Bitcoin Forum

http://v.youku.com/v_show/id_XNjk0NTM3ODky.html

Here's my summary

• Bank transfers will be halted.
• Chinese gov. reminds the population that Bitcoin is a commodity and not a currency.
• Most of the buying in China has been justified by speculation (quick money-making scheme). Most people don't know about Bitcoin before investing huge sums of money
• Ponzi pyramid is bad, and BTC is currently in a bubble phase.
• Chinese gov. has been #1 to drive BTC to the moon, but is now trying to decelerate the adoption of Bitcoin for their own safety. Too fast too soon
• The people buying Bitcoin now won't buy to convert it to RMB. They are holding. They're speculators.
• Chinese think that the current price ($460) is cheap compared to ATH, so they're buying
• There's no infrastructure (only in western world, like useless ATMs with retina scan)
• Speculation shouldn't exist. it's a currency.
• The white guy interviewing the Chinese dude expects a crash. He also expects that Bitcoin will only rebound when services/shops/etc are created and that we build the infrastructure first
• We need to drive the price back down for mass adoption.
• Random useless talk about Dogecoin (e.g. Huge block reward is better because you can donate huge amounts, vs BTC where you don't feel like you own anything)
• Dogecoin is better than Bitcoin. It's more "fun". Dogecoin will become the universal currency.

This sums it up. Also, I feel the need to quote Bobby Lee. Both guys confirm what Lee predicts:


TL;DR. The Chinese government will try to crash BTC's value and decelerate its adoption because it's dangerous for rmb and as an speculative grade investment. It is not a currency. Converting BTC to fiat will become much harder to achieve in the future.

I am tired and lazy to write a summary.
It's 4:45 AM and I need to make some phone calls.

Canadian Guy in the interview is a moron and clueless.  Also seems to be a Chinese government shill. Notice the coat he's wearing with the CCTV emblem.

No one watching the video?

Then read my first comment. I updated the summary.

Your summary is not in line with what is told in the video.
Hold on a bit, I have to put my laziness aside.

The Chinese goverment wants to control it, the chinese government is trying to do the right thing
The government is trying to tell people this is not a currency, this is a commodity, this is a trading item, its not money.
People don't know what btc is, they just heard other ppl buying it and making money, everyone wants it, its like gold,
its like something going up.
Many people buy, the bubble become bigger and bigger, its become to look like a pyramid, people on top become richer and richer.
Like a pyramid, it has to build on a base, this was not build on a base, this was build on speculation.
Like in a real economy there need to be services to be use with btc, that was not the case in China, but those services are already build in
america and in europe.
In China BTC is used for trading, it is not considered a currency, its not like RMB (Renminbi)
Exchanges are popping out of the ground, it become easier and easier to buy btc.
Third party payment processors and banks offers easy way to funds accounts, it become easier and easier to convert RMB to BTC and visa versa

It become dangerous because ppl don't know what btc is, they just want to buy it.
Price become higher and higher, some peoplel buy at the top and start to lose money after btc drop.
Price of BTC going to fast, it's not sustainable


The Canadian guy talks about what he has hear and read about
people on wall street sees it, they want it to, they want to control it , they like the protocol, but not at this price.
because it was 2 years ago 17 cents and now it is 1000 dollar, we not going to touch it and buy at this price, so they are trying to disrupt it.
They are crack down the prices.
It happens more or less in the way he thinks it will happen in february this year
Ppl from the financial districts of america, britain and hong kong, the ppl with enomous skills in money manegement,
What have they done, they built services on bitcoin, not trading bitcoin, they don't care about bitcoin.
they building infrastructure.
They building arbitrage, ATM, the ways you can use the wallet easily like Coinbase.
What did they do in China beside building exchanges for buying and selling it, this is a problem in China
Thats why the government is stoppin it, BTC is legal and you can trade it like commodity as much as you want.
But converting it to RMB and visa versa will not be as easy as before
Thats a very smart move on the part of the government.
What they trying to do is to protect itself and protect it main currency just like other countries are doing.
They forbid the banks to trade directly in bitcoin and closing accounts for easy conversion
They are stopping new foolish people to get into bitcoin, they are protecting people from its self.
Their job is protecting stupid people from doing stupid things.
The new inflow of people don't know what bitcoin is, they are just thinking of get rich quick without knowing what to do with it.
Bitcoin is a fact worldwide, it can't be stopped even if it crashed, it is still be there, its still an alternative currency.
China is the drive of world adoption of bitcoin, but the Chinese government is also the first government that is going to pull the
strings to protect the ppl and also the world for running to fast.
They are protecting people from this bubble, it is their job


This is almost literally what is said in the video leaving out some FUD from the Canadian guy, there is more, but I don't have time now.
You should watch it yourself.

