Bitcoin Forum

speculate

The problem is you don't know what they are coming for I guess. In my home nation they are short of investment options due to government mismanagement, there is an atmosphere of despair among them, at the same time, a few million yuans can easily be set aside for millions of them.

Billion of hungry bulls just ate all the bears population in China.
And they want more!  ;D

Like my husband said on another thread, "Pandas are not bears!"   ;D

no bears in china. you should know that

This implies there are chinese bears..

Speculation in China is punishable to death  :o

Bitcoin and China are a good fit. Honest money for honest people.

In China the bubble bursts you.

baahahahah, funny one. Been to China numerous times, done business with lots of Chinese people, and my wife is Chinese.

They're no better than anywhere else. Especially the younger generation. Evil just like us! lol

Hopefully that quest for riches and greed helps bitcoin though!

You mean in soviet Russia?

I mean, its not like BTC-e hasn't been experiencing a bubble :\

China is bearish... on U.S. dollars. Be prepared.

The crazier the Chinese push up the price on their exchanges (Gox and Bitstamp struggle badly to follow),
the harder they are going to crash. I am afraid that the China government could become hostile towards
bitcoin if such an epic crash results in civil disorder or some other issues (mass suicides?).

The crash in China is accelerating, back to 2100 right now.
So in about 12h it went up 25% then quickly down. Madness IMO.

At this point a Chinese bear would not own Bitcoin.

This question will become important in about 4 months.

Look at it this way: How many BTC have Chinese ASIC owners and producers now and how many will they have in a year?

IMO China (and other exchanges too, but better defined in China) is 'performing' the second of two sub-sub-waves that follow
a short term recovery from a crash. When Gox dropped from 233$ to 177$, the drops that followed the recovery went from 217$ to 177$,
and looked like a tumbling knife. It will be interesting to see if this scenario (kind of) repeats itself.

I think OP was asking more for this:

http://2.bp.blogspot.com/-cFmLStEtLMc/TZweHoktc-I/AAAAAAAAAEc/Zrrld8YQBPc/s1600/20090820panda-bear-d.jpg

The last Chinese bear has just been trapped and gobbled by bulls ;D

http://bitcoincharts.com/charts/chart.png?width=940&m=btcnCNY&SubmitButton=Draw&r=1&i=5-min&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

http://www.pbh2.com/wordpress/wp-content/uploads/2013/04/cutest-panda-gifs-ball.gif

Noooo!  they be stealin' my Bitcoins!

Don't understimate the utility value to the Chinese of Bitcoin as a method to convert CNY to USD and move it out of the country. Individuals are capped at USD 50,000 equivalent that can be converted in any year. Buying bitcoin with CNY, sending it to another exchange and selling to Euro, USD or whatever allows this quite effectively.
Other methods are very expensive and convoluted and involve doing deals with third parties who arrange for you to deposit money into a strangers bank account in China whilst having another stranger deposit money in your overseas account.
All in all using BTC is cheaper (although at 25% differential between Stamp and BTCChina that may not be true) involves far more time and has a much greater risk of your money simply vanishing.

Of course if this does get to large the Chinese government may choose to do something highly negative about it - but in the meantime enjoy the scramble.

That's it, exactly. This Bitcoin run-up looks like a rush to do just that before the People's Bank of China stops it.

A caution for users in China: if, at some point, the PRC decides that Bitcoin transfers in and out of China are undesirable, the Bitcoin protocol could be blocked by the Great Firewall of China.

Don't think so. Chinese government is pretty satisfied to see their people stocking up with bitcoin, which shatters confidence in US dollar.

How can the great firewall of china stop Bitcoin transfers? You still know your private key, so if you wanted couldn't you always sign raw transactions and use some sort of a out-of-china server to "push" the transaction onto the network?

China has for a very long time made pro Bitcoin statements....

....likely because they see it as a queen on the chess board, finally undermining the dollar.

The Chinese don't play the short-ball.  They are thinking long-ball.  And have had it in their mind to get off the dollar dependance one way or another.  This is part of a long-term move for them.

I don't see China blocking Bitcoin anytime soon.

I spent time in China.  China blocks the internet, but every Chinese person has VPNs setup to subvert it (even though their is a stiff penalty if they get caught.)  And that's just with a motive to get information.  Imagine a financial motive.

...Even if they tried to block Bitcoin they couldn't.

Probably easier to simply tightly control the echanges and put monetary controls there just like they do fiat exchanges.  So hopefully the operator of BTC China sees that one coming because even if China remains neutral on Bitcoin they likely are going to want control/insight into currency flows into Bitcoin.

Even easier is blocking access to the exchanges websites.

Not relevant because nobody in china is actually buying bitcoin. As I've explained previously, the volume on btcchina is primarily criminal traders (mostly americans) who have fled FINCEN regulated exchanges.

Where are you getting your data?  And how do you come to this conclusion?

Common sense. And:

-Correlation with diminishing volume on FINCEN reg'd exchanges and increasing volume on non-reg'd

-no trader fees on btcchina

-btcchina encourages trading with oneself through awarding shares to high vol traders

-btc ripe for manipulation due to fiat stuck on exchanges

lol you are so full so shit.

I will be proven correct, eventually.

Also, I preemptively accept your apology.

The rise of BTCchina corresponds with the overall rise of bitcoin. We aren't seeing a diminishing volume of the other exchanges.  We are seeing Gox lose it's monopoly (thank God), but other exchanges like Bitstamp have taken up that loss in volume at Gox.

I don't see how you can extrapolate that all this money driving BTCchina price is based on American criminals.

I believe we are indeed seeing a market driven by the Chinese themselves.

The ultimate answer though to your question would be a meta analysis of the BTCchina client database.  An interesting meta analysis it would be.

btcchina conveniently doesn't require much identifying data from its traders.  :D :D :D :D :D :D

china bears just got their morning tea, checked QQ and now begin with trading

enjoy the show  :)

If only it wasn't 1am here, I would stay and watch the show all night haha

4 am, yay

4 am here too. This market has no respect for people's sleep hours!  >:(

I remember reading in a mag years ago that in the west people make business plans for a year or two ahead while the chinese plan decades ahead.

The question is are the chinese the ones buying up most of the coins?

Bitcoins have become even more interesting, who would have predicted a $350+ price in Nov. after the price slump in the summer???? Crazy.

LOL, pathetic bearish trolls patting each other's back to get a bit of comfort.

The Chinese Gov may crackdown on Bitcoin purchase, but look at how well did that work out with the VPN fire-wall trespassing industry, which they have been waging a war against for years? The Taobao merchants could simply change the names of the virtual goods for sale to whatever that can elude the authorities, as long as you can't shutdown Taobao(which is impossible because it's solely responsible for the creation of tens of millions of jobs), I predict we will see an army of Bitcoin selling agents willing to take over the job of exchanges in China.

They can put on monetary control has well, but they have also cracked down on "illegal fund-raising" for years, even meting out death penalties sometimes, but the usury business is as prosperous as well,  investors in China are just desperate for investment options, not to say practically anyone with power in this nation can be bribed.

The commies may eventually be successful in shutting down mining operations or blocking their connection with the network at large, it will have hardly any influence on how Chinese purchase Bitcoins. And it's entirely workable to just outsource the mining work to the legions of Chinese living overseas.

seems i found the reason why there are no bears in china:

https://i.imgur.com/Uw3tsai.jpg

fortune cookies, though accompanied with Chinese food, are not tradition in China.

stop spreading FUD.  ;D

Don't know about chinese bulls but chinese bears would surely bring the value down below $250 in next quarter, I speculate that.