Topic: So, nobody really gives a crap? (Read 5550 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.

That's the limit by when they can transfer the coins to the central bank.  After Feb 1, they can still transfer them to a gift card and sell that on an auction site or to another individual.  And Huobi still offers 2-way bank wires.

It seems like you don't understand how a market works. It's supply and demand influencing the price. And in those days of the huge rise it was China buying about 10 times (edit: or at least 5 times ) as many Coins as the rest of the world. The Silk Road bust only gave Bitcoin some sort of credibility as well as publicity.





  I was just waiting for that. I am not saying that I take the trollbox entirely serious, but it doesn't change the fact that China is moving first.

another reason to not listen to the OP.

China is not out permanently, they're just out for now... as this technology sees wider spread adoption (i.e. Overstock.com now accepting, Virgin Galactic accepting - imho, field trial for the rest of the Virgin group companies, etc.) with larger and more entities, they'll want to be back in and don't be surprised that suddenly a wave of bitcoin millionaires show up in China on that day including government officials.

Their motive is currency protection which they can't easily see as manageable in the Bitcoin ecosystem but if they fall out of favor because they are not on the bandwagon then the corrective action is jump on.  Fiat currencies won't be dieing out anytime soon but cryptocurrency is poised to be the global mediator of currencies and as that becomes apparent currencies which do not allow easy ways in and out of it will have their growth hampered (IMHO)

No. Wrong. China had nothing to do with the price going past 1000usd. If anything I would blame it on the bust and shut down of Silk Road

That is definitely wrong. In fact, it was China pushing BTC beyond 1000USD. It was them buying Coins like mad men! And it will be them causing a huge crash. All the other exchanges are reacting to what is going on in China right now. Not the other way round. You can even tell from the BTC-e trollbox. China is always mentioned first when the market is moving at the moment.

Be patient.
An upswing is imminent.

Hm. That is weird. When I checked earlier it wasn't even listed under markets anymore. Well it seems like they are about to go down in any case.

TICK TACK...

The Chinese don't have the first damn clue what they want.

And also, the Chinese haven't made any difference to bitcoin. It would be the same with or without them.

Not really: http://bitcoinwisdom.com/markets/btcchina/btccny. It just disappeared as a link from the main page, replaced by Huobi.

The Chinese are known throughout their history for doing things underground despite of government regulations.

What I mean by this is take for example their many secret societies that have co-existed with their authoritarian government throughout their history.

What one should take from this history lesson is these people are resilient and persistent on what they do. Think one-child policy.

If they got into bitcoins and made this much of a difference I highly doubt they would just quit cold-turkey just because their government says so. They will just start hiding more from the government and go "underground" with their operations.

This is the reason why BTC China will never die out because all the major players will just do things 'off the books'

Yeah. I thought so, too. I even bought some BTC again last night. But WTF? Where is the God damn upswing? That it didn't happen clearly indicates, that the whole market is VERY nervous. Seems like everybody is waiting for the next bad news or at least until the China thing is over.

Very interesting times ahead. I am sure about that by now.

Good luck.

Say whooot?

I didn't claim shit. Especially not to be some bigshot in whatever scene. Nor did I say that Bitcoin will die in 2014.  

 Funny though. Made my day...

By the way, BTCChina is dead, isn't it? It just disappeared from bitcoinwisdom. PUUUFFFF... And it was gone. LOL

Cheers

Wages may go down, but purchasing power increase. Business profits may be reduced in nominal terms, but actually be growing.

That's because you have some perspective on this. Lots of bitcoin investors can't see beyond their own fear and greed unfortunately.

Bitcoin doesn't need China. It will flourish plenty well without it. Just look at overstock.com launch today. They are taking huge numbers of bitcoins. Once that news spreads, other big players will join the party.

OP claims to be bigshot in the crypto scene.
creates account yesterday
follows by saying bitcoin will die in 2014 based on......?
 

Why would China have any effect on btc price anyways? The market cap for btc as is right now is only around $10billion USD, that's pretty damn small if we are considering parties from all over the world.

People around the world probably spend 100x that everyday just buying toilet paper

+1

Like I have said time and time again on these forums...where does everyone think the people in need of better money laundering services show up for work every day?

In banking sectors and government buildings around the world that's where...Bitcoin is the best thing that's happened to these guys.

Why would they want to get rid of it?

Really? Don't see the price going up much

It's not forbidden in Brazil, I don't think in Argentina it is too.

