Davyd05
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December 17, 2013, 05:20:18 AM |
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Its 1PM in China. BTC-e China 3800. Mt. Gox 700 Still lol. Bitstamp 660... Need I say more. The Asians who are still in will always be in because they understand the fundamentals. Suckers sold, an have hopefully lost enough to gain some sense.
I wont lie in any panic mode sell off I can only think of why the fuck are people such sheep, then I remember why and remember it's what will make us rich cause we held. Or like Adam bought on dips I don't think were done with this.. but if Wednesday has euro zone agreements get ready for mars.
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DaRude
Legendary
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Activity: 2901
Merit: 1914
In order to dump coins one must have coins
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December 17, 2013, 05:20:34 AM |
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Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
They use 2 currencies to keep their internal economy separate from their external economy, its hard to make your books balance when the stuff goes out and doesn't come back, you have to keep printing more just to keep buying. I doubt there's much stopping anyone taking bucket loads of the internal cash over the border but it wouldn't be much use to them once its out. The currency for external trade would be easy to manage except there's some creative accounting with exchange rates, the only reason China has to go against bitcoin for that is it would make their own creative accounting more difficult. I'm not sure maybe someone can answer how friendly communist border guards are, but i for one wouldn't want to be caught with over $50k on a Chinese border That's the point, if you want something you can use outside China you need the external currency which is controled, the internal currency would be worthless because it cant be exchanged for anything outside China. Exactly so Bitcoin won't help them with that since sellers still need to pull cny out of the country somehow and that's not possible. I wonder if there's a way to use that currency to purchase goods for export. Oh i'm sure it's possible and that's how it's been done for some time before BTC to get around currency controls. If there's enough arbitrage opportunity someone will take advantage of it. e.g. buy gold in CNY go to Hong Kong sell for CNH etc...
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macsga
Legendary
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Activity: 1484
Merit: 1002
Strange, yet attractive.
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December 17, 2013, 05:21:37 AM |
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GOAT FOR PRESIDENT!! Good Morning!!!
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Davyd05
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December 17, 2013, 05:22:51 AM |
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Lol, china wins for curves this time and stamp gets disqualified for turtling In reality.. the smartest people are those on BTCChina waiting for all time lows if this exchange is going down.. hey all my cash into btc sell at another exchange when the prices stabilizes....and while I am at it I'll just move to a country that likes human rights and I can do so now that my fiat is in btc except for the plane, train or automobile ticket. Except they don't realize their country is shit any more than Americans do. come to Canada then, were not so bad. But no where is really perfect can't wait till Goat buys an island and we can move there and start a btc only community. I know this got buried, but Goat at least 2 people are willing to vote you for El Presidente of your own Island lol I'll pitch some btc if were getting a share of the island
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Peter R
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Activity: 1162
Merit: 1007
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December 17, 2013, 05:23:19 AM |
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Let's imagine for a second that BTCChina is shutting down*. So the small fish start to panic and sell their coins, like they've been doing all day. But for every coin that gets sold, one also gets bought. So who is buying? I would expect it to be long-term bulls and insiders who knew about this move in advance.
So the question is what are these people going to do with these coins since they can no longer sell them in China? I would argue that they would actually behave more like "strong hands" and consider them a diversified asset outside the reach of the Chinese gov (just like how wealthy mid-level Chinese come to Vancouver and buy expensive real-estate with questionable funds). I really can't see them dumping the coins on BitStamp and then wiring the proceeds back into the Chinese money-prison. In other words, although BTCChina shutting down would reduce demand, it would also reduce supply.
Over the next year, the price continues to rise and the Chinese holding these bitcoin do well since they have funds they can enjoy internationally outside the watching eye of the communist party. Their friends soon become jealous and want in on the game, increasing demand. Meanwhile, the sheep that are panic selling now realize they were fleeced and promise not to let this happen again.
Maybe I'm blinded by my bullishness, but, once again, I see this as anti-fragility in action.
