The one has sold their coins yesterday, you would better buy them back

[Code_red]

China's middle class is bigger than the USA in number of people in it.

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[oakpacific]

700 Yuan for 1 BTC is outright unattainable if you aren't upper-middle class and above.

Huh? People can buy less than 1 BTC of course, so what's the problem? If a poor farmer has only X amount (like 70 yuan) to invest, if BTC rises 100x he still multiplies his investable money by 100. If 700 yuan is outright unattainable for him, he'd probably be very happy to have 7,000 yuan.

Bitcoin is the only investment I've ever seen where it's possible to invest time amounts.

This part of his post is mostly bullshit, while China has a huge population of poor and destitute people, not everyone out of the upper elite class lives in such poor and desperate conditions, in fact the elite class most probably would not care, what's a few billion dollars to them? The most probable buyers of BTCs in China are IT employees and technically-inclined youths living in coastal areas, and most of the Chinese BTC users I know disdain CCP to a certain extent.

[Anon136]

I'm not sure I buy the claim that high ranking CCP members hold large amounts of bitcoin. Anything to substantiate this claim?

It's easy to discern from looking at events. The CCP runs nothing like a normal government in a normal country. Everything is centralized in an authoritarian structure with no checks or balances. What can and can't be broadcast as news via the CCP's media network is strictly controlled. There is a Propaganda Ministry for a reason, and a member of the CCP's Politburo Standing Committee governs the Propaganda Ministry for a reason. Bitcoin is a technology that provides a certain level of anonymity and freedom on an economic level, which contradicts the CCP's overall modus. Specifically, it makes it very easy for CCP members who are embezzling money out of China to do so with relatively little opposition. It goes against the CCP's survival. So, in my opinion, if the CCP's Propaganda Ministry broadcasts a piece like this it is because it benefits the personal interests of high ranking CCP members.

Furthermore, the common Chinese citizen can in absolutely no way afford to dabble in BTC. They are impoverished and destitute. 700 Yuan for 1 BTC is outright unattainable if you aren't upper-middle class and above. Even less is it safe for them to do so when the entire country's Internet is strictly controlled by the CCP's massive surveillance network. Assuming that the common Chinese citizen can get involved with BTC is even more naive than believing the people in western slums are going to get involved with BTC.

So, who can afford to dabble in BTC? China's wealthy. Who are China's wealthy? CCP members and those closely affiliated with them: http://www.forbes.com/2011/09/14/china-rich-lists-opinions-contributors-john-lee.html

If you think that's not true, keep in mind it is very, very difficult to exist as a business or a wealthy person in China without the blessing of the local CCP bosses. Bo Xilai's various campaigns in "countering corruption" were all fronts to eliminate his enemies and competitors in business. People routinely get charged on false charges and get sent off to labour camps to endure years of torture, rape, and murder because of this type of factor.

There's just no reason for CCTV to air this article unless someone has a vested interest in a pump. Every single one of you who thinks that CCTV runs as a normal journalistic outlet does in the West, or even one as degenerate as Fox, simply does not understand the Party. It is no different from giving credit to North Korea's media when it shoots its mouth off.

Partly true, partly bullshit.

ok help us out. Which parts are which?

[oakpacific]

Cool. So now we're trading off news of news? It's like the community keeps moving further and further away from trading the fundamentals.

I agree with this.
Banks shutting down exchange accounts is the biggest deal right now IMO.

Just when I thought Coinlab was going to rectify the situation everything goes to shit.

I think China is a great environment for Bitcoin but I wouldn't get overly zealous just because it was in the news.

Think this way, this thing can went on a state-controlled TV program without government regulators in stern face threatening "severe punishment" for anyone involved probably means atm they won't give a shit if we continue to buy BTCs with Alipay.  And most importantly the ASIC workshops can remain intact.

[humanitee]

Think this way, this thing can went on a state-controlled TV program without government regulators in stern face threatening "severe punishment" for anyone involved probably means atm they won't give a shit if we continue to buy BTCs with Alipay.  And most importantly the ASIC workshops can remain intact.

I don't disagree with you, I just think there are many reasons to remain cautious at the moment!

[bobdude17]

I think that the Chinese government might back Bitcoin because

1) as somebody else said they can afford to think long term, Western democracy really can get in the way of long term planning. They might see such a system as an inevitable result of the cyber age and see the wisdom of being an "early adopter" government.

