recommend that future Bitcoin Summits be held in undisclosed locations with the security element considered. The delegates are so many eggs in one basket together that such an opportune situation could tempt some pretty maniacal schemes.
Whether you believe me or not, whether you believe mass adoption is close at hand or not, I you urge to recognize that it could be, and to plan accordingly. Use TOR, use TORMail, keep mindful of your semi public internet presence and what others know of you and Bitcoin. Plan ahead and you will truly be able to enjoy your wealth with more peace of mind.
Anyway, thanks for reading, whether you agree or not I hope to encourage discussion. The world is changing fast and there's no place I'd rather be to watch it all unfold. Happy to be on the ride with all of you.
I as well, would not be surprised to reach 300k per coin by the end of this year. Perhaps higher. Gold rush, exponential adoption.
Cool, right? Very!
However this brings up the price of the success we have all been fervently wishing for. We simply have way too many people who don't understand how rich they are about to be, congregating in this forum. And we will all become targets. I am not being melodramatic, it would just be a fact.
A gold rush of Bitcoin would practically bring in a golden age of hacking.
Where have your IPs been stored? Where on the internet have you been identified? It would be so easy for an organization of hackers to write up a hit list of people in this forum, priority given to early registration, and start up the machine.
I don't know of abuses in the past of registering on this forum TOR, but for what may soon happen, it is absolutely ludicrous not be able to use this board with the TOR anonymous browser. This is simply too much money in one place not being intelligently protected. This needs to change as soon as possible.
Physical security. Not often thought about seriously, I know. But I think it needs to be. There is a fundamental difference in security between getting rich off Bitcoin overnight and say winning the lottery overnight. The lottery winner would have his winnings in a bank.
Generally rich people aren't strategically physically robbed for this reason. Just because a guy has a ton of stocks and bonds, and is worth a whole bunch of money doesn't mean that putting a gun to his face is going to get an attacker much more than his wallet.
This is why if Bitcoin succeeds, it doesn't mean that banks are going to die, just that their roles will change.
Now imagine that someone on the internet believes you to be an early adopter. Let's say a hacker group broke into Moneygram and sold the home addresses of people paying cash to Bitinstant during certain dates, IPs from bitcointalk.org etc...Your security is lax, and he tracks down where you live. What won't he/they do if they think you are holding the information to some private codes worth 60 million dollars... yeah
Let me be clear: it doesn't matter how good and secure your cold storage wallets are if there is man with a pistol barrel to your daughter's head.
The attacker would not have bothered with the lotto winner because it's not like he can march him into the bank at gunpoint and have him make a withdrawal.
And with early adopters holding information to 60 million dollars worth of untraceable digital cash, it is not absurd to think you could attract the professional-James-Bond-ninja-operative breed of criminals to your home.
I would honestly recommend that future Bitcoin Summits be held in undisclosed locations with the security element considered. The delegates are so many eggs in one basket together that such an opportune situation could tempt some pretty maniacal schemes.
Whether you believe me or not, whether you believe mass adoption is close at hand or not, I you urge to recognize that it could be, and to plan accordingly. Use TOR, use TORMail, keep mindful of your semi public internet presence and what others know of you and Bitcoin. Plan ahead and you will truly be able to enjoy your wealth with more peace of mind.
Anyway, thanks for reading, whether you agree or not I hope to encourage discussion. The world is changing fast and there's no place I'd rather be to watch it all unfold. Happy to be on the ride with all of you.
(If you don't care about China, read the next post down.)
Please for a moment put away your bull/bear leanings and try to consider the following possibilities with an open mind.
I don't think you all understand the gravity of what China just did.
As in - officials in Washington DC are having frantic closed door meetings right now.
As you probably know, this special was aired on China Central Television(CCTV). This is a state-sponsored, state-censored TV channel, as in the main one. This means that this program was approved by the Chinese government. And not like a shrug-your-shoulders-eh-sounds-newsworthy kind of approval either. This was not just informative, it was positive. Yes, I know at end it mentioned the volatility of the market and the risk investors would take, but this is not negative, it actually makes far more sense to include this information if your trying to entice your people to buy into the idea:
* People would discover the volatility anyway, so telling them beforehand shows that the government has researched the risks and recommends it anyway. More trust generated.
* Strong Chinese gambling culture, this early market volatility and get rich quick possibilities will attract speculators. And if mining WoW gold can catch on like wildfire...
* Most all of the program was dedicated to the different positive aspects of Bitcoin, showing screenshots of price graphs going up, with the risks and negatives acting only like a teaser at the end.
* The population would be less likely to trust a course of action the government said was perfect. They do think for themselves you know. Stop acting like Chinese people are a bunch of lemmings that don't even need to be coerced into control like our governments do with us.
So let's reclassify the action that happened. This was not "another country did a piece looking at Bitcoin". This was a a piece of propaganda(surprisingly accurate propaganda) developed by the Chinese government aimed at giving the Chinese people a positive impression of something called Bitcoin. Nothing wrong with that.
It is, however, shocking. If your were to tell me last week that a government had produced a positive piece on Bitcoin, literally the last country on Earth I would have guessed would have been China.
There is a lot more we can infer from the fact that Bitcoin was cast in a positive light. This means obviously the they researched it extremely in depth, in far more detail than was shown in the video. There is just simply no chance of a Chinese state-run channel taking such a controversial subject lightly. It means they determined the idea of Bitcoin itself as valid. It means they found the lack of Bitcoin infrastructure to be not enough of a deterrent, they must realize they could easily build it themselves. And it means that their freakin super Spartan hacker army found Bitcoin secure.
