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The CCTV programme is not any sort of official endorsement of Bitcoin. I think China is "wait and see"-ing, just like most other govts around the world. To be honest, the more exposure it gets, the more likely it is that some old grey person in some nook or cranny of the govt will decide to crack down on it.
Nice increase in downloads, but it will likely not have a significant impact on the price. BTC is not new in China among the young/tech-savvy audience.
That said, there is an exciting opportunity to capture the less tech-savvy public. Chinese *like* investing. IME, it's not like in the West, where few people trade stocks directly -- many Chinese from all walks of life are heavily into the stock market, and will lap up the opportunity to participate in a pump.
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Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
2 billion people just now getting exposed to a store a wealth beyond the control of any state. the culture is all about "saving". they won't care so much about what you can buy so long as their investment grows. bitcoin has yet to see what real deflation is Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay).
Two-factor authentication for login, + additional un-keyloggable trade PIN stored in separate database for trading & withdrawals.
This should be the last week before we open up -- we don't want to launch too soon.
Will save the rest for a thread where I'm allowed to post this stuff.
On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us.
awseome! great news. yeah the cny -> usd is expected and makes perfect sense. i look forward to the official post. Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best.
are your local "client facing" servers going to be hosted in shanghai? will you use a .cn name? i just ask, to know if you will acquire an icp license. i tend to believe that would be a major validation of the governments acceptance of the bitcoin movement. there is something about a full exchange using blockchain.info's api that doesn't seem right to me; imho you'd be "more secure" with your own local solution (over a private network); but i'm just gonna mind my business on that one anyway, this is all very exciting stuff and i wish you the best of luck with your launch. (definitely gonna have some fun watching the events unfold in the upcoming weeks) Thanks. The ICP is the crux of the issue with the hosting at the moment. We're working on it.... red tape is enormous and we don't want to rock the boat too early. On the blockchain.info api... Let's see. It will be costing me more than self hosting since they charge transaction fees on moves. The record to date of people running their own isn't great. I'm prepared to fall back on my own. |
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Chinese government likes bitcoin for the same reasons it likes precious metals. They want to bring wealth into the country.
And China will promote anything tha hurts us dollars dominance over the world. If I had to bet, China gov will support Bitcoin as long as it helps bring down dollar dominance and then turn strongly against it if that ever happens. Bear in mind that China's vast foreign reserves are largely denominated in US dollars. They're likely not as keen as you think to see them drop in value. |
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are you planning to actually HOST the servers in shanghai as well? which channels will you support for cny <=> btc at launch? ------------------------- fyi - btcchina is back up and it looks like the downtime was caused due to a switch over to cloudflare for ddos protection; their ip is now being sourced out of europe -- things are looking up for them  Hosting overseas. We're using blockchain.info for hosting bitcoind -- we believe it is the most secure way as it means attackers can't do anything with the server even if it gets owned. Using a scaleable solution with load balancing. Over the past few months we have tested a few hosting strategies; this is the best. Alipay, Tenpay & OKPay at the start; but we will have controls in place to prevent direct CNY -> USD transfer to comply with the law (e.g. if you put CNY in using Alipay, you can't get USD out using OKPay). Two-factor authentication for login, + additional un-keyloggable trade PIN (hashed and stored in separate database) for trading & withdrawals. This should be the last week before we open up -- we don't want to launch too soon. Will save the rest for a thread where I'm allowed to post this stuff. On BTCChina, they keeping switching to/from cloudflare -- they were on it last month. Unfortunately cloudflare performance can be horrible in China, so they tend to switch back. DDoS suck for all of us. |
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^ In this case, I couldn't agree with you more, arepo....
Good news will come that will affect the price positively, but this seems a little like clutching at straws.
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I'm in Shanghai...
In my mind, the bitcoin ecosystem here is still underdeveloped. BTCChina and it's competitors are a good start, but they aren't able to compete with the big Western exchanges in terms of security or useability (and that's not saying all that much -- aiming for parity is hardly shooting for the moon).
For the past couple of months, we've been working on a new China/Global BTC exchange that will hopefully change that. We plan to advertise online and in Shanghai's financial districts... including a 0.1 BTC giveaway for new users.
No URL yet -- we're still doing stress testing and getting all our ducks in a row. But watch this space. Next weekend, all going well...
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$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?
News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day. I have some news that should improve on that, hopefully coming this week... |
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It could just as easily hit 75 tomorrow. If you can afford for your $150k to drop to $120k ($30,000 lost...) and not be afraid, then yes, you might be able to hold long enough for it to go back up to 200. But, good chance is if you invest all your money and it drops another 20% you'll panic, sell, and then it'll jump back up 30% the following day. That's just how it works.  Bears have a funny way of putting words in other people's mouths... I can tell you this: Me, and a great many people here, would *not* sell if the coins they bought dropped by 20%, because we are not fools. If this describes you, then fair game. However, not everyone has such weak hands. |
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Once the US wakes up there will be a massive sell-off,it is not a time to wait and see.I'm actually thinking somewhere around $20-$30 where this could settle.
