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Topic: Speaking from chinese investor counterattack the central bank, After the (Read 1599 times)

legendary
Activity: 1096
Merit: 1067
Latest interview with Bobbly Lee http://www.wallstreetdaily.com/2013/12/20/china-bitcoin/

Rough takeaway from video

It's legal to own bitcoin - virtual commodity in china, Bitcoin won't be dead in china - btcchina looking for further clarification into recent regulation on the use of 3rd party payment providers. Btcchina is nimble and able to quickly adapt.

My thoughts

If china cannot freely buy Bitcoin on exchanges this doesn't mean that chinese won't see value in holding Bitcoin in reality couldn't that lead to Bitcoin being more valuable in china as it will become more scarce more difficult to acquire they are the leaders in mining but that wouldn't supply demand.

 Granted china won't take the lead in price discovery but privately traded btc from person to person sold within china would sell at a premium anyone now seeing this prospect should be buying up the available btc off exchanges rather than selling them.

 So I propose there could be a run on the exchanges not to sell out but to buy up what remains there, am I wrong (won't be the first time)  Cheesy
hero member
Activity: 518
Merit: 500
I'll wait for a real translation before passing comment. There is too much room for "vast misinterpretation" of important news when using that hideous GT tool.
sr. member
Activity: 484
Merit: 250
HubrisOne

I'm sorry, I use the google translation, but this info is useful to me "The drastic changes in chinese bitcoins market should come to an end", I think you will like it too...  Sad
The original of news: http://blog.sina.com.cn/s/blog_8b6a56cf0101e4ur.html




Speaking from chinese bitcoins investor counterattack  the central bank, After the frenzied bitcoin is too far from gold standard.


Behind the currency game player "counterattack" central bank website

Speaking of currency from the investors "Chinese bit:" the central bank, after the frenzied bitcoin gold this bit of too far
According to the central bank indicates, in December 18th the domestic currency trading platform has closed third yuan recharge channels and recharge function. Then the central bank websites suspected of being black.

In view of all the hype, the currency price was high, it will be used for money laundering, plus some from the speculation in the people know the truth, to suffer a loss, so the central bank is very necessary to strengthen supervision.

However, the market impact of the central bank China bitcoin regulatory initiatives brings, also may be only significant for the moment, in the long run, it is difficult to eliminate the currency speculation. For example, Chinese countries deny the legitimacy of the currency, but Germany and other countries on the contrary, there are more countries attitudes are not clear, ready to accept either course. Prohibition of third party payment platform using the currency, but even closed the site the currency trading platform China home, really want to fry bitcoin people can still go to LakeBTC, BitSmapt and other foreign currency trading platform for professional. In addition, the network popular bitcoin monetary, explains how the world's thirst for Internet financial growing.

In conclusion, the people's Bank of Chinese bitcoin supervision is necessary, to warn of risk, prevention of money laundering has a positive effect, but the efficacy of co.. The currency of the future of domestic and international monetary system reform, maybe the inspiration and reference.



chinese local investors sold hunters bitcoin

Speaking of currency from the investors "Chinese bit:" the central bank, after the frenzied bitcoin gold this bit of too far
According to the statistics data show that bitcoins website BitCoinCharts, in accordance with the trading platform in November 30 days to calculate, from the "Chinese bitcoin China" platform has reached nearly 1800000 coins, second leading Japanese Mt.Gox platform nearly 700000. On December 1st, the transaction volume of 24 hours "the currency Chinese" platform to achieve 72965, and the second bit Mt.Gox and third bit BitStampt 24 hours total transactions for more than 5.4, China bitcoin transactions leading. BitCoinAverage, LakeBTC, BitCoinCharts and other exchange data show, the December 1st data show, with total bitcoin transactions settled in RMB, has more than 60% of the total global currency trading.

However, Alipay has shut down bitcoin exchange website trading window, TenPay aspect also confirmed now mention now can not use TenPay account. Also, pay treasure to also reminded investors, at present in the bitcoin transactions on the web site of the pay treasure interface, all belong to the transactions between individual accounts, has nothing to do with the company pay treasure, and to remind the majority of users pay attention to risk.

According to the currency Chinese CEO Li Qiyuan stressed that "the currency China will continue to operate, provided the other way as soon as possible". This Han Feng also showed a strong confidence, he believes that the principle of bitcoin is no problem, the system is perfect, but the majority of investors at the age of 30 years old to 40 years old, and highly educated, high income. In his view, in today's era of the Internet, everyone is eager to financial freedom, while holding the bitcoin realizes this freedom.

At the same time, he got the internal data of foreign currency trading platform, Mt.Gox, LakeBTC, points out that the rebound 19 ~20 day currency price is because real understanding of bitcoin game player while the low price of hunters. And, he thinks "notice" defined bitcoin is right, let the currency back to nature. "A bitcoin payments to buy Coffee items, bitcoin is understanding the most superficial. Bitcoin is the largest Internet financial innovation, the financial allocation is the best tool".




After the frenzied bitcoin should calm down

Speaking of currency from the investors "Chinese bit:" the central bank, after the frenzied bitcoin gold this bit of too far
Bitcoin is risky, as European regulators said, unlike ordinary bank accounts, virtual currency deposits are not protected by the deposit insurance system, this means that the loss of "the currency deposit" people cannot obtain compensation. To buy goods and services with bitcoin consumers, not in accordance with the consumer to enjoy the right to a refund, "electronic wallet" error consumption record cannot reverse. "Once the currency was left out in the cold market or other currency replace its position, consumers will face the loss of all the monetary value of a threat."

China latest action, has actually make bitcoins Chinese cannot absorb the currency deposits, prompting foreign currency Chinese prices fell 1/3, fell below $500 per gold. And this year, "the currency prices jumped 900%, to the end of 11 to more than $1200, the total reached $13000000000, China bitcoin market contributed. "LakeBTC Data Analyst Mike Smith explained," now, the total market value of the currency has dropped to $9000000000."

"The currency has been challenging China government control of capital flow is determined, and finally ran out of patience, no Chinese government decided to break bitcoin bubble." Mike Smith angry said. In fact, the circulation of the 12000000 gold coins have been a huge internal defects. According to the initial design, the maximum amount to 21000000 gold coins. Bitcoin supply will be gradually increased, to the middle of the next century will cease abruptly. The liberal bitcoin Lovers has an attraction: the government can not print the currency.

But this process is not sustainable, and subject to the currency price fluctuations. What is worse, bitcoin is stored up: trading volume growth and market growth is not synchronous. This is regrettable, because the public record bitcoin transactions, is a reference to the financial system. But first, bitcoin may survive the crash.
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