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Title: Most of the money from BTCchina is crooked money Post by: accord01 on December 17, 2013, 11:07:56 PM This last rally was an absolute joke. A lot of people say "haha, China is making us rich" No, that is not the case. It isn't "China" that bought bitcoins... it is a small percentage of crooked money in China that stirred this rally.
The composition of Chinese bitcoin demographics: Honest money/middle class money: 10% traders: 10% Crooked money: the rest Chinese money is synonymous with crooked money. All it takes is one official/business man, to start this entire rally. Officers have been caught with over $300 million dollars of cash, all from ill gotten gains. The government is moving towards prohibiting/outlawing bitcoin because it is NEEDS to save face by stopping corruption. Corruption is so rampant in the Chinese business Quote China suffers from widespread corruption. For 2013, China was ranked 78th out of 178 countries in Transparency International's Corruption Perceptions Index, on par with Serbia and Trinidad and Tobago, ranking less corrupted with tied countries Burkina Faso, El Salvador, Jamaica, Panama, and Peru, but more corrupted than Sri Lanka and most developed countries. Means of corruption include graft, bribery, embezzlement, backdoor deals, nepotism, patronage, and statistical falsification.[1] For a country of 15 billion people, this is paramount. The government has to somewhat put a lid on corruption and prohibiting bitcoin is a way of saving face; to show to the world, hey we're not going to allow more money laundering... we are trying to make our country better. Whoever thinks that China feels bitcoin is a threat to the yuan... needs to come back to earth. Title: Re: Most of the money from BTCchina is crooked money Post by: Boxman90 on December 17, 2013, 11:32:09 PM You lost me at "country of 15 billion people"
Title: Re: Most of the money from BTCchina is crooked money Post by: aminorex on December 18, 2013, 12:00:53 AM You lost me at "country of 15 billion people" You did not realize that all those "chinese people" are actually 10 tiny people wearing a "chinese person" suit? Title: Re: Most of the money from BTCchina is crooked money Post by: CMMPro on December 18, 2013, 12:06:06 AM Welcome to my lengthy ignore list.
Title: Re: Most of the money from BTCchina is crooked money Post by: accord01 on December 18, 2013, 12:17:09 AM You lost me at "country of 15 billion people" China has about 2 billion people unaccounted for in their census. Title: Re: Most of the money from BTCchina is crooked money Post by: MatTheCat on December 18, 2013, 12:17:39 AM Welcome to my lengthy ignore list. He is already on my ignore list. But I would have thought the #1 actual use of Bitcoin, would have been for moving shady money around outwith the controlled and monitored monetary system. I mean to me, that is just fkn obvious. Title: Re: Most of the money from BTCchina is crooked money Post by: accord01 on December 18, 2013, 12:23:15 AM Welcome to my lengthy ignore list. I'm guessing you won't be reading this, but I have to ask, do you really think the reason bitcoin was/in the process of being prohibited in China because they feel it is a threat to the yuan or their economy? Lol. Btc is used for buying giftcards and pizzas and giving beggars tips. The yuan is used for EVERYTHING else. Title: Re: Most of the money from BTCchina is crooked money Post by: nastybit on December 18, 2013, 12:24:07 AM demographic? are you serious?
bitcoin is anonymous! ROFL ;D accord01, you forgot Btc is also used to buy drugs. Title: Re: Most of the money from BTCchina is crooked money Post by: ksteve96 on December 18, 2013, 12:35:22 AM 15 BILLION PEOPLE IN CHINA?!?!?!?
