Bitcoin Forum

The Bitcoin "crazy" while

In 2011, people buy computers, will find some graphics cards have this slogan: "mining tool". At that time a lot of people think that this is only an online game just fashionable black words.

Later, more and more people joined this is called "mining" game ", they open the computer day and night, and even set up a computer room to own a string of numbers and letters account on more than a few figures. The people know the name of this figure called "bitcoin", but the vast majority of ordinary people still think that this is only a non-rational behavior of people addicted to the game.

Time to April 2013, everything changed. April 10, a Bitcoin global transaction price exceeded $ 200, April 11, jump to a record high of $ 264. Before the end of February, it is only early only $ 20. In the current global economic downturn, all investment goods in the face of bitcoins, seemed bleak.

In just a few hours, the value of bitcoins down quickly, but behind wealth benefits to attract many eyes.

The Bitcoin concern for the general population, Ya'an earthquake.

The day after the earthquake in Ya'an, One Foundation Co-operation and Development director Huo Qingchuan such a message posted on the microblogging: "One Foundation Ya'an earthquake Bitcoin donation address: 1DUMifqLdCRvx6tAzafwDC2tKRntRAAm3z has received intention to donate 50Btc (according to today's exchange rate, equivalent to RMB 40,000), we will be commissioned to Chinese Bitcoin Bitcoin commune sale of fund-raising to welcome geeks and hackers donated to the One Foundation Bitcoin, which is China's first accept Bitcoin donations of NGO Bitcoin time in China as donations. "

People's heart is wondering: Bitcoin is the story behind it? Why is it so crazy?

Payment Bitcoin is like micro-Bo

Many people feel that Bitcoin is crazy, but it in the end is what kind of "currency", how is it generated, how to use, how does it by so many people sought after a series of problems are poorly understood, but In some reports the answer is vague. By understanding, we found that Bitcoin is a country with a strong mathematical thinking of new things.

Bitcoin Escrow

More familiar with the operating system of the Bitcoin "Wu network would not be happy to reporters made the following explanation: In real life, people face-to-face cash transactions, basically do not need third-party intervention or supervision, it is because under normal circumstances cash is not easy to forge, and once the cash is paid from one person to another, this part of the cash in his hand, there is no, you can not retake this part of the cash to pay to other people. Online payment, cash is converted to digital, there are two risks: First, the number (or currency) could be altered; figures easily copy, may cause a person to take the same amount of money to pay twice. Therefore, the in traditional network payment process, certain third-party regulatory bodies to protect the safety and reliability of the payment.

Bitcoin system, the creator of the Cong (specific identity has been skeptical, Satoshi Nakamoto, only know his name), created a "based on credit, based on the principles of cryptography without making any agreed both , it is possible to pay directly, so that no third party intermediary participation "electronic payment systems.

Unique logic to prevent counterfeiting of currency and duplicate payments

Wu network would not be happy "introduced the Road," corresponds to the cash transactions in the real life, this system needs to play two roles: to prevent counterfeiting of currency, to eliminate the same currency continuous pay many times the same person. "

Eliminate counterfeit currency, Nakamoto proposed solutions retain all money circulation information at the time of the transaction, the source of each currency retrospective, has been traced back to the currency was created out of that moment; once for each transaction , multi-record time flow of information, and broadcast in a peer-to-peer network, all nodes (ie all computers) involved in the distribution channels to maintain the preservation of all currency in circulation information. So any one node before the transaction can easily find counterfeit currency, so as to prevent the circulation of counterfeit currency.

In order to prevent the same currency double-spending by the same person, Nakamoto workload proved. Because each transaction must be broadcast to the network, repeat spend several means repeatedly broadcasted with a bit credits transactions, other network nodes will be received wherein a single transaction and received within this time Other transactions packaged into a data block A for authentication and billing, the billing method is based on the contents of the data block A to find a character to meet specific requirements. If the authentication and accounting successful, the node will block A broadcast to the entire network. If another node on the basis of the data blocks A to complete the authentication and accounting of the next data block B, the data block B it is hung on the A data block, and so on, to form a data block chain. For forming a plurality of data blocks chain the same Bitcoin multiple Fair, the end result is: Which is the longest chain, which transaction is recognized as valid, the transaction is abandoned. This ensures a bitcoin a person can only be paid once.

For contributions to be able to open and transparent

In addition, the workload proved Bitcoin basically put an end to the possibility of illegal tampering with the transaction history. Must have in order to tamper with records, beyond all network nodes and computing power. "Wu network would not be happy", "save all transaction records on all nodes, bookkeeping transactions Verified by time-consuming calculations, combine the two, constitutes a safe, reliable decentralized pay system, "he vividly explained the essence of Bitcoin is centralized supervision the workload delivered to a vast network of everyone involved, all the nodes in the network are assumed supervisory duties.

