false signal resulted rally in China, and it won't stop. - page 6.

BitcoinAshley

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Quote from: Nemesis on October 21, 2013, 11:07:33 AM

Another fantasy talk from the Western about China .... Roll Eyes

"encourage their citizen to purchase gold? "

LOL do you even know wtf you're talking about? Go live in China and try to buy gold freely like you do in US.... then come back here and talk like you know shit

Thank you for your completely useless, incorrect refutation. You imply that anecdotal evidence is more important than legitimate data. Do some actual research on that claim before you make yourself out to be an idiot... I think a google search was recommended by another poster Wink

EDIT: Not to mention that buying and holding gold as savings is actually a culturally accepted practice throughout the east, but in the west, it is only "crazy people" who stack. Sounds like you're the one living in a fantasy world... Grin

RationalSpeculator

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This bull will try to shake you off. Hold tight!

Very interesting to read how chinese think.

Shocked by billionaires being executed Sad

Thx so much for sharing OP!

bitcool

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Live and enjoy experiments

Quote from: Nemesis on October 21, 2013, 11:07:33 AM

Another fantasy talk from the Western about China .... Roll Eyes

"encourage their citizen to purchase gold? "

LOL do you even know wtf you're talking about? Go live in China and try to buy gold freely like you do in US.... then come back here and talk like you know shit

Yeah, it's all a giant conspiracy, illusion.

https://www.google.com/search?q=chinese+buy+gold&source=lnms&tbm=isch&sa=X

xDan

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ヽ( ㅇㅅㅇ)ﾉ ~!!

Nemesis, why don't you correct the statements rather than simply calling "false" "incorrect" "stupid". Are you even from China?

This is all rather interesting.

crumbs

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@zhangweiwu: Thanks for writing.

Nemesis

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Quote from: BitcoinAshley on October 21, 2013, 10:09:13 AM

Quote from: zhangweiwu on October 21, 2013, 01:01:14 AM

A centralized power does only a handful of things at a time, and their hands are full in Xi's first 2 year's reign. (Xi is a surname, not roman number 11)

Great, because if you hadn't said that, I would have totally assumed you were talking about the roman numeral 11, and gotten really confused Wink

Quote from: windjc on October 21, 2013, 02:24:47 AM

Quote from: Walsoraj on October 21, 2013, 02:11:57 AM

Quote from: Johnny Bitcoinseed on October 21, 2013, 01:53:19 AM

The more people hear about this bitcoin thing, the more people will ~~actually give it a try and tell their friends and family~~ quickly realize that Bitcoin doesn't really solve any of the problems created by fiat.

I really can't for the life of me understand why anyone who didn't believe in the viability of bitcoin would spend any great amount of time reading and posting on this forum.

That's the best way to figure out who the shills are.

Quote from: Severian on October 21, 2013, 01:36:55 AM

A practical matter would also be that if the Chinese government sees Bitcoin as a threat to Western banking (Western banks have admitted as much), then Bitcoin could be seen as a tool to increase their influence if it can undermine the European Central Bank's and the Federal Reserve's influence. But I do agree with you that if your government (or mine) felt more threatened by Bitcoin, they probably would come down on it hard.

This is important, because bitcoin is a bigger threat to a weakening fiat currency than to a strengthening one. China is still a long ways to go before their monetary and fiscal policy isn't as loose as a 13 year old Thai prostitute's vagina, but they are "tightening" and the U.S. is still "loosening." China's CB is also buying massive quantities of gold, and they encourage their citizens to purchase gold. So in some ways, Bitcoin is less of a threat to them and more of a threat to the dollar. They may not mind it so much since it may hurt their "enemy" more than it hurts them.

Another fantasy talk from the Western about China .... Roll Eyes

"encourage their citizen to purchase gold? "

LOL do you even know wtf you're talking about? Go live in China and try to buy gold freely like you do in US.... then come back here and talk like you know shit

Nemesis

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Quote from: zhangweiwu on October 21, 2013, 01:01:14 AM

Quote from: windjc on October 21, 2013, 12:46:58 AM

One question: when you say there is no way the Chinese gov would allow bitcoin on the markets, what exactly are referring to?

If Chinese government pays attention to bitcoin, it would act the same way they do towards shadow banking: fine those involved in bitcoin yet backed by government, and prosecute the entities without gvernment backing (even execute a few, like the unlucky millionaire Wu Ying last year and Zeng Chengjie this year). The charge will be as usual: illegal fund-raising.

Right now there are two points that needs to be considered on understaind Chinese behaviour:

1. Chinese traders speculate. Few believed in a non-governmental currency taking root, as few believed anything significant yet non-governmental can take root. This translate to a huge bear market when Chinese government acts.