They still could have easily painted Bitcoin in a negative light, but they didn't. Why?
* Despite being contrary to their apparent political beliefs, they might have seen Bitcoin as unstoppable in the future. A logical product of the ever advancing Information Age, and simply decided to adapt rather fight it.
* America has the largest economy. America's largest export is the dollar. China hates trading in dollars with other countries(Iranian oil for example) and sees an opportunity to threaten the domination of the dollar as the world reserve currency. This in itself carries the possibility of turning China into the world's #1 economy. Makes backing Bitcoin very worth the risk.
* It is early in the game still. Look at the very early adopter individuals of Bitcoin compared to most of us. Now imagine what an early-adopter-government will look like to the rest of the world.
* Maybe they believe Bitcoin will actually make the world a better place. Hell, you never know.
So for whatever the reason, they aired it. Very intentionally. And they knew the US Government would find out, and they didn't care that the US Government would find out. Very important. The US and China have been in a military, intelligence, economical, ideological, and technological Cold War for a while now. They watch each other's every move, and every action has meaning. That's a piece being moved on the chessboard. Like a big one.
So what happens now?
Please consider effect of such an endorsement will have on the rest of the nations of the world. If Denmark or Argentina gave Bitcoin it's approval, that would be interesting/exciting. This is China. The second-largest economy on earth. Bitcoin is often compared to gold. China moving on Bitcoin will trigger an international gold rush.
I have no freaking clue how Washington is going to react to this. I would bet that this caught the CIA and everyone else by surprise. But I have no doubts at all that they are arguing about it in oak furnished offices right now. This could end up affecting the stability of the American empire.
Please for a moment put away your bull/bear leanings and try to consider the following possibilities with an open mind.
I don't think you all understand the gravity of what China just did.
As in - officials in Washington DC are having frantic closed door meetings right now.
As you probably know, this special was aired on China Central Television(CCTV). This is a state-sponsored, state-censored TV channel, as in the main one. This means that this program was approved by the Chinese government. And not like a shrug-your-shoulders-eh-sounds-newsworthy kind of approval either. This was not just informative, it was positive. Yes, I know at end it mentioned the volatility of the market and the risk investors would take, but this is not negative, it actually makes far more sense to include this information if your trying to entice your people to buy into the idea:
* People would discover the volatility anyway, so telling them beforehand shows that the government has researched the risks and recommends it anyway. More trust generated.
* Strong Chinese gambling culture, this early market volatility and get rich quick possibilities will attract speculators. And if mining WoW gold can catch on like wildfire...
* Most all of the program was dedicated to the different positive aspects of Bitcoin, showing screenshots of price graphs going up, with the risks and negatives acting only like a teaser at the end.
* The population would be less likely to trust a course of action the government said was perfect. They do think for themselves you know. Stop acting like Chinese people are a bunch of lemmings that don't even need to be coerced into control like our governments do with us.
So let's reclassify the action that happened. This was not "another country did a piece looking at Bitcoin". This was a a piece of propaganda(surprisingly accurate propaganda) developed by the Chinese government aimed at giving the Chinese people a positive impression of something called Bitcoin. Nothing wrong with that.
It is, however, shocking. If your were to tell me last week that a government had produced a positive piece on Bitcoin, literally the last country on Earth I would have guessed would have been China.
There is a lot more we can infer from the fact that Bitcoin was cast in a positive light. This means obviously the they researched it extremely in depth, in far more detail than was shown in the video. There is just simply no chance of a Chinese state-run channel taking such a controversial subject lightly. It means they determined the idea of Bitcoin itself as valid. It means they found the lack of Bitcoin infrastructure to be not enough of a deterrent, they must realize they could easily build it themselves. And it means that their freakin super Spartan hacker army found Bitcoin secure.
They still could have easily painted Bitcoin in a negative light, but they didn't. Why?
* Despite being contrary to their apparent political beliefs, they might have seen Bitcoin as unstoppable in the future. A logical product of the ever advancing Information Age, and simply decided to adapt rather fight it.
* America has the largest economy. America's largest export is the dollar. China hates trading in dollars with other countries(Iranian oil for example) and sees an opportunity to threaten the domination of the dollar as the world reserve currency. This in itself carries the possibility of turning China into the world's #1 economy. Makes backing Bitcoin very worth the risk.
* It is early in the game still. Look at the very early adopter individuals of Bitcoin compared to most of us. Now imagine what an early-adopter-government will look like to the rest of the world.
* Maybe they believe Bitcoin will actually make the world a better place. Hell, you never know.
So for whatever the reason, they aired it. Very intentionally. And they knew the US Government would find out, and they didn't care that the US Government would find out. Very important. The US and China have been in a military, intelligence, economical, ideological, and technological Cold War for a while now. They watch each other's every move, and every action has meaning. That's a piece being moved on the chessboard. Like a big one.
So what happens now?
Please consider effect of such an endorsement will have on the rest of the nations of the world. If Denmark or Argentina gave Bitcoin it's approval, that would be interesting/exciting. This is China. The second-largest economy on earth. Bitcoin is often compared to gold. China moving on Bitcoin will trigger an international gold rush.
I have no freaking clue how Washington is going to react to this. I would bet that this caught the CIA and everyone else by surprise. But I have no doubts at all that they are arguing about it in oak furnished offices right now. This could end up affecting the stability of the American empire.
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