Holy shit, that means 2.1035 out of every 1 person in the world is Chinese! Title: Re: Most of the money from BTCchina is crooked money Post by: GeniuSxBoY on December 18, 2013, 01:13:34 AM You lost me at "country of 15 billion people" Population: 1,349,585,838 (July 2013 est.) Title: Re: Most of the money from BTCchina is crooked money Post by: eldentyrell on December 18, 2013, 05:08:46 AM But I would have thought the #1 actual use of Bitcoin, would have been for moving shady money around outwith the controlled and monitored monetary system. I mean to me, that is just fkn obvious. You would have thunk it, but you'd be wrong. The banking relationships of the fiat<->BTC exchanges are monitored far more closely than the rest of the banking system. You lost me at "country of 15 billion people" I think he dropped a decimal point. 1.5 billion would be pretty close. Title: Re: Most of the money from BTCchina is crooked money Post by: accord01 on December 18, 2013, 05:32:15 AM So crooked money lead this rally. There is a ton of crooked money in China. These individuals with the crooked money are going to stop using Bitcoin because the government says no. I'm going to have to process this for a while... They would/will have dump it at another exchange in the future anyway. So say BTCchina is business as usual like back in October... prices hit $5000 next year, whats going to happen is you're going to see the biggest massacre/bloodbath/bubble in history. 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend. Title: Re: Most of the money from BTCchina is crooked money Post by: Cluster2k on December 18, 2013, 05:47:29 AM They would/will have dump it at another exchange in the future anyway. So say BTCchina is business as usual like back in October... prices hit $5000 next year, whats going to happen is you're going to see the biggest massacre/bloodbath/bubble in history. But it will be fun to watch 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend. The beautiful thing about bitcoin is while the address identities are mostly anonymous, everyone can see if those bitcoins start to move. If they do I would expect bitcoin to return to somewhere in the $5 range, if not lower. The creators of bitcoin are filthy rich, problem is they can't cash in their chips. An odd sort of poker game. Title: Re: Most of the money from BTCchina is crooked money Post by: ElectricMucus on December 18, 2013, 06:54:13 AM 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend. So are those 47 selling or buying right now? They can either sell or hold but not buy in any meaningful volume. Title: Re: Most of the money from BTCchina is crooked money Post by: tubbyjr on December 18, 2013, 08:39:42 AM China has about 2 billion people unaccounted for in their census. He's trolling. Somebody, please tell me, he's trolling! Title: Re: Most of the money from BTCchina is crooked money Post by: accord01 on December 18, 2013, 08:45:37 AM China has about 2 billion people unaccounted for in their census. He's trolling. Somebody, please tell me, he's trolling! lol sorry, I am 1 decimal behind... Title: Re: Most of the money from BTCchina is crooked money Post by: nastybit on December 18, 2013, 12:53:30 PM 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend. So are those 47 selling or buying right now? They can either sell or hold but not buy in any meaningful volume. Can't they use localbitcoins or transfer the money abroad? If they want bitcoin I am sure they will find a way to buy It's not a material good that you have to actually move it, it's a bunch of bits Title: Re: Most of the money from BTCchina is crooked money Post by: ElectricMucus on December 18, 2013, 04:41:05 PM High prices because of lack of liquidity is never good. And it would be non-nonsensical to buy any more at a certain point. High value wallets are either: People who got in early enough... they simply can't afford to buy more. Or people who are already wealthy... they are already loaded so much that there isn't enough liquidity.
Title: Re: Most of the money from BTCchina is crooked money Post by: SuperHakka on December 18, 2013, 06:18:09 PM btc price going up >>> Chinese money genius
btc drop like stone >>> Chinese money crooked hypocritical much?? ::) Title: Re: Most of the money from BTCchina is crooked money Post by: chufchuf on December 18, 2013, 06:54:43 PM What rubbish- if it's crooked money it's the government's fault because they're the ones that know the names of the people wiring to the exchanges, or using third party payment processors to do so. It's also the government's fault because they didn't require BTC China to collect ID until now, and it's also its fault if they were looking to pump the exchange rate only to crash it.
This is either BTC China stopping forever, or BTC China stopping because they have to start collecting IDs. But if it's the former, after the dust settles, all blame will be on the chinese government because it's so obvious. Title: Re: Most of the money from BTCchina is crooked money Post by: BitApparel on March 05, 2014, 06:24:00 AM NERDS, the journey ahead is long and tough from now on. China is GONE!!!
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