holy shit, china is going parabolic..

[johnyj]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china 

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

[penetration]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china 

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Even though their economy is borderline capitalism. "Mixed" at best.

[freethink2013]

prepare for a lot more spyware and hack attempts.

[johnyj]

There are many chinese government officials have billions of private bribe money they want to move to oversea, this seems the best method for them

That will create a situation of rising BTC/CNY exchange price and falling BTC/USD exchange price, means the CNY/USD ratio should fall, but the chinese government fixed exchange rate of CNY/USD, so anyone want to exchange USD to CNY will go the bitcoin way since it is much cheaper than going through chinese commercial banks

BTC's problem as a world currency if some of the country do not have a flowing currency exchange rate

[gogxmagog]

prepare for a lot more spyware and hack attempts.

+1 this. they will make the russians look like preschoolers.

[Gabi]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china 

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Well but this is a dictactorship related thing. noedaRDH was saying that the average chinese probably doesn't like the government. Sure, they will obey it because, as you said, otherwise you will get punished.

[noedaRDH]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china 

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Well but this is a dictactorship related thing. noedaRDH was saying that the average chinese probably doesn't like the government. Sure, they will obey it because, as you said, otherwise you will get punished.

It's not so much about obeying. I mean, that guy said there's many organizations set up to look for political opponents and put them in prison. But do you realize that with the amount of things going on China, with a population of that size, it's almost impossible for those organizations to enforce anything? How are you going to stop your average joe who don't give a shit about what the gov thinks about Bitcoins, from buying a few? They can't even stop your average internet savvy 20 and 30 something person from breaking through their firewall.

So I don't think it's a matter of "obeying". It'd be more accurate to say, people in public will pretend it's all on the level and obey the laws. But in private (when they're sitting at home with a laptop), it's a different story. However, at this point in time, even if you went out on the street and became very vocal in your discussion of Bitcoins, I doubt anyone will raise and eyebrow, much less arrest you, for something that's so trivial.

[noedaRDH]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china 

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Guess what? Almost EVERYONE disagree with the government. Even those within the government who are corrupt and are profiting big time don't agree with all that much with their party.

It's just a matter of agreeing enough and not disagreeing too much when you're out in public or when you're dealing with certain people with ties with officials.

The Wild Wild West nature of Bitcoin fits perfectly with China (country of cowboys and bandits).

[nyusternie]

BTC's problem as a world currency if some of the country do not have a flowing currency exchange rate

It is not really a problem for bitcoin, it's a problem for the "fixed rate" currency.
Bitcoin will only show the "true" value of the RMB.

that would be an incredibly interesting thing to watch.
there's currently only 1 cny exchange (as far as i know), so i'd also be concerned if it could be state influenced.
not sure where btcchina its located, but i'd like to see cny exchanges in shenzhen and hong kong

just registered with btcchina to check it out and what i found absolutely surprising is the "mainstream" funding options currently available to the exchange:

• alipay (equivalent to paypal)
• tenpay (equivalent to i dunno facebook credits?)

and there seems to be an exit to EVERY national bank
(i'm actually trying to fund my ccb account now)

so basically in china, bitcoin is accepted and just works???
none of that aml, kyc bullshit???
if this remains china's "official" position, HO-LY SHIT
talk about too good to be true
 

[Frozenlock]

Wait, you mean that not everyone works on a half-assed legacy banking system crippled by transit time and fascist laws? 

[freethink2013]

I think china realises it has to get onboard early (and regulate) after the trouble they had with QQ coins.

more here: http://www.theregister.co.uk/2009/06/30/china_bans_virtual_money_to_buy_real_world_goods_and_services/

they probably also intend on owning all the bitcoins eventually by hook or by crook

[Elwar]

I watched the entire thing. I understand nothing.

I watched it too and they were just talking gibberish. This is bad news for Bitcoin.

[Mike Christ]

Very very interesting.  The largest country in the world taking an interest in FREEDOM AND DEMOCRACY MORE FREEDOM

So any news on how India feels about Bitcoin?

[Gabi]

BTC's problem as a world currency if some of the country do not have a flowing currency exchange rate

It is not really a problem for bitcoin, it's a problem for the "fixed rate" currency.
Bitcoin will only show the "true" value of the RMB.

that would be an incredibly interesting thing to watch.
there's currently only 1 cny exchange (as far as i know), so i'd also be concerned if it could be state influenced.
not sure where btcchina its located, but i'd like to see cny exchanges in shenzhen and hong kong

just registered with btcchina to check it out and what i found absolutely surprising is the "mainstream" funding options currently available to the exchange:

• alipay (equivalent to paypal)
• tenpay (equivalent to i dunno facebook credits?)

and there seems to be an exit to EVERY national bank
(i'm actually trying to fund my ccb account now)

so basically in china, bitcoin is accepted and just works???
none of that aml, kyc bullshit???
if this remains china's "official" position, HO-LY SHIT
talk about too good to be true
 

Or, simply, it is like in the beginning of bitcoin, when people still accepted paypal and credit cards. Maybe the same will happen in china, they will discover that these systems are NOT ok to sell bitcoins.

[nyusternie]

I think china realises it has to get onboard early (and regulate) after the trouble they had with QQ coins.

more here: http://www.theregister.co.uk/2009/06/30/china_bans_virtual_money_to_buy_real_world_goods_and_services/

they probably also intend on owning all the bitcoins eventually by hook or by crook

agreed.

but none of this is really adding up to me; imo the threat of an anonymous gambling platform ALONE would have been enough to KILL bitcoin in the mainland

so i did a little digging; btcchina.com is using amazon aws out of japan; so they are NOT in the mainland
plus, their site doesn't have an icp# listed so they're not licensed either

i don't know how exactly they're doing that they're doing, but i have a feeling that it won't last -- that level of convenience? again, too good to be true

but.. i will enjoy it for as long as it lasts -- no more traveling with $9,999 USD in cash

[Frozenlock]

Or, simply, it is like in the beginning of bitcoin, when people still accepted paypal and credit cards. Maybe the same will happen in china, they will discover that these systems are NOT ok to sell bitcoins.

Depends if chargebacks are easy with those methods.

[oakpacific]

I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level  government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually

Maybe these corrupt officials finally find a way to move their bribe money out of china  

You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else.

That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities

Nobody gives a damn about "constitutions" here.

Bottomline is: as long as you pay your bribe and don't meddle with politics, CCP would want to stay as far from you as it can, in case you may seek help and support from it.

Another interesting thing to note: unlike in the West, there are still a lot of high-level CCP leaders with a science/engineering background, it might be a remote possibility that they might "get" it quicker than their Western counterparts.

[massivebitman]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

[Stunna]

Will be interesting to see how this plays out, maybe it's time for me to pick up some more btc

[nyusternie]

China will be the first country to crack down on Bitcoin.

It's trivial for them to block Bitcoin communications over their network, they have the most advanced proxy filtering systems in the world.

Maybe... But if the government were against it, why would they let it go on CCTV then?

that's the million bitcoin question

fyi, started out promising, but thus far my experience on btcchina has NOT been fun. WTF
is that how it works? as soon as people start to care and show you love, you fold under the pressure?
 

(will try again tomorrow)