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Author Topic: 2013-05-03 Bitcoin on China Central Television  (Read 6195 times)
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May 04, 2013, 12:16:42 PM
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On May 3rd China Central Televition (CCTV) Channel 2 had a 25 min show on Bitcoin and Bitcoin in China.
Watch it here
http://jingji.cntv.cn/2013/05/03/VIDE1367596319388137.shtml
Starting at ~10min you can listen to the English speaking customer who made possibly  the first off-the-net BTC transaction in China (to pay for a coffe).

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May 04, 2013, 12:38:00 PM
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Yes, the show is hosted by '经济半小时', (literal: Economics in half an hour), a famous economics talk show in China. It gives a positive overview of Bitcoin, touching on various aspects of Bitcoin (including  Bitcoin in Cyprus and the impact in China by interviewing a few Chinese Bitcoin users), and the general Bitcoin economy in China. They touched on friedcat's ASICMiner venture, Avalon and other ASIC companies in China, interviewed a couple of financial analysts working for banks in China, Canada's house for sale in BTC, coffee shops taking BTC in China, interviewed a bitcoiner from Brazil residing in China for the low electrical costs (and a lot of backstory), showed them a sale using Bitcoins, and a lot more. They even interviewed a Bitcoin hedge fund manager in China, which says that he has been getting increased interest in Bitcoin investment lately and a lot more positive stuff.

I can't cover much atm as I'm going out soon though - I'm merely reading the script here: http://jingji.cntv.cn/2013/05/03/VIDE1367596319388137.shtml

In a nutshell, this is quite a concise overview of Bitcoin, and everything is shown in a positive light apart from the regular warnings (careful of investing, bubble concern, tulip mania etc).


Google translate version of the script (sorry, no time at the moment - ask if anything is not clear)

A called Bitcoin virtual currency gradually into the public view, a latest news from the domestic media to further narrow the distance of the Chinese people with this particular currency. According to media reports, after the earthquake in Sichuan Lushan 4.20 bitcoins as donations had one fund account. Then the Bitcoin is it? Where did it come from? What can we do? Today we'll focus on this mysterious currency.

Today, as usual, Zhai Wenjie work first thing is to turn on the computer, log on an excavation site of Bitcoin. Bitcoin players Zhai Wenjie said: "just 8484, rose to 8518. Every minute beating figures to own a stimulus, that is, I make money, I make money." Looks Zhai Wenjie open the computer, nothing did not do, but just a few hours, his machine automatically has dug up 0.85 bitcoins. He opened the nation's largest Bitcoin trading site, Bitcoin RMB exchange market today is $ 800 each. This means that a few hours of effort, Zhai Wenjie has earned seven hundred dollars.

Sun Minjie is Bitcoin enthusiasts, he and his colleagues often discuss Bitcoin market, as long as the right opportunity, they will purchase some. Allow players to intoxicated Bitcoin was born four years ago. In 2008, a hacker named the Nakamoto posted a research report on a secret cryptography discussion, lays out the idea of ​​Bitcoin. In 2009, he established for this system an open source project, officially proclaimed the birth of Bitcoin.

Bitcoin is not dependent on in specific central issuers, but the use of a distributed database to record currency transactions throughout the peer-to-peer network nodes, and use of cryptography is designed to ensure the circulation of money in all aspects of security. Users can use the computer in accordance with the provisions of the algorithm, a large number of operations to "mining" bitcoins. 64-bit number in the "exploitation", you need to use a computer to search through repeated decryption compete with each other and with other gold digger, to provide the necessary data for the Bitcoin network. If the user's computer managed to create a set of numbers, then you will get the 25 bit reward currency. Because the the Bitcoin system uses a decentralized programming, so every 10 minutes only get 25 bitcoins. At the same time, the user can also be traded in the online trading platform to get bitcoins.