The Bitcoin This feature, making it the contributions of the recent earthquake in Ya'an has received attention for the morning of April 20, two hours after the Ya'an, Sichuan earthquake, the world's largest Bitcoin community Bitcointalk launched Bitcoin donations for the disaster activities, they also set up a seemingly chaotic Number 15EhGBC8JBBVDKQ9yp1AqCb1xnzQLk6QHX Bitcoin wallet address, the website blockchain, everyone can see each sum to donate to this wallet Bitcoin Bitcoin from 0.0001 to 5 bits currency, at a glance. Sci-fi clip parents to explain the greatest benefit of Bitcoin donations: "If Bitcoin as donors Address, every donation will be open and transparent, and the place will be displayed, others will not be misappropriated donations will be no small limit, the donor is not bank received a transfer fee. "

Every 10 minutes in the next four years generated 25 bitcoins

Because each Bitcoin each transaction needs to be verified, in order to encourage the nodes dedicated verified in order to maintain the normal operation of the system, "Nakamoto" the incentive mechanism: each data block within the first The specialized processing transactions, certain transactions created by the data block (i.e. the first data blocks in all transactions carried out successfully journal) with the new electronic money. This link is called Mining, which is the Chinese "mining" the origin.

"Wu network would not be happy, who is responsible for a note submitted to the record, is the need to grab, it is necessary to see who is faster computing power.

Who participated in the "mining" Mr. Ho told reporters in the the bitcoins world, each about ten minutes to open books record a data block, the data block contains the minutes Global verify transactions. Grab billing right (according to the data block successfully calculated the appropriate string) is allowed to increase the amount of money to their account, the amount is 25 bitcoins, every four years, is decremented by half. In other words, the next four years, every 10 minutes will produce 25 Bitcoin.

He said that with the increase of the transaction, the transaction data is very large, the computing power of personal computers almost no chance to grab the book-entry rights. So the most mainstream way is a lot of computer form a "mine pool (Mining Pool), if the mine pool to grab a right to bookkeeping, 25 Bitcoin, contribution in accordance with the calculation of each computer to allocate.

The wallet address of a public key and a private key

Many people will notice the Bitcoin wallet address is a string of a string of numbers and letters, as long as Bitcoin, everyone has one or several Bitcoin wallet address, used to pay the bill and collect the money. Well, this wallet address need to remember it? Repeat how to do?

The Bitcoin veteran "Sleeping empty knowledge of mathematics to answer the doubts. He pointed out that the concept of the average person, encrypt and decrypt a file with a password when only one password, such as compression, decompression time to enter the same password can unlock. In fact, until the 1970s, cryptography stay at this level, this is called a symmetric encryption algorithm. In 1976, the a two excellent the mathematician W.Diffie and M.Hellman, they proposed a new cryptography thought, encryption and decryption use the same password. Through mathematical way, to generate a pair of keys A and B, and B must be used to decrypt the encrypted copy of the data when using the A; B to encrypt data, you must use the A to unlock; but can be easily calculated according to A an B, not vice-versa. A is called the private key, B is called the public key. The name implies, A is confidential, B is open to the public.

He said, you will find when asymmetric encryption method used in Bitcoin wallet address here is that the public key. Because the public and private keys need to use a special algorithm to generate pairs, it is not like ordinary password artificial, and it seems there is no regularity. On Wikipedia, so Bitcoin wallet address: Bitcoin address over 2160, figuratively speaking, there are around 263 sand, every grain of sand in an earth, so far the total number of bitcoin address far more than all of these "Earth" on the number of all the sand.

"Sleeping empty", the private key is usually hidden in the wallet file, in fact, it is also just a string, just slightly longer than the address. We can transcribe it or print to a piece of paper, and then solemnly into the safe. "That's a string carries all your bitcoin wealth."

He pointed out that the more interesting a creation based on Bitcoin brain wallet, generate online wallet website can be a word to generate a pair of public and private keys. As long as they can remember these words, you can once again generated based on its private key, to extract your bitcoins at any place with internet access.

Long sword told reporters that there are many geeks own design Offline hardware wallets, equivalent to an encrypted USB memory only when the hardware wallet connected to the computer, in order to complete the transaction. The private key is stored with the digital signature on the hardware wallet, malware no chance of the transaction object relocation to another address, we are unable to record the password you type on the keyboard.

As for the payment of Bitcoin, "Sleeping empty": Bitcoin payment is actually made micro-Bo, the private key is micro-Bo password, micro-blog user name is the public key. "When A give B payment, you only need said "I give B payment bitcoins" and "mining" will verify that you are not a sufficient amount, if verified, put this "microblogging" and ten minutes on the "microblogging" been verified "microblogging" combined together forwarding. When enough people forward (usually think six is ​​enough), and think that a payment successful.

Trading and mining "all-weather

Behind effective wealth, coupled with the large number of reports because some of the characteristics of the Bitcoin Bitcoin to the world to show their crazy side, in the face of the interests, in the face of temptation, Bitcoin rivers and lakes have all sorts of people, performing a variety of story. See from the huge fluctuations in the presence of the profits, it was immersed in the computer is running data Bitcoin.

