Bitcoin Forum

I see all the posts about people in China lining up to buy bitcoins and they are going to cause a huge rise in the price. Why does everyone think that China is NOW finally getting involved with bitcoins? With China's technology and cutting edge technologies, WE(everyone other than China) could have been the ones that drove the price up for THEM?  They dont live in the stone age anymore.

Just a bunch of people gripping to their last hopes of another huge really/bubble in the short term.

When that hope runs out we go down even more.

Can't wait!

"Why does everyone think that China is NOW finally getting involved with bitcoins? "

Probably because anyone following the global node map here: http://blockchain.info/nodes-globe?series=48hrs
will have noticed a massive uptick in Chinese nodes in the past weeks - and a huge difference in nodes compared to a year ago.

Up until recently, China looked very weak in terms of the number of full bitcoin nodes compared to Europe and the US.

That said - I've also seen a big drop in Chinese nodes a week or so after the CCTV story aired - so much of it is possibly just casual interest/experimentation which won't translate into buying.


I wish someone had a time-series of that globe so you could see the changes - but it wasn't so long ago that China looked more like India does now on that map.
I know this map only shows a small fraction of the people who hold Bitcoin wallets - but it should give at least a reasonable representation of relative interest in different countries.

unfortunately the average chinese annual family income is $25/ year. so each of them were only able to invest about 10 cents.

Irregardless, it's good news for Bitcoin. it means its spreading. Another few million people now know about Bitcoin, and from that people will tell their friends & family.

It's just great to see the news spreading, and as a result people have seen further potential in Bitcoin, and the price has been driven up.

regardless of how many Bitcoin's the Chinese purchase, I don't see how this is anything but great news. People just want the prices to go down so they can re buy in...

have another drink of kool aid.

Compare this year with last year on China's largest exchange...

http://bitcoincharts.com/charts/btcnCNY#igWeeklyztgSzm1g10zm2g25zvzcv


...and look at Google search for China.

https://www.google.com/trends/explore#q=%E6%AF%94%E7%89%B9%E5%B8%81&date=today%2012-m&cmpt=q

It is not a hype so it is not going to be stopped

China already owns 99 % of the bitcoins in the world. They made the first bubble :P

Buying in anticipation for something that might or might not happen in the next few years is total speculation, first Cyprus, then Spain, Argentina, Italy and then China. Well, we are in a speculation forum afterall, so I am not surprised people falling to these traps again and again while the people who made up these hypes run away with their money.

Did someone just say irregardless? My brain hurts now.

Where have people on this forum speculated that Cyprus, Spain, Argentina and Italy will start to buy a lot of bitcoins? Media have speculated about it, but with China it's different.

Bitcoin是我們希望我們所有的錢投資到未來和N。

everywhere

I must be blind then...

Yes, and they also used the word 'regardless' in the same post...

Did anybody say China yet?

+1.

I was just going post "I stopped reading when you started making up words". :)

???

China GDP per capita = $10000

Family = 4 people

Therefore, average family income = $40000/year.

Where do you get $25/year from?

Give it up, Please stop with the China hype (https://bitcointalk.org/index.php?topic=200563.0)! You will never be For those who still doubt China is a hype (https://bitcointalk.org/index.php?topic=196572.0;all).

You are like the The China Hype Fades Away (https://bitcointalk.org/index.php?topic=200181.msg2095690#msg2095690) of China Hype Threads!

I was going to say, last I heard, Chinese factory workers were getting something like $3/hr, and companies were moving AWAY from China because their labor had become so expensive in recent years.

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

Baidu search results exploding up again?

Haha! Put that in your China Hype Pipes and smoke it, you Anti-China Hype Types!

GDP per capita doesn't = personal income. It is more useful to indicate standard of living.

Average gross salary = USD $457 monthly (2010), or ~ $5500/year. http://en.wikipedia.org/wiki/Economy_of_China

$40k? LOL.....

Average gross salary ≠ household income. At 4 people per household, that would still be around $22k.

I simply said that you can't calculate income based on GDP.

If you didn't take my quote out of context, you would have know that I was referring to household income, of which the corrected number is still far larger than $25/year.

 ???

Nobody took you out of context. You used an irrelevant statistic to calculate income. That's all I said. You talk as if I claim that $25/year is correct...

In fact, you used GDP per capita to calculate personal income, which you then used to estimate household income. So, you're being kind of ridiculous here.

I revised my calculation with your numbers. I got $22k, which is closer to $40k than it is to $25. Regardless of the precise number, it is far greater than $25.

Also, please act more civilly.

If I remember correctly its like 4,000 usd per person if you only look at middle 50% of earners

$16k is still awfully larger than $25, no?

Geez. Last time.

If you're using irrelevant statistics, none of this matters. I never claimed $25 was right (nor would I -- talk to the person who said it). Not sure why you keep mentioning that.

Also, average household size is 3.10, not 4. http://en.wikipedia.org/wiki/Demographics_of_China#CIA_World_Factbook This would put the number around $17k, not $22k. (So, $25 is actually closer)

Again, all I said was that your numbers were wrong, and I explained why. That's it. Why you're so defensive, I can't imagine, considering your numbers are so off... Lesson learned -- next time you pull numbers out of your ass, I'll simply ignore you.

Likewise, don't lash out with strawmans and accuse people of "taking you out of context" just because you're being called out for making up numbers. Considering that, I have been civil.

I don't think the 2 kids work. And what about the 1 child policy?

4k was not per capita but per wage earner... so about +8,000 usd per house hold.. that why lots of families live with parents/grandparents... really bitcoin success in China will not be defined by the masses imo (in the short/medium-term), but rather the more affluent top 5% who have the savings to speculate... so like 100 million people? Thats maybe like twice or three times the number I expect in USA..

Perhaps of most interest tho is what role if any bitcoin will take in China's shadowing banking industry... which now rivals their actual banking system in size

I went all in because of this thread

I don't know if we should stop the China hype?  I had some Chinese food and this was in my cookie!!!!  ;D


http://i1301.photobucket.com/albums/ag118/MarlaR99/FortuneCookie_zps0060db66.jpg

Maybe they know something? 

nope.jpg

that's the official income

here a hint. They still buy big stuff in gold, eg houses.