The engine room is Zhai Wenjie "mining" place. These Di Wenjie modified specifically for mining bitcoin machine. Eight graphics cards almost around the clock to be calculated, significantly higher than the outside temperature in the room. Zhai Wenjie said: "a total of 12 mining machine, as it stood at the edge of too much heat, your hand feel, boiled eggs can now power consumption of this day was about 60." Sun Minjie "mining" the machine is almost never stopped rotating. Sun Minjie said: "the principle of mining is a set of very complex encryption and decryption algorithm to do the computation of the discrete series, then it is equally distributed to all those connected to the Internet mining people, who contributed to the computing power of , who assigned the more. "

Although the the invisible virtual currency, but the bitcoin has become can not be ignored. On April 23, the One Foundation announced that it has received the intention to donate 50 Bitcoin. This is Bitcoin first donations in China. In distant European countries, Cyprus, Bitcoin scenery one. This year, the Government of Cyprus tax bank deposits of savers. People suddenly found that the unregulated virtual currency Bitcoin tax avoidance, and the dollar and other currency exchange, which reduces the loss of their wealth. The Bitcoin ATM in the streets of Cyprus, and even. Then in the eyes of the players, Bitcoin is it? Some people think it as precious as gold, but some people think it is worthless. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Compared to gold, its biggest flaw is that it is just a binary one file."

Despite the controversy there is no consensus about bitcoin, but all of them see the world without any kind of currency is more exciting than the growth trajectory of the virtual currency Bitcoin. In 2011, there was reported that over the past year or the highest currency is the Australian dollar, it rose against the U.S. dollar is 27%; same year, however, the bit against the U.S. dollar, but it is from 0.5 U.S. dollars, rose to 13 U.S. dollars, or up to 2600%. Bitcoin did not relax rose momentum, the Bitcoin April this year all the way rushed a Bitcoin exchange $ 266! Bitcoin market, so amazing group of people to catch a roller coaster of the purpose of his wealth.

The world's largest digging Bitcoin website, an account code 67717, has always ranked first in the number of mining. Zhai Wenjie said: "super players, this person is a company, the company's mining, they called baked cat, a company in Shenzhen. You see the ID of the whole network, the world ranking." According to the published computing power calculation, the number of this day only four people dug Bitcoin wealth is very alarming. Zhai Wenjie said: "It (computing power) 7549G day can produce 357 357 by 800 yuan (bitcoins) count is $ 280,006 a day."

Not only diggers, system and even made mining machine has become a billionaire. This machine is a network called pumpkin Dr. Zhang Di modified, use it to dig Bitcoin operations much faster than the general graphics mining. Zhai Wenjie said: "This year has earned a lot of money, (pumpkin Zhang) sold a batch of 600 units, was regarded as one of the 40,000 yuan is actually very simple 600 is 24 million, it is the first batch of the second batch of R & D The cost of this group of full money back "

Not only that, the nation's largest Bitcoin trading site is vast fortune. Zhai Wenjie said: "It's fee is 0.3%, thousandths look as they are now trading 8400 (bitcoin), it earned 24 per thousand, a calculation is 20,000 yuan, it's just trading, buyers and sellers are collected, which earn 40,008. "

Zhai Wenjie witnessed too many people rely on Bitcoin fortune. He felt he could not miss this opportunity. So he spent 840 bitcoins, from pumpkin Zhang Order 12 mining. If the at a Bitcoin market price of 800 yuan now, these mining machine has a value of nearly 70 million. The new machine than Zhai Wenjie mining machine efficiency ten times higher, Zhai Wenjie just T account, new machines dug 24 Bitcoin day, a month will be able to recover all the costs.

Also tasted the sweetness of Bitcoin Sun Minjie just under the orders of the mining machine he bought five mining machine and his colleagues from the United States. However, the Bitcoin "gold mine" is not inexhaustible only 21 million, according to the founder Nakamoto design, the total amount of the Bitcoin Bitcoin currency production speed every 10 minutes 25 new bits credits. But every four years, the number of bitcoins output is cut in half, until it reaches the maximum number. With the increase of mining, each participant can be dug coins will be less and less.

Therefore, for the miners, the time is very valuable. Zhai Wenjie said that next month, such as his new mining machine, he is going to give them a new home, or even a "nanny."

Second, we see that the "miners" Nuggets career. It can be said that the birth, Bitcoin players toys, now already is the fastest growing virtual currency. From 2010 Bitcoin began with physical goods exchange, wine vendors site specializing in digital products, to operate from the restaurant to the telephone company, more and more from different countries and then Na Bite $ Bitcoin increasingly more like the real currency, we will look at reports of journalists.

