I watched the entire thing. I understand nothing.

(Other than that this coverage seems like a fairly significant event for Bitcoin in China.)


Sure wish I had some command of standard chinese today.

Would you guys be interested in offering a community bounty for proper subtitles?

(0.1 BTC per minute of finished translation perhaps.)

Could anyone in or from China offer a brief synopsis of the main points? John?

For better or worse, I think stability is something you're not going to see for a while with bitcoin 

Paypal can't cooperate with cash. But why exactly can't they cooperate with Bitcoin?

That's true. OTOH seeing how the current recession / Euro / banking crisis has been handled I think we can safely trust governments to always make the stupidest, most short-sighted decision possible. They rarely really take action, only reaction. The utility of something new and disruptive like bitcoin will fly right over their head until its way too late.

I feel like it is going to sort of normalize around its present value, maybe a bit less, for a while, probably a few years even. It will seem like a loooooooong time if you are checking gox every 5 min.s thats for sure, and kind of boring day trading when the spread normalizes and the price just kinda hangs there. And Bitcoin aint no messiah either, its just money 2.0, and money 2.0 is still just money after all. i think a lot of us here need a hobby besides computers.

If you think the Chinese Govt is going to embrace and buy a currency they can't control, you're drunk. They already crippled one digital currency. They don't even let people search the internet. They're the last Govt who will let people own an untraceable mostly anonymous currency. Come on. You really think the Chinese Govt is going to buy up Bitcoins? Stop drinking, get to bed.

Only 40% of Chinese families have a fridge. Under 10% own a car. 1000 searches by people in China adds up to one American 12 year old boy googling Bitcoin. About the same buying power. If China is going to save Bitcoin, just shut it down now we're screwed.  

Expecting to get a bunch of hate for saying this, given it's the speculation subforum, but nonetheless...

A little disclaimer: I do not have a large amount of money invested in bitcoin at the point, so those of you with 10k+ invested (or at whatever amount that you specifically absolutely cannot lose or you life is over) may prefer to be a bit more hands-on with the prices. I only put a total of about $1,500 in at the beginning of March (when price was at 32), so me losing everything won't kill me if it comes to that. But....!

My advice: Stop looking at the price shifts every hour or every single time you check your phone or every time you wake up. It's not worth it. The way I figure is that bitcoin has a real shot at being legitimate and powerful at some point in the future, and I think that this is way too early to get excited over price shifts, no matter how much it goes up or down in any period of time. The value at this point is probably too high but the potential is definitely there for it to eventually be a lot higher, maybe even above a thousand. If you're a true believer and not just interested in making money then I believe you should put your trust in Lord Bitcoin and stop giving a crap. It is in IT's hands now. Put your faith in Lord Bitcoin and IT will reward you greatly in time. This is a new concept. Be excited that you're a part of it! Take the risk. Being an atheist I never thought I'd say this, but sometimes faith is better.

I suppose that if you're dead set on being a day trader, so be it. I don't have the time for that, nor am I a gambling man to begin with. I'm a long-term holder. I made myself too stressed out when the crash/correction occurred for nothing. Yes I could have made $3,500 if I sold at 250 pre-crash and bought in a crap ton right now, but we all know hindsight's 20/20, right?

Do stay aware of big swings and take note, but don't touch your coins. Even if it looks like it's going to zero. It won't. Even if it goes to 0.0001/$ per bitcoin, HOLD! If you're willing to take the risk on a newfangled currency and invest in the first place, you should have the guts to hold your coins no matter how bleak it seems. If you're dead set on not losing money, sell to break even. Then if you lose everything you won't lose anything.

Fair value for BTC is going to settle at $100. That is that.

tbh: 5 weeks ago I messaged one of these guys on ebay to negotiate a better price for 4 arduino nano clones by going around ebay (I know, against ebay policy). He made a good price and I paypaled the money. No product arrived and no communication. I must say I'm glad he didn't take bitcoins. Now I can do a chargeback on paypal (hopefully they wont notice I violated eBay policy)... not possible with BTC.

Those guys sending stuff from HK or wherever are great: competitive prices and often good products. However, I don't think I would send BTC to them unless I had previously made good business with one of them.

hey Lgetty17, thanks for that post.

I read the article it actually makes sense. What a shame....hopefully it won't affect the price of the btc too much.

thanks for the tip!
A.

lets say i sold all at 200
i want to buy at 40

the question is what if it never gets to 40 ?
what's my influence on the market ? i already sold i cant push the market down even more the only thing is buy
sentiment = bearish
action=only buy=bullish

There was no bubble in April, 2013, since there was no negative month. Oh yes, and if you think we will be at $120 at the end of this month (to score a wash), you can as well sell all your bitcoins to me now 

Why? You think people will go "Hey, that looks like a cool exchange, oh wait, I can't view the fake walls that people put up, nvm I'm going back to gox?"