Topic: Bitcoin stable.. will it go up or down? (Read 2610 times)

Buy some gift cards.

www.gyft.com

Who cares??!! Really. Like. Who. Cares.

Chinese are looking at BTC as a commodity - an investment vehicle. Bitcoin can be used as currency in the United States. We are the leader of the free world and the supplier of the worlds leading fiat. So, if bitcoin is used in most places in the world, its value will rise and Chinese investors will make money.

How many Chinese are buying things with gold and silver? Yeah, right. None. They still invest in it.

To expect that every country would allow bitcoin right away, ESPECIALLY communist China, is nuts.

But guess what? Even communist China allows Chinese to invest in digital currency DRIVING UP THE PRICE of digital currency. That. Is. Amazing. Reality.

is that not already factored into the price at Chinese exchanges?

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

reposted that from reddit.

Bobby Lee (CEO of BTC China) was asked THREE times whether bitcoin could be used to purchase goods/services.  the answer is NO.  merchants can not even price their goods in btc.

several followed up asking if using a bitpay-like processor would be a possible loophole.  the answer according to a user that directly asked Bobby Lee was also NO.

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/ce14xro


look when bitcoin got big, the department heads in china made an official statement banning bitcoin from banking/financial institutions.  that's already a negative.
the next day baidu/china telecom shutdown all btc payment options.  (baidu started this bubble)
the CEO of BTC China (largest btc exchange in the world) has explicitly stated btc can not be used to purchase goods/services.  Bobby Lee has absolutely nothing to gain by spreading FUD.


so what incentive does the average chinese citizen have to buy or use bitcoin?  
they can not spend it on goods/services.
they can not put it in their investment portfolio.



they CAN buy/sell btc on the exchanges.  however, now the utility of bitcoin in china has been reduced to a Tulip.  they only buy in order to sell to someone who's willing to pay more.  how much longer is that going to happen?  at  some point, the price is going to be so high that nobody's willing to pay for the novelty of owning a bitcoin.  then what's going to happen to the price?

@zendantom, because people STILL don't see it as a currency.  The very idea you can use anything except for your state's fiat is not a natural idea to most people!

What planet are you living on?

The only thing I can buy with BTC (without bending over fkn backwards) is drugs.

I wonder why people preffer selling coins on exchange for fiat and withdraw instead of spending the coins directly buying the things they gonna buy anyway with the exchange fiat... Laziness or ignorance

Didn't know about that, thx for posting.
From what they wrote here, real estate company priced appartments in CNY and also allowed BTC payments as part of a promotion. They don't state how many payments were made with BTC, only that they sold everything. It might've been exactly like with chinese telecom that allowed BTC but didn't manage to sell anything (I read somewhere that their address received less than 1,5 BTC).

Bingo.

Come on stop the china bshit already. You're babbling about and in fact this meaningless.
1. There was no real commercial BTC use in China before this announcement.
2. Their central bank stated that it doesn't recognize BTC as currency (just like 99% of the world).

i think he's referring to the china central bank banking and financial institutions ban on bitcoin

Is this possibly what's meant?

http://www.reddit.com/r/Bitcoin/comments/1ssw8v/china_for_now_will_not_allow_goods_and_services/

Ridiculous FUD usually is.

Hopefully, in the long hall, it'll go up.

I don't really care about when, however.

What time frame are you looking at?
I don't think there are many people who aren't assuming that the price will keep going up from here on out.

This is extremely depressing, if so.

I think btc will go up, but stability could encourage far, far more adoption.

  Link?

well bitcoin in china just had it's value reduced to purely speculation and novelty.  they're not allowed to spend it on goods/services.  so in the medium term id say we're going down when the chinese start selling.

Don't you mean expensive Chinese iPhones, Mr. Grinch?

Just wait until the weekend proper hits.

If their are entities out their that want to smack this sucker down, the combination of ultra low volume, bearish chart formations, and the weekend block on new funds hitting the exchanges is the perfect time to do it.

However, because this is so obvious and would be a near carbon copy of last weekend, there is probably too many folks anticipating it for it to actually happen; such as myself who has liquidated 27/30 BTC, in order to lock in profit and set up buy-in tranches at much lower prices.....

.....with my highest buy in price being around $540, I might be lucky to get any coins this weekend (although once I get a better idea of which way the wind is blowing I can obviously rearrange my buy-in plans), but for me, all the signs are pointing to lower lows than we have already had in this period of BTC correction.