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Hi,
I am a small business owner in Asia. As part of the culture sometimes it is expected to bring the male client for a night of fun. Is there any business owners here that have done it? And what's your advice.
I have never done it but I know this is sometimes expected.
Please don't judge:)
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Yes it is true that bitcoin has been a way for chinese people to place their money out of China. And that is why the government of China has placed a regulation placing a limit from 50,000$ down to 10,000$ annually,a limit amount on which the CHinese can send outside their country. If Chinese government had not placed a limit then possibly Chinese people will continue to purchase bitcoin then it will lead to economic crisis and collapse of currency. It will be good for bitcoin if they continue buying since it has greatly increased in price but it will be bad for their economy.
Due to money laundering cases soon China will leave Chinese Yuan and will replace it with fiat digital currency.
Interesting. I haven't heard about the new cap. Is it already in place or it's scheduled for mid year which is the time when they impose a new sets of rules irt money transfer. |
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If the Chinese really are using Bitcoin to get money out of the country, could that not explain the wild swings that have been happening in the last few days?
I imagine that some buys a few million USD worth of Bitcoin on a Chinese exchange. They then transfer them to a US or European exchange, and cash out to a USD or Euro denominated bank account. That would move the market sharply in both directions.
If the Chinese really are getting money out of China using Bitcoin, they can't be holding the Bitcoin, as the market cap isn't high enough, so they must be selling too.
You are right on both counts. To further elaborate 1. Chinese has been getting money out of the country for a long time You see, the average Chinese have strong faith in USD, but the swing has been exacerbated because the authorities had a coffee session with the three major exchanges. And this is a sign of tightening bitcoins control, hence the selloff. 2. You are right, 12 million bitcoin is worth 12 billion USD not including lost coins which some says is >50%. So that's only 5 billion which pales in comparison with 3 trillion USD FX reserces they have (I know it's apple and oranges). So they can't be only holding bitcoin, many are selling and buying and selling. Classic demand and supply  |
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Should I have written that part about devaluing national currency "without negatively affecting domestic economy" in bold or repeat it twice (or three times so that you would finally get it)? Basically, you have just thrown out the window what the Chinese government has actually been doing all these years, what is in the price charts, what Trump has constantly been accusing them of doing. You gotta tell him that this is all nonsense, he doesn't know a fuck about economics, and only you, RealBitcoin, know what's going on. Or should I just tell you go and educate yourself?
Why do the people who don't have a slightest clue about the subject always turn out to be most vocal in expressing their disagreement?
Am with you on this, it's like Modern Economics 101. |
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That is nonsense, if they devalue their currency, they destroy the purchasing power of the citizens.
How the hell is that a sane economic policy if people live worse there just for the sake of exports.
Are wages going up faster there than inflation, because if devaluing is so great, why not make the CNY -99% less valuable if this policy is so good?
This is not nonsense. Every economists know that China has been consistently devaluating their currency to increase export, and perhaps to the detriment of it's own citizen. But the negative side of things are contained as China creates everything for it's own citizen. The plus side of things , as we know it, is the made-in-china omnipresence. The persistent argument in WTO revolves around this too. |
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We can not do anything with bitcoin because chinese demand is too high and Once there are anything happened with bitcoin or chinese investors of bitcoins. that is very big problem because They owned biggest bitcoins in the world (90% bitcoin amount from China). I think we need another digital coin for the rest of the world.
Where did you get the source that 90% bitcoins are from China, that's an absurdly high number. 90% is too high to consider since showing this number means they owned most of bitcoin that circulates throughout the globe. We dont need another coin and also no coin would able to get the reputation that is being built by bitcoin now these years but i do believe that they own huge numbers of bitcoin. considering that china has way above 51% of mining power now (maybe 70% or more), they have control of btc now. the biggest miners there can collude and raise the transfer fees and we cant do anything about it. the huge price surge in 2013 was largely attributed to the influx of chinese investors/speculators. china is just too big. even the recent surge is attributed to chinese people trying to circumvent government regulations on moving money. btc is not as decentralized as it is cracked up to be. its a good thing there are so many coins out there. even if btc fails crypto will surely come up with better coins. Wow, ~70% is really high. I read somewhere that because of the cheap electricity and entrepreneurial spirit, Chinese miners are having a good field year, but 70% is extremely high, and perhaps not too healthy. I've tried Chinese exchange BTCC and they look pretty solid, the price is in the proper range too and they charge about 0.0001 (iirc it's a small sum) for any transfer out of their exchange. |
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We can not do anything with bitcoin because chinese demand is too high and Once there are anything happened with bitcoin or chinese investors of bitcoins. that is very big problem because They owned biggest bitcoins in the world (90% bitcoin amount from China). I think we need another digital coin for the rest of the world.
