Warning to bears: Big players in China

[mccorvic]

lol

bulls grasping at straws,  cool

What's funny is that you calling this grasping at straws is really just you grasping at thin air.  Funny or sad. Can't decide.

[Zangelbert Bingledack]

It just occurred to me that mining economics in China would be much more favorable: you can buy ASICs and other hardware domestically (cheaper, I assume), and you have a very low cost of living so a few BTC in profit per month is a big deal. Mining in China might take off. What is the search term for mining bitcoins? 比特市発掘？

[malevolent]

It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

[Luno]

It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

The other day there was a Chinese mentioning that he got together with some classmates to buy an Avalon rig.
They are forming mining guilds!

Bitcoin outsourced

[rudrigorc2]

It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

The other day there was a Chinese mentioning that he got together with some classmates to buy an Avalon rig.
They are forming mining guilds!

Bitcoin outsourced

one problem of mining in china is that is hard to get the equipment free of dust. and the lungs too. damn

[Luno]

It just occurred to me that mining economics in China would be much more favorable

It is already happening since 2011 AFAIK.

The other day there was a Chinese mentioning that he got together with some classmates to buy an Avalon rig.
They are forming mining guilds!

Bitcoin outsourced

one problem of mining in china is that is hard to get the equipment free of dust. and the lungs too. damn

They could set the rigs out in Africa and have local children keeping them running?

[xavier]

Sorry it may be obvious or already mentioned, given that we're talking about China

How is bitcoin going to work through the great firewall of China?

[oakpacific]

Sorry it may be obvious or already mentioned, given that we're talking about China

How is bitcoin going to work through the great firewall of China?

Bitcoin is probably as resilient as Tor, you will have to shutdown a large portion of the internet to decapitate the network. Besides, why?

[jl2012]

Sorry it may be obvious or already mentioned, given that we're talking about China

How is bitcoin going to work through the great firewall of China?

No problem at all this moment. People can use, trade, and discuss publicly.

[hardcore-fs]

From what I've read... I think macao is a huge potential for bitcoin. Why? Because they have issues with getting money back and forth across the chinese border. I read that they basically have to get paid once they are back in china since they can't bring money across the border or something.

If anything Hongkong should be the next largest exchange.

Bringing money from and to mainland is never a problem in HK. And HK has the best banking network with the Western. If BTC needs to grow in China, HK is the hub for it.

WRONG!!!!!
There is a LEGAL limit of 10-20kRMB of RMB that can be hand carried across the border. Anything outside of that range CAN BE CONFISCATED.
to do an IBT (inter-bank trnsfer, requires a special licence)

The MAXIMUM you can change at a bank in Hong Kong is 20K a day WITH IDENTIFICATION.

Renminbi Services for Hong Kong Residents

Risk Disclosure Statement
•   Renminbi (“RMB”) exchange rate, like any other currency, is affected by a wide range of factors and is subject to fluctuations. Such fluctuations may result in gains and losses in the event that the customer subsequently converts RMB to another currency (including Hong Kong dollars); and
•   RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to restrictions. For instance, for a personal customer who holds Hong Kong Identity Card, conversion of RMB from/to another currency is currently subject to a respective daily limit of RMB20,000 per person per day. Customers may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.

Up until last year it was only allowed for Hong kong residents.
http://www.info.gov.hk/gia/general/201207/25/P201207250563.htm

You obviously don't know WTF you are talking about......

[Nemesis]

From what I've read... I think macao is a huge potential for bitcoin. Why? Because they have issues with getting money back and forth across the chinese border. I read that they basically have to get paid once they are back in china since they can't bring money across the border or something.

If anything Hongkong should be the next largest exchange.

Bringing money from and to mainland is never a problem in HK. And HK has the best banking network with the Western. If BTC needs to grow in China, HK is the hub for it.

WRONG!!!!!
There is a LEGAL limit of 10-20kRMB. anything outside of that range CAN BE CONFISCATED, the MAXIMUM you can change at a bank in Hong Kong is 20K a day WITH IDENTIFICATION.

Renminbi Services for Hong Kong Residents

Risk Disclosure Statement
•   Renminbi (“RMB”) exchange rate, like any other currency, is affected by a wide range of factors and is subject to fluctuations. Such fluctuations may result in gains and losses in the event that the customer subsequently converts RMB to another currency (including Hong Kong dollars); and
•   RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to restrictions. For instance, for a personal customer who holds Hong Kong Identity Card, conversion of RMB from/to another currency is currently subject to a respective daily limit of RMB20,000 per person per day. Customers may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.

Up until last year it was only allowed for Hong kong residents.
http://www.info.gov.hk/gia/general/201207/25/P201207250563.htm

You obviously don't know WTF you are talking about......

Idiot, you obviously dont know how brokers/agents works.

