BTW, I have never come across a really wealthy day trader. The guys that are rich are insiders, macro guys, the buy and hold guys and hedge fund guys. Don't get me wrong, some day traders do well, but on the whole they survive. They aren't really wealthy. This is just my observation generally and is the reason why I chose not to day trade.
Where did their money come from to begin with? If I had money, I wouldn't be day trading.
If I got in at $1, I'd be holding. I got in during the April crash and am up ~ 16000% since. You must admit, BTC/USD and altcoins are much easier to day trade than other markets. What pisses me off sometimes about the anti-trading crowd here is that many of them are comfortable with their BTC holdings. Those of us who entered much later are not. I am young and live pretty much paycheck to paycheck, so I never, ever could have gotten anywhere near where I am in terms of accumulation if not for trading.
I don't understand why Chinese guys want to sell bitcoins and get CNY.
The smartest move would be spending all remaining on exchange CNY to buy cheap bitcoins. This will be the best investment in their life.
I bet the owner of BTCchina has already grabbed as much as possible BTC and has become the part of bitcoin elite.
Even if you need to convert some of bitcoins in CNY, you can just go to Hong Kong, sell BTC for USD and then convert it into CNY.
Yeah, that seems obvious. Bitcoins just became more scarce in China. For those that understand the nature of rising global demand for them, it's a no-brainer to convert all remaining CNY to bitcoin, send the bitcoin to cold-storage, and forget about it for a while. Especially for a citizenry under heavy capitol controls without any obvious non-overbought place to put investment capital, I would think taking this final near-term opportunity to snag bitcoin would be the obvious play.
A no-brainer, huh? This is the standard bitcointalk bull talk. I suspect the average Chinese bitcoin investor does not think like this.
I don't think avg Btc user in china is dumb. The dumb ones have already converted.
The remainder will see Btc as a hedge. They have foreign accounts or know someone that does or are planning to travel.
Btc going underground in china will be interesting because we could see a full Btc ecosystem emerge. Cny for day to day stuff. Btc for foreign investments, gambling and other purchases.
This is the standard bitcointalk bull talk.No one with this outlook has demonstrated an understanding of Chinese investors, the degree of importance of CCP's position to them, or how this will unfold -- clearly the situation remains unresolved.
How do you know that a) the "dumb ones" have already converted, b) the remainder will see BTC as a hedge? And what are those proportions? It's funny because previously I recall so many perma bulls saying regulation will drive the price up -- now prohibition will. (No comment)
No need for getting personal. This is a speculation thread. My opinion is as valid as yours. OTOH I'm not hostile to your views. I don't see why you should be hostile to mine. It's called a discussion. Just chillax a little.
Btw, I'm not bullish on china. I just think that the selling pressure has probably moderated. I don't think we are going to see china push btcs up from here. I do see the big guys in china with the real mullah holding however.
I see growth in the ROW. See:
www.bitcoinpulse.com. A 7% weekly growth rate in wallets imply a doubling of wallets in ten weeks. I don't see that kind of growth in any other sector on planet earth.
Huh? All I did was bold the phrase that was being ignored. The bullish perspectives I was referring took no effort to relate to the situation of Chinese investors -- only repeated the longstanding long term bull position espoused by many here. I don't see why you would take this as hostility.
I'm sorry you live pay check to pay check. Overall, you could still be hurting your future profits by eating your current profits.
From the perspective of a weekly compound rate of 7% in wallet growth. I'm holding at least ten weeks for wallets to double.
One of the reasons why I think the little guys have already converted is because they believe the CCP will ban cny conversions. These guys have already acted.
Why would the remainder stay? To understand you have to see the world through the eyes with the big bucks, have foreign accounts and are running export businesses.
Imagine you are friedcat. Would you convert to useless cny? I think not. You need some to pay rent, wages and electricity. But the rest of it you want in btcs. Why? Tax free and easily moveable offshore if the proverbial hits the fan. Plus Btcs are likely to appreciate given current wallet growth rate. Same logic applies to other chinese exporters.