Topic: New reason for bitcoin to skyrocket. Misunderstood chinese deposit ban. (Read 1624 times)
December 18, 2013, 06:24:33 AM
I think one shouldn't underestimate the amount of BTC being bought in China for no other reason than to get money out of the country in a simple and secure fashion. Those people were never in it for the long run, BTC was a tool for them and when it no longer works then that's the end of that.
December 18, 2013, 06:22:10 AM
i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
I read that in Chinese accent
Every time someone mentions chinese accent this comes to my mind.
December 18, 2013, 06:02:43 AM
i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
I read that in Chinese accent
December 18, 2013, 06:01:11 AM
i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
Now that's adorable right there.
December 18, 2013, 05:57:28 AM
i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
some days later only a little play bitcoin in china.
so chinese gov need fuck! fuck ! fuck! and fuck!
December 18, 2013, 05:48:45 AM
Even suppose that the govverment is not to ban the exchange websites, people still have reasonable incentives to dump btc and withdraw cash from it.
Even from your point of view, no inflow of RMB means the ratio of RMB/BTC is going low, at the assumption of no withdraw of BTC. Then the price will go down……that's the reason people dumping BTC to avoid more loses.
Maybe they are wrong. but this logic is still a good explanation.
Even from your point of view, no inflow of RMB means the ratio of RMB/BTC is going low, at the assumption of no withdraw of BTC. Then the price will go down……that's the reason people dumping BTC to avoid more loses.
Maybe they are wrong. but this logic is still a good explanation.
December 18, 2013, 05:27:40 AM
Yes this is an interesting situation. It creates a liquidity constraint in one direction only. If you own a bitcoin you can always turn it into cash, but you can't take cash and buy a bitcoin. If I need a bitcoin for whatever reason I may pay a lot more under the table to acquire it (black market). So this action by the chinese government will just increase the back door methods of exchange.
December 18, 2013, 05:24:26 AM
I hope the smart ones hold
December 18, 2013, 05:23:03 AM
China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash. The price fell and it's just ridiculous. I mean, if we suppose that people are smart enough to understand it but its never true... Lack of cash on chinese exchanges actually means that deposits are more valuable... They can sell deposited accounts from person to person. Thus, price should grow. They just need some time to understand that simple thing...
You are thinking from an early adopter's or long time speculator's perspective, not from a Chinese "investor's", who just found about Bitcoin a few months ago, and thought he could make a lot of money in short-term. This kind of people tend to panic from the slightest disturbance.
December 18, 2013, 05:08:24 AM
Actually this is different from the MtGox USD withdrawal problem. In this case, users can withdraw fiat but they can't deposit. So, fiat is becoming more scarce on the China Bitcoin exchanges, causing the value of RMB to rise wrt BTC. That means the exchange value of BTC is dropping in mainland China for good reason. If no one can deposit fiat into China Bitcoin exchanges for an extended period of time, people may withdraw their BTC and deposit it into other exchanges, potentially leading the exchange value of BTC to drop further if those same people exchange for fiat.
December 18, 2013, 04:45:14 AM
China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash. The price fell and it's just ridiculous. I mean, if we suppose that people are smart enough to understand it but its never true... Lack of cash on chinese exchanges actually means that deposits are more valuable... They can sell deposited accounts from person to person. Thus, price should grow. They just need some time to understand that simple thing...
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