Bullshit! We were at this exact price 12h ago when the US was fully awake, and not much has changed. The dumpers who got inside info have already dumped -- 12h ago. The effect on the market has already transpired. *after the dump* is a *terrible* time to sell. Buy high and sell low, FFS. Oh please.You really think that there is no negative indicator if the largest exchange being sued will not have a negative impact and that this is the bottom...that is naive. Just to clarify my position from your straw-man: It is negative news. That I don't doubt. What I *do* doubt is the price action. I believe we've already seen the lion's share of the price action due to this news. Remember the blockchain fork? far worse news, drop was instantaneous. Recovery almost as instantaneous. This news is an order of magnitude less bad: Just another silicon valley rick berk falling back on the US legal system. |
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Once the US wakes up there will be a massive sell-off,it is not a time to wait and see.I'm actually thinking somewhere around $20-$30 where this could settle.
Bullshit! We were at this exact price 12h ago when the US was fully awake, and not much has changed. The dumpers who got inside info have already dumped -- 12h ago. The effect on the market has already transpired. *after the dump* is a *terrible* time to sell. Buy high and sell low, FFS. |
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Hmmmm, The pumpers will be pumping something....
TRC?
Anyway, value will be flowing back into BTC for a while. We're due.
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The main reason is: trolls.
You don't register on a bitcoin forum to express your real negative sentiment.
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Look at the 30 day picture on Bitcoinity.
Doesn't look like a significant crash right now -- or much scope for a rebound.
Which is: insanely bullish!
We're recovering from one of the most insane crashes ever, and there she goes -- tootling along with strong support at or around $100.
This bodes very well for the price this time next year.
The short-term bears may be cashing out and standing at the sidelines sweating, ready for the next surge -- but ultimately it is all quibbling over cheap coins. This time next year they will be cheap at 10x the price.
I've been watching that chart and I see a sinking ship tring to stay afloat. Sucks to be you...! :-) |
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Look at the 30 day picture on Bitcoinity.
Doesn't look like a significant crash right now -- or much scope for a rebound.
Which is: insanely bullish!
We're recovering from one of the most insane crashes ever, and there she goes -- tootling along with strong support at or around $100.
This bodes very well for the price this time next year.
The short-term bears may be cashing out and standing at the sidelines sweating, ready for the next surge -- but ultimately it is all quibbling over cheap coins. This time next year they will be cheap at 10x the price.
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Do you think its gonna go down to $75-$80??? time to sell some btc?
Newsflash: If you're wondering "Is it time to sell?", it's already too late. (that means: it's time to hold or buy). |
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People deal with far greater uncertainties in fiat currency.
I think you need to separate your concerns: A great currency and a fair world.
As they say: There should be a way to have our cake and eat it. In an ideal world yes. But don't become anorexic while trying. Seriously -- I believe that the world's problems can't be solved through economics. In my mind, the USA is kindof a case in point. Equal rights and assured access to basics (e.g. education & healthcare) should be higher priorities than the success or failure of any economic model. Maybe I am just naiive, but I don't like seeing the tail wagging the dog. |
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I think we reached our first hype peak already. I don't think upward price movement is driven by newcomers investing right now (if it is, they'd have to have balls of steel).
Rather, upward movement will primarily be driven by people with fiat already on the exchanges from previous sells.
That's my hypothesis anyway.
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Asks are basically flat to $120. I know that with panic selling, the money will appear rather than being tied up in walls -- but there still doesn't look like huge scope for the price to deflate ad-infinitum. On the bid side, there are sizeable walls at $96 and $97. I think we'll pass through $100 a few times today. It will be hard to keep the price down. |
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100 is neglijable. Also 1000. Not all the people in the world would use BTC, as not all would use gold.
Also, the lost BTC will be felt, as in not being traded, not having any value
That isn't what this is about, it is the uncertainly of supposedly lost coins which is the issue. Remember the 78% of all coins ever never moved paper? Now we could say that some fraction of these coins are most likely lost, but how large is it? We have no way of knowing. Infinitely deflating currency can only work for either: a limited time period and/or a limited economy or if there is a mechanism of ensuring that some previously assumed "lost" substantial value doesn't suddenly resurface. There may be some mechanism which could be implemented like a maximum transaction amount but I doubt this would be very well received by most. People deal with far greater uncertainties in fiat currency. I think you need to separate your concerns: A great currency and a fair world. |
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Just sent another wire to mtgox. But I afraid I missed today's opportunity of buying at $90s  I'll appreciate if you guys panic a few days more. You say that bitcoin is dead and obsolete, but don't worry - I'll always buy this junk from you just to add it to my collection. So with the Bitcoin ATM now being a total scam and lie based on my link at the top of this thread what are your fundamentals for thinking it is worth more than $50 right now? Bitcoin ATM has next to zero importance for Bitcoin's value. They are neat -- nothing more. Dude, think global -- how in hell would a few ATMs in the US have any real impact on a global, decentralised internet currency? |
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