Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[fitty]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Today China's population is over 1344 million. (compared to 313 million United States of America, Population)

News flash, China is poor. You think the 99% vs 1% is bad here? It's 10x worse in China. Most of the money is owed by a very very small percentage of the population.

Like I said, 40% of families in China don't even own a fridge, because they're poor as fuck.

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[fitty]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

[Coinseeker]

Bitstamp headed to 123.   Gox...well...zzzzzzzzzz

[niothor]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

People with money in China either flee or obey the govt. Not doing this is bad for your health.

[Miz4r]

Main resistance at Bitstamp has been overcome. Price will catch up with MtGox again very soon.

[kiko]

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

Have you been under a rock for the last decade? China makes around half a million cars a month, all for domestic consumption.

[niothor]

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

Have you been under a rock for the last decade? China makes around half a million cars a month, all for domestic consumption.

10% of china pop means roughly 100 milions , with half a million cars built a month it will take around 15 years to get another 10% car owners.

[Odalv]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

Overall, there were an estimated 254.4 million registered passenger vehicles in the United States.

According to the US Bureau of Transportation Statistics for 2009 there are 254,212,610 registered passenger vehicles. Of these, 193,979,654 were classified as "Light duty vehicle, short wheel base, while another 40,488,025 were listed as "Light duty vehicle, long wheel base." Yet another 8,356,097 were classified as vehicles with 2 axles and 6 tires and 2,617,118 were classified as "Truck, combination." There were approximately 7,929,724 motorcycles in the US in 2009.

RESULT:

USA:    193M cars / 315M people = 61%
CHINA:  10% from 1,315M people = 131M cars

193M cars vs 131M cars is not so big difference

[wonkytonky]

Bulls on Bitstamp are shifting a gear up.

 olmost there..  time to buy up what's left of cheap coins..

[Its About Sharing]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

We need very very very small adoption for BTC to be "successful". If and when it continues to get attention and appreciate you are going to get wealthy buyers from poor countries. Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value. Just looking at the quantitative easing (hyperinflation) going on around the world, having a currency for and "buy" the people is going to sound a lot nicer...

I really hope the Chinese government doesn't attack it as I think it will affect adoption. But maybe your are right. There is a huge psychological component that is often quite hard to predict.

[kiko]

Bulls on Bitstamp are shifting a gear up.

 olmost there..  time to buy up what's left of cheap coins..

If that is arbitrage buying, that's probably why the gox price stalled, the coins are being dumped there simultaneously (for a profit).

[niothor]

[ Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value.

People hoarding BTC will kill it.

[Its About Sharing]

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

Have you been under a rock for the last decade? China makes around half a million cars a month, all for domestic consumption.

10% of china pop means roughly 100 milions , with half a million cars built a month it will take around 15 years to get another 10% car owners.

What if a small % of those 500k (per month) car owners started buying BTC, since they have "money"?

Or what if they start giving away a BTC with each car purchase or something like that?  Hey, I just thought of a really cool marketing ploy, in general

[Its About Sharing]

[ Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value.

People hoarding BTC will kill it.

How? If your hoard and don't spend then 1 - the price will be stable and 2- people will use the remaining BTC's, taking advantage of the 8 decimal places, for commerce. It doesn't matter how many are in "hoard mode" as long as it is being used. Those 8 decimal places are brilliant. Who knows, we may have to move it up to 11.

And realistically, if the value is high, why would anyone want to hoard it? Clearly speculators would take profits. Not to mention the early adopters selling some to help make political change and change in general.

[niothor]

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

Have you been under a rock for the last decade? China makes around half a million cars a month, all for domestic consumption.

10% of china pop means roughly 100 milions , with half a million cars built a month it will take around 15 years to get another 10% car owners.

What if a small % of those 500k (per month) car owners started buying BTC, since they have "money"?

Or what if they start giving away a BTC with each car purchase or something like that?  Hey, I just thought of a really cool marketing ploy, in general

I was just pointing his mistake , with the 10% pop and 500k car produced a month. Btw , they assume they will manufacture 19m vehicles this year.

[niothor]

[ Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value.

People hoarding BTC will kill it.

How? If your hoard and don't spend then 1 - the price will be stable and 2- people will use the remaining BTC's, taking advantage of the 8 decimal places, for commerce. It doesn't matter how many are in "hoard mode" as long as it is being used. Those 8 decimal places are brilliant. Who knows, we may have to move it up to 11.

And realistically, if the value is high, why would anyone want to hoard it? Clearly speculators would take profits. Not to mention the early adopters selling some to help make political change and change in general.

Seeeeee the contradiction?

[Ivanhoe]

[ Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value.

People hoarding BTC will kill it.

How? If your hoard and don't spend then 1 - the price will be stable and 2- people will use the remaining BTC's, taking advantage of the 8 decimal places, for commerce. It doesn't matter how many are in "hoard mode" as long as it is being used. Those 8 decimal places are brilliant. Who knows, we may have to move it up to 11.

And realistically, if the value is high, why would anyone want to hoard it? Clearly speculators would take profits. Not to mention the early adopters selling some to help make political change and change in general.

Seeeeee the contradiction?

Please read carefully.

[kiko]

People hoarding BTC will kill it.

Objection! Statement not found in evidence.

[wachtwoord]

[ Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value.

People hoarding BTC will kill it.

It dies if no-one wants it. Hoarding is quite opposite

[fitty]

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

Overall, there were an estimated 254.4 million registered passenger vehicles in the United States.

According to the US Bureau of Transportation Statistics for 2009 there are 254,212,610 registered passenger vehicles. Of these, 193,979,654 were classified as "Light duty vehicle, short wheel base, while another 40,488,025 were listed as "Light duty vehicle, long wheel base." Yet another 8,356,097 were classified as vehicles with 2 axles and 6 tires and 2,617,118 were classified as "Truck, combination." There were approximately 7,929,724 motorcycles in the US in 2009.

RESULT:

USA:    193M cars / 315M people = 61%
CHINA:  10% from 1,315M people = 131M cars

193M cars vs 131M cars is not so big difference

Don't compare the USA vs China domestic economies. That's silly. It's not even close. Come back in 40 years.

Currently BTC falls under discrtionary spending. Which requires a computer, net access, and of course money. That cuts out conservatively 50% of China right off the bat.

Compare the GDPs, USA about 9x higher. You can't compare population 1:1, compare it 1:9.

My point was, in terms of BTC, we're talking 1%. Those 1% play by different rules, they will still get BTC, they will still buy/hold/sell. Regardless of what the Govt does. Having the average Chinese person able to get into Bitcoin, right now that's not a goldmine, despite what people would lead you to believe. 2020? Probably a different story (unless of course you believe China's econcomy is a bubble ;0).

Having some new restriction on the average Chinese person from accessing Bitcoin, that's very minor at this point. All the good news in the USA about Bitcoin, is what matters. China's growth is icing on the cake which the Govt can't really stop (the people in China involved with BTC have money, computers, they won't be hurt by this news).