For those who still doubt China is a hype - page 5.

elux

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Quote from: elux on May 06, 2013, 09:03:21 AM

Quote from: el_rlee on May 06, 2013, 06:27:18 AM

Forget the Chinese news, Bitcoin on btcchina.com is already cheaper than on mtgox again.

Yeah. "Nothing to see here people, move along..." Wink

Quote from: ronaldlee0917 on May 06, 2013, 01:10:33 AM

Here is yet another news article on Bitcoin, today from xinhuanet - a news media in China directly controlled by the party.
There are clearly pushing Bitcoin to the public

http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/06/c_132361304.htm

There's no way the Chinese populace would be interested in a disinflationary virtual currency, right! Right? Roll Eyes

Hint hint: http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html

Especially not when the friggin state news agency goes and instructs them to pay attention.

But... Whyyy? It makes absolutely no sense, right! Or does it?

Could mass adoption of disinflationary money-supply digital currency be the (missing) key to continued depreciation of the yuan?

--> [Read. This. Now.]

In general:

• Could a government ensure sustained competitiveness of industry and exports by embracing mass adoption of cryptocurrency?
• Could a government promote cryptocurrency as a giant, real-life Gold Sink?

Per Wikipedia, The Chinese government banned using virtual currency to buy real-world items in 2009 but, crucially, not the reverse.

Currency War.

Jobe7

full member

Activity: 238

Merit: 100

Now they are thinking what to do with me

Interesting.

Xer0

hero member

Activity: 826

Merit: 1000

°^°

any notable Hashrate increase yet?

ManBearPig

sr. member

Activity: 350

Merit: 250

"Don't go in the trollbox, trollbox, trollbox"

Thanks, much appreciated. I was thinking that being ignorant of press coverage of Bitcoin in the World's Biggest Economy Elect (TM) was stupid, which I'm now addressing.

MonadTran

full member

Activity: 181

Merit: 100

Quote from: zby on May 06, 2013, 03:40:46 AM

Obviously some people from the party bought bitcoins and are now pumping it.

Quite possible.
I am actually thinking, even US government might start pushing Bitcoin adoption, at some point. It is certainly not the best thing to do for their survival as a collective entity, but it might be in the best interest of individual people constituting the government.

DavidBAL

full member

Activity: 193

Merit: 100

Always riding the Bull...

btcchina is about to pass bitstamp for second largest exchange by volume.. over the month they were 4% of btc sales, over the week they were 5%, over the last 3 days they were 6%, over the last 24 hours they were 7%... So they're going to be 10% by dinner tomorrow?

gogxmagog

legendary

Activity: 1456

Merit: 1010

Ad maiora!

f#$k it, in ten years we'll all be chinese.

zby

legendary

Activity: 1592

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Obviously some people from the party bought bitcoins and are now pumping it.

Ares

full member

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Merit: 100

Quote from: jl2012 on May 06, 2013, 03:26:00 AM

It is a hype, at least partially:

https://bitcointalksearch.org/topic/you-western-guys-are-over-interpreting-the-cctv-coverage-196676

According to someone from reddit on the artice on Xinhuanet:

Quote

Source is Beijing Evening News. It's a Party-owned publication.

It's reposted on xinhuanet, website of China's official press agency.

jl2012

legendary

Activity: 1792

Merit: 1111

It is a hype, at least partially:

https://bitcointalksearch.org/topic/you-western-guys-are-over-interpreting-the-cctv-coverage-196676

UltimateReaper

newbie

Activity: 56

Merit: 0

Quote from: anu on May 06, 2013, 02:22:41 AM

Quote from: UltimateReaper on May 06, 2013, 01:59:41 AM

Do you really even know what your talking about? I mean, how long have you been investing? Let's be realistic here, how the hell is Bitcoin going to be anything other than a speculative mess right now? 100-160 in a day?

Imagine you are going out to buy a hotdog. You have the 5 bucks you need but just as you are about to pay its now 7 bucks. Really? The reverse is also true.

I'd appreciate it if we could go without ad-hominem attacks.

It bugs me too that Bitcoin is so volatile. That people take liquidity from the order book instead of adding. Panic selling followed by panic buying followed by panic selling, often within minutes. And at the end of it, the order book has a spread of 30% and PitPay is probably grinding their teeth.

But I guess that is the birth pain of something so great as Bitcoin is. And the fact of the matter is: The price is way too low for Bitcoin to be a medium of exchange for anything of relevance. I mean - our M0 is 1 Billion. That's how much Bernanke prints on the way from the entrance to his office in the morning.