*I think people can still deposit/withdraw via bank transfer
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btc6000
Member
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Activity: 116
Merit: 10
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December 17, 2013, 05:25:58 AM |
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Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
I'll just leave this here: Chinese appetite for Australian residential property hits $5.4 billion as demand for luxury property rises The value of Australian residential property purchased by Chinese-based buyers reached $5.4 billion in the 2013 financial year, according to figures from Chinese property portal Juwai.com. This is around a 25% increase on US$4 billion ($4 billion to $4.2 billion in local currency) of Australian property purchased by Chinese buyers in 2011. "Chinese make up the fastest growing buyer group in an otherwise relatively slow Australian real estate market,” says Simon Henry, co-CEO of Juwai.com. http://www.propertyobserver.com.au/china-watch/
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luis77
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December 17, 2013, 05:27:49 AM |
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What happen with the $700 wall do tou think its going to be broken and going down or maybe we are going to rebound and going up now?
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Davyd05
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December 17, 2013, 05:28:29 AM |
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Let's imagine for a second that BTCChina is shutting down*. So the small fish start to panic and sell their coins, like they've been doing all day. But for every coin that gets sold, one also gets bought. So who is buying? I would expect it to be long-term bulls and insiders who knew about this move in advance.
So the question is what are these people going to do with these coins since they can no longer sell them in China? I would argue that they would actually behave more like "strong hands" and consider them a diversified asset outside the reach of the Chinese gov (just like how wealthy mid-level Chinese come to Vancouver and buy expensive real-estate with questionable funds). I really can't see them dumping the coins on BitStamp and then wiring the proceeds back into the Chinese money-prison. In other words, although BTCChina shutting down would reduce demand, it would also reduce supply.
Over the next year, the price continues to rise and the Chinese holding these bitcoin do well since they have funds they can enjoy internationally outside the watching eye of the communist party. Their friends soon become jealous and want in on the game, increasing demand. Meanwhile, the small fishes that are panic selling now realize they were fleeced and promise not to let this happen again.
Maybe I'm blinded by my bullishness, but, once again, I see this as anti-fragility in action.
*I think people can still deposit/withdraw via bank transfer
As of now we know nothing for certain. but its most likely with the style of enforcement the Chinese government is known for, we should expect at least the tightening of the leash on these exchanges which is my opinion. A tightening of regulations which has happened pretty much anywhere a country has come to except BTC as a form of currency and or commodity.
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CryptStorm
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December 17, 2013, 05:30:57 AM |
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Log curve makes more sense, its more like a virus than a stock atm.
+1 Few seem to understand how sensible is this analogy.
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TERA
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December 17, 2013, 05:31:20 AM |
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I do not like this bounce. It is again based off trading on btcChina. And this time there weren't even large walls and buying on gox like last time.
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11ams
Newbie
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Activity: 56
Merit: 0
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December 17, 2013, 05:38:38 AM |
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Davyd05
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December 17, 2013, 05:38:44 AM |
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Lol, china wins for curves this time and stamp gets disqualified for turtling In reality.. the smartest people are those on BTCChina waiting for all time lows if this exchange is going down.. hey all my cash into btc sell at another exchange when the prices stabilizes....and while I am at it I'll just move to a country that likes human rights and I can do so now that my fiat is in btc except for the plane, train or automobile ticket. Except they don't realize their country is shit any more than Americans do. come to Canada then, were not so bad. But no where is really perfect can't wait till Goat buys an island and we can move there and start a btc only community. I know this got buried, but Goat at least 2 people are willing to vote you for El Presidente of your own Island lol I'll pitch some btc if were getting a share of the island Been looking at islands for a while now but btc still has a way to go before this happens. Well keep us in the loop a btc pool to start a new civilization sounds like fun. Wasn't suggesting the Island had to be in Canada ..but let choose somewhere safe from most global warming and tsunami's not caused by meteors bigger the a football field hitting the ocean.