This is a theme cafe, located in Beijing Haidian Book City near strong entrepreneurial atmosphere, $ 20 coffee can take a day's consumption concept has attracted a lot of computer geeks and Internet entrepreneurs gathered here. A half months ago, one day, cafe staff Mafeng Feng in here first received 0.012 bitcoins. The never received Bitcoin Mafeng Feng not dare to call the shots. Cafe staff Mafeng Feng: "I ask our boss, can we close Bitcoin? Boss said he is our first payment Bitcoin guests."

The American boy named Jack, is a student of the Beijing Language and Culture University, came to China three years ago. Is in this cafe, he contributed to the first non-network Bitcoin transactions, Since then, Jack almost all Bitcoin buy coffee. Jack told reporters that he often went to a place called site of btcchina, this site is similar to the Bitcoin Bank, there is immediate change Bitcoin exchange the RMB exchange rate, can be calculated according to the exchange rate, Bitcoin units need a cup of coffee, and then only need to scan the the Bitcoin account cafes two-dimensional code, the transaction is complete.  Jack contact Bitcoin But more than three months time, but have been deeply in love with the Bitcoin convenient, in addition to use it to buy coffee, he also often go to one that accepts Bitcoin payment shopping site. Than special players Jack: "This site is called: I want to buy this mask is anti-influenza, if you want to buy this click on the button."

Jack demonstrated to reporters he bought the whole process of the mask. Reporter saw, each bitcoin players will be on the network has an electronic purse, shopping, just the price of goods to the translation into Bitcoin unit, and then sweep the Site Settings two-dimensional code, find the payment address of the site, can easily make a payment of goods. The whole process, but a minute or two. Than special players Jack: "I with Bitcoin ago, in order to save my money back to my account, I need to bring my RMB, go to the bank queue, then wait a few days, the money will arrive. Now I just need to give me play Bitcoin friends, I sell you some bitcoins, and then my money will be able to arrive the same day. "

Bitcoin is not yet well known by most people, it already has a large number of die-hard fans. Jack said: "One of my friends in Beijing, he actually moved to Beijing because Bitcoin, because he likes the Mint machine mining that data processing is a very power-hungry, Brazil's electricity is particularly expensive, So he decided to come to China, because China's electricity is cheaper, he came to China with only 200 yuan in Beijing, and then he met other mining bitcoin players, he Bitcoin transactions with them, buy a bicycle. Bitcoin player seems to have a natural sense of trust, in our interview, Jack 2 Bitcoin transactions from the hands of another young man.

This is called Tian A boy, graduated from Tsinghua University Department of Computer Science, also Bitcoin senior players. Last One Foundation to accept Bitcoin donations, but also aroused great concern bitcoin anonymity and transparency. Tian A demonstration to reporters contributions to the One Foundation website. Bitcoin player field A: 233 Bitcoin This is April 21 or before a certain time. 82 that a total of 82 contributions it is now the balance is 233. Conversion multiplied by about 900. 233 multiplied by 900 is about 200,000 yuan each donation you can see his record this donation can not only be transparent, can also accept donations from abroad you just paste it into the address international forums up, he was more concerned about domestic affairs, he will donations it is anonymous, you will not worry disclose your information, and its per capital flows, if it wants to open, but also can be done not only above the closing shall there Paymaster. "

Bitcoin each transaction is transparent and anonymous, that is, a network client can be found all over the world an instant Bitcoin transactions, but not know where the deal from the whereabouts of where , for what purposes. Jack said: "People say Bitcoin is a semi-anonymous, because if anyone knows the address of your account, they can give you to pay can see you money, but they can not know where the money comes from, where to go, or who pay your money, you who fought the money. "

, In the middle of last month, residents of Alberta, Canada Taylor Moore ready to sell a detached, the deal instantly become the focus of the major media, because of the conditions attached to, if the buyer chooses to bits currency payments, he was willing to give discounts. This scene so we think of the prevalence of the tulip bubble in 17th century, a tulip bulb prices also pushed up to you can change a house. Earlier this year, the Bitcoin is also hovering around $ 20, but in April soared to more than $ 200, a full up 10 times. The outrageous gains Bitcoin to become the prey of the world the eyes of investors, many Chinese people were the first to eat crab, we come to know about them.