A total of only 21 million

January 3, 2009, the birth of the Bitcoin network, the Nakamoto released open source first version of the Bitcoin client. The same day, the world's first birth of a Bitcoin block chain, the world's first 50 bitcoins be created. According to the design of the algorithm itself, every four years Bitcoin value will be halved, has now been reduced to 25. Familiar with the mathematics, mathematical knowledge and limits, can be calculated to 2140, will be issued a total of 21 million, and the total amount will not increase.

Bitcoins every transaction has been recorded, it is also able to know exactly what each Bitcoin place, exactly inquiries the current Bitcoin Release "number on the site. On in blackchain site, the reporter saw, as of last Sunday (April 28), has issued a total of 11,072,300 bitcoins.

Produced in the framework of the mathematical concept of virtual currency, because the total does not increase the total amount of "currency", and banknotes before Super brought inflation, formed a sharp contrast. Bitcoin long-term existence of the long run, Bitcoin is a certain appreciation of the ordinary knowledge of economics will be able to understand. Which became today Bitcoin so crazy one important factor.

Reported on a large number of foreign hoarding Bitcoin continuously stimulated people's nerves. According to reports, Zuckerberg's death the head temperature Kelaiwosi brothers, since last summer has been hoarding Bitcoin, they are the largest single investor in the Bitcoin one, they claim to have 1% of Bitcoin. One of the brothers even look at Bitcoin, "We have decided that our money and faith into a mathematical framework, this mathematical framework without the interference of political and human error."

There are also media reports, one of Canada's Bitcoin supporters will have real estate to sell, then the full purchase bitcoins ...

24 hours a trading market

Currently, Mt.Gox is the largest trading platform, processing transactions demand from around the world. A market icon at the top of the site's icon, real-time trading market, opening the show in front, the latest price, highest price, lowest price, volume weighted average price of five numerical reference for traders, currency dollar, euro, Japanese yen, pound sterling and other dozen choices. Here, you can buy with Bitcoin various currencies, but also through currency purchased Bitcoin.

Globalization today, crazy the last second is still the other side of the ocean, the next second will be able to spread the ancient oriental continent. Bitcoin trading platform for professional sprung up, a bit of currency trading website owners told reporters, with the the April media coverage, website transactions increased significantly, they even have to be upgraded to cope with the demand of trading , 2-30000 Bitcoin trading volume every day. "

Bitcoin trading site in the country, Bitcoin prices in U.S. dollars as a reference, and then refer to the U.S. dollar and the RMB exchange rate, replaced by RMB Quotes. Like stock trading, buy volume, sell volume, high, low, and so on. Just not the same with the stock market Bitcoin 24 hours, you can always participate in the transaction.

Download Bitcoin client generate a wallet address, and then after the registration of the website will be able to participate in the transaction. If you want to buy, buy stocks, hung out to pay the purchase price, when the price is right, the transaction is done automatically, the Master said, "You can remove from the Site Bitcoin into their wallets can also be stored on our website, commissioned a website to sell at any time. "

Night up hundreds of

Small bright Bitcoin is relatively lucky one of the "speculators", in early April, he tried to joke mind to buy a bitcoin, wake up the next morning, when the price of around 400 yuan, 500 yuan is he look excited, I thought, "If you buy more, so go up, not like me 'Cock wire' can become overnight 'high Fushuai'?" Bitcoin prices continue to rise, but also continue to stimulate his nerves, so stay up late watching the market, bubble forum has become commonplace, and the feeling of overtime too, like ". Later, he will continually invested 12,000 yuan, hit a new high in the middle of the night in a Bitcoin constantly, he finally persuaded himself, sold all of Bitcoin, what earned around $ 30,000, but he felt almost collapsed the whole person the. Recall now, he is still very excited to say, "30,000 yuan is very important to me."

And not everyone like him so lucky, old Liu is one of them, he in Bitcoin is crazy, acquired close to the price of more than $ 100, some time ago, Bitcoin is obviously into a trough, reporters found him, the the Bitcoin transaction price value $ 67, two boil red, he sighed, "This activity is definitely not dry 24 hours lianzhouzhuan the fund managers did not so tired!" But Last Bitcoin picking up about $ 120 when he sold Bitcoin, "whatever the outcome, no loss, I have a good sleep!"

The 6000 graphics breath bought 13

Compared with the enormous risks of the transaction, like Bitcoin "house" is selected mining the traditional way. Coffee in the garage, the country has up to Bitcoin Li Xiao to tell the story of his early period of mining experience.

The beginning of 2011, was originally the New Oriental teacher Li Xiao GoogleReader Subscribe first learned of Bitcoin, and then he read the "Nakamoto design, papers, to the center, as well as resolve duplicate payments logical idea attracted him . After analysis, Li Xiao to sell all the stock steering Mt.Gox buy bitcoins. Soon, bitcoin rose from $ 1 to $ 6, and soon climbed to $ 20. Li Xiao found shot much faster to keep up with the rate of rise of Bitcoin, so he thought of his own "mining".