2. The atomsphere in China is like the roaring twenties which I read from books. Everyone feels like they are ready to make a big fortune. This can translates to potential huge bulls.

My two cents.

I feel it is still years away until Chinese government taking action on bitcoin. A centralized power does only a handful of things at a time, and their hands are full in Xi's first 2 year's reign. (Xi is a surname, not roman number 11)

OP i rarely see a Chinese member that can make such honest statement. Most Chinese on the interweb always talk fantasy about China which in turn gives all the Western ppl a delusion of China becoming like a Western Capitalist country. I also blame stupid mainstream media,.... frankly they're all owned by big corporations which all have benefits from working with China.

bitcool

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Quote from: BitcoinAshley on October 21, 2013, 10:09:13 AM

This is important, because bitcoin is a bigger threat to a weakening fiat currency than to a strengthening one. China is still a long ways to go before their monetary and fiscal policy isn't as loose as a 13 year old Thai prostitute's vagina, but they are "tightening" and the U.S. is still "loosening." China's CB is also buying massive quantities of gold, and they encourage their citizens to purchase gold. So in some ways, Bitcoin is less of a threat to them and more of a threat to the dollar. They may not mind it so much since it may hurt their "enemy" more than it hurts them.

+1. My thinking exactly.

This can develop to a WIN-WIN-WIN situation:

1. Chinese government, which is already flooded with US toilet papers and recently made angry voice over the debt ceiling and threat of default, sees promoting Bitcoin as a way to strengthen their national wealth and undermine dollar hegemony.

2. US dollar, while may suffer short to mid term due to BTC competition, can be a beneficiary in the long term because this forces the US government to clean up their act and rein in the printing press. Besides, I really don't see US government has the constitution power to ban a network protocol, if so, the founding fathers would be rolling in their graves.

3. The people, of course, get to use people's money.

This may be a little bit over-optimistic but definitely a possibility.

Nemesis

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Quote from: windjc on October 21, 2013, 01:13:44 AM

Quote from: zhangweiwu on October 21, 2013, 01:01:14 AM

Quote from: windjc on October 21, 2013, 12:46:58 AM

One question: when you say there is no way the Chinese gov would allow bitcoin on the markets, what exactly are referring to?

If Chinese government pays attention to bitcoin, it would act the same way they do towards shadow banking: fine those involved in bitcoin yet backed by government, and prosecute the entities without gvernment backing (even execute a few, like Wu Ying last year and Zeng Chengjie this year). The charge will be as usual: illegal fund-raising.

Right now there are two 'concepts'.

1. Chinese traders speculate. Few believed in a non-governmental currency taking root, as few believed anything significant yet non-governmental can take root. This translate to a huge bear market when Chinese government acts.

2. The atomsphere in China is like the roaring twenties which I read from books. Everyone feels like they are ready to make a big fortune. This can translates to potential huge bull markets.

My two cents.

I feel it is still years away until Chinese government taking action on bitcoin. A centralized power does only a handful of things at a time, and their hands are full in Xi's first 2 year's reign.

Makes sense. But from my view here in the West, China is very eager to appear mainstream especially when it comes to finance and capitalism. Therefore, if Bitcoin were to get mainstream acceptance in Europe and the US, I could see a world where China didn't try to ban bitcoin. Bitcoin isn't going to threaten a communist Chinese government at anytime in the future anyway.

This is why i've said the Western ppl has no clue about Chinese Goverment and culture.
You just proved my statement

RodeoX

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The revolution will be monetized!

Thank you for the interesting analysis.

notme

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Quote from: BitcoinAshley on October 21, 2013, 10:09:13 AM

This is important, because bitcoin is a bigger threat to a weakening fiat currency than to a strengthening one. China is still a long ways to go before their monetary and fiscal policy isn't as loose as a 13 year old Thai prostitute's vagina, but they are "tightening" and the U.S. is still "loosening." China's CB is also buying massive quantities of gold, and they encourage their citizens to purchase gold. So in some ways, Bitcoin is less of a threat to them and more of a threat to the dollar. They may not mind it so much since it may hurt their "enemy" more than it hurts them.

The enemy of my enemy is my friend.

BitcoinAshley

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Quote from: zhangweiwu on October 21, 2013, 01:01:14 AM

A centralized power does only a handful of things at a time, and their hands are full in Xi's first 2 year's reign. (Xi is a surname, not roman number 11)

Great, because if you hadn't said that, I would have totally assumed you were talking about the roman numeral 11, and gotten really confused Wink

Quote from: windjc on October 21, 2013, 02:24:47 AM

Quote from: Walsoraj on October 21, 2013, 02:11:57 AM

Quote from: Johnny Bitcoinseed on October 21, 2013, 01:53:19 AM

The more people hear about this bitcoin thing, the more people will ~~actually give it a try and tell their friends and family~~ quickly realize that Bitcoin doesn't really solve any of the problems created by fiat.

