Bitcoin Forum

http://v.youku.com/v_show/id_XMzA3ODE2ODY0.html

it introduced bitcoin first, then warned a lot about the investment risk and legal risk.

good.

This is not necessarily good news  :-\

Often stuff like this precedes active government action to curtail said activities :P

It does however mean that "the word is out".

And peeps here do love anything that allows them to bypass restrictions ;D

I doubt the Chinese government will crack down on bitcoin for a while - if anything they will look for an economic advantage.
It depends on how Chinese people use it. If they start using it to move money out of China into alternative, anonymous safe havens, there may be a problem. But it's still much too small to worry the Chinese Government.
The Chinese people, on the other hand, will definitely use it once they see it's potential - if only to diversify their savings outside of the Chinese governments control.
(I live in Shanghai)

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

The spike in trading tends to lag at least a week behind big news as people figure out how to change their money into Bitcoins.

Also the number of people in China in an economic position to use bitcoin is equivalent to the population of a typical European country.

What's the big deal then? If people still can't even afford gpus/buy some it makes sense the impact is rather small.

Well there is always Japan & South Korea...

GPUs are quite cheap in China - and you can easily find someone who will modify your electricity meter.

They have cheap Android tablets with wifi. You don't need to hash to use bitcoin.

I'm a hashaholic ;D

I tend just to drink when I trade in bitcoin - hence I bought at $14

The only advantages of chinese people is they have nothing to invest.
Bitcoin must be a good choice.

Dude you obviously dunno jack. China has more USD millionaires than the US does. Most families in the major cities here have net-worths in that range as well ;D

What's the best exchange for someone in China to purchase BTC?

https://btcchina.com/ (https://btcchina.com/) Is probably the simplest to use as they accept alipay.

Apart from that Ruxum has a good setup for China with low withdrawal fees for anyone with a Hong Kong account (I dunno if Gox can match this) and decent prices for "international wires".

But I'd say that most "money" peeps would be headed for Mt Gox as it's the largest market to play around in.

What China really needs atm is a decent pool hosted in Hong Kong, Maccau or Japan/Korea.

mt.gox has a hong kong bank account, so it should be feeless for transfers to mainland China. The amount of trades in RMB on mt.gox is still too small though. But you can transfer any currency to a Chinese bank account (though there is a $50k limit per year on withdrawals if you are a private citizen)

Hi, we are catering for the entire Asia market as part of our Global Exchange, we have inbuilt most languages and also currencies into the Exchange from any country in the world landed in your Exchange account within 24 Hours from sending the money.

We have strategically made sure that we can cover as many markets as possible with our system which we have built form the ground up.

Our Exchange is Opening to the Public within the next 14 days.

Thank You, we welcome clients from all over the world.

The meek shall inherit the Earth my friends. I am just so excited that we are getting TONS of free publicity, and that our message is spreading to every part of the planet.

It is not because Bitcoin is meek that it will inherit the Earth, but because it is strong.

btcchina.com

The transaction volume of btcchina.com is very small compared with mt.gox. May still be a good choice because it is still very difficult moving money in/out of mt.gox for non-usa citizen. I have tried to deposit some money to mt.gox through its HK bank account two week ago and still not yet credited to my trading account, not to mention to withdraw money may take them months to process and the high cost.

Bitcoin in Chinese is really cool. 比特币 could just be bit-coin but it also seems to hint at competition and scarcity. My best attempt:

比 (bǐ) "ratio", "compare" or "compete"
比特 "bit"
特 (tè) "special" or "unusual",
币 (jīn or bì) "mint", "coin" or "currency" (scarf radical) as in 人民币 rénmínbì or 中央造币厂 Taiwan's central mint

I'd appreciate corrections/interpretations.

google returns 2.2m results for 比特币

i wonder how many of those are related to bitcoin.

My guess is all of them. A picture is worth a thousand words (http://www.google.com/search?q=%E6%AF%94%E7%89%B9%E5%B8%81&tbm=isch&biw=853&bih=495). And a thousand pictures...

http://t2.gstatic.com/images?q=tbn:ANd9GcSfSH_UzpbMoIWQKaBZK3qzxKcQLrsKAhLuifAHT2xOvtnQHRei_w

Isn't Ruxum in Hong Kong and trading CHY/RMB?

but i wonder it that is just some kind of google trickery.