In July 2011, Bitcoin has risen to $ 25. Li Xiao decided to sell three quarters of the hands of the Bitcoin buy more graphics, earn the difference. Was able to meet the computing power of the graphics card 6000 yuan a major domestic seller in the hands are not goods, Li Xiao later to Shanghai to find a distributor of brand graphics. After which there is a small episode, he asked the agents: "graphics here how much? Full." Agents checked the Treasury, said: "13." His heart slightly Deng a bit.

Ultimately, Li Xiao conspire 46 graphics card, graphics cards coupled with the cheapest chassis, CPU and other components, consisting of 23 computers, began round-the-clock "mining". The problems have cropped up, powerful computing the amount of the 23 machine needs more than 20,000 volts of industrial electric. In order to meet the conditions of supply, Li Xiao mining locations selected in somewhere between Beijing and Tianjin rural to settle all computer operations on the first day due to overload power failure. After power failure problem has not completely resolved. Li Xiao lasted five months mining investment of 60 million yuan, dig a little bit less than 100 credits. Finally, machinery and equipment sold in less than one-fifth of the price, "mining" let the matter rest.

GPU graphics card is the basic configuration

Professional configuration and Li Xiao, Mr. Ho is "amateur" a lot, but he also repeatedly stated that he was just part-time "mining", he says, the personal computer to get bitcoins difficult, a machine may have been open a few years time to dig into bitcoin, it is best to join the mine pool.

Six months ago, he joined a mineral pool "," the role of the mineral pool for each terminal sub-packet, sophisticated algorithms terminal calculated packet paid in accordance with the proportion of the corresponding number of bitcoins.

Ho said that the the Bitcoin system design algorithm is more complex, but specific to the mining operation is not complicated. Download Bitcoin client, a Bitcoin wallet, and then registered in the mine pool fill wallets address, and then install the "mining" software, click on the packet, and can let it run automatically by software. Mine pool dug Bitcoin, according to the computing power of each automatically assigned Bitcoin address to your wallet.

He is currently configured is two graphics cards, a computer's integrated graphics, the other is GPU graphics card, integrated graphics for watching movies playing games, and GPU graphics card to participate in the "ore mining pool", "while watching a movie while mining, neither impact. "Mr. Ho said, he was just this as a game that can be dug best not dug do not delay doing things for themselves, per cents are 0.01 bitcoins as a unit, he estimated that after a period of time, you can only use 0.001 bitcoins as a unit.

Bitcoin is true when the money

In the world, there is always a small number of people, really captivated by the design concept Bitcoin, and even dry out shaking startle vulgar behavior, they can do is to do everything possible to get more Bitcoin As these the Bitcoin corresponding cash value but indifferent. Bitcoin is a way of life for them, rather than just a tool.

Not Bitcoin as money

Bitcoin exchange of experience at the garage coffee, Li Xiao, when he tried to mining defeat, he went back to Bitcoin holdings through transactions to increase his experience to play the stock market trading Bitcoin. At that time, a time when the price of Bitcoin downward fluctuations, he used a large number of U.S. accounts buy bitcoins, sell to be edged down again to buy, through the buy low sell high, the his Bitcoin number is more and more and more. He said that when the goal is to have one ten thousandth of the size of the economy, 2100 Bitcoin. The end of 2011, Bitcoin accounted for a quarter of my personal assets. Reality assets 30 times. "However, he said, he did not view Bitcoin as money.

Li Xiao, when in 2011 he spent a the Audi Q5 money "mining", it was said that he was crazy, he did not think. Later learned, the more crazy than he is Swedish Pirate Party leader of Rui Kede ‧ 法尔克维格, Rickard Falkvinge, 法尔克维格 the Bitcoin loyal fans, to sell all his possessions to acquire Bitcoin, and even this also played a lot of IOUs. Li Xiao: his presence, how much makes me a little pleased. "Li Xiao worked with him several e-mail exchanges, explore some of the problems of the Bitcoin both think a lot of people misread the anonymous attribute of the bitcoin In fact, money laundering transactions, gray transactions using bitcoin not popular." Bitcoin ups and downs in the international foreign exchange market, money laundering Bitcoin cost is too high. "

I hope to buy a house with Bitcoin

Long clip, Bitcoin is a sci-fi sociological experiment. Because of its science fiction writer's identity, those epoch-making scientific and technological innovation is very sensitive. He pointed out that Bitcoin is not out of thin air born, the inventor of the "Nakamoto" standing on the shoulders of giants.

He briefed reporters the Bitcoin thought development process, for thousands of years, how to use the most scientific way to wealth denominated and most economical way to trade, is a historical problem. Nobel laureate in economics, Friedman's view, the residents of the Pacific island Yap marked stone currency trading, gold reserves with the Federal Reserve bill from one drawer to another drawer, in essence, is no different . To this end, he produced a great inspiration to create more reliable than the national credit monetary system: computer technology (mathematics). Friedman's idea of ​​an automated device, according to the procedure of issuing currency, central banks in order to avoid unlimited start their presses. However, how to achieve this vision? How to create unforgeable currency?