I really can't for the life of me understand why anyone who didn't believe in the viability of bitcoin would spend any great amount of time reading and posting on this forum.

That's the best way to figure out who the shills are.

Quote from: Severian on October 21, 2013, 01:36:55 AM

A practical matter would also be that if the Chinese government sees Bitcoin as a threat to Western banking (Western banks have admitted as much), then Bitcoin could be seen as a tool to increase their influence if it can undermine the European Central Bank's and the Federal Reserve's influence. But I do agree with you that if your government (or mine) felt more threatened by Bitcoin, they probably would come down on it hard.

This is important, because bitcoin is a bigger threat to a weakening fiat currency than to a strengthening one. China is still a long ways to go before their monetary and fiscal policy isn't as loose as a 13 year old Thai prostitute's vagina, but they are "tightening" and the U.S. is still "loosening." China's CB is also buying massive quantities of gold, and they encourage their citizens to purchase gold. So in some ways, Bitcoin is less of a threat to them and more of a threat to the dollar. They may not mind it so much since it may hurt their "enemy" more than it hurts them.

Ivanhoe

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Chinese speculators waiting for a thing to spark a rally makes a lot of sense. They were the ones who had the first ASIC miners. So they must have stockpiled a lot of BTC waiting to sell at high prices. The exchanges help them with 0% fee for some fake volume et voilá a new bubble is born. Another famous chinese pump and dump strategy. Be warned ladies.

nobbynobbynoob

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Annuit cœptis humanae libertas

Quote from: afbitcoins on October 21, 2013, 09:30:48 AM

Thanks for the Chinese perspective.

Paraphrasing but there was one part I found interesting.. American companies place people in government whereas in china the government places people in companies.

Merger of state and private sector in both cases, or in other words Fascism.

That's exactly what I was thinking: fascism by inverted routes. What's the difference between being crushed by a left jackboot and being crushed by a right jackboot? Shocked

afbitcoins

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Thanks for the Chinese perspective.

Paraphrasing but there was one part I found interesting.. American companies place people in government whereas in china the government places people in companies.

Merger of state and private sector in both cases, or in other words Fascism.

nobbynobbynoob

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Quote from: bobdude17 on October 21, 2013, 02:25:17 AM

This is all really interesting. Thanks for posting.

Yes, it's wonderful to hear a knowledgable Chinese person discussing Chinese political issues. Many foreigners (rightly?) regard China as a brutal totalitarian state, so the things he has posted will come as little or no surprise to many of us.

elux

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Quote from: zhangweiwu on October 21, 2013, 12:29:00 AM

If you search the topic in baidu of the last week's price rise, and you search in Chinese, most posts and reports ascribe it to the recent adoption of bitcoin payment method by a web service of Baidu (jiasule.baidu.com).

These reports suggests that the adoption by Baidu is a signal that the big vendors are accepting bitccoin - consider the close tie between baidu and central government, that the government may be interested too. It is like saying Microsoft or Facebook started to accept bitcoin. That tapped on the emotion and BTC rose.

I think the big vendors are no way closer to accepting bitcoin in the last week than any weeks before. It is indeed a small change, and signals nothing from big vendors nor the central government at all.

Reminds me of American media reporting on Chinese media reporting on The Onion (Satirical Newspaper) declaring Kim Jong Un the sexiest man in the world.

Or the "Bitcoin ATM Coming to Cyprus in Two Weeks ®™" story.

Something was clearly lost in translation, somewhere on the way from http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e to http://finance.yahoo.com/q?s=BIDU

Thanks for speaking up!

OleOle

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Are you like these guys?

Quote from: zhangweiwu on October 21, 2013, 12:29:00 AM

So why such a small piece of news that indicates nothing for sure, calls up such a rally? More important than the news itself it says Chinese investors are desperately looking for a reason to rally. They perhaps expected bitcoin to be above 1000¥ for a long time, now they only need a slight upward vibrate to rally. And they have a good reason to hope for a rally, for they bought huge amount of mining equipments in anticipation of raise of bitcoin value.

My reading of the event is, that Chinese investors are anticipating a rally for a long time, thus it won't cool down in just a few days. However they are speculating, not having much faith in sustanibility of bitcoin and may be frighten away by small bad news within China. They are less sensitive to western news like silkroad.

Thanks, it's good to hear your take on it, it's often pretty hard to get a read on what influences perception and behaviour in China.

Shallow

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SmartFi - EARN, LEND & TRADE

Meh, if it helped boost the btc price I'm happy.

bobdude17

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This is all really interesting. Thanks for posting.

Topic: false signal resulted rally in China, and it won't stop. - page 6. (Read 17587 times)