(because google has learned that 比特币 = bitcoin so it also returns results for bitcoin, even from pages that don't include 比特币)

edit: i guess not... 'bitcoin' doesn't appear to be known to google translate yet.

I wondered that too. Even if Google can't translate it, Google is one big association engine. However, if you click on the images you'll see they are definitely Chinese sites with bitcoin related images. A billion people and a million query hits? Sounds reasonable.

It gives a more realistic result if you quote it: 
"比特币"
183,000

well to put it in perspective, in english we get:

bitcoin - 4.35m
"bitcoin" - 2.39m

I'm just an ignorant consumer but seems to me that there is some economic advantage, at least for small payments. Isn't depending on, for instance Paypal, somewhat cumbersome for non-US online vendors? I routinely buy stuff from China through eBay and I'm sure those sellers would love switching to a network with less regulatory fuss. Isn't what's bad for international banks good for local economies? Depends on your locality I guess...

This is the perfect way to drive down trade barriers. So you're absolutely right ;D

比特 is really just an attempt to transliterate the English word 'bit' (as used in computing)
币 its definately bi (I'm not sure where jin comes from - are you confusing it with 巾, which does mean scarf?)

It's actually both jin and bi but jin is an archaic form of it. If I remember correctly it's from old Wu where they didn't use 金 for gold. Gold and coin are rather closely related in lots of ways.

In the OP video (http://v.youku.com/v_show/id_XMzA3ODE2ODY0.html), you'll hear her say bǐtèbì ("bee tshe bee") about fifty times (beautifully enunciated at 0:33-0:35). You can hear google say it (http://translate.google.com/translate_tts?tl=zh&q=%E6%AF%94%E7%89%B9%E5%B8%81).


Thanks. Could a native speaker hear something like "competitive scarce coin" or only "bit coin"?

I wouldnt get too excited yet.  not sure if google trends is accurate for china (they pulled out of china didnt they?) but if it is:
http://www.google.com/trends?q=bitcoin&ctab=0&geo=cn&date=ytd&sort=0

BTW, looking at the whole world, google trends paints an interesting picture:
http://www.google.com/trends?q=bitcoin&ctab=0&geo=all&date=ytd&sort=0

Seems like an almost perfect correlation with BTC price, just one month or so delayed.

Google isn't the search engine of choice here.

Baidu.com (which is a total waste for anything non Chinese) is the main engine here. And it just spiked quite heavily.

just bitcoin, bit coin

if you are a student in china you get 35% off any computer items plus they're all made in china so already 50% off the price we pay here in america... you do the math... if youre a student and can afford computer/parts you can build a 1200mhash rig for the cost a US miner would get not even 350mhash... dont believe me translate commerce pages and convert prices.

a 6870 is around ~140 US... in china is about 70 for a consumer or 55$ for a student...

Each of these characters is like a syllable in English. It would be like hearing 'comp spec coin' in english. Compspec just sounds like some new companies made up name.

Oooooh did someone overspend on mining equipment?  :P The thingy you mention is only in government sanctioned stores selling really low grade crap like android tablets or low-end laptops.

http://item.taobao.com/item.htm?id=10602748589 (http://item.taobao.com/item.htm?id=10602748589) is one of the cheapest 6990s available @ 734.44 USD it's neither really cheap nor decent, notice the central fan that means you cant properly cool the rear gpu.

http://item.taobao.com/item.htm?id=9563372611 (http://item.taobao.com/item.htm?id=9563372611) is a fairly normal example of a brad name @ 979.777 USD it isn't cheap in anyway.

Those 6870s you're so hot about go for around:

http://item.taobao.com/item.htm?id=10676020541 (http://item.taobao.com/item.htm?id=10676020541) @ 203.637 USD feel free to search taobao and get the price you mention.

What we can get here is the occasional junk card and resolder then @ very low prices. I bought a bunch of 5770s @ 20USD but A) had to have components replaced and B) had to cook up coolers for them.

But what you're talking is totally unsubstantiated bull. Get a life or post some proof.

Please be more polite.

Ummm no. Some of the ignorant idiots here don't deserve time of day when they spread unsubstantiated BS.

"ignore" is you friend.  I didn't think what he said was that bad, but his reply to you was stupid and arrogant, so now I add Bigpiggy to my ignore list.   :)

I for one appreciate Bigpiggys input.  I don't need things candy-coated to weigh all the evidence presented.