Before we get ahead of ourselves, do we need a reminder that google trends is a lagging indicator?  Also: It prevents the US from devaluing the currency Gee, they sure haven't had much of a problem doing that so far... Actually, with the amount of time the presses are on each month, it's a herculean feat of economic wizardry that the amount being printed has not already caused a hyperinflation event. The magic isn't going to last forever. People in mainland China seldom use Google, they use Baidu. There was already a spike in Bitcoin search volume there after that tv documentary. http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2相关趋势 比特币 1周 +63% 1月 +767% 1季度 +3588% translation: Related trend Bitcoin this week +63% month +767% season +3588% daily search volume ~70000 People saying that CCTV show having no impact in China are in denial. |
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I think the wall delivers fear more than safety, thats two million of cash, it means that the same guy might hold tons of bitcoins and awaiting a massive sell off at the right price.
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another dump and buy scheme?  |
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On the plus side, the daily downloads of the Bitcoin client has jumped to nearly 40k in China, the daily search volume for Bitcoin in Baidu (a popular search engine in China) had jumped to 40k+ yesterday, figures don't tell lie and their relevance is determined by how you interpret them. To me, it is a very positive news and should bring the price up to a while, especially on Tuesday when all the hot money finally arrives after the long long bank holidays in Japan.
Regarding your point 4, I want to add that some merchants in Taobao (the Ebay in China) are already accepting Bitcoins, so it is untrue there is no practical use of Bitcoins in China and to grow the market in China, more tv shows and media coverage like that are necessary, people got to know and learn about Bitcoin before embracing it, the show on CCTV is a good start to kick off this whole process.
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At the end of cctv documentary, they mention ONLY IF bitcoin has no other practical usage then it will be as worthless as the tulip.
Whether bitcoin is a Ponzi or not, it depends on the motive for people buying bitcoin, Ponzi: speculators who just want quick profit from bitcoin.
Bitcoin also lack the backing of a strong financial institution to let it go more mainstream.
In short,for price to grow with less bubble, we need to have more merchants to start accepting bitcoin to increase its practical usage.
do you speak mandarin or where did you get translation from that report? Is it mentioned in the report that is has practical usage already? Is the whole feeling of report more positive like mentioned on reddit? sure bitcoin market is too speculative right now but the more money floods in merchants want to absorb value it and will catch up. The advantages of usage of bitcoin will overcome the money investment option over time. I speak mandarin and I am from China. They mention both the goods and bads, it is a rather objective and informative show, surprisingly from the heavily-censored CCTV. It mentioned the 6000% growth since Bitcoin launched, how people earn money by mining and without work, the risk of Bitcoin as a speculative, the merchants accepting Bitcoins, the potential of Bitcoin etc, and at the last, warning investors they got to analyse the risk since Bitcoin is still young and in the experimental stage afterall. |
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another 6 votes from me |
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Nice read, very objective opinions from the poster, 99% agree with what he has said. |
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Interesting video. So that's like what, 100 million middle class Chinese that got to see the 30 minute segment!?
Wow.
And imagine only 1% of them buy a bitcoin......... That's still a crazy amount of money |
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maybe the chinese mafia/government is the one who has been ddosing mtgox inorder to hoover up cheap coins which they can now use to pump and dump.
it seems like a bit of a small market for such big fish but its hard for me to understand any other reason why the chinese government would now be reporting on bitcoin so favorably.
if this is the case than welcome to wealth fellas. Just make sure you dump before they do.
They need an outlet for their corrupted money, the newest Chairman of CCP has made a strong stance against corruption apparently, some of the corrupted officials are already being punished, either imprisoned or dismissed, so they need a quick way to launder their money. Well the leaders of the communist party are sovereign. Which means they can avoid money laundering simply by changing the definition of the word  . But what you are saying is that maybe its being done by someone who is not a ruler but is fairly high up in the communist party? is that correct? Yes, I mean the ones not within the central political party but still are powerful enough to influence the media, the politics in China is very complicated, you can't really tell which official is clean, which is corrupted, but a general consensus is 99% of them are corrupted and we only care how much they take in corruption, small amount of corruption is often neglected because there are always bigger sharks to tackle. All I can tell is that anti-corruption is a top priority goal set by the latest Chairman Xi Jinping, so I won't be surprised to see some officials seeking ways to hide their money to avoid punishment. Given the anonymity offered by Bitcoin, it is certainly an excellent tool for them to achieve this goal, and to make it an efficient one, it is better to convince the general public to use it too. |
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Don't be greedy, I am satified with a sell price of 150 for all my coins bought below 100
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maybe the chinese mafia/government is the one who has been ddosing mtgox inorder to hoover up cheap coins which they can now use to pump and dump.
it seems like a bit of a small market for such big fish but its hard for me to understand any other reason why the chinese government would now be reporting on bitcoin so favorably.
if this is the case than welcome to wealth fellas. Just make sure you dump before they do.
They need an outlet for their corrupted money, the newest Chairman of CCP has made a strong stance against corruption apparently, some of the corrupted officials are already being punished, either imprisoned or dismissed, so they need a quick way to launder their money. |
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weeks you say? I say days |
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Buy buy buy! I have just converted my whole month of salary into Bitcoins! |
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Somewhere between 100-150, but who knows.
There is always the possibility of good news and bad news popping up.
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While you are reducing loss, you are increasing gains for the manipulators.
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Are we going to test $90 again today?!
For sure, with the Coinlab news, we may test 80, 70, 60 |
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It looks promising, hope that it will attract much media attention |
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with the debut of bitcoin ATM, silkroad back online and end of long bank holidays next week, situation is improving.
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