Topic: CEO of BTC China speaking to CNBC - page 3. (Read 9046 times)

I sold my Bitcoin. Got beat up in the process too, but had to cut the loss and wait for a realistic drop down to $100 or below. I am not getting in until then.

China has effectively killed any chance of China being the next big Bitcoin economy. Maybe India will pick up where they left off.

Meanwhile, in the good 'ol US of A…. FinCEN sending notices to businesses that they should err on the side of caution lest they be seen as criminals. Basically, if you want to start an exchange in the US, you better register with FinCEN and get your money transmitter license in all 50 states and pay for your surety bond in each state (very expensive).

Why do we tolerate this BS from the powers that be?

http://fiatleak.com/

At the rate China are buying coins, it looks like everyone else has been duped.

sorry but no: http://bitcoincharts.com/charts/btcnCNY#rg360ztgSzm1g10zm2g25zv

the april crash happened mainly on gox, so lots of volume there. this crash is happening mainly in china, so lots of volume there... the gox chart is useless for todays crash!

Surely this also stops Chinese manufacturers accepting bitcoin? (Such as Black Arrow)

Don't panic BECAUSE, you lose only 70% capital, 

Exactly, and I plan to buy through other exchanges like Coinjar and BTCMarket to avoid Mt.Gox like the plague.

Which, if anything, would support the view that this crash isn't as volume intensive.

The numbers are extremely deceiving.  The primary catalyst in the April crash was the fact that everyone used the same exchange, MT Gox, and the system crashed during the sell-off.  People could not put in orders.  If they did put in orders, the lag was literally up to an hour.

nice chart, glad I saw this!

I think I've seen this before.

http://cdn.memegenerator.net/images/300x/163347.jpg

I expect him to put his money where his mouth is.  It's clear he was panicking himself.  He added fees to BTC China less than 48h before deposits were disabled.


Right, the #1 market for Bitcoin, the market which fueled the entire rise up in the first place, is insignificant.  Tell me, what is significant?  If Bitcoin added 47% market share in one day, would you say that is significant?  Wouldn't you expect your coins to skyrocket?  But when it's the opposite, it's simply a "blip in the road". 

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

My post was largely misunderstood but glad to see at least one person knows what I was getting at. I'm not picking on Bobby Lee in particular a lot of native English speakers have been infected with the "So..." virus too, I notice it a lot on the US business channels.


This is an interesting thought. What would you have somebody who is watching a crowd of people panicking say, in order to try to stop them panicking?  

Yes, I think he is a LITTLE biased in his view of what's going on.  That said, did he stop the crash from happening by saying not to panic?

Bobby Lee is the least trustworthy person in the Bitcoin world right now.  Just 2 days ago, BTC China released a statement saying they were re-implementing 0.3% fees "to prevent market manipulation".  You really believe this was not in response to private talks with government officials?  They knew the rug was being pulled out from under them.

http://www.cryptocoinsnews.com/2013/12/16/breaking-news-btc-china-trading-fees/

Bobby Lee is also saying he's never heard of anyone using BTC in China to get money out of the country.  What a lying sack of shit.  Bitcoin's Chinese value was derived almost exclusively from the ability to circumvent currency controls.  This guy has been in the e-commerce game for over 15 years, he graduated from Stanford.  He's playing everybody for a fool.

Now he's telling everybody not to panic.  Uh, hello dude?, your company was the BIGGEST BTC exchange in the world.  In the past week the perceived message from the PBOC has gone from:

- Bitcoin trading is allowed, banks just can't manipulate the prices
- Bitcoin trading is allowed, third party processors are now banned
- Bitcoin trading is allowed, but no banks / third party processors can do business with anything bitcoin-related

It's bad, Bobby.  Don't lie to us.  You'll keep working on trying to figure out a compromise with the PBOC, but the odds are slim.  Bitcoin stands for everything China is against.  If the ability to search for information on Google is perceived as being a threat to the system, where does that put Bitcoin?  The ability to instantly transfer wealth, anonymously, to people around the world.

so, that would be nice. 

So, I start sentences with 'so' all the time. So what?

anybody got an alternative link?

thanks

as a native english speaker its very dumb so say that. can you speak any other language than yours?  

so, thats not the topic for such a discussion 

Somehow I doubt the Chinese gov't would go for that.