Topic: The one has sold their coins yesterday, you would better buy them back (Read 8752 times)

Seems to be declining but was a pretty decent climb.

I agree, the Chinese gov't exercises overt control over the populace while western gov'ts use covert means.  Those of us in the west are given the illusion that we're free.

You can PM the administrator of BTCCHINA to increase the limit. Contact method cam be found on the website.

I was told that you can only withdraw 10 BTC per day on Btcchina.

This is a small change exchange.

and I was really down for the exchange price is relatively low and I have to sell 50+ BTC because I need the money.....

Thnx for the news guys  . I am going to ride that speculation tide 

... nice way to start this impending crazy Chinese speculation

This is not untrue. But it is still obfuscating the issue because it implies western governments are a lot better.

Western governments also censor media.

Western governments are also corrupt.

Because China is still a poor country the businesses you mention where you have to have connections are actually relatively big. But most big companies in the US also have a lobby in Washington.

The United States have been running wild after the second world war by going all around the world and killing innocent people as well as supporting dictators and subverting regimes that are not friendly. China has not been going around the world killing innocents in other country on a massive scale, at least not yet.

Do you really purport that western governments are not using propaganda?

Also, you don't have to be wealthy to dabble with Bitcoin. Your wealth only limits the amount of Bitcoin you can get.

You also say that the Chinese government monitor the entire country's internet...well the NSA monitors the internet, sms and phone calls of the entire world.

That guy must have an avalon, 0.85 BTC in a couple of hours  

There are many corrupt chinese officials can through this way exchange their bribe money into USD, so BTC/CNY price will rise while BTC/USD price will drop  

BTW I found that BTCCHINA is down

Seemed more subjective to me. Just a bull peddling hype.

Nice read, very objective opinions from the poster, 99% agree with what he has said.

Here's more, from reddit:

http://www.reddit.com/r/Bitcoin/comments/1dosc3/im_a_chinese_born_us_citizen_heres_what_i_thought/

Wow! Nice find.

China is in? Ohhhhh baby!

Bitcoin client downloads today by country:

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-05-04

China wasn't that much above US a few hours ago. Now it's about 20x US for the whole day.

I think that the Chinese government might back Bitcoin because

1) as somebody else said they can afford to think long term, Western democracy really can get in the way of long term planning. They might see such a system as an inevitable result of the cyber age and see the wisdom of being an "early adopter" government.

2) America's main export is the dollar. China is tired of it getting rammed down the collective throat of international trade. They might risk backing an untested system in hopes of sweeping out the feet under America's financial empire.


And honestly, if this is a 30 minute special being continuously aired on a channel like that... it means they already have.

I don't disagree with you, I just think there are many reasons to remain cautious at the moment!

Think this way, this thing can went on a state-controlled TV program without government regulators in stern face threatening "severe punishment" for anyone involved probably means atm they won't give a shit if we continue to buy BTCs with Alipay.  And most importantly the ASIC workshops can remain intact.

ok help us out. Which parts are which?

This part of his post is mostly bullshit, while China has a huge population of poor and destitute people, not everyone out of the upper elite class lives in such poor and desperate conditions, in fact the elite class most probably would not care, what's a few billion dollars to them? The most probable buyers of BTCs in China are IT employees and technically-inclined youths living in coastal areas, and most of the Chinese BTC users I know disdain CCP to a certain extent.

China's middle class is bigger than the USA in number of people in it.

I agree with this.
Banks shutting down exchange accounts is the biggest deal right now IMO.

Just when I thought Coinlab was going to rectify the situation everything goes to shit.

I think China is a great environment for Bitcoin but I wouldn't get overly zealous just because it was in the news.

Huh? People can buy less than 1 BTC of course, so what's the problem? If a poor farmer has only X amount (like 70 yuan) to invest, if BTC rises 100x he still multiplies his investable money by 100. If 700 yuan is outright unattainable for him, he'd probably be very happy to have 7,000 yuan.

Bitcoin is the only investment I've ever seen where it's possible to invest time amounts.

Because they aren't, IMHO. They just don't give a shit either way (at least not yet), so reporters are free to report on it. And if it distracts people from the huge impending economic collapse in China then all the better in their eyes.

Cool. So now we're trading off news of news? It's like the community keeps moving further and further away from trading the fundamentals.

There was a half hour report on Radio 4 in the UK a few weeks ago... http://www.bbc.co.uk/programmes/b01s0qnk

It's easy to discern from looking at events. The CCP runs nothing like a normal government in a normal country. Everything is centralized in an authoritarian structure with no checks or balances. What can and can't be broadcast as news via the CCP's media network is strictly controlled. There is a Propaganda Ministry for a reason, and a member of the CCP's Politburo Standing Committee governs the Propaganda Ministry for a reason. Bitcoin is a technology that provides a certain level of anonymity and freedom on an economic level, which contradicts the CCP's overall modus. Specifically, it makes it very easy for CCP members who are embezzling money out of China to do so with relatively little opposition. It goes against the CCP's survival. So, in my opinion, if the CCP's Propaganda Ministry broadcasts a piece like this it is because it benefits the personal interests of high ranking CCP members.

