Topic: Once China fully realizes it has been betrayed... (Read 4998 times)

Meh...I have been using Bitcoin for years but have been speculating with it for not much more than 3 weeks or so......although I have missed the glittering opportunity that most of the rest of you have experienced, I have done pretty well so far....up about £5K - £7K...hard to keep track of exactly how much and of course, I have had some bad trades and there is plenty opportunity yet, for these gains to be reversed and turn into body numbing losses, especially now that I am gambling in a clear and undisputable bear market.

Your post sounded like you were projecting China as some kind of hero that was going to come and save Bitcoin, but in reality, it is the Chinese market that is bringing Bitcoin down.

What you say about BTC 'precipitating' the end game makes you sound like a Bitcoin fundamentalist. Fundamentalistic thought, always leads it's bearers up dead end alleys.

Thats good. I hope you do well in whatever trade(s) you make, and are able to get out/in at the right moment. I am envious of those that are successful trading, I hear lots of stories about how much people made. I made a few good trades in my time, but I made more losses. Its funny you don't hear so much about people's losses.

China's currency may indeed be pegged to the dollar, much as every currency is. I think that kind of misses the point that the amount of *money* China has isn't actually affected by US shenanigans. When all is said and done, the great fiat currency experiment will see winners and losers. When the 'war' is finished, I think those on the losing side will find little comfort in the battles they won.

I see BTC as a part of the experiment. In fact I see it as precipitating the endgame. I might be wrong, but if I am the risk to me is tiny. If I am right the reward is high.

More importantly, if you position yourself on the other side of the argument, your risk reward ratio is transposed. I've been around long enough to know that high risk for little reward is not a good bet.

China, in order to keep its industry competitive, has pegged its currency to the dollar which broadly speaking means that every time Ben Barnanke or the US banks churn out a new dollar, China must churn out 8 new RMB. China has therefore imported the US's inflation problem or another way of looking at it, China has been accepting US funny money in exchange for real goods and services. Not smart!

However, since u think China is so smart, I will advise that BTC is cheaper now in China than anywhere else.

What do these 'smart' Chinamen know that us dumb westerners don't?

Oh yes, and market seems to be going the way that I am betting it will.

China is smarter than "the west". The reason they are all over BTC is because they understand what is happening to the global economy.

Whether bitcoin was invented by the legendary and mystical Satoshi Nakomoto, or is actually the work of some highly secret govt dept in the US that has delivered what it hopes will prevent the total collapse of the USD based currency ponzi. It matters not.

The fact remains the current system is unsustainable, bitcoin conceptually serves as a sound replacement (implementation details are incidental, but to date those details have been pretty goddamn bulletproof, still not the point). All that needs to happen is for the current economic wealth (as measured int he world reserve currency, the USD) to be transferred to bitcoin. Whilst the US govt knows it was fun being able to print money whilst it lasted, it is not *so* stupid as to see that its not really a sustainable model. It knows it needs a 'gold standard' but alas, all the gold is elsewhere so it can't just pet 'er in reverse. Instead its doing what it does best - printing money! Just this money is 'special'. It's actually a digital version of all that gold they once had.

So, when people argue that bitcoin isn't backed by anything, then saying "well neither is the USD" is missing the point.

Bitcoin *is* backed by the USD. The world's reserve currency. If USD is (was?) good as gold, then by extension, so is bitcoin. Sure it will be a easier to swallow once it gets fully recognised by the banking system, and is good for paying taxes etc but patience my children, we can't really expect that at this early stage in the game. As the wealth transfer progresses, these things will come to pass.

So this thread, is absolutely way off the mark. China hasn't *been betrayed* that is just typical western arrogance. Toake a dose in humility, China is once again pwning the rest of the world.

China is and always has been smart. China knows exactly what is going on. I don't see any news stories about how China doesn't have enough gold, is running the presses or is at risk of hyperinflation. Ask yourself why that is.

(Yeah i'm long. Wish I was longer).

+1 Agreed.

I like to add though, that in the past 5 years the U.S Federal reserve has been printing Trillions of U.S dollars.  The chart for the money printing now looks like a hockey stick.

So in the last 5 years, China has gotten really screwed by the U.S.A. 
China owns over 1 Trillion dollars of U.S Treasuries, and as the bankrupt U.S government prints more money, it puts itself further into debt heading toward default and eventually will not even be able to pay interest to investors/holders of U.S bonds/treasuries like China, Japan and Germany (3 largest holders of U.S debt).  So you see, it's not just China that is going to be screwed.

Think about it, if you bought bonds from a bank and the bank defaults and you lose your interest and principle (all your money) investment. Are you going to be happy?

