Bitcoin Forum

The big talk as of late seems to be how the trade volume in yuan is surging past USD and all other currencies but I've seen some people leary of this for reasons I can't understand.
ANY nation with a bunch of people buying bitcoin is a generally good thing but I'd like to mention why the Chinese having access to bitcoin has alot of potential.
China has a famously high personal savings rate: http://english.people.com.cn/90778/8040481.html ---somebody can find a better source, i didn't feel like digging. But its no secret that the Chinese save at extremely high rates. But many don't see how this alone would be good for bitcoin/why they'd buy bitcoin. Consider the Chinese gov's monetary policy which is infamous for undervaluing it's currency: http://www.tradingeconomics.com/china/currency This means that all these chinese savers would be more likely to move that savings into something that would grow more.
Now of course this doesen't mean 1.3 billion people are going to start buying bitcoin, China's middle class is still woefully small compared to other nations. However those that do have net access and want to earn on their savings have to be drooling at bitcoin.
 

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

I've mentioned this before, but I'll do it again because I think it will be interesting.

Bitcoin is an open protocol and an open-source project.  It is defined by what software users decide to run.  Most mining hardware is linked strongly to China since that is the world's technology center for such things.  At the present trajectory (associated with government and regulatory harassment), it won't be long before most of the computers running Bitcoin in some fashion are also running in China, most users are located there, and probably most of the BTC will be controlled by people living there also.  What will be very interesting to note is whether there will be differences of opinion on how the protocol should evolve and whether the development will eventually fork over such differences should they crop up.

Again I'll mention that if the policy makers in China made the same sorts of calculations that I did, and noted the utility of a disruptive technology such as Bitcoin and how it could be leveraged against a more dominant world currency such as the USD in times of crisis, then they have vastly more pragmatism and vision than I gave them credit for and/or the evolution of the governance of the nation is proceeding faster than I imagined.

Yet another thread about the same topic about the Chinese into bitcoin...oh joy.   You could have added your findings to another thread rather than make a new one.

But yes that is interesting and China is the main reason to be bullish on the bitcoin price for the short-term. There are many reasons to be bullish long-term.

Yeah, cause we all speak Mandarin...  ;)

but its one of most difficult language in the world  ;)

This would be fun. They have the most spoken language in the world. And also they are the waking giant, so it would be great if they would jump in to slingshot bitcoin to progress. :)

Most of them read English or have a friend who can. Lol

oh, i like that  ;D

this is off topic, but i should point out China has more internet users than anywhere in the world. that sentence made it sound like internet access is a rare thing in China.  It's not :)

I agree with you though, the more people getting into bitcoin the better

If the are on Facebook odds are they speak English.  It's the Chinese social media sites where a pretty high % wont speak English.

Brilliant Picture. Very nice find sir/madam.

Going back to the Baidu (or whatever the Chinese Google is called) I saw that as the most bullish news yet for BTC. People need to understand that when BTC is taken in by a large company like that, you can have reasonable certainty that the Government has a hand in it or at least gave the OK. And now there is the news of more BTC on CCTC regarding that Canadian ATM. The volume in China is now surpassing the US exchanges.

What happens when India Joins in? This is going to get bubbly and it might not really even be a bubble...

We need some India and China coins, like that one "Chinacoin". But that pay you to translate for people or something. 50% goes to mining, 50% goes to helping Bitcoiners in China communicate with Bitcoiners in the Western world. (not a pre-mine. Structured like Devcoin)

I think it would pick up faster than any other coin because:

1. It could be posted in both the China thread and the Alt-coin thread
2. It would probably end up being the main news pipeline between America and China about bitcoin and the changes in either country.

FIFY(?)

wow this is great, seems like the Chinese see more potential in LTC and respect it more than the English speaking LTC troll/haters.
This picture is awesome BTC and LTC hand in hand, but i think it's photoshop anyone can confirm it's real?

Looks real to me.

LOL It's not.. and originally the picture only got the BTC sign, the litecoin symbol was only added after..

Chinese interest in bitcoin rises in leaps and bounds, the chinese page for bitcoin in wiki saw a 3 times increase of visitors in the first 3 days after that short video on bitcoin on chinese TV, but yesterday there was like 15 times more visitors than any day of the past week, amazing!

http://stats.grok.se/zh/201310/%E6%AF%94%E7%89%B9%E5%B8%81

Original? or taken prior to the new bitcoin/litecoin addition?:

http://m3.i.pbase.com/u26/accl/upload/43370583.CRW_2779_RJa.jpg

Google Image search FTW.

A photoshop within a photoshop?  Wow, that's deep man!

真他妈扯淡
tran:
Wow thats a great picture, but IMO this is PS(I went to that place in August)

China's middle class is estimated at 500 million , the largest in the world. The link is half way down my Oct 28th post below

The figures link up  500M middle class with 568M internet users shown in my next post

Re: China Trades 58k btc rest of the World 34k
October 28, 2013, 04:54:31 AM
   


Plenty of wealthy Chinese and this is where their money goes

http://www.forbes.com/sites/kenrapoza/2012/03/28/where-chinas-new-rich-are-putting-their-money/

http://factsanddetails.com/china.php?itemid=157&subcatid=70

 According to Hurun Report, and in Chinese yuan terms, the country had 875,000 multimillionaires and 55,000 billionaires in 2011 – 6.1 per cent more millionaires and 7.8 per cent more billionaires than in 2009. The tycoons are young, too. The average age of the respondents with at least 100 million yuan was 39; that of those with at least one billion yuan was 43. Both averages were a year younger than the previous year. [Source: Clifford Coonan Irish Times, January 22, 2011]