Furthermore, the common Chinese citizen can in absolutely no way afford to dabble in BTC. They are impoverished and destitute. 700 Yuan for 1 BTC is outright unattainable if you aren't upper-middle class and above. Even less is it safe for them to do so when the entire country's Internet is strictly controlled by the CCP's massive surveillance network. Assuming that the common Chinese citizen can get involved with BTC is even more naive than believing the people in western slums are going to get involved with BTC.

So, who can afford to dabble in BTC? China's wealthy. Who are China's wealthy? CCP members and those closely affiliated with them: http://www.forbes.com/2011/09/14/china-rich-lists-opinions-contributors-john-lee.html

If you think that's not true, keep in mind it is very, very difficult to exist as a business or a wealthy person in China without the blessing of the local CCP bosses. Bo Xilai's various campaigns in "countering corruption" were all fronts to eliminate his enemies and competitors in business. People routinely get charged on false charges and get sent off to labour camps to endure years of torture, rape, and murder because of this type of factor.

There's just no reason for CCTV to air this article unless someone has a vested interest in a pump. Every single one of you who thinks that CCTV runs as a normal journalistic outlet does in the West, or even one as degenerate as Fox, simply does not understand the Party. It is no different from giving credit to North Korea's media when it shoots its mouth off.

Yes my parents taught me forum etiquette lol 

They are not like our biggest investor eva reptelian, the wedding Rolls-Royce driver

Didn't your parents teach you any manners?

God damn you people are stupid.

BTC is already quite popular in China, but not the way you might think. The Chinese are into trading it and it comes form the large gambling culture there. Buy it low sell it high that's what it is about.
They are no "investors", they are in for the extra yuan, if anything they gonna siphon money off you guys.

ooohhh i got ya. I think you aren't using quite the correct word when you say money laundering. Laundering implies that you are trying to figure out how to spend your money with out going to prison, you seem to be describing people who are looking for a way to save their money with out going to prison.

Looks like new money has come in from somewhere in the last hour.

Yes, I mean the ones not within the central political party but still are powerful enough to influence the media, the politics in China is very complicated, you can't really tell which official is clean, which is corrupted, but a general consensus is 99% of them are corrupted and we only care how much they take in corruption, small amount of corruption is often neglected because there are always bigger sharks to tackle. All I can tell is that anti-corruption is a top priority goal set by the latest Chairman Xi Jinping, so I won't be surprised to see some officials seeking ways to hide their money to avoid punishment. Given the anonymity offered by Bitcoin, it is certainly an excellent tool for them to achieve this goal, and to make it an efficient one, it is better to convince the general public to use it too.

this market is WAY to small for someone like that to use it for laundering as it stands now. You really think they have the foresight to pump up the market just so that it can become capitalized enough to allow them to use it for laundering?

Also how would they do this without the leaders of the CCP catching wind of it? i mean hell you and i are talking about it right now and we are just some random schmoes.

They need an outlet for their corrupted money, the newest Chairman of CCP has made a strong stance against corruption apparently, some of the corrupted officials are already being punished, either imprisoned or dismissed, so they need a quick way to launder their money.

maybe the chinese mafia/government is the one who has been ddosing mtgox inorder to hoover up cheap coins which they can now use to pump and dump.

it seems like a bit of a small market for such big fish but its hard for me to understand any other reason why the chinese government would now be reporting on bitcoin so favorably during prime time on one of their biggest channels.

if this is the case than welcome to wealth fellas. Just make sure you dump before they do.

No, actually it's pretty bad these days. Last night I traded there with >10minutes lag

So very true. People usually tend to better recognize it in the home of their neighbours than in their own homes though.

I'm not sure I buy the claim that high ranking CCP members hold large amounts of bitcoin. Anything to substantiate this claim?

This is generally true of all governments, they only differ in leadership style.

Yeh yeh yeh yeh yeh.

And saw this before. Looks great. <3 china

How it's written can matter more than what it's written in.

Is btcchina.com built on phpBB and it's still handling smoother than Gox..lol

What is this comment based on?

Buy buy buy!
I have just converted my whole month of salary into Bitcoins!

Soooo....buy now, sell later. OK got it thx

The Chinese Communist Party owns/is the media in China. Everything is state-run, period. Any semblance of free market in China is a facade put in place to give the vague impression that the CCP is not as tyrannical and parasitic as it used to be to international observers and the general Chinese public. The purpose is to placate hatred against the CCP so as to extend that collapsing Party's lifespan. The reality is that everything in China revolves around the personal interests of high ranking CCP members.

What you're seeing here is actually the beginning of a pump and dump by high ranking CCP members by bringing investment into BTC by lower levels of the Chinese public while the cadres that hold huge amounts of BTCs and billions of USD worth of fiat will be the ones who profit.

Also, if you think securing BTCs, BTC companies, and exchanges is perilous over here in the free world, imagine how unrealistic it is to do it in a country where 100% of the Internet is controlled strictly by the CCP.