China news has already been priced in. If enough people are expecting a drop on the 31st, it won't actually happen.

I guess people who were going to sell based on the CHina news have already sold.  Sure more CHinese will sell but other countries are there to scoop it up.  China is only 1 country, although maybe they caused the rise in price, it doesn't mean if they leave the price has to drop.  They got people used to the higher prices now maybe.

Reads like the last words from a death row inmate...

This seems to have been ignored in many places, but has some current info directly from them if anyone missed it:

https://vip.btcchina.com/page/notice20140108

Deposit weren't stopped on all Chinese exchanges contrary to what the news say.

You still can buy and sell BTC for Yuan in China, you still can afford things and services with BTC, it is legal, no problem. Only the bank transfers to exchange are stopped. You can use service like localbitcoin because fuck the exchanges, Bitcoin doesn't need them to exist.

In countries where transfer between bank and exchange are forbidden, Bitcoin value is 15 to 30 % higher (Brazil, Argentina,...).

Every time mainstream media talk about Bitcoin, it increase its adoption.

The reason why Bitcoin is still low is because most big holder are shorting BTC to get more but it doesn't matter, BTC will not stop increasing on the long term.



Never overestimate governments. Ultimately, the power is in the hands of people. No Empire/Kingdom/Government ever survived through time.

+1 million.

Firstly: never underestimate governments.  Bitcoin only works if fiat can roll in and out freely.  If there is potential to lose the money you put in or take out, expect people to run and not look back.  People buy Bitcoins to make money on those Bitcoins.  If the US government destroys exchanges and drives trading into the depths of the web, Bitcoin will only have use for illicit / gray market activity.  It may survive, but only as an extremely niche wealth transfer method.

I am not saying it will happen anytime soon, or at all really.  But don't be so obtuse.

Now, as for the China thing, you seem to be way out of the loop.  China volume dwarfs all other countries right now.  They are by far the primary players on the Bitcoin markets.  And to say they can trade with individuals, and not exchanges, is currently incorrect.  If this ends up being the case in the future, say goodbye to about 60% of total bitcoin trading volume.  

China banning exchanges is not "priced in".  Hell, the country announced the removal of Taobao BTCC vouchers two days ago, and the market dropped over 20%.  BTC China volumes aren't even 10% of Huobi.  So, if China decides to give the boot, it's a very big deal.

Gone in mainland China? It's quite possible, though exchanges might lumber on in a zombified form for a while unless they're properly put out of their misery. It's a part of the ongoing story on a march upwards, albeit a big and disruptive part at this particular moment as so many others have been.

The rest of the world's looking pretty rosy. Singapore, one of THE global finance hubs, has made sensible noises about taxation. Merchants are being added every day around the globe. Some ground breaking infrastructure is being developed by thousands of very bright minds as I type.

Decide what's best for you and run with it.

Well, it can't be long until it makes PUUUFFF - and all is gone...

There hasn't been a definitive answer so far, if that's even remotely possible, so the odds are there won't be one at all.

If it bothers you so then sell up and wait for the dust to settle. It might be a while yet.  

LOOOOL. WTF?  I need to ask again. Does anyone have insights on BTCChina? The whole exchange has become a fucking joke. Seems like they are done already. Only keeping it "alive" with some fake trades obviously.

I bet a single big player could easily bring the BTCChina rate down to 0.

Do you have any proof for that? And why would the Chinese Government do that in the first place?

Absurd...really? China is buying all btc...

BTCChina is #1

I also think that this is pretty absurd.

Besides, is BTCChina already dead? I never have seen such ridiculously low orders.

Not sure "sensational" is the word I would use for that idea

that is an absurd idea.  there is NO govt that is investing in bitcoin directly.  what the most totalitarian major power that is known to control every facet of their citizen's lives just decides to invest in bitcoin.  bitcoin is designed for decentralization and to give power to the people, it's users.  makes no sense.



it's also the first week of the new year since the holidays.  the Taobao ban is not in effect until the 14th, next tuesday.  i believe that china will crush the huobi bitcoin exchange for their defiance of authority.  the ceo publicly stated that he believed bitcoin does not fall under financial regulation.  it's like he's telling the govt to fuck off.

the legality in america isn't for sure either.  http://www.wired.com/wiredenterprise/2014/01/stampact/

Governments can threaten all they like and pass laws against Bitcoin but the fact is the only way they're going to kill Bitcoin is by killing off the internet as well and that would piss off too many people, that's why people don't care, plus the Chinese hysteria was pretty fake, you can still trade Bitcoins as individuals for paper money just not exchanges and financial companies.

