Bitcoin Forum

This comes from the mouth of a person who is working in China as the vice president of the Bitbank Group. What does this mean for bitcoin in China? Many people in the forum are declaring that they are an important part of the community and there some who say that there are a lot of bitcoin users in China. It is all untrue. What they want is yuan from bitcoin trades.

Is it better for them to be banned by China's central bank forever?

https://news.bitcoin.com/wp-content/uploads/2016/06/Bitcoin-China.jpg

Due to the pseudonymous nature of bitcoin, it is sometimes difficult to figure out who is using the digital currency and for what reason. In a recent interview with Chris DeRose, Bitbank Group Vice President of International Affairs Virgilio Lizardo Jr. discussed the type of people using bitcoin in China.

Bitbank Group is behind some of the most well-known bitcoin companies in China such as cryptocurrency mining company BW and cryptocurrency exchange Bter.

According to Lizardo, the use of bitcoin for price speculation is the main thing that has attracted people to the digital asset in China.

“There’s very little users,” Lizardo told DeRose during the recent interview. “I would say 99 percent are speculators.”

Read in full https://coinjournal.net/bitbanks-lizardo-little-bitcoin-use-china-99-speculation/

Of Chinese users of Bitcoin I do not even doubt because they have a very strong hold on crypto currency. The peasants were informed that Bitcoin's lion's share is under the control of China.

@wowanstrong. Did you read the article? It is saying the opposite of what you are saying. They do not have a very strong hold in bitcoin and the cryptospace. 99% of them are only trading and holding it because they are only speculating on the price. They have no interest in the community or in the technology, they only want the yuan they can make from it.

You are really right to describe the activities of Chinese Bitcoin users to 100%. If you analyze all their activities in any field, even in industry, you can come to the same conclusion that they are interested in money and not a quality product or some kind of technology.

Pfft.  You people are liars, pretending that you're against speculation on the price.  If the price was still $1, nearly none of you would be buying and using Bitcoin.

Let's get real.  The vast majority of people holding Bitcoin at all are doing it to speculate, and those that aren't would still sell if they were worried about the price.  

In the future, when the price stabilises, it'll be different - for now, it's 99% speculation in every country.

@Nagadota. What lie? We did not lie, we were only agreeing with what was reported in that article. If you think that article is full of lies then please prove it. Virgilio Lizardo is in China right now. He knows what is happening about everything regarding bitcoin over there.

It is not that what is written in the article is wrong. It is just that this phenomenon is not restricted to China alone.
A lot of people all over the world are into Bitcoin purely for speculative reasons.

it's totally obvious there's nothing but speculation in china. you can't spend it anywhere. they haven't come up with any contributions to the code. the node count is a fraction of the number compared to america.

in the rest of the world i'd say it was about 95-98% speculation. not very many people are in this for the good of the human race. they want more dollars.

If you had read my post (which you clearly didn't since you didn't even quote parts of it) you'd realise that I wasn't saying the article was lying by any means.  I was insulting people who limit everything to "the Chinese" and "China" when it's meaningless considering that people's attitudes in other countries are nearly exactly the same.

The important thing is that speculation is okay.  The idea is that if enough people protect themselves against fiat and stock markets by investing in Bitcoin, then eventually the price stabilises at a higher price, making that speculation worthwhile.  That's great and then Bitcoin can actually become even more mainstream after that as its stability makes it more effective as a currency as well and it becomes better for the good of the human race.

There's no point limiting everyone's minds to insults on China when speculation can contribute as well.

I wonder where did he take this figure from? there is nothing but an IMHO of a person ,not backed up with any facts
strangely enough majority of the ASICs manufacturers,pools and largest miners are either located or associated with China
here goes bs about "not interested in technology or community",this kind of articles are nothing else but hidden propaganda
i.e. chinese are greedy bastards who exploit poor western hardworking contributors and only  are speculating and generally destroying our bitcoin
akin to: russians rigged election-we have no evidence but we will sing about it in every paper untill you believe it
I have no love for chinese but lets be fair here

@veleten. Yes maybe 99% is not accurate and not entirely true. But it might be close to it and what he is saying is really what is happening in bitcoin today. I gamble using bitcoin sometimes but I only use a small amount. Most of it is in a paper wallet held as an investment that I have no plans of touching. I speculate this is what most of us is doing.

Storing bitcoin may make long-term investments for some banks

With good management and planned marketing will certainly produce a good result

I have to admit that this is quite true with me. I have Bitcoin because I am expecting that its value will keep on rising and I would be earning money if I will convert it into my local currency. However, this is also quite true with people who are holding fiat currencies like US dollar.

But there is no question that Bitcoin represented a shift of paradigm and a new financial system and there is no doubt on that. People have always reason why we do things or prefer one thing over the other and in this case in Bitcoin all of those reasons can be accommodated here.