80 years of the last century, a group of talented programmers in the password mail group to explore this problem. In 1982, David ‧ Noam (David Chaum) can not be tracked online payment system for cryptography. Eight years later, he extended this idea cryptography anonymous cash system, ie Ecash. In 1998, Dai Wei (Wei Dai) paper described an anonymous, the distributed electronic cash system: b-money. At the same time, Nick (Nick Szabo) ‧ Saab invention Bitgold proposed workload prove mechanism, the user through the competition to solve mathematical problems, and then answer the result of the encryption algorithm used in series with publicly construct a property certification system . Howl ‧ Finney (Hal Finney) put the perfect mechanism as a "reusable workload proved. The basis of previous work, in 2008, the little-known "Nakamoto" cryptography mail list metzdowd.com published Bitcoin: a point-to-point cash payment system. January 3, 2009, the birth of the Bitcoin network, the Nakamoto released open source first version of the Bitcoin client.

Understanding of the design idea of ​​Bitcoin long sword very early start with Bitcoin, and very firmly optimistic about the Bitcoin. He said that this is the first human in plain text form, zero cost transactions. He now has more than 2,000 Bitcoin, talk about the Bitcoin crazy in early April, he said he rarely pay attention to these prices, Li Xiao, in bitcoin prices fall when it will buy more credits. mid-April to interview him, when the bitcoin crash, he said, "Ten days ago I Bitcoin has 4 million yuan, now worth only 80 million but this does not mean loss for me, because my wealth measure is BTC. "he opportunity Bitcoin holdings will be a variety of ways. Because Bitcoin wealth effective, most recently cottage currency continued to hit, he is not optimistic about the cottage currency, but he also believes that the cottage currency speculative value. He recently by the cottage currency trading market low into the higher arbitrage 100 Bitcoin. He said, "Although I am a firm cottage currency bearish, but I also hold a large number of cottage currency to hedge the risk."

When asked about the developments of recent years bitcoin, he felt the media attention more and more business entities to join, such as Bitpay developed the Bitcoin plug on Amazon.com Bitcoin shopping, "the use of bit currency can also buy lottery tickets in the world. "In addition, advances in technology also makes use Bitcoin more convenient, some website development mobile wallet, mobile phones will be able to use Bitcoin.

Talking about Bitcoin future, he hopes to be able to use bitcoins to buy a house. Of course, he said bitcoins to buy a house, not in the traditional sense of the transactions, upcoming bitcoins into cash to buy a house, he was referring to direct payment of the purchase of Bitcoin.

He began to try to "Bitcoin" type of life, he sold Bitcoin form of science fiction set "The Catcher in the Prince the price is 0.07BTC (including postal plus my signature). Ya'an after the earthquake, he donated the money to the earthquake-stricken areas.

He said he never valued the Bitcoin represented wealth, his more enjoyable Bitcoin this "future monetary feeling of accomplishment. He believed that Bitcoin is revolutionary, as the AC replace DC to bring transmission efficiency, also as asymmetric encryption invention, to today's Internet communications, digital signature security convenience.

Build Bitcoin shopping site

For the faithful Bitcoin fans, they also noted the fact that Bitcoin Bitcoin life "in full swing with the United States and Europe, China's owners have a lot less fun to view Li Xiao, the bit currency speculation and investment is not desirable, but the global trade platform (www.gtrade1.com) Master Fang, is preparing for the establishment of a shopping site can Bitcoin, he currently operates global trade platform business is the Bitcoin trading for Europe and the United States, "if only Bitcoin used as a speculative, is clearly contrary to the spirit of the Bitcoin, in June this year, the first batch of goods can Bitcoin shopping will come on-line. Mr. Fang said, the main on-line in June of goods or commodities such as gold and collectibles, next year, however, they will provide people with more practical goods.

In fear of deflation and MLM Scam

"Wu network would not be happy" that the If Bitcoin continued appreciation for the "money" is willing to use less and less, which will bring another problem: deflation. It also represents the views of many economists. For this, Li Xiao is not worried, he believes that the world is diverse, Bitcoin did not say that we must replace the various government-issued paper currency to become the world's only "money", and the the LTC, PPC cottage virtual currency to people with a lot of options, Bitcoin is for those who believe that the people of this logic system on a voluntary basis. The Long sword also believes that Bitcoin is not in conflict, people can voluntarily choose to have the kind of currency and legal tender. Deflation and inflation is not important, is expected to rise, people tend to hoard it, Bitcoin is like collectibles; when expected to fall, people tend to use it more like a currency Bitcoin.