It's the same thing where a fake post about the Thailand central bank panicked people who didn't know anything and it managed to scare people with big holdings in Bitcoin.

One perhaps slightly sensational idea might be that the Chinese government are themselves investing in bitcoin and levering their position to manipulate the value for gains. If you were an entity with the ability to knock 50% off the value of a commodity, then on a whim double the value back up again (ie, you're the Chinese government with the world watching you to decide on speculations), this is what you'd do.

This is why when some above have said "the government aren't that stupid, these remaining exchanges have their days numbered", maybe they have allowed them to continue trading because they don't want to destroy bitcoin, rather play with its price for gains/further understanding of the market and the demographics of its users.

Yeah, very good points there, R2P. And you raised the very essential question WHY they did not stop them, yet(?).

There could be several reasons for that, but I guess it just doesn't make too much sense to speculate at this point. What I certainly believe though is that they will shut those alternatives down by January 31st. I mean their intention is obvious. They do not want CNY being traded for BTC, because the coins then can be used as a tool to export LOTS of Chinese money/capital which is basically illegal, or better said restricted/controlled, in China (as far as I know).  Therefore, it would only be consequent to stop ANY possible method. Otherwise, it would be a proper surprise.

We'll see

China never announced it was shutting down all bitcoin business.  You will not find anything which supports this statement.  They specifically said that Bitcoin was being treated as a commodity, and therefore is currently legal to trade.

The method Huobi and other exchanges are using for deposit is direct bank transfer to the owner.  The question here is: Did these exchanges receive permission from the government to conduct business in this fashion?  At first, I figured the answer to this question was likely "no".  This seems to be the most sensible response.

However, at this point it is no longer clear.  Huobi has been operating with bank card deposit since Dec 20th.  This are over 20 days of really high volumes, and in plain view.  If what they were doing was illegal, or the government perceived it to be, why hasn't it been stopped?  One thing we have noticed recently is China's quickness to act.  One day after posting a Jan 31 deadline for third party payment processors, they came in and forced them off exchanges immediately.

It would be just as easy for them to come in and yank the cord on bank card transfer.  Close + freeze all the CEO's bank accounts (which are extremely easy to find, I could get their bank information myself if I wanted to), and post a warning to exchanges that any further use of bank card deposit will have legal repercussions.  Boom, bank card deposit is gone, basically permanently.  This also prevents the price being run up based on Chinese volume, which the government has cautioned against.

So, I believe if their current intention was to end all exchanges, it would be done.  Make no mistake, bank card deposit is essentially the final frontier for Chinese exchanges.  Without bank card deposit, and third party payment processors banned, there is no way to electronically fund an exchange.  If this happens, assume that Chinese exchanges are dead.

Right now I am leaning towards believing that China has met privately with these exchanges, and given the go-ahead.  However, it's also very possible that these exchanges have gone ahead without government approval.  There was certainly no explicit endorsement of their practices.  It's all up in the air right now.  But once again, it has nothing to do with the deadline.

And yes, nobody really gives a crap.

Hm. Interesting point of view. However, I cannot see the Chinese Government being fooled by some smart-ass coin traders who think they could go on doing business as usual with vouchers or direct deposits. I mean, this is fucking China. Moreover, I understand the deadline more like closing down ALL bitcoin related businesses and not only the deposit methods. Please correct me in case I got that wrong.

Cheers

China 31st Deadline: All third party processors must cease Bitcoin-related transactions.

One day after this was announced, Chinese government went and forced all third party processors to halt business immediately.  You can no longer deposit money on Chinese exchanges with a third party payment processor.  Not entirely sure if withdrawals were removed yet, if not, they should be removed on the 31st.  This has little impact, since all exchanges still operating have found alternate ways to add/withdraw money.

As for exchanges still operating:

- BTC China: Using voucher system, majority of business was going through Taobao.  This seems to be on the way out.  Unclear whether the voucher system will remain possible through alternative payment methods.

- Huobi, FXBTC, ChBTC, BTCTrade: Volume leaders by a mile currently.  BTC China is all but forgotten.  These exchanges use direct bank card payment, avoiding the need for any third party payment processor.  The ban has no effect on this payment method.