2) America's main export is the dollar. China is tired of it getting rammed down the collective throat of international trade. They might risk backing an untested system in hopes of sweeping out the feet under America's financial empire.


And honestly, if this is a 30 minute special being continuously aired on a channel like that... it means they already have.

[TsuyokuNaritai]

Bitcoin client downloads today by country:

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-05-04

China wasn't that much above US a few hours ago. Now it's about 20x US for the whole day.

[fitty]

China is in? Ohhhhh baby!

[Inedible]

Bitcoin client downloads today by country:

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-05-04

China wasn't that much above US a few hours ago. Now it's about 20x US for the whole day.

Wow! Nice find.

[TsuyokuNaritai]

Bitcoin client downloads today by country:

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-05-04

China wasn't that much above US a few hours ago. Now it's about 20x US for the whole day.

Wow! Nice find.

Here's more, from reddit:

http://www.reddit.com/r/Bitcoin/comments/1dosc3/im_a_chinese_born_us_citizen_heres_what_i_thought/

[ronaldlee0917]

Bitcoin client downloads today by country:

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-05-04

China wasn't that much above US a few hours ago. Now it's about 20x US for the whole day.

Wow! Nice find.

Here's more, from reddit:

http://www.reddit.com/r/Bitcoin/comments/1dosc3/im_a_chinese_born_us_citizen_heres_what_i_thought/

Nice read, very objective opinions from the poster, 99% agree with what he has said.

[Crazy]

Seemed more subjective to me. Just a bull peddling hype.

[johnyj]

That guy must have an avalon, 0.85 BTC in a couple of hours  

There are many corrupt chinese officials can through this way exchange their bribe money into USD, so BTC/CNY price will rise while BTC/USD price will drop  

BTW I found that BTCCHINA is down

[jinni]

I'm not sure I buy the claim that high ranking CCP members hold large amounts of bitcoin. Anything to substantiate this claim?

It's easy to discern from looking at events. The CCP runs nothing like a normal government in a normal country. Everything is centralized in an authoritarian structure with no checks or balances. What can and can't be broadcast as news via the CCP's media network is strictly controlled. There is a Propaganda Ministry for a reason, and a member of the CCP's Politburo Standing Committee governs the Propaganda Ministry for a reason. Bitcoin is a technology that provides a certain level of anonymity and freedom on an economic level, which contradicts the CCP's overall modus. Specifically, it makes it very easy for CCP members who are embezzling money out of China to do so with relatively little opposition. It goes against the CCP's survival. So, in my opinion, if the CCP's Propaganda Ministry broadcasts a piece like this it is because it benefits the personal interests of high ranking CCP members.

Furthermore, the common Chinese citizen can in absolutely no way afford to dabble in BTC. They are impoverished and destitute. 700 Yuan for 1 BTC is outright unattainable if you aren't upper-middle class and above. Even less is it safe for them to do so when the entire country's Internet is strictly controlled by the CCP's massive surveillance network. Assuming that the common Chinese citizen can get involved with BTC is even more naive than believing the people in western slums are going to get involved with BTC.

So, who can afford to dabble in BTC? China's wealthy. Who are China's wealthy? CCP members and those closely affiliated with them: http://www.forbes.com/2011/09/14/china-rich-lists-opinions-contributors-john-lee.html

If you think that's not true, keep in mind it is very, very difficult to exist as a business or a wealthy person in China without the blessing of the local CCP bosses. Bo Xilai's various campaigns in "countering corruption" were all fronts to eliminate his enemies and competitors in business. People routinely get charged on false charges and get sent off to labour camps to endure years of torture, rape, and murder because of this type of factor.

There's just no reason for CCTV to air this article unless someone has a vested interest in a pump. Every single one of you who thinks that CCTV runs as a normal journalistic outlet does in the West, or even one as degenerate as Fox, simply does not understand the Party. It is no different from giving credit to North Korea's media when it shoots its mouth off.

This is not untrue. But it is still obfuscating the issue because it implies western governments are a lot better.

Western governments also censor media.

Western governments are also corrupt.

Because China is still a poor country the businesses you mention where you have to have connections are actually relatively big. But most big companies in the US also have a lobby in Washington.

The United States have been running wild after the second world war by going all around the world and killing innocent people as well as supporting dictators and subverting regimes that are not friendly. China has not been going around the world killing innocents in other country on a massive scale, at least not yet.