Have you ever wondered how all those ebay sellers make more cash?

I never said its legal, i said its never a problem. I guess i cant expect kids like you to understand.

Hint for you: most if not all agents are located in Shenzhen.

[jl2012]

Today, BTC China shot up to 296CNY, or 47.57USD. Somebody spent >100k USD to archive this ATH

Don't underestimate Chinese speculators. Some of them could be really irrational

[oakpacific]

Today, BTC China shot up to 296CNY, or 47.57USD. Somebody spent >100k USD to archive this ATH

Don't underestimate Chinese speculators. Some of them could be really irrational

http://bitcoincharts.com/charts/chart.png?width=940&m=btcnCNY&SubmitButton=Draw&r=1&i=15-min&c=1&s=2013-03-06&e=2013-03-06&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=1&i1=Vol&i2=&i3=&i4=&v=0&cv=1&ps=0&l=0&p=0&

I recently came across some Wenzhou businessman invested in bitcoin, hmmm..........  

[jl2012]

Today, BTC China shot up to 296CNY, or 47.57USD. Somebody spent >100k USD to archive this ATH

Don't underestimate Chinese speculators. Some of them could be really irrational

http://bitcoincharts.com/charts/chart.png?width=940&m=btcnCNY&SubmitButton=Draw&r=1&i=15-min&c=1&s=2013-03-06&e=2013-03-06&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=1&i1=Vol&i2=&i3=&i4=&v=0&cv=1&ps=0&l=0&p=0&

I recently came across some Wenzhou businessman invested in bitcoin, hmmm..........  

Are you serious? That's really huge!

[oakpacific]

Today, BTC China shot up to 296CNY, or 47.57USD. Somebody spent >100k USD to archive this ATH

Don't underestimate Chinese speculators. Some of them could be really irrational

http://bitcoincharts.com/charts/chart.png?width=940&m=btcnCNY&SubmitButton=Draw&r=1&i=15-min&c=1&s=2013-03-06&e=2013-03-06&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=1&i1=Vol&i2=&i3=&i4=&v=0&cv=1&ps=0&l=0&p=0&

I recently came across some Wenzhou businessman invested in bitcoin, hmmm..........  

Are you serious? That's really huge!

Well I wouldn't say it's huge yet, but I also have enough confidence in their business sense, once some of them get to know it, they could eventually figure out its potential. And as we all know, the price of pretty much anything they go after will............

[Richy_T]

Bitcoin could be big for the Chinese. Consider all the doo-hickeys you can buy on ebay for a dollar with free shipping. For that dollar, you're getting shipping, ebay fees, paypal fees, currency conversion fees and finally, the doo-hickey itself. Bitcoin could eliminate at least two and weaken a third of those.

Consider also that the Chinese economy has some underlying issues itself and that it appears to be experiencing some serious bubbles. A reliable store of wealth could be just what smart people are looking for. I bet gold is hard to own there too.

[rpietila]

Consider also that the Chinese economy has some underlying issues itself and that it appears to be experiencing some serious bubbles. A reliable store of wealth could be just what smart people are looking for. I bet gold is hard to own there too.

http://sovereignlife.com/blog/2010/chinese-government-encourages-gold-buying/

[Richy_T]

Consider also that the Chinese economy has some underlying issues itself and that it appears to be experiencing some serious bubbles. A reliable store of wealth could be just what smart people are looking for. I bet gold is hard to own there too.

http://sovereignlife.com/blog/2010/chinese-government-encourages-gold-buying/

Interesting. Though that could also be said to operate in Bticoin's favor too

[cbeast]

Consider also that the Chinese economy has some underlying issues itself and that it appears to be experiencing some serious bubbles. A reliable store of wealth could be just what smart people are looking for. I bet gold is hard to own there too.

http://sovereignlife.com/blog/2010/chinese-government-encourages-gold-buying/

I'm not sure I understand his hypothesis. My take on China encouraging people to invest in gold is for them to one day confiscate all the gold to back the state currency.

[oakpacific]

Consider also that the Chinese economy has some underlying issues itself and that it appears to be experiencing some serious bubbles. A reliable store of wealth could be just what smart people are looking for. I bet gold is hard to own there too.

http://sovereignlife.com/blog/2010/chinese-government-encourages-gold-buying/

I'm not sure I understand his hypothesis. My take on China encouraging people to invest in gold is for them to one day confiscate all the gold to back the state currency.

China has a huge gold market, it has been for a long time. Besides, I bet that CPC is invested in BTC itself, you guys have no idea how many of the high-level cadres believe in the "currency war" theory, and they seem to be particularly into the idea of IMF Special Drawing Rights as a global standard currency, probably they are open to other new ideas, and yes, they have got first-class finanical mathematicans/ analysts working for them.