Bitcoin Forum

So "CNY" is going through the FUD stage. Eventually people become immune to the FUD, it can take a year or 2, after they keeps selling cheap coins only to repeatedly buy them back a higher prices.

but thanks for the buying opportunity.

I also add any ban by China does exactly 3 things

[1] forces Chinese to buy Bitcoins later, higher when they are economically forced to accept and use BTC

[2] Lets the Chinese govt acquire a large stash of BTC and by GOVT I mean alot of officials

[3] gives cheap coin opportunity.

Stop worrying about fiat exchange price, it's still 3-5 years away from being an accurate speculative representation of the actual utility of this technology.

 ;D they are buying too

The China rumors are still not confirmed AFAIK.

Imagine what's gonna happen when it comes up to be true. I was certain this was the next move of China as exchanges treated them as idiots doing a workaround. This is China, guys. They don't like looking like fools! Use your brains - we're gonna see $200-300 again!

What worries me is that people went crazy with selling, even though the previous "ban" news were confirmed to be fake. Fool me once...

China's just going to keep banning BTC every fucking month and because everyone in China is apparently dosed with amnesia drugs every fucking month, BTC will keep tanking out of absolutely idiotic "fear". It's long past time China's bluff is called, if they're going to genocide BTC hodlers or not.

the fud is related to the niave brainfart of people thinking that chinese people cannot trade bitcoins. the better understanding of the news is that chinese BANKS cannot have bitcoins as THEIR investment portfolio. this does not stop individals or private business from trading/using bitcoin

Somebody should make a "quotes of the year collection" thread and include this one. This is so true, every time there's a problem in China those guys just dump it all at once like crazy. There's no doubt, no second thoughts, just pure panic. I wonder if they're like that in everything they do.

-Hey Charlie, I heard they're not giving you the promotion.
-What? F this job! You hear me boss? F U slave driver! I quit!
-I was joking, man :)

The problem is most bitcoin traders dont even understand China's culture. Chinese are very scared of keeping the yuan. Most of them put their saving into asset or gold. However it will be a problem when they immigrant to Western countries. They cant bring their wealth. Several of my Chinese friends told me, they couldnt bring their wealth with them so they had to pay ridiculous fee to use some third party money transferring service in HK.

This is where Bitcoin comes in handy :)  But realistically, it seems that the PBOC will not be enacting anything this week.  We're probably safe til China Monday morning now.

A lot of the chinese gov't is buying up btc behind the scenes I was told by a friend of mine who does a lot of business in the US with Chinese conglomerates.