That is why the world is the way it is today, because the U.S government spent tomorrows money today, and it got worst from president to president, they just wracked up the credit card with no intention to pay back.  This will eventually lead to "WAR". Why do you think the U.S is in middle east, why do you think tensions are rising between Japan and China.  A war is being instigated, trying to coax China into a war.

Any, how does all this relate to Bitcoins. 

Bitcoins is a store of value, similar to gold. This comparison has been made several times by finance writers.

The world's geo-political situation is getting worse, and if you can see the writing on the wall ... a United States major devaluation of the dollar or default is coming.  RESET.   This can lead to war and other bad economic events to happen. 

In an environment like that, what are people going to do?  Look towards history.

- People will use their money to buy things of value, because if the U.S dollar doesn't survive,  gold and silver will and possibly Bitcoins and other crypto currencies. During a reset there is also "confiscation of GOLD". 
- People might by Bitcoins because it will be harder to confiscate....who knows.

The really long term view is that if and when the SH!T hits the fan, those stores of value will go up in price significantly. 

Just my 2 cents....and there is a chance I may be completely wrong. 

You can learn more about the U.S economic situation by taking a course , link below:

http://www.peakprosperity.com/video/218/playlist/153/chapter-1-three-beliefs

My opinion is no need to hurry buying now, price is relatively stable and can go both ways. Better is wait for more news

There's nothing wrong with dissenting opinions.

"Somebody bet on the bobtail nag, somebody bet on the bay."

Doo dah.

 

I am not afraid to read quality dissenting opinions but I have to take measures to filter out the chaff from the grain, cos on this forum subsection, there is a whole lot more chaff than grain. I think the problem is that there are a hell of a lot of people who are basically gullible emotionally driven reactionary idiots, who have gotten rich through Bitcoin, who now consider themselves to be real hot shot market predators as opposed to recognising that they just got lucky.

Whilst I recognise the need to have an opinion, I also recognise the need to do a complete 180° on that opinion whenever the circumstances demand it. The people I know, who tend to fall in love with their opinions or have the need to rally under some kind of ideology as though it were a warriors coat of arms, are all people who when it has come to investing, have made a good bit of money to begin with, but then lost far more than they ever made, before limping meekly away from the 'battlefield'.

Right now, for me, Bitcoin is trending down, interspersed with pronounced corrections and temporary rebounds. I have based my Bitcoin investment decisions around this and so far things have gone well for me. I also dumped a big pile of Bitcoin at $1000 before the previous weekend, incurring a small loss in order that I could buy back in at around the $600 - $700 mark. Unlike most of the other claims on this forum of people 'Trading like a Pro', if you can be arsed to check my post history, you will see that I clearly stated my forecast and intentions before the event.

So for now, I will stick to my prognosis. If I get my arse spanked or someone can present a strong measured argument that things are going to go the other way in the immediate short term, then I may change my stance, but:

"FK YOU TRAITOR......U WILL BE CRYING WHEN BITCOIN IS AT 5K BY JAN 2014 U B!TCH"

....just isn't going to have an effect on me beyond reaching for the 'ignore' button.

right

Yes, we'll see won't we?

As I said.

LOL 

who laughs last laughs best. Oh and double digits aren't even something to talk about or even single digits, when it comes down, (which can be not for another few years or it might be next month, who knows) we are talking about fractional of a dollar to worthless.

To each their own, but personally I'm not afraid to read dissenting opinions.

I don't ignore FUD spammers nor the kind of people whose posts consist mainly of:

"Oversold PONZI pyramid scam... no real value... deluded cultists... BITCOIN GOING TO DA DOUBLE DIGITS"

I laugh at them.

Oh yes, because I ignore people whose posts mainly consist of:

"What!? you say Bitcoin might go down!!!! FK YOU TRAITOR...Bitcoin dont need you...BITCOIN GOING TO DA MOON"

I must surely have my head in the sand.

Ok. This is cheap retarded FUD. What China really did was to finally decentralise mtgox  price influence. People are not looking at mighty mtgox like they did before ( April crash anybody?) and that's why I believe BTC is NOT crashing but slowly going down.

 

Wow.

The OP has really upset the Bitcoin Nutters on here.....about 75% of the replies in this thread are from people who I have on ignore (all slavering emotional idiots to a man).

I don't know about buying this irrational fear story, seems like counterbalance extreme sentiment to me......but I have had dreams three nights running now, about Bitcoin being valued at low double figures......probably low double figures is what Bitcoin would really be worth if Bitcoin speculation was somehow prevented from taking place.

Personally, I am targeting lows in the $300, but doubt that this will be achieved in go, more likely is a gradual series of downwards trends punctuated by brutal corrections followed by temporary upswings....(this is where traders can make their dough).

I have readjusted my next buy-in tranche on Bitstamp to the $550 - $650 range.

omg $600

I was prepared to but it kept dropping so I'll wait for now.