Topic: So, nobody really gives a crap? (Read 5543 times)

I agree and it always made me laugh when people act so threatened at the scenario of China emerging as the dominant world economy.  It's long overdue for them and who cares?  They have 1B+ humans and so much potential.  

Regarding btc, China is still a significant economic impact but the symbolic impact is just as important.  

But to answer the OP more directly: No, I really don't give a crap.  People really need to look at the big picture and ALL current events.  Consider things like Coinbase, Overstock, the number of online retailers accepting varying cryptocurrencies.  

If China banned computers would you stop using them?  If China banned comic books would I stop reading them?  If China banned free speech... oh wait, nevermind.  China was supposed to be departing from their 'we are an island' mentality but obviously some habits die hard.

China may have the 2nd largest nominal GDP and PPP GDP, behind the US, but they are still like what, 90th when it comes to GDP per capita. Meaning, even though the country itself might import and export a vast quantity of goods and services to the world, many Chinese people have a very low standard of living and little disposable income. Hopefully that will change as time goes on, but as of now no, I don't really care what China does

It has been estimated that 15% of the world economy can be attributed to organized crime (ref. TEDtalks).  Take away cryptocurrencies influence and that statistic won't change much.  Eliminating cryptocurrency is more damaging to the greater good.  Most folks get this but every village has an idiot or 500M.

Agree. Two scenarios very likely to happen. Obviously, the question is not if, but when we gonna see a huge drop..

Besides, the ongoing market manipulation is another big danger to the survival of Bitcoin. People are not dump (edit: but brainwashed ) and most do not want to deal with stuff connected to illegal activities. In the early days, BTC was basically associated with drugs. And it won't be long until Bitcoin will be looked at as just a tool for scammers and financial crime. By the way, I am very curious when the Mt.Gox crap finally hits the fan.

No doubt about that 

I do agree with most of what you are saying and if you'd ask me I never would go back. However, Bitcoin's major advantages over Fiat are also its biggest risk. Taking the actual situation into account, it seems very questionable if BTC will survive USD and EUR. At least on today's price level.

Of course it's not only the Chinese. Another big thing which becomes more and more obvious is that bitcoins are never going to be a wide-spread currency. Accepting BTC as a business is a gamble that only a few are willing to take. And for those it's more a publicity stunt than anything else.

Moreover, the simple truth is that the established financial system won't just be standing aside and watch how their power is slipping. Those structures will only tolerate Bitcoin until they have learned everything about the technology to put up something similar themselves. With a market capitalization of $11 billion the whole thing is still a very tiny niche which they can easily squash within a few days if necessary. Underestimating the power of the international banking cartel - as so many do - is just hilarious.

I really don't care the little swings of daily price because I am not planning to convert any Bitcoin back to FIAT.
Why would you go back to an artificial, centralised, controlled and taxed money ?
It is obvious that Bitcoin will last much longer than Dollar, Euro or any FIAT.
Crypto-currencies are on an other scale, on an other level.
People will come to Bitcoin, it is only a matter of time. Therefore the value of Bitcoin/Crypto can only go up on the long term.

Understand that idea and stop worrying in front of USD/BTC charts.

Your life is now better.

Family is huge in China and there's already mfrs with gov't friends/relatives making the case to allow digital currency because it stands to directly impact their bottom line and the bottom line of all those indirectly associated.  The world stage matters more today than it did in the past to China.. BUT... it is families that make shit happen over there. 

I think China will change their stance on digital currency after video card, asic, and other tech mfrs appeal.

The only thing China has done is to put on the brakes to see what's coming around the corner.  They'll ease off and hit the gas when they see it's safe or worth the risk.

Nice to see some common sense Most of the people buy or sell based on graphs and on what everyone else seem to be doing. What most fail to realize tho, is that "everyone else" are actually small groups of people with goals of market manipulation. Bitcoin and Litecoin has been hoarded to this extent that small communicative groups actually have total control of the market. They can keep the price up artificially because their actions mater to an extent where the actions of others won't even create a tent in their control. This allows them to keep the price up even with solid facts that a big part of bitcoin value will soon drop because of the loss of Chinese markets. And this will make the sheep feel secure and they start to believe that Chinese markets aren't important at all and they start investing with new funds. This all will lead into the situation where the controlling groups can dump with a lot better profit when they would have dropped right away when facts of coming fall were presented.
I also doubt that the crash will be exactly before Chinese new years when everyone will expect it. I think there will probably be a week or so, before everyone will truly believe that the Chinese markets were meaningless and then we will have a 48h long drop, full of fun little bulltraps

+1

As the price starts to rebound.........

In all seriousness, I still could care less, and so should you.

But as OP said, nobody really gives a crap...

Perfect example of the huge mistake it is to ignore China's role in the current price. Selling now until China's correction happens is the smart thing to do. January 2014 is a terrible month to buy cryptos.

Maybe you should start caring... I mean, just in case you are holding BTC

When looking at this >>> http://bitcoinity.org/markets/list?currency=ALL&span=3d <<< I think there is enough said as far as I am concerned.

Good Luck everybody

Idk, I was just kidding, I have no fucking clue. I just don't like China and I could care less what they do

Could you elaborate, the timing is right and I've developed a bit of a theory.

During Pre-takedown era BTC valuation was being weighed down by the Silk-roads coin hoard, they can and would sell when prices rose and even though the coins were not actively ON an exchange they were defacto on the market.  Post-takedown a huge number of coins became frozen and were effectively off the market so the market was uncorked, the 'media' side of the story wasn't the driver it was simple supply-destruction.  Dose this jive with your thinking?

While this might have explained some of the initial movement after the take-down, I agree with others hat Chinese buying presshure was the primary driver of the bubble and what pushed it past 1k.

I agree 100%

 

Yeah, whatever. We'll see.

Looking at those tiny orders, which are constantly tiny, one must really wonder how they still keep up such a volume. What makes it even weirder. By now, the whole thing looks like a market entirely run by bots. I mean just look at those candles. It's a fucking joke. There is no real/organic trading going on.

But I am just a n000b and, honestly speaking, I don't give a shit.

Why would they? And what the fuck does tick tack mean? Tick tock, like an infantile clock?

No, they're still on Wisdom, and still up. Volume up too, significantly, since they imemented maker-taker zero-profit fee structure.

Anyone trading in a Chinese exchange has long since made plans for the 31st. Obviously it's not an issue.

Didn't realize bitcoinwisdom had the power to declare which exchanges were dead or alive but there you go.