Do you really purport that western governments are not using propaganda?

Also, you don't have to be wealthy to dabble with Bitcoin. Your wealth only limits the amount of Bitcoin you can get.

You also say that the Chinese government monitor the entire country's internet...well the NSA monitors the internet, sms and phone calls of the entire world.

[michaelGedi]

BTW I found that BTCCHINA is down

Another victim of their own success?

... nice way to start this impending crazy Chinese speculation

[lophie]

and I was really down for the exchange price is relatively low and I have to sell 50+ BTC because I need the money.....

Thnx for the news guys  . I am going to ride that speculation tide 

[samson]

Is btcchina.com built on phpBB and it's still handling smoother than Gox..lol

I was told that you can only withdraw 10 BTC per day on Btcchina.

This is a small change exchange.

[coldguy]

Is btcchina.com built on phpBB and it's still handling smoother than Gox..lol

I was told that you can only withdraw 10 BTC per day on Btcchina.

This is a small change exchange.

You can PM the administrator of BTCCHINA to increase the limit. Contact method cam be found on the website.

[redwraith]

I'm not sure I buy the claim that high ranking CCP members hold large amounts of bitcoin. Anything to substantiate this claim?

It's easy to discern from looking at events. The CCP runs nothing like a normal government in a normal country. Everything is centralized in an authoritarian structure with no checks or balances. What can and can't be broadcast as news via the CCP's media network is strictly controlled. There is a Propaganda Ministry for a reason, and a member of the CCP's Politburo Standing Committee governs the Propaganda Ministry for a reason. Bitcoin is a technology that provides a certain level of anonymity and freedom on an economic level, which contradicts the CCP's overall modus. Specifically, it makes it very easy for CCP members who are embezzling money out of China to do so with relatively little opposition. It goes against the CCP's survival. So, in my opinion, if the CCP's Propaganda Ministry broadcasts a piece like this it is because it benefits the personal interests of high ranking CCP members.

Furthermore, the common Chinese citizen can in absolutely no way afford to dabble in BTC. They are impoverished and destitute. 700 Yuan for 1 BTC is outright unattainable if you aren't upper-middle class and above. Even less is it safe for them to do so when the entire country's Internet is strictly controlled by the CCP's massive surveillance network. Assuming that the common Chinese citizen can get involved with BTC is even more naive than believing the people in western slums are going to get involved with BTC.

So, who can afford to dabble in BTC? China's wealthy. Who are China's wealthy? CCP members and those closely affiliated with them: http://www.forbes.com/2011/09/14/china-rich-lists-opinions-contributors-john-lee.html

If you think that's not true, keep in mind it is very, very difficult to exist as a business or a wealthy person in China without the blessing of the local CCP bosses. Bo Xilai's various campaigns in "countering corruption" were all fronts to eliminate his enemies and competitors in business. People routinely get charged on false charges and get sent off to labour camps to endure years of torture, rape, and murder because of this type of factor.

There's just no reason for CCTV to air this article unless someone has a vested interest in a pump. Every single one of you who thinks that CCTV runs as a normal journalistic outlet does in the West, or even one as degenerate as Fox, simply does not understand the Party. It is no different from giving credit to North Korea's media when it shoots its mouth off.

This is not untrue. But it is still obfuscating the issue because it implies western governments are a lot better.

Western governments also censor media.

Western governments are also corrupt.

Because China is still a poor country the businesses you mention where you have to have connections are actually relatively big. But most big companies in the US also have a lobby in Washington.

The United States have been running wild after the second world war by going all around the world and killing innocent people as well as supporting dictators and subverting regimes that are not friendly. China has not been going around the world killing innocents in other country on a massive scale, at least not yet.

Do you really purport that western governments are not using propaganda?

Also, you don't have to be wealthy to dabble with Bitcoin. Your wealth only limits the amount of Bitcoin you can get.

You also say that the Chinese government monitor the entire country's internet...well the NSA monitors the internet, sms and phone calls of the entire world.

I agree, the Chinese gov't exercises overt control over the populace while western gov'ts use covert means.  Those of us in the west are given the illusion that we're free.

[Stunna]

Just look at the local search trend of bitcoin. Our little baby Bitcoin will just not stop growing stronger and stronger.

http://index.baidu.com/main/word.php?word=%B1%C8%CC%D8%B1%D2

Seems to be declining but was a pretty decent climb.