I don't mean to be hostile, even as upset as I am right now I really am worried. I love Bitcoin, the idea, and it's potential, but we're definitely facing some real problems.
I personally think it's extremely unrealistic for BTC to keep up with its rapid growth in price, I mean, there are very few things you can do with BTC and its so volatile that for the average consumer it isn't worth it. I'm worried that this over hype is going to deal some deadly blows to BTC. At the same time it could just take the world by storm. But even that might be bad. Rich folks can create crashes and rallies easily. What happens if BTC becomes nothing less than a play thing if it isn't already? That would be horrible.

Anyways, I guess I'm just up in the air right now. One day BTC is doomed, the next its going to take over the world. Bears, bulls, good news, bad news. This that. This is speculation so of course, but there are so many loud mouths that its hard know what is and isn't useful information.

anu

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Activity: 1218

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RepuX - Enterprise Blockchain Protocol

Quote from: UltimateReaper on May 06, 2013, 01:59:41 AM

Do you really even know what your talking about? I mean, how long have you been investing? Let's be realistic here, how the hell is Bitcoin going to be anything other than a speculative mess right now? 100-160 in a day?

Imagine you are going out to buy a hotdog. You have the 5 bucks you need but just as you are about to pay its now 7 bucks. Really? The reverse is also true.

I'd appreciate it if we could go without ad-hominem attacks.

It bugs me too that Bitcoin is so volatile. That people take liquidity from the order book instead of adding. Panic selling followed by panic buying followed by panic selling, often within minutes. And at the end of it, the order book has a spread of 30% and PitPay is probably grinding their teeth.

But I guess that is the birth pain of something so great as Bitcoin is. And the fact of the matter is: The price is way too low for Bitcoin to be a medium of exchange for anything of relevance. I mean - our M0 is 1 Billion. That's how much Bernanke prints on the way from the entrance to his office in the morning.

bobdude17

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Activity: 454

Merit: 250

https://bitcointalksearch.org/topic/bitcoin-holders-must-prepare-for-mass-adoption-195763

Does anyone still think that those meetings in Washington aren't happening now?

noedaRDH

full member

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Finding Satoshi

I'm not so much hyped up about any potential price increases (and with that, crashes).

The main thing we should be looking at how this new influx of users can help to create new services, exchanges, and merchants that Bitcoin needs right now.

Imagine if by tomorrow, millions of people in China suddenly hold a respectable amount of Bitcoins for investment, for novelty, for beliefs, and for whatever else. It'd be difficult to expect services and merchants to not pop up right along with it.

oakpacific

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Activity: 784

Merit: 1000

Quote from: Ares on May 06, 2013, 02:13:18 AM

Quote from: oakpacific on May 06, 2013, 02:06:31 AM

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

It says "last updated <7 hours ago" at the bottom. 7 hours ago would be ~7am in China

Check out the number of the previous three days, espeically that of the top 2 nations in the geo-rank, and you will have an idea.

FYI: the program was aired on 2013-05-03.

Ares

full member

Activity: 238

Merit: 100

Quote from: oakpacific on May 06, 2013, 02:06:31 AM

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

It says "last updated <7 hours ago" at the bottom. 7 hours ago would be ~7am in China so who knows

bitcon

legendary

Activity: 2212

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Quote from: notig on May 06, 2013, 01:52:44 AM

Unfortunately the timing is off. Right when all the news reports about bitcoin were coming to a head a few weeks ago and the price was up... there was a crash. If that crash didn't happen we might be seeing 1k bitcions right now. but since it happened it put people off. There will be another crash/downturn before any chinese can get money into buying bitcoins and that will put them off buying any. So we will see the price drop but slower growth than expected. When people look at bitcoin again though in one or 2 years and see the price is back above 100 then it will take off again perhaps.

in your opinion. a small crash could trigger a mass buying opportunity for new investors. after the story hit china the price has gone up ~$30. if they (china) are keepin an eye on this, they see the opportunty at hand.

my bitcoin glass is always half full.

shibaji

full member

Activity: 308

Merit: 102

This is very good news! The TV show followed by this news. It will be huge.

Thanks for sharing the news.

UltimateReaper

newbie

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Quote from: Ares on May 06, 2013, 02:04:18 AM

^ Where did you get 100-160 in a day from?

For sake of example.

oakpacific

hero member

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Merit: 1000

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

Topic: For those who still doubt China is a hype - page 5. (Read 13158 times)