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byronbb
Legendary
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Activity: 1414
Merit: 1000
HODL OR DIE
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December 17, 2013, 05:40:05 AM |
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Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
They use 2 currencies to keep their internal economy separate from their external economy, its hard to make your books balance when the stuff goes out and doesn't come back, you have to keep printing more just to keep buying. I doubt there's much stopping anyone taking bucket loads of the internal cash over the border but it wouldn't be much use to them once its out. The currency for external trade would be easy to manage except there's some creative accounting with exchange rates, the only reason China has to go against bitcoin for that is it would make their own creative accounting more difficult. I'm not sure maybe someone can answer how friendly communist border guards are, but i for one wouldn't want to be caught with over $50k on a Chinese border That's the point, if you want something you can use outside China you need the external currency which is controled, the internal currency would be worthless because it cant be exchanged for anything outside China. Exactly so Bitcoin won't help them with that since sellers still need to pull cny out of the country somehow and that's not possible. I wonder if there's a way to use that currency to purchase goods for export. Oh i'm sure it's possible and that's how it's been done for some time before BTC to get around currency controls. If there's enough arbitrage opportunity someone will take advantage of it. e.g. buy gold in CNY go to Hong Kong sell for CNH etc... Ya here's a mind boggling explanation of how they were doing this with copper....... http://www.zerohedge.com/news/2013-05-23/bronze-swan-arrives-end-copper-financing-chinas-lehman-event
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 17, 2013, 05:46:30 AM |
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What happen with the $700 wall do tou think its going to be broken and going down or maybe we are going to rebound and going up now?
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Davyd05
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December 17, 2013, 05:50:16 AM |
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250 sell vs 580 buy.. big bang .. jumping around
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CryptStorm
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December 17, 2013, 05:50:36 AM |
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Lol, china wins for curves this time and stamp gets disqualified for turtling In reality.. the smartest people are those on BTCChina waiting for all time lows if this exchange is going down.. hey all my cash into btc sell at another exchange when the prices stabilizes....and while I am at it I'll just move to a country that likes human rights and I can do so now that my fiat is in btc except for the plane, train or automobile ticket. Except they don't realize their country is shit any more than Americans do. come to Canada then, were not so bad. But no where is really perfect can't wait till Goat buys an island and we can move there and start a btc only community. I know this got buried, but Goat at least 2 people are willing to vote you for El Presidente of your own Island lol I'll pitch some btc if were getting a share of the island Been looking at islands for a while now but btc still has a way to go before this happens. Well keep us in the loop a btc pool to start a new civilization sounds like fun. Wasn't suggesting the Island had to be in Canada ..but let choose somewhere safe from most global warming and tsunami's not caused by meteors bigger the a football field hitting the ocean. +1 To all good things about this idea. I can build things, actual things... like houses and furniture-- I'm basically a sustainable carpenter/builder who's switching into coding, as I've gotten bored of building (kinda). I could put together a nice natural compound FWIW.
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Sitarow
Legendary
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Activity: 1792
Merit: 1047
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December 17, 2013, 05:52:19 AM |
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Davyd05
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December 17, 2013, 05:53:08 AM |
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Lol, china wins for curves this time and stamp gets disqualified for turtling In reality.. the smartest people are those on BTCChina waiting for all time lows if this exchange is going down.. hey all my cash into btc sell at another exchange when the prices stabilizes....and while I am at it I'll just move to a country that likes human rights and I can do so now that my fiat is in btc except for the plane, train or automobile ticket. Except they don't realize their country is shit any more than Americans do. come to Canada then, were not so bad. But no where is really perfect can't wait till Goat buys an island and we can move there and start a btc only community. I know this got buried, but Goat at least 2 people are willing to vote you for El Presidente of your own Island lol I'll pitch some btc if were getting a share of the island Been looking at islands for a while now but btc still has a way to go before this happens. Well keep us in the loop a btc pool to start a new civilization sounds like fun. Wasn't suggesting the Island had to be in Canada ..but let choose somewhere safe from most global warming and tsunami's not caused by meteors bigger the a football field hitting the ocean. +1 To all good things about this idea. I can build things, actual things... like houses and furniture-- I'm basically a sustainable carpenter/builder who's switching into coding, as I've gotten bored of building (kinda). I could put together a nice natural compound FWIW. Fack I'll do whatever and learn whatever. Sadly I am educated in business and computer repair lol. Mind you can we all agree early on some interesting ways to power the island of our future sovereign nation lol no one is allowed to bring any kool-aid either
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jojo69
Legendary
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Activity: 3318
Merit: 4597
diamond-handed zealot
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December 17, 2013, 05:56:26 AM |
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electric kool aid
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TheCoinBull
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December 17, 2013, 05:58:12 AM |
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china 3831 lol. some crash. litecoins still available foe a steal. 22bucks
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