"Wu network would not be happy that another concern: the first batch of 50 Bitcoin Nakamoto created out of thin air, it costs almost zero, and the sooner the lower the cost of the Bitcoin later whether mining, or the transaction was agreed, Bitcoin cost is getting higher and higher, which is somewhat similar to the "pyramid" scam, in order to benefit themselves, must pay a higher cost to make the next batch of admission. But long clip also pointed out that the Bitcoin is no different from other innovation need to take risks, such as those to join start-up companies have more shares is reasonable, innovation and risk their returns.

Perhaps, for people who believe bitcoin, this is not a problem, an accumulation of a sufficient number of bitcoins two they do not take profit, but the short-term speculative Bitcoin and keen to "mining" seems to be more attention should be paid to this problem.

Here is yet another news article on Bitcoin, today from xinhuanet - a news media in China directly controlled by the party.
There are clearly pushing Bitcoin to the public

http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/06/c_132361304.htm (http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/06/c_132361304.htm)

I am not going to translate the whole passage to you all because it is rather long and my English is not good enough to do so.
I only translate the sub-headings for you guys, you can clearly see that the whole article is positive towards Bitcoin.

瘋狂的比特幣：支付就像發微博未來能買房
Bitcoin fever : Making payment is as easy as blogging(Weibo), the possibility to buy houses in the future

支付比特幣就像發微博
Paying with Bitcoins is as easy as blogging(Weibo)

比特幣沒有第三方監管
There is no 3rd-party controlling Bitcoin

獨特邏輯杜絕偽造貨幣和重復支付
Unique algorithm prevents counterfeiting and duplicate payments

用于捐款能夠公開透明
All donations made in Bitcoins are public and transparent

今後4年每10分鐘產生25個比特幣
In the next 4 years, 25 bitcoins are mined every 10 minutes

錢包地址分公鑰和私鑰
Public key and private key in your wallet

交易與“挖礦”全天候進行
Trading and mining Bitcoin non-stopped

總量只有2100萬枚
limited availability of 21 million Bitcoins

24小時都有交易行情
Can trade bitcoins 24 hours a day

一夜能漲幾百
Gain a few hundreds overnight

6000元的顯卡一口氣買了13張
bought 13 display cards each of worth 6000RMB

GPU顯卡是基本配置
gpu display card is the most basic requirement

希望用比特幣購買房子
Hope to buy houses with Bitcoins

籌建比特幣購物網站
Online shopping websites with Bitcoins in the making

通貨緊縮以及傳銷騙局之憂
The worries of deflation and Ponzi scheme

Out of the 10+ paragraphs, only the last one is talking bad about Bitcoin. I can boldly conclude that there should be little to no disapproval of Bitcoin from the party. So, prepare for the stream of hungry Chinese buyers ;D

^ Where did you get 100-160 in a day from?

Unfortunately the timing is off. Right when all the news reports about bitcoin were coming to a head a few weeks ago and the price was up... there was a crash. If that crash didn't happen we might be seeing 1k bitcions right now. but since it happened it put people off. There will be another crash/downturn before any chinese can get money into buying bitcoins and that will put them off buying any. So we will see the price drop but slower growth than expected. When people look at bitcoin again though in one or 2 years and see the price is back above 100 then it will take off again perhaps.

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

It says "last updated <7 hours ago" at the bottom. 7 hours ago would be ~7am in China

Do you really even know what your talking about? I mean, how long have you been investing? Let's be realistic here, how the hell is Bitcoin going to be anything other than a speculative mess right now? 100-160 in a day?

Imagine you are going out to buy a hotdog. You have the 5 bucks you need but just as you are about to pay its now 7 bucks. Really? The reverse is also true.

I'd appreciate it if we could go without ad-hominem attacks.

It bugs me too that Bitcoin is so volatile. That people take liquidity from the order book instead of adding. Panic selling followed by panic buying followed by panic selling, often within minutes. And at the end of it, the order book has a spread of 30% and PitPay is probably grinding their teeth.

But I guess that is the birth pain of something so great as Bitcoin is. And the fact of the matter is: The price is way too low for Bitcoin to be a medium of exchange for anything of relevance. I mean - our M0 is 1 Billion. That's how much Bernanke prints on the way from the entrance to his office in the morning.

It is a hype, at least partially:

https://bitcointalk.org/index.php?topic=196676.0

Source is Beijing Evening News. It's a Party-owned publication.

It's reposted on xinhuanet, website of China's official press agency.

Obviously some people from the party bought bitcoins and are now pumping it.

Yeah. "Nothing to see here people, move along..." ;)


There's no way the Chinese populace would be interested in a disinflationary virtual currency, right! Right?  ::)

Hint hint: http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html

Especially not when the friggin state news agency goes and instructs them to pay attention.

But... Whyyy? It makes absolutely no sense, right! Or does it?

---

---

Could mass adoption of disinflationary money-supply digital currency be the (missing) key to continued depreciation of the yuan?