Any further moves by Chinese gov't have no relationship with the deadline.  The future is uncertain, but the "deadline" is irrelevant.  That's the scary part.  We never know when the Chinese government could strike next.  Could be today, next week, next month, next year.  I'd say never, but, never say never.

Gentlemen, you're being trolled. 

100% d'accord. 2017 is also a pretty good guess I bet. I mean the whole thing is done already, but the people will need some more time to realize what deep shit they have driven us into. Too sad that it most likely will be too late for the majority. At least, they finally won't have any other choice, but feeling the heat when already burning.

2020 more likely. But yes, exactly that.

Sovereigns are all going to blow up anyhow.  Fiat won't be worth anything in 2017.  I could be wrong about the date, but I can't be wrong about the blow-up.  It's a mathematical certainty.  2017 is my best estimate for a global sovereign crisis that makes us all Cypriots Greeks and Argentines.

"The establishment" in the west is positive or neutral. It's only china that is trying to get rid of it (india something something, not big enough to matter at present). The next month could very well be interesting. But once china is over and dealt with, things should return to normal. Another month maybe.

Actually, china might be trying to ban it inside their borders specifically so the US can't some day say "here is a few bits of code, our debt is now settled".

I most definitely am stoked

Obviously, I also agree on Bitcoin being in an very early stage. But isn't that the best time for the establishment to bring it down? Teaching the people that only their currencies are safe while drying out organized crime at the same time seems like a good move right now!? I mean they shot Kennedy as soon as he was printing some United States Dollar notes.

I agree. And I am also not about dropping the bitcoin for good, but for now I sleep far better with my worthless fiat money.

Really looking forward.

One more thing from my side for tonight before I meet my pillow.

Take a look at the 3-days interval chart on bitcoinwisdom.com and you will see a well-known bubble pattern that is just about to enter it's final stage.

3-2-1 BOOOOM... So, my prediction is that BTC will drop 50-80% somewhen this month. And I doubt it will ever recover from that. GLOBALLY.

Well, let's just hope for the best while preparing for the worst.

Cheers

Nope. We'll see measures from governments that we never dared imagine if Bitcoin threatened to upend government control.

The libertarian whackjobs who think it's going to destroy government control over money are living in cloud cuckoo land. They slaughter hundreds of thousands to get access to oil or enforce an ideology. Money is countless orders of magnitude more potent.

Bitcoin still has the power to change the world in more subtle ways that'll steadily benefit everyone if it's allowed to thrive as an asset class and basis for economic innovation. It doesn't have to be an all or nothing deal if people are realistic.

It absolutely would survive if all governments tried to eradicate it but the world deserves to make use of it out in the open.

Big holders will dump at the end of the month. Not because Bitcoin will die but because there'll be an absolute shit ton of money to be made from those who'll be waiting to work themselves into a pointless panic and sell low. Get your buys ready.

2014 will blow minds like never before. There'll be some terrible news. There'll be even more absolutely amazing news.

Exactly! And I can see only one reason for that. Trapping even more capital before they finally blow up the whole thing.

I mean let's be honest, do you really think Bitcoin can just mess with Central Banks and their "god-given" right to issue currency and simply get away with it? I don't think so.

I like that. Too bad that there is no Facebook like button to express it 

Solely because of competition with the US.  I don't mean a massive campaign but maybe some little things behind the scenes.  Every market in the world is manipulated by people for and against things.  It doesn't seem fitting of China to just keep their opinions in their country ^.^

It's not time to move on yet. People are still very twitchy about every snippet that comes out of China. I really don't know why they should pay it any more attention but they still do and I REALLY don't know why it's been so hard to get straightforward information.

The big Chinese exchanges might continue to splutter onwards somehow and drive the price all over the place as markets in other countries monitor them closely.

Yes and the price dropped 50% on the news. Its been discounted. Move on.

Well, it is in fact only one country, but a country in which 25% of all BTC are traded. Putting this into perspective makes China fucking HUGE!

Serious investors any more? There are hardly any yet, especially any tied to institutions. Bitcoin as a whole is chump change and a dot on the financial map. This is still the absolute wild west and will be for a while to come.

There's no point in treating it like any other market. It's still in its absolute infancy. You should be stoked that you're here to witness it.

If they were going to dump, they would have done so by now. A few did, hence the price dip from $1200 to $600. But most people are too smart for that. One country does not make bitcoin.

Why do you think China will try to bring down BTC globally?