End Hongbin, China's first the Bitcoin hedge fund managers, financial columnist. With the rapid warming of the bitcoins in the country, the end Hongbin busy. Bitcoin investors end Hongbin said: "a lot of e-mail sent to me by phone, mail, QQ, micro-channel, micro-blog, is basically a variety of channels.] Are read my report on investment, then Bitcoin have some questions, and then came to ask me. "

April 10 this year, Bitcoin Mogao all the way to $ 266, in just a few days dropped to $ 50, followed by a quick shock back to around $ 140. End Hongbin Bitcoin hedge funds, in this crazy 4 menstrual hand sale and purchase of four to five hundred Bitcoin Bitcoin Exchange trading volume growth of nearly 10 times more than the same period last year. Than the the Bitcoin payment function, Bitcoin investment, like this rock event the strongest voice.

End Hongbin exclaimed in his blog "Bitcoin crazy. Bitcoin retail speculators, bitcoin investment experience much more attractive by the screen name of this young man, has a two-year, on-line management two Bitcoin speculators group. He is also on the April fresh. The Bitcoin speculators Dora said: always used to say that to kill the red-eye, these people see the interest here is very deep, and especially for speculators in terms of, like the red side of the target in the hands of the matador, Meng Niu After they see the desperate rush forward. "

July 17, 2010, the world's largest Bitcoin trading site MTGOX established Bitcoin price of less than $ .05. At that time, much more attractive or college students, the end Hongbin was a financial columnist. Then make money dig Bitcoin miners, speculators were talking about that period of history can only be Despair. End Hongbin said: "A lot of people think Bitcoin is something, never heard of, and then ignored, this is a big mistake, because at that time very cheap thing, only one or two cents a coin, equivalent to up to now a million times. "

Bitcoin investment charm of the first outbreak, it was in June 2011. $ 30 later began to fall, and, all of a sudden hit $ 0.01 from 17 U.S. dollars, is 1 cent, that is, I think he dropped from 17 to about 0.01 for four hours inside. "End macro end Hongbin said: Bin rapidly from Taobao bought his first piece of Bitcoin, or junior Dora Chuaizhuo she saved $ 5,000 and brothers and sisters that scrape together $ 5,000 to buy a used dig Bitcoin mining machine. However, with the rises and falls of Bitcoin, Dora the idea of ​​change.

End Hongbin clung to the belief of the the Bitcoin is equivalent to long-term hard currency, reached the Bitcoin market, Dora fancy the Bitcoin frequent ups and downs, the playing bitcoin buy low sell high. Although two people are reluctant told reporters investment Bitcoin income in the end, but we do see that bitcoin since the birth of the transaction, the appreciation of 5320, and continued the dramatic ups and downs. Dora said: "(April) look at from more than 1000 yuan, fell to the five or six hundred yuan, has caused massive panic selling, but wait until two days after the expert manipulator, the price low again. "

Just past the crash in April, a lot of speculators confidence pressure to the bottom. End Hongbin believe that this extreme state of Bitcoin has been showing signs of a bubble. End Hongbin said: "Now the price is a speculative, if Bitcoin is not well applied, Bitcoin bubble is estimated to be broken."

, Despite the Bitcoin core developers have repeatedly clear emphasis on Bitcoin is a project of "experimental" and repeatedly prompted the investment risk, but apparently did not dampen the enthusiasm of investors off, Bitcoin whether there is a bubble? We said, the the entity currency with means of payment, means of circulation, the value scale, world currency and storage means of the five characteristics, Bitcoin locate these can be achieved. Even compared to the physical currency, Bitcoin is not subject to government control, constant total, in some respects superior to the traditional currency. Such as Bitcoin virtual currency vitality? In turn go in the future? Us listen to the views of experts.

Liu Xiao Ampang Consulting Co., Ltd. has been two years in a row Bitcoin follow-up study, Liu Xiao, The Bitcoin rapid development of the reason is that it is a decentralized currency. Ampang Consulting Co., Ltd. Liu Xiao, a researcher, said: "Everyone can be a publisher, financial institutions can become can become trading currency, there is no regulation of such a trader." Liu Xiao, been China Construction Bank senior economist Zhao Qingming recognition.