According to Forbes the number of dollar billionaires in China rose form 15 in 2006 to 40 in 2007. Shenzhen has the highest number of Chinese dollar millionaires per capita. According to the Boston Consulting Group there were around 391,000 millionaire households in China in 2008, up from 310,000 in 2007. India and China have the world’s fastest-growing populations of millionaires. According to Merrill Lynch, the number of millionaires in China increased 20.3 percent to 415,000 in 2007. A survey in 2009 counted 825,000 dollar millionaires with 116,000 of them in Shanghai

Thats  40 Dollar billionaires in 2007 and 317 in 2013  or is that times 3 or 950?

http://www.ibtimes.com/does-asia-or-north-america-have-most-billionaires-1111165

Forbes

For every billionaire that Hurun Report has found, I estimate we have missed at least two, meaning that today there are probably 4,000 billionaires in the world [instead of the estimated 1,453],” said Rupert Hoogewerf, chairman and chief reporter of the magazine.

The rising middle classes estimated at 500Million

http://www.mckinsey.com/insights/consumer_and_retail/mapping_chinas_middle_class

Our latest research suggests that within the burgeoning middle class, the upper middle class is poised to become the principal engine of consumer spending over the next decade

http://thediplomat.com/pacific-money/2013/05/30/half-a-billion-chinas-middle-class-consumers/



Additionally a substantial amount of wealth is unreported ..could be that bitcoins may be an option for those people

2.34 trillion dollars a year are estimated as hidden

http://globalvoicesonline.org/2013/03/07/chinese-households-have-2-34-trillion-in-hidden-income/

Over 50% want to emigrate and probably need to find ways to move unreported income

http://online.wsj.com/news/articles/SB10001424052970204394804577011760523331438

That got me thinking so I searched it  China TOP with 568 million..US 2nd with 254 million users

http://en.wikipedia.org/wiki/List_of_countries_by_number_of_Internet_users

So if 5 % of them  (28 million) eventually need/want a bitcoin to avail of services on Baidu  we will have a seriously shortage of supply. Add the Facebook users across the world once FB succumbs to accepting it..where do you think the price will go ? LOL

Also

Todays volumes on major markets are 165,000 china  vs 40,000 on the "big3" once again a 4 to 1 ratio

http://btckan.com/price


http://bitcoinmagazine.com/7492/baidu-jiasule-and-the-chinese-bitcoin-community/

Why do so many Chinese people care about Bitcoin? First of all, in some metaphorical sense, virtual currency is in Chinese internet users’ blood. Tencent QQ, a Chinese company which can perhaps be most closely identified with the American Yahoo (or at least as Yahoo was in its heyday in the early 2000s), released a virtual currency called Q Coin in 2007; Q Coin became extremely popular in all sort of online applications including social media and e-commerce, but was eventually neutered by the Chinese government. As far as its user experience goes, Bitcoin, being a digital currency, is very similar to Q Coin, so Bitcoin comes naturally to Chinese users in a way that it simply does not to many people in Europe or North America.

That's where Litecoin and others come into the mix. There will be a competition of crypto currencies, like there has always been competition of pre-crypto era currencies.

Look at how many times "Bitcoin" was searched in Wikipedia-China in the last two days:

http://stats.grok.se/zh/latest90/%E6%AF%94%E7%89%B9%E5%B8%81

Thanks for that. I was looking for the china equivalent of google trends but could not find it until now. The stats show approx 12- 15 fold increase since 1st week of October now 12,000 a day. This will taper off but if the mean is higher then thats a great sign that bitcoin price will hold up

At least it shows an increasing interest in that Country..

i think the same. and the chinese will love Litecoin (like the silver). also the founder of Litecoin (C. Lee) is the brother of the CEO of chinas biggest exchange...

India is next. India is one of the biggest buyers of gold. Families in India rely heavily on gold to store wealth.

Bitcoin is perfect for this niche.

So it is not overlooked, one of the reasons Bitcoin is becoming big in China is because the ASIC manufacturers are based there, and many Chinese are getting the ASICs first and mining a fortune with them. It is in their best interest Bitcoin takes off in China so they can spend their newly acquired fortune.

This I doubt.  The Indian government is completely beholden to Western interests.  They royally fucked their own people recently by trying to shut down their ability to obtain protection in the form of gold through various sorts of taxes and restrictions.  It is not certain that the policy was 100% at the behest of directives from the West (e.g., they may have had internal monetary pressures as well) but I'll bet that it was a big factor.

Another observation is how they went to bat for the 5-eyes spying framework.  You could not find a bigger bunch of supporters than the Indian government even when the abuse was directed right at them.  The government is pathetic and weak.  They'll take all measures to quash Bitcoin among their population if so directed.  India's usefulness is as a tool to compete with China for whatever energy the West feels like allowing to transit through our Middle East holdings, and they can be completely controlled through pressures here.

Not real. I did a reverse image search on TinEye:

http://www.pbase.com/accl/image/43370583&exif=Y

Maybe if enough Indians share these perceptions, it could be a driver of uptake and not a damper. From what I've heard about high perceived level of corruption amongst the political classes, they probably know more intimately than we possibly can, even from the outside.

Close geographical proximity to China is a bonus, I think I've already seen Indian ASIC resellers. And they understand monetary theory, what with their commonly held goldbug tendencies, probably more clued in than the average Westerner.