The Canadian guy is a paying shill, he has already been identify by user Azeh.
If you can understand Chinese and have watch other videos from bitcoin meetings together with this video, you will see that the future is brighter
than we have hoped for.
I have a lot to do today.
Will try to post some info if I can find some time.

So it bascially confirms that while Bitcoin is not "banned" (since it can't really be banned, due to decentralization),The Chinese government is making it so hard for the general public to invest in the name of protecting them that its pretty much an indirect ban.

People will still be able to buy I guess for now but through difficult means, how many will bother remains to be seen. and also withdrawals might get more and more difficult with time as they squeeze it further, so this will limit people who are looking to fiat profits.

Did you notice that all the new and small players that try to fly under the radar have receive a document?
They try to regulate it already in december last year, but they fail.
Now it is serious.
Did you also notice none of the big exchange have receive a document untill now?
Did you also notice that third party payment processors with untraceable funding options are forbidden to fund exchanges?
And why the fuck are they building a database with btc addresses?
I think they will leave the big exchanges alone if they follow the instructrions.
They try to controlling it, they can't stop it.
Otherwise it goes underground.
Plans are already made to go offshore.
Singapore is already mention a couple times from what I have hear, I didn't know Singapore was that huge in the real world of
finance.
We will know more after 15 april what they really exactly want.

Look at the casinos in Macau.
When Portugal give Macau back to China it was already full of casinos.
What did the Chinese government do there?
They are regulating it by investing in it actively.
Casinos are forbidden in China itself, but that won't hold long.
Look at the formula 1 in Shanghai and you see they are changing, but not as fast as we all want it.

If you didn't know that I will consider your arguments irrelevant.

Jumping from one altcoin to another altcoin to try to get rich quickly but fail.
Holding hands up and begging for free btc giveaway.

If you didn't know, I consider you very succesfull.

Great information, thank you! The Chinese buyers must know this, so there is no reason why they shouldn't just hold onto their coins instead of dumping. All in all it looks like this is the bottom after all.

It is also very fascinating to hear that the Chinese gov know that they can't stop it, and will not risk it going underground by a ban. This is big!

We are not at the end of the road and some things are still not clear.
But from time to time interesting stuff is popping up.

If you have friends who understand Chinese, ask them to watch www.yangyang.tv and tell you what is happening there.
You will find a lot information in your own benefit.

Stupid interview

All I know is that China isn't used to not stealing something. They have fake phones, Twitter, Facebook, etc. They can't stand not controlling Bitcoin.

It's not just the Chinese government that once the price of BTC lower. Institutional investors won't get on board until it's lower than we are now.
Like the Canadian shill guy said, why buy it $450 when early adopters got it for pennies.

 :D :D :D :D :D :D :D

By that logic why the hell should anyone then ever buy from those investors this idiot is talking about? A lot of bitcoins have ALREADY been bought up by big investors, and I'll guess that a lot more are slowly being bought up now in the background now at these prices.

I heard BigFoot was also buying Bitcoins from darkpools. Also Obama. And the Tooth Fairy.

The trick is to find suckers who can buy it from you for a price more than what you had to pay for it. Ask that person to not sell cheap when it's time for him to sell and together all of us can go to the mooooon....

I think what we can conclude from this information is that Bitcoin is already a huge winner, because people in China want it and the government has to do all kinds of weird gymnastics to even influence it.

It's absolutely beautiful that the Chinese government itself is causing the very price dips that they are purportedly working to protect their citizens against! It couldn't be more obvious this is 100% about CNY vs CNH and capital controls, though wrapped in rhetoric about "speculation" and "gambling". It makes sense too within the auspices of their system, you simply can't have a domestic Bitcoin market circumventing capital controls, but watch once the Chinese exchanges only use the offshore currency, suddenly the PBOC has no problem with anything.


I'm pretty sure the Canadian shill is just some loser and does not represent the prevailing opinion of institutional investors. Bitcoin has an enormous upside across multiple gigantic use cases, yet somehow institutional investors are pissed that people other than them got to buy in sub-$1? Honestly that's how dummies think. There were people who said exactly the same things about double-digit Bitcoins, except these weren't institutional investors, they were just random yahoos on the internets who believed somehow they missed it, and nothing apparently is worth getting involved in unless it's a lottery-sized windfall. This is not how professional investors think, this is how unsuccessful people think, to paralyze themselves from acting in any situation, and cultivating envy.