--> [Read. This. Now. (http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html)]

In general:

• Could a government ensure sustained competitiveness of industry and exports by embracing mass adoption of cryptocurrency?
• Could a government promote cryptocurrency as a giant, real-life Gold Sink (http://en.wikipedia.org/wiki/Gold_sink)?


Per Wikipedia, The Chinese government banned using virtual currency to buy real-world items in 2009 but, crucially, not the reverse.

---

Currency War (http://en.wikipedia.org/wiki/Currency_war).

China can easily push it to 10,000 in a few months.. Good news

déjà vu

Should we be ready for 120 -> 260 -> 50 again?

http://www.google.com/trends/explore?hl=en#q=bitcoin&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=bitcoin&geo=CN&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=%22%E6%AF%94%E7%89%B9%E5%B8%81%22&geo=CN&date=today%201-m&cmpt=q

For sake of example.

What do you see? What does this tell you?

Obviously some people from the party bought bitcoins and are now pumping it.

For those who still doubt China is a hype, compare:

1: http://blockchain.info/nodes-globe?series=48hrs
2: http://blockchain.info/nodes-globe?series=mostStable
3: http://blockchain.info/nodes-globe?series=topBlockRelay

What do you see? What does this tell you?

Maybe it tells that every 5th person lives in China?

...and that within the last few days they decided to become nodes. Just because they have a lot of people doesn't mean that they will automatically have a proportionate number of miners and nodes. Just look at India for proof.

https://bitcointalk.org/index.php?topic=195763.0

Does anyone still think that those meetings in Washington aren't happening now?

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

For those who still doubt China is a hype, compare:

1: http://blockchain.info/nodes-globe?series=48hrs
2: http://blockchain.info/nodes-globe?series=mostStable
3: http://blockchain.info/nodes-globe?series=topBlockRelay

What do you see? What does this tell you?

My concern is that once a massive buying sets in, price is going exponential and exponential is nothing but bad.

We need ~30 mil USD to go to 4 digits. Or less if panic buy really sets in.

That is a good point. But what you are probably going to see is volatility on a scale that the stock market has never seen.
Instead of thinking of currency movements (e.g. - a $30 move on a $100 BTC) - imagine that as a % occurring at $1000... and so on (add mirrors for effect. ehehe)
We need a better exchange system, wallets, etc. before that happens. But so much is happening now, I bet we get there in time, barring extreme situations we can't fathom.

Many will cash out a portion of their holdings and roll it into regular currencies - that will be bought by others.
Over time the price will stabilize but that will happen as the market understands what this is. We really don't know what it is. Think about it...
A decentralized currency not under the control of governments co-existing with other currencies.

Add to that, the blockchain and it's many uses. The one that gets me is decentralized DNS. Oh boy.

This Black Swan is here and now we are going to see it's anti fragile nature next...

Do you really even know what your talking about? I mean, how long have you been investing? Let's be realistic here, how the hell is Bitcoin going to be anything other than a speculative mess right now? 100-160 in a day?

Imagine you are going out to buy a hotdog. You have the 5 bucks you need but just as you are about to pay its now 7 bucks. Really? The reverse is also true.

I'm all for this wealth building and hoody-ha but at the very least I think this china thing is being over hyped.

Also the biggest thing here:

SINCE WHEN WERE PREDICTIONS ABOUT WHAT THE FUTURE WAS GOING TO BE LIKE EVER CORRECT!?

Frankly I don't know whats going to happen, this BTC stuff gets deeper everyday and will likely change in ways no one expects.

Like for example what would happen, and just use your imagination if Gox went down or got seriously DDoS'd or hacked tomorrow?

Shit happens. And this is BTC we're talking about.

As more users adopt Bitcoin should become a lot more stable, that is what makes this news great!

Bitcoin has quietly into China. In the the Bitcoin Chinese network, you can look like a convert to real-time view Bitcoin national currencies exchange market on a daily basis, including the renminbi.

In addition to the Bitcoin Chinese net "of these individuals to create bitcoins website, Taobao shop is also convertible main venues.
Taobao enter keyword "Bitcoin can search nearly 240 shops do Bitcoin exchange business, but also a small amount of shops accept Bitcoin payment.

Some of these shops are located in Beijing, Shanghai and other cities, some in Tai'an, Shandong, Guangxi Yulin, Huaian, second and third tier cities.
Reporter noted that a Taobao selling antique jewelry, 5R - antique shops to accept Bitcoin payment, the owner said he was optimistic about the Bitcoin, I believe there will be more people use Bitcoin.

Another bump from Chinese state media today: (Xinhua News Agency (http://en.wikipedia.org/wiki/Xinhua))

http://www.reddit.com/r/Bitcoin/comments/1dv4mb/the_xinhua_news_agency_official_press_agency_of/

Via Google Translate:

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

well shyeet, you better cash out now and go buy some chinacoin then

You may read my translation here, I think mine is a little better than Google's version.
https://bitcointalk.org/index.php?topic=197753.0 (https://bitcointalk.org/index.php?topic=197753.0)

https://bitcointalk.org/index.php?topic=195763.0

Does anyone still think that those meetings in Washington aren't happening now?

