Topic: China buying the cheap coins while they can (Read 777 times)

I think the Chinese government believe that all Yuan on BTCCChina is lost for ever. Would you rather hold Yuan or BTC? I think every Chinese investor who has money on the exchange will be purchasing BTC not withdrawing yuan. With BTC you can exchange it for other currencies fairly easily. Another way to look at it is If you own 1BTC in China you wont be able to spend it in China but you could perhaps purchase a house in the EU or US or elsewhere if the price rises enough over the next decade. If the price rises to $5000 per BTC and you have one BTC, you could spend the BTC at travel agent that accepts BTC and have a great holiday. If the great firewall of China stops you from doing this... then next time you are holiday abroad you will cash it out.  Most BTC investors only invest what they are prepared to loose, so this being the case they have no immediate need for the money, why not purchase cheap Bitcoin?

I was slightly surprised the BTC price has gone down rather than up with this news. Yes long term the Chinese are going to struggle to purchase more BTC, so the price long term may suffer but there should be a lot of strong hands now of Chinese people who can only cash out very large by going abroad. If I was on BTCChina I would be delighted this has sent the price down and not up. It could easily have pushed the price up to $2000 as no one on BTCChina wants to sell.

Whilst this sounds like a very bullish post, I am long term bullish and believe we will double or triple the previous ATH within 18 months, possibly within 3-4 months. I also believe the price may drop quite a bit before and after this, so purchase your coins when they are cheap, sell them when they are worth more.

China black market

The Chinese governement wants BTC



Ban Bitcoin to induce a panic sell.
Wait for chinese whales and all weak hands in the world to cash out making an all time low.
Buy bitcoins with taxpayers money.
Then say well it's not illegal anymore.
Wait till BTC goes "TO DA MOON!!!" again
Sell BTC
... repeat cycle...

INFINITE MONEYS!!!

So you don't think the rate should be a lot less given the freeze on RMB deposits with BTCChina?

that chart depicts coins flowing into china whether they are a bought or sold coin on the btchina market 

http://fiatleak.com/

The amount of coins still flowing into China doesn't appear to be slowing down at all. If anything, they look like they might be speeding up the rate at which they are buying.

You've all been played for fools by the PRC, simple as that.