Topic: false signal resulted rally in China, and it won't stop. - page 3. (Read 17562 times)

And that's why you are not neither owner of iTunes store, nor in prison.

I love western thinking applied to China: China got the highest number of English learner in the world (aguablly also highest number of English speakers in the world), hearing this overtime, China may change, and there is a good chance it is changing towards something better. And it is always good to have more people like you who follows things happening in China. -- Unless you are hired "womao" who sing praise of death panalty, in that case, I have something to say about the very part of death panalty in your words:


Picture this:
1. BTCChina got hacked.
2. People rally, some lost their life's saving, some accuse BTCChina took it in their own pocket.
3. Our government got smart, decide it is easier to pacify the crowd with accused's blood.
4. BTCChina management foresee 3, and decide it is easier to just disappear with billions of CNY from the traders. If die anyway, better die with some wealth, knowing they will be framed anyway and make no attempt to cleanse their reputation.

So do they deserve death panalty?

I think death panalty can be mooted only if justice is garanteed, and it is so hard to garantee it i in the west, least China.

If I were to be owner of (let's say apple iTunes store):

Buy 15 000BTC @ 100$

Press release about accepting bitcoin in 3-10 days

LIFTOFF!

sell 15 000BTC @ 200$

Press release about change of heart, no bitcoin accepting in near future, sorry

Excuse my naiveté, but why the Chinese characters for some keywords?

I answered this before, and you haven't read it. Just search for keyword "Zeng" in this thread. Here is more information: among the 7 Chinese exchange service providers that I am monitoring, only btcchina published a name and an address on their website, all others anonymous. All exchange providers do not accept direct bank transfer (nor domestic nor international) and only accept money through virtual accounts on alipay/tenpay (like paypal in China) because it is easier to fake personal information on these virtual accounts. Now you realize being anonymous is bad for running exchange service business - how do you entrust others to put money on your trading account? So why do they still choose to be anonymous? Because they want to keep their body alive, even a billionaire like Zeng cannot save his life.

In other words, those who operate btcchina is betting their lives or runnning incognito without our awareness. They are either the bravest or they are the biggest fraud. If they used real names, they still have a good chance to keep their body (not company) alive, as they are betting Central Government being more cautious on killing, while provincial government less, and bitcoin is going to be a central government issue. But nevertheless they are betting their lives. And I am not yet sure if btcchina people deserve a lot of respect, they could be just too greedy than too bold (their 0% trade fee policy and higher volume than MtGox fits the picture of the ubiquitous winner-take-all ambition in China, a characteristic of our time).

Thanks a lot for your detailed reply. Actually I agree with you on that China is not a country following rules. Therefore, the risk of BTCChina is not really the legal risk, but the risk of threatening the central government.

If BTCChina suddenly disappears with billions of CNY from the traders, then yes, they deserve death penalty.

You surly studied a lot on the facts, but you are thinking on the line that one event leads to another, with a set of rule, not on the line that how leaders will consider the issue. In fact you talk as if the leaders ain't present.

Summary of zhangweiwu's most recent post:

China is a rule of men, not a rule of law.

how does Chinese government feel about bitcoin? this is the big question i'd like to know! 

Summary of zhangweiwu's most recent post:

China is a rule of men, not a rule of law.

Factors that work in favour of bitcoin in regards to the Chinese market:

- Chinese lose money in banks through inflation, so they're always looking for something to invest in to protect wealth.  Recently its been property, but bitcoin also has the advantage of being easily movable outside of the country.

- Some major cities (Shanghai for example) have put limits on the number of properties that can be bought.  People with savings will be looking for something else to dump money into.  Bitcoin has the distinct advantage of not requiring any storage space and also being an easy place to hide wealth.


Factors that work against:

- Because many Chinese are looking for anything to put their money into they're prone to fads and bursting bubbles.  See the China Garlic Bubble of 2010 for example.  If bitcoin's price or popularity starts to deflate you will see a very rapid rush for the exits.

- If bitcoin is seen as becoming a threat by the central government there could be a very swift and severe crackdown on exchanges.  Despite stereotypes China is a pretty open society with citizens enjoying a lot of freedom, but anything that may cause harm to the government is harshly dealt with.


Some of my relatives are Chinese and own investment properties there.  They keep the properties empty as a 'used' apartment is seen to be worth less, unlike in my home country where investors try to cram in a renter even at a loss to claim the tax concession.

Yes, this rally has no relations to goverment, just big investors from Wenzhou get involved in.

If goverment want to test bitcoin, then the company would be Tencent, not baidu