As Satoshi said in one of the quotes recently published I think he went further in fact, said "makes it stronger"

I mean't in reference to Bitcoin completely dying that it will not die out (at least in 2014).  It will definetly have a massive drop in price because the Chinese have a huge effect on BTC price, but, I think that it will recover slowly until the next big regulation hit comes from some other country.  The good thing is that Bitcoin is becoming more and more accepted with each day that it is alive.

It will really be interesting to see how China tries to bring down BTC globally or how they react if BTC becomes widely adopted enough for them to have to consider taking back their actions.

In the meantime BTC is still profitable by means of margin trading ^.^

 I have to say though, I agree that people are keeping it hushed or ignoring it.  I would really like to see what big investors dump because this is some pretty massive pressure to pull out, even for a trading professional.

Yeah. China was lost once and came back to life again. But only to go to hell next time I guess. Moreover, I cannot see any serious investors joining the market anymore. Nobody seriously wants to deal with this insane volatility. Latter is also the reason why BTC will never ever be a widespread currency leaving it just as that what it is. A speculative toy for criminals and banksters.

And I start realizing that the market is deeply manipulated by individuals or institutions who are going to teach us a very painful lesson. The only question is not if but when they gonna let the whole thing burn down to its digits and letters.

I'm guessing a good percentage of people in the West buying now are buying to hold for the long term just as many Chinese people are. If I knew an easy channel to obtain Bitcoins was closing I'd be grabbing as many as I could and stashing them.

In the future I'm sure there'll be other ways to buy and sell them regardless of where you are. For mainland Chinese people I'd guess that would mean Hong Kong or Macau as the easiest options.

The people who keep reassuring themselves that China is now totally over and no longer affects the market price are totally deluded, but it is just another bump in the road and perhaps the market has partially taken it on board.

Why would it collapse? It could still knock a big chunk off values for a while but that's about it. The entire Bitcoin protocol was compromised in 2010 and it was addressed and rapidly bounced back.

China is just one country, albeit a massive player, and it's much healthier for the Chinese government position to have been clarified so quickly than for it to have happened much further down the road. As others have said there's the rest of the world at play.

Doesn't matter what happens to the chinese coins. They will stay in the economy, in which case business as usual, or they will disappear thus making the remaining coins worth more.

That's one of the many beauties of bitcoin, even if you destroy most of them the economy as a whole remains as strong as ever.

The government cannot take the coins off the people. The people will either keep them for a long time, travel abroad and sell them, or find other ways to trade on exchanges. All is not lost in China.

Yeah. Thanks for your replies so far. I guess you all got a point there, but not enough to convince me at all.

Since I am expecting something profound, I guess I should be more clear about my concerns as well.

First of all, what is going to happen with all those coins that are being traded on Chinese exchanges? Will they just vanish? Or exported? Or drop to 0 without influencing the other exchanges? Why would any Chinese who is not interested in illegally exporting money (CNY) to other countries hold any BTC in the near future in the first place? Are there any exchanges that are going to provide Chinese investors with an overseas trading platform?

Those are some of the questions I ask myself while trying to figure this whole madness out.

Because China, however big, is one of over 200 countries in the world. Why should the market collapse because one country is clamping down (and may change its mind in the future anyway)

People use what is easiest or the most profitable. Bitcoin is both in many areas. Doesn't matter what any given country or government does, it will keep growing because it is useful.

EDIT: Sorry didn't see you have been editing your post. Give me some time to think about it again. Cheers  


Aight.

So, how are US taxing plans exactly connected to China banning the Bitcoin for good?

Honestly speaking, I cannot see any.

Because the US plans on taxing it. We more or less already lost China once and BTC took a hit.  The reason why it won't die out, though, is because every time the price has a huge dip a new wave of investors comes in for the cheap buy.  It is too far into the spotlight to die now unless the US strikes it down, which, won't happen this year.

I'm too lazy to write a long-winded response but that is one of the very simple answers If big money pulls out over this, then you can start panicking because then there is no political leverage.

I mean about the Chinese deadline on January 31st...

When searching the forums, it just seems like nobody really cares and I was wondering why. Am I missing something here or is this some sort of tabu that mustn't be discussed, so that we can keep on dreaming about 10K+  

Can ANYONE give me a single convincing and profound reason why the market should not entirely collapse by the end of this month LATEST?

I used to be a BTC bull myself by the way, but serious doubts about BTC surviving 2014 kinda took over recently.

Looking forward to your replies.


Cheers