Topic: What will China think as they see the price of bitcoin rise after banning it? - page 2. (Read 3605 times)
December 20, 2013, 12:49:37 PM
There's another way the wealthy in China can acquire bitcoins which will impact prices, they can mine the coins themselves. I can see the very wealthy setting up mining "factories" for the sole purpose of generating their own cache of coins. This would make difficulty skyrocket and squeeze the ROI of miners everywhere. Miners would hold out for higher prices which would put pricing pressure on bitcoins across all exchanges. China is fighting a losing battle, if people want something, they'll find a way to get it.
December 20, 2013, 12:39:49 PM
Considering the type of control the Chinese government likes to have over things and the status quo. I don't expect them to change their mind too soon.
As far as the price of bitcoin rising. Anyone in China with money and or connections can and still will be able to easily get bitcoin (not that hard for someone with money or power to have bank accounts in other countries and use exchanges outside of china) if they are interested in profiting. Just like people with money and or connections/power in China all tend to send their children to top schools in foreign countries while the average migrant worker can't send his kid to a decent school in the very city they live/work in simply because they weren't born in that city.
As far as the price of bitcoin rising. Anyone in China with money and or connections can and still will be able to easily get bitcoin (not that hard for someone with money or power to have bank accounts in other countries and use exchanges outside of china) if they are interested in profiting. Just like people with money and or connections/power in China all tend to send their children to top schools in foreign countries while the average migrant worker can't send his kid to a decent school in the very city they live/work in simply because they weren't born in that city.
December 20, 2013, 11:01:04 AM
They think this can be dangerous if bank involves directly like the Lehman case.
It is not only just price, it is about only few people studied the fact carefully.
Currently right now, even PRC limits these trading, price goes to reasonable rate. Now Let see when can reach more than 1.2 Grand.
It is not only just price, it is about only few people studied the fact carefully.
Currently right now, even PRC limits these trading, price goes to reasonable rate. Now Let see when can reach more than 1.2 Grand.
December 20, 2013, 08:49:08 AM
Prohibition of drugs has always failed in every country it took place, how can they seriously believe that prohibiting intangible goods will prove to be more successful? The only thing they accomplish is creating a black market for BTC.
December 20, 2013, 08:34:06 AM
Not being able to send funds from my bank account here in China directly to btcchina is merely a nuisance. There are other ways to easily move fiat to an exchange.
I also believe that, aside from the hype-factor, China's impact on Bitcoin is being overly emphasized While btcchina is transacting substantial volumes of btc, I'd suspect a large portion of the trades are also made by foreign entities. Without btcchina revealing the true figures however, that's just a guess.
Bitcoin will succeed with or without China, and regardless of any laws about owning Bitcoin, those that want to acquire Bitcoin's will always find a way.
I also believe that, aside from the hype-factor, China's impact on Bitcoin is being overly emphasized While btcchina is transacting substantial volumes of btc, I'd suspect a large portion of the trades are also made by foreign entities. Without btcchina revealing the true figures however, that's just a guess.
Bitcoin will succeed with or without China, and regardless of any laws about owning Bitcoin, those that want to acquire Bitcoin's will always find a way.
In China, how?
December 20, 2013, 03:38:29 AM
Not being able to send funds from my bank account here in China directly to btcchina is merely a nuisance. There are other ways to easily move fiat to an exchange.
I also believe that, aside from the hype-factor, China's impact on Bitcoin is being overly emphasized While btcchina is transacting substantial volumes of btc, I'd suspect a large portion of the trades are also made by foreign entities. Without btcchina revealing the true figures however, that's just a guess.
Bitcoin will succeed with or without China, and regardless of any laws about owning Bitcoin, those that want to acquire Bitcoin's will always find a way.
I also believe that, aside from the hype-factor, China's impact on Bitcoin is being overly emphasized While btcchina is transacting substantial volumes of btc, I'd suspect a large portion of the trades are also made by foreign entities. Without btcchina revealing the true figures however, that's just a guess.
Bitcoin will succeed with or without China, and regardless of any laws about owning Bitcoin, those that want to acquire Bitcoin's will always find a way.
December 20, 2013, 03:15:40 AM
USA has banned many drugs, and even alcohol during prohibition. How has that worked out? It actually made the price of these higher.
People find work-arounds to government interventions. The "black market" always flourishes and as mentioned by others you can bet the farm that many Chinese public servants...err, I mean "Officials".... are into Bitcoin themselves in a big way.
People find work-arounds to government interventions. The "black market" always flourishes and as mentioned by others you can bet the farm that many Chinese public servants...err, I mean "Officials".... are into Bitcoin themselves in a big way.
December 20, 2013, 03:15:09 AM
US gorv already not denied it so i don think china will ban it , they will just firgue a way to control it
December 20, 2013, 03:10:40 AM
NeuroMode, welcome to bitcointalk. You raise a good point, "what will china think as they see the price of bitcoin rise after banning it?"
To answer that question, let's hypothetically put ourselves in their shoes.
1. Bitcoin is a great way for wealthy chinese to store (hide) assets from the chinese government, and even move it to another country. This alone makes bitcoin such a valuable payment gateway.
2. The chinese raised the price over $1000 per BTC.
3. They managed to crash the price to where it is now.
Assuming they still see the value in bitcoin, it's only natural to expect that if they lift the ban or find some loophole/workaround that they will jump back into it, and bitcoin will soar over the $2,000 mark... easily.
So yeah, they'll probably come back, and kick some ass again.
To answer that question, let's hypothetically put ourselves in their shoes.
1. Bitcoin is a great way for wealthy chinese to store (hide) assets from the chinese government, and even move it to another country. This alone makes bitcoin such a valuable payment gateway.
2. The chinese raised the price over $1000 per BTC.
3. They managed to crash the price to where it is now.
Assuming they still see the value in bitcoin, it's only natural to expect that if they lift the ban or find some loophole/workaround that they will jump back into it, and bitcoin will soar over the $2,000 mark... easily.
So yeah, they'll probably come back, and kick some ass again.
December 20, 2013, 02:13:53 AM
Quote
Do the leaders secretly acquire bitcoin while making it difficult for its citizens to acquire it?
This. The powerful always look for new ways to buttfuck the weak. And they invariably LOVE doing things they forbid the masses to do.
December 20, 2013, 02:08:15 AM
Hypothetically speaking, say bitcoin steadily rises to $1000 by the end of the year and China sits on the sidelines while watching it become more and more desirable to the world.
Does this cause them to take a second look at their stance on depositing to exchanges and merchant use? Do they remain stubborn? Do the leaders secretly acquire bitcoin while making it difficult for its citizens to acquire it?
I'm just wondering how countries that currently shun bitcoin will perceive it if it hypothetically continues to rise in price, desirability, and functionality? Will its price inevitably convince all countries to adopt it?
Does this cause them to take a second look at their stance on depositing to exchanges and merchant use? Do they remain stubborn? Do the leaders secretly acquire bitcoin while making it difficult for its citizens to acquire it?
I'm just wondering how countries that currently shun bitcoin will perceive it if it hypothetically continues to rise in price, desirability, and functionality? Will its price inevitably convince all countries to adopt it?
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