The CCP is actually a huge mafia organization that seized control of the world's largest and oldest country almost a century ago using the banner of a political party as its front. You would be weary as fuck if you were dealing with the Russian/Italian mafia. The CCP is much larger and much more dangerous.

Don't play the Party's game for them.

Hey goat better buy goats not bitcoins

Looks good. I think this will suffice for a good bounce.

Is there a version of this with English subtitles? My mandarin is sufficient 

I was talking about most governments in general. I agree it's possible China will be different. One of the actual upsides of non-democracy is that they can take the luxury of thinking more than 4 years ahead.

I thnk you are confusing China with Western Governments, they don't behave in the same ways.

That's true. OTOH seeing how the current recession / Euro / banking crisis has been handled I think we can safely trust governments to always make the stupidest, most short-sighted decision possible. They rarely really take action, only reaction. The utility of something new and disruptive like bitcoin will fly right over their head until its way too late.

Really? Not just for exchanges? Please could you elaborate or post a link.

Exactly. Nervous money is still better than no money at all, in terms of market cap.

The pessimist in me is a bit wary about just jumping in on news like this though.

I suspect this is a great arb opportunity for those who are into that kind of thing. If money is flowing into the RNB markets then someone needs to be the ones to translate that into the dollar market.

It's kind of interesting if this is a hit in China though - the Chinese government might actually not mind bitcoin as much as western governments will. They have generally been very open to any technology (like linux) that helps break the largely western-dominated status quo.

Not exactly. It depends on the capacity of btcchina. Like gox, they have been "the victim of their own success" in the past month and have seriously delay in processing deposit. By the way, I have just received my tenpay withdrawal today which means they are working on Saturday.

EDIT: From their website, I think they are working 7 days per week now.

If they sent money in already being wary is probably not a big part of their game plan. I also don't think that newcomers being wary to buy could ever cause downside, because up until recently they didn't even know about Bitcoins.

As far as I can see, this is an enormously bullish signal no matter how you slice it.

How free from government influence is this station?

If this news report had to be checked as being OK in tone and content with the Chinese government before transmission, then this is even bigger than it looks. It could suggest China isn't going to clamp down on bitcoin, and might even be moving to encourage China to Buy All The Bitcoins! as they already are with physical gold. Or it could just mean it isn't really on the government's radar yet.

Exactly. Which creates an interesting situation :
If we manage to hold $100 during the week end and the charts look good on Monday, they will buy, sparking another leg up.
If all the speculation sparks a mini-bubble and the price tanks back to $90, they will be a bit more wary about buying, leading to more downside.

Thanks. If I read you correctly this means that no fresh money has arrived to btcchina yet.
So the price rise in btcchina is due to speculation from existing btcchina users after the CCTV-2 news - same users who dumped yesterday.
Things might change tomorrow or Monday when new depositors' money will be available for trading...

They can use alipay and tenpay (Chinese version of paypal) and wire

On weekdays, deposit is usually cleared in hours. It may take longer in the weekend.

Question for you:

for Chinese people living in China, what are the methods of funding their newly created accounts in btcchina.com, and how long does it take for the funds to show up?

I assume these transfer methods are available also in the weekend (e.g. right now) because China never sleeps. Correct?

CCTV-2 looks like an important chinese channel.

http://en.wikipedia.org/wiki/CCTV-2

Nice

Well, if that is true, bye bye double digits for at least May. And we were expecting a slow week end...

The Chinese redefine the word bubble.. if btc catches on in China, even just a little bit, well... we're gonna need some more coins. Can't understate significance of that market, way more important than coinlab/mtgox cluster fuck imo

Vladimir the bear. Cracked me up!

BTCChina is currently at $115, thanks for sharing! 

Wait... China had a 30 min Bitcoin report, while in Europe, Canada and USA we can't get past 5 minutes?!

Thanks for the tip.  Looks like btcchina is leading again with $112 bitcoins.

no, it is this one. http://tv.cntv.cn/video/C10329/e5ee4fe9a62b4b24b1080327faaafcb7

Is this the video you are talking about?

http://english.cntv.cn/program/bizasiaamerica/20130413/103298.shtml

Any chance to have a link to the video?

Now that sounds like greed. 
What are we supposed to do when greed is apparent again?  I forgot

Just look at the local search trend of bitcoin. Our little baby Bitcoin will just not stop growing stronger and stronger.

http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2

CCTV-2, the most influential financial television channel in China, has reported bitcoin for half an hour yesterday. the report is very detailed and objective. One of the central bank consultant give some no-hostile, objective opinion over bitcoin. In conclusion, you can take this as Bloomberg or CNN or FOX give a 30 minutes in 20:30, and back in 2011 of America, with a very friendly attitude, with only minor mention of the investment risk and bubble burst blabla at the end of the section. Yes.  THIS IS HUGE.

You can see that the spread between RMB market and USD market increase again, and by the news from largest local bitcoin forum, btcman.com, more than 2,000 new users registered in half an hour after the report.


http://tv.cntv.cn/video/C10329/e5ee4fe9a62b4b24b1080327faaafcb7