justusranvier
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Activity: 1400
Merit: 1009
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December 05, 2013, 11:02:10 AM |
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So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?
Can Chinese corporations not invest in commodities? |
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Vigil
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December 05, 2013, 11:02:34 AM |
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No Chinese bitcoin ETFs is a good thing. That is basically paper Bitcoin.
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gandhibt
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December 05, 2013, 11:04:11 AM |
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So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?
Can Chinese corporations not invest in commodities? Sure but wouldn't they want to use ETF? |
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maz
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December 05, 2013, 11:04:28 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
No it's not, but keep trying to fool yourself. |
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explorer
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Activity: 2016
Merit: 1259
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December 05, 2013, 11:04:36 AM |
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It's not over yet it seems... China going further down.
Especially if you're looking at bitcoinwisdom, which is playing about 2 hours slow  Tripped me out until I noticed the time |
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KieranJones1
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Activity: 126
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December 05, 2013, 11:04:41 AM |
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So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?
According to some articles I've read, it's to do with the government's fear that the CNY will become devalued if business in China begins to primarily use the Bitcoin. So the things to take home are: 1. The Chinese government doesn't hate Bitcoin, but it would rather businesses used its own currency (as all nations with fiat would prefer) 2. The Chinese government wants exchanges to comply with anti-money laundering regulations (US/Japanese exchanges already do this, and it doesn't affect the price of Bitcoin) 3. Individuals are free to trade in Bitcoin, and companies are free to profit from Bitcoin, but Bitcoin is not going to become the Chinese currency anytime soon (who really expected that to happen, anyway?) |
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wachtwoord
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Activity: 2324
Merit: 1125
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December 05, 2013, 11:05:10 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
I think so ... |
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Voodah
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December 05, 2013, 11:05:21 AM |
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So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?
Can Chinese corporations not invest in commodities? Sure but wouldn't they want to use ETF? They would yeah, but the Gov doesn't want more money leaking the country. |
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rpietila
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Activity: 1722
Merit: 1036
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December 05, 2013, 11:05:28 AM |
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Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it.
A) No crack-down happening, so the factual content of the news is not negative, even to the opposite. B) Changes in customer base and esp. the number of coins do not happen so fast. C) I think the support in $800 held very well, and am not too concerned about it being broken when the pigs wake up and decide to cash out their coins in the following hours. The midterm you don't ever know about the Chinese - a bear market there will put a dampener to growth here (as selling pressure makes spread go negative and coins flow back to the west, dampening any rally attempt). D) December trendtarget is only at $400 so it is entirely possible to retrace all the way there. It just does not feel like that to me now. E) The situation is both a good time to sell for those who have contemplated selling + a good time to buy for those who are adding up. Let the trades continue!  |
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KieranJones1
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Activity: 126
Merit: 10
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December 05, 2013, 11:05:53 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
No it's not, but keep trying to fool yourself. Please tell me, with complete 100% clarity (not just bearish hyperbole), why this is bad news for bitcoin. I'm going to bet that you won't be able to do that. (edit: bearish, not bullish. forgive me!) |
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wopwop
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December 05, 2013, 11:07:11 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
No it's not, but keep trying to fool yourself. Please tell me, with complete 100% clarity (not just bullish hyperbole), why this is bad news for bitcoin. I'm going to bet that you won't be able to do that. You can try and spin this into good news, but it's really not. China is saying that it is taking these actions to prevent bitcoin from undermining their currency controls. If that's true, then this is the first step towards full on war since bitcoin necessarily undermines all currency controls. |
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Voodah
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December 05, 2013, 11:07:55 AM |
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China bouncing back..
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maz
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December 05, 2013, 11:08:11 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
No it's not, but keep trying to fool yourself. Please tell me, with complete 100% clarity (not just bullish hyperbole), why this is bad news for bitcoin. I'm going to bet that you won't be able to do that. I could sit and cite examples for you and give you an essay but I only do that for my self mate, how about you go do your own research. I'm not doing the hard work for you. If you cant see the wood for the tree's then hell mend you. |
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gandhibt
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December 05, 2013, 11:08:25 AM |
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Don't reply, just push the ignore button.
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seldon
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December 05, 2013, 11:08:27 AM |
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Anyone else feeling deja-vu from sunday?
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BitThink
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Activity: 882
Merit: 1000
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December 05, 2013, 11:09:10 AM |
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Bears back to caves. I bought on localbitcoins in the UK near the (hopefully) bottom.
Ok sheep-boy, this drop hasn't even started yet, the ramifications of this will lower the price for weeks to come. Bitcoin could essentially loose 50% of its customer base if China cracks down on it. Sigh... China isn't cracking down on it. Read a translation rather than just going by what random people tell you this means for Bitcoin. I've read it, this is not bullish, you cant see your nose because your big dumb horns are in the way. Dude seriously stop talking shit and realize that bitcoin just had a massive blow to one of its largest client bases. So does it mean that BTCChina must close? No, on the contrary that means now BTCChina has a chance to be legal for a long time. |
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gandhibt
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December 05, 2013, 11:09:26 AM |
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China bouncing back..
Are you still looking at wisdom? |
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KieranJones1
Member
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Activity: 126
Merit: 10
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December 05, 2013, 11:09:31 AM |
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Wait a second.
Is this just the chinese version of the senate hearings, with almost the same (positiv) outcome but with none getting it because of google-translate-FU?
No it's not, but keep trying to fool yourself. Please tell me, with complete 100% clarity (not just bullish hyperbole), why this is bad news for bitcoin. I'm going to bet that you won't be able to do that. I could sit and cite examples for you and give you an essay but I only do that for my self mate, how about you go do your own research. I'm not doing the hard work for you. If you cant see the wood for the tree's then hell mend you. I'll translate this for everyone else: "I have no idea" |
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rpietila
Donator
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Activity: 1722
Merit: 1036
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December 05, 2013, 11:10:10 AM |
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How much was dumped?
aprox: 30k on Gox, 27k on Stamp, 50k on BTChina just around $100MM only on those three exchanges ...pigs getting slaughtered So whales saw the chance in news to cause panic and pushed the price a little bit and put bids to catch cheap coins? That would be a gamble. Making a positive news feel negative by manipulated first reaction and then hope that there'll be a stampede. Very well executed if true. Besides in China you really have to have the coins to cause anything like that. Other excahnges followed like sheep... |
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BitThink
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Activity: 882
Merit: 1000
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December 05, 2013, 11:11:07 AM |
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So this is good for common chinese folks, but not good for big chinese corps who want to invest, why is government doing something that is not good for big corps? This is not common in western world that's for sure. How is chinese government going to profit from this, from common folk?
Can Chinese corporations not invest in commodities? In this notice, only financial institutions are forbidden to treat bitcoin as currency. Nobody is forbidden to buy/sell bitcoins. |
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