Cash out? Why?

The End Is Near (https://bitcointalk.org/index.php?topic=193445.0)

Because, of course, you want to cash out at the lowest price possible.

Pathetic.

Already cashed 99% of my coins. Only a few I got for sold BTE and FCR left.

Pathetic! Try to think few steps ahead next time, heh.

Why don't you cash out the other 1% and leave it be then?
1% seems hardly worth the trouble, especially when you think it's only going down.

Already cashed 99% of my coins. Only a few I got for sold BTE and FCR left.

Pathetic! Try to think few steps ahead next time, heh.

Sounds like you're just after a panic sell so you can buy more at lower cost, lols, typical :D

Already cashed 99% of my coins. Only a few I got for sold BTE and FCR left.

Pathetic! Try to think few steps ahead next time, heh.

Good luck with your fiat currency there ;D 

I'm a native Chinese living in Shanghai. As far as I know, China is absolutely not at all a hype. Compared with the near term potential, the amount already put in the ecosystem is only a drop in a bucket.

I'm a native Chinese living in Shanghai. As far as I know, China is absolutely not at all a hype. Compared with the near term potential, the amount already put in the ecosystem is only a drop in a bucket.

It seems the hype is postponed for indefinite period of time. But I found a great solution of my problem - https://bitcointalk.org/index.php?topic=200824.0.

I had you on ignore, and then you went a did something cool?!? Now I don't know what to think of you!

*unignored*

but, what if the newbiegirl was his alt account? hahah, the sceptic in me wins

Why does everyone think China is/was in the dark about bitcoins? Who is to say that China could have their own bitcoins they have enough people to support it?

One can plot the Google Trends volume for the bitcoin hieroglyphs and a similar volume worldwide indicator, like "mtgox". You will soon find out that China was in perfect sync with the rest of the world, with a mere lump when the now famous programme aired. It quickly faded away and the volume is back to it's post bubble decreasing slope.

The whole China hype plays perfectly into western stereotypes about simple minded savages that need to be saved and educated, or in this case, dragged into a pump and dump shady investement. Most of the time the African, Asian or Southamerican savages know much better than the fat westerners what their problem is and usually the root of that problem is precisely some form of western intervention.

The whole China hype plays perfectly into western stereotypes about simple minded savages that need to be saved and educated, or in this case, dragged into a pump and dump shady investement.

This isn't an issue of race. You can make it one, but why?

The point was that MORE people than ever before now know about Bitcoin. The buzz that came out of this was that the tone of the documentary was way more positive than anyone could have anticipated. 

The whole China hype plays perfectly into western stereotypes about simple minded savages that need to be saved and educated, or in this case, dragged into a pump and dump shady investement.

*Bump*

Looks like something was broadcast on CCTV again: https://bitcointalk.org/index.php?topic=208183.0

And it's having an effect:

Baidu: http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2
Wikipedia: http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

(Google Trends has not yet updated with Friday's numbers)

*Bump*

Looks like something was broadcast on CCTV again: https://bitcointalk.org/index.php?topic=208183.0

And it's having an effect:

Baidu: http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2
Wikipedia: http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

(Google Trends has not yet updated with Friday's numbers)

There's been another big spike in searches, just look at that:

http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

2x the previous all-time high! Something has happened today (Monday 20th). Anyone know what?

(Baidu and Google stats aren't available yet. Sourceforge downloads show an increase, but not as much as Wikipedia.)

2x the previous all-time high! Something has happened today (Monday 20th). Anyone know what?

Bitcoin currency skyrocketing such as to gold
digging Wuhan businesses fresh transactions

2013 05 21 at 06:44 Sports Network - Chutianjinbao Yangyan Fu

Not long ago, after the Sichuan Lushan earthquake occurs, the charity One Foundation received a number of donations virtual currency.
233 Bitcoin (Bitcoin), the prevailing currency basis, this virtual currency amounting to nearly 22 million. This is Bitcoin first people to enter the field of vision.
...
http://translate.google.com/translate?hl=en&sl=zh-CN&tl=en&u=http%3A%2F%2Fhb.qq.com%2Fa%2F20130521%2F001892.htm

Alexa Traffic Rank:

Global Rank: #9
Rank in CN: #2

http://www.alexa.com/siteinfo/qq.com

This the increasingly hot Bitcoin, why we have so much charm?

The currency fluctuations Big is more suitable for long-term

There's been another big spike in searches, just look at that:

http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

2x the previous all-time high! Something has happened today (Monday 20th). Anyone know what?

(Baidu and Google stats aren't available yet. Sourceforge downloads show an increase, but not as much as Wikipedia.)

However, Google Trends is now updated:

http://www.google.com/trends/explore#q=%E6%AF%94%E7%89%B9%E5%B8%81&date=today%203-m&cmpt=q

Are there websites out there showing trading volume in china? What's the largest broker out there?