Where did you get the source that 90% bitcoins are from China, that's an absurdly high number. 90% is too high to consider since showing this number means they owned most of bitcoin that circulates throughout the globe. We dont need another coin and also no coin would able to get the reputation that is being built by bitcoin now these years but i do believe that they own huge numbers of bitcoin. Same thought. The % is high, but not that high. |
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They are totally different assets class. Gold is the most stable assets class after cash, but it's also the least performance yielding. Hence the idea of gold is to protect against inflation. Buying gold is like have a different kind of cash which sits in the bank. Buying shares or real estates are active assets which you can rent or hold part of a company hence they generate active income. Gold is great for stability and protection, but it's bad for investments. When you have tonnes of money like a retirement fund or some rich government, gold becomes an important instrument because you cannot dump a few billion in and out of the stock market, not even the dark pool - it will spook everyone. Bitcoin is in the other spectrum of the assets class which is highly volatile. Yes, it is also a currency which sits there and does nothing, but it's a new unproven currency and with it comes alot of speculation and potential, people are buying into possibilities. So choosing between gold or bitcoin is a like choosing between caesar salad and a 2kg waygu steak |
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We can not do anything with bitcoin because chinese demand is too high and Once there are anything happened with bitcoin or chinese investors of bitcoins. that is very big problem because They owned biggest bitcoins in the world (90% bitcoin amount from China). I think we need another digital coin for the rest of the world.
Where did you get the source that 90% bitcoins are from China, that's an absurdly high number. |
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...
We can use bitcoin anytime and everywhere.
Is that so? I challenge you to go outside. Naked and only with some Bitcoin equipped and then try to buy some cloths and something to eat with Bitcoin. If you can do this, then i will believe you. I know that i would either die because of hunger/thirst or end up in a mental institution because i could not buy anything to wear. Haha, that's a funny one. Having said so, you probably can't buy clothes in New York with Singapore dollar, does that invalid SGD's worth? |
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Many have mentioned that BTC is now used as a way for smart Chinese to transfer their money out of China as the Chinese RMB is continuing its devaluation systematically, is this enough to sustain the needs of BTC price growth?
I also think that many have made valid points that the price growth, if true, has been largely based on money transfer but very little life real case of e commerce and what not, is this unhealthy?
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It say that the Australian government is supporting it, where's the proof?
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A rumor is out there that the site is operated by and licensed under a Costa Rica company, Blockchain Limitada, however, googling the name shows no results. It's mysterious, but so far I think they are doing a good job.
Hopefully they will resolve the issue with the DDoS attacks as soon as possible in order to continue service.
Never knew the had DDoS attack, maybe I started late. Hypothetically, they can actually take off with our bitcoins right, and we have no one to claim responsibility? Yup, they can definitely do that. However, that rule tends to apply to all bitcoin casinos as most of them have WHOIS protection and can only be linked back to their bitcointalk account used to make the announcement thread for their site. If you are worried about this, perhaps use a very reputable dice site such as PrimeDice, etc. Satoshi Dice is still down, so hopefully they are working to fix the site and not running with bitcoins. I wish them the best in their endeavors. They are up at my place. And what makes PrimeDice more reputable over the rest? |
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A rumor is out there that the site is operated by and licensed under a Costa Rica company, Blockchain Limitada, however, googling the name shows no results. It's mysterious, but so far I think they are doing a good job.
Hopefully they will resolve the issue with the DDoS attacks as soon as possible in order to continue service.
Never knew the had DDoS attack, maybe I started late. Hypothetically, they can actually take off with our bitcoins right, and we have no one to claim responsibility? |
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Who's the owner of SatoshiDice after the original owners sold it?
Why do you want this all details are you interested in buying back or do you have any query of your account being blocked or anything else. Not really, just for the sake or understanding more about Satoshidice. I gamble very small amount there. |
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Who's the owner of SatoshiDice after the original owners sold it?
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People say that Satoshi owns shitload of BTC, yes that is true - but he didn't touch any of it...
Satoshi didn't touch any of it. Charles didn't touch any of it. Vitalik sold 25% of it, and ETH founders are basically owning the majority of it from the start. |
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I think you might have confused "gambling" and "gambling investment". If you are gambling then obviously you should be doing so for fun and not the profit, and if you try to go for the profit eventually you'll lose in the long run.
You are right, I've confused gambling investment to gambling, didn't know that we are actually the HOUSE when investing bitcoins in bitcoin gambling sites. |
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24 hour volume is the total volume of buys or sells (orders that are filled whether it is buy order or sell order) and for bitcoin or altcoins since the market is 24/7 you add back to 24 hours.
this means if time now is 10 AM you add all the volumes up to 10 AM yesterday. and when time now is 3 PM you add back to 3 PM yesterday.
but for other markets that close at a specific time like stocks market you say the total of volume in one day from open to close.
and no if you transfer (withdraw) bitcoin or altcoin from exchange A to B it is not "trade volume"
Appreciate. Why is transfer from A to B exchange not considered a trade volume, since it's different address and hence are viewed as different "entity". |
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