China Construction Bank senior economist Zhao Qingming, said: "In the past few years, because this world is awash with liquidity, the central bank to various major central banks are engaged in quantitative easing, liquidity should be said that seems to be a sudden flood, caused some people's dissatisfaction and worry about. "and a former central bank monetary policy committee, David gives a different view. Tsinghua University, China and the World Economy Research Center Director, David said: "so much that it now a lot of investors for sovereign currency, RMB distrust, it would be better to say that the sovereign currency issue too much, this case , there is a lot of money seeking investment object, is seeking investment channel. "

In less than four years, the market value of the Bitcoin from the initial 5 cents each costing $ 266 soaring to the highest three years of soaring 5100 times, Liu Xiao Bitcoin spike has gone far beyond its own as the function of a currency. Liu Xiao said: "The most important thing is such a feature of the 21 million limit, this feature makes Bitcoin become a strong speculative property as a tool."

Bitcoin, early in the design intent against the existing monetary system network tools, is becoming an investment or speculative tool. Crazy Bitcoin, in the end is the perfect currency or new Ponzi scheme? Mr Li said: "to pass the hot potato of the mechanism, not really take it to use the function. This is the judgment it is not beside's scam of, whether Pond's scam of the most fundamental standard, if its purchase by really like this products, think this product is a function, investment function, this is a normal investment goods or products. investors to buy his purpose is not to use, not investment, is to put this product in the short term at a higher sell it to a people who were fooled, this is a Ponzi scheme. "

Said: Liu Xiao "Liu Xiao: We believe that Bitcoin prices so high, it is actually a speculative bubble, for example, like the early days of the" tulip bubble ", like later in the recent subprime crisis, only from the speculative point of view, it is not essentially different and the previous tulips and subprime derivatives. "

Bitcoin future what will go where? Zhao Qingming, said: "I think most likely be short-lived, first of all I think that he has become the subject of a speculative the other hand, the lack of the financial system to support it." Today, the United States has begun to Bitcoin regulation, the implementation of anti-money laundering laws and regulations of the virtual currency. In China, the virtual currency regulatory Ministry of Culture and Ministry of Commerce jointly issued a notice on the online game virtual currency transaction management. However, David, existing for virtual currency laws and regulations can not be fully applicable to the regulation of this new type of virtual currency Bitcoin. Mr Li said: "how to monitor, how to guard against some of us in the middle of the non-standard phenomena, how to protect the users, investors, this may also need to study new approaches."

Someone will bitcoin compared to similar gold, because their total amount is constant, but we see, even if it is referred to as "hard currency" gold, the price of gold will not only rise. Gold itself is no bubble, but the price is too high, there is a bubble, and the same is true of the bubble will eventually burst, Bitcoin virtual currency. Can conditions, in addition to the Bitcoin Is the future does not appear the new virtual currency? The more common virtual currency Bitcoin value the closer. This purely out of the operation of digital currency symbol, no asset-backed financial revenue and expenditure, no cash reserves, there is no value in use, is just a symbol only in circulation, lose credit guarantee, is a pile of beautiful printed waste paper . Investors should be wary of this world is not the so-called safe investments, all investments are risky.

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May 04, 2013, 04:10:27 PM
 #3

Wow, I think we can expect:

a.) More Chinese ASIC companies on the horizon (most likely faster and cheaper ASIC's - perhaps even some kind of price war)

b.) An influx of Chinese capital -> expanding the market cap of Bitcoin and crypto's generally (maybe there is something serious going on with CNC aka ChinaCoin)

Exciting stuff.

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May 04, 2013, 06:43:51 PM
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would it be possible to upload the video to youtube, and then we could crowdsource the English captioning?

Will

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May 04, 2013, 06:48:53 PM
 #5

Is there a video in that link? All I see is text.

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May 04, 2013, 11:10:06 PM
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Is there a video in that link? All I see is text.

There is a video with "cntv player 2.0.2013.04.20.5" using adobe flash.
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May 05, 2013, 03:37:39 AM
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Exciting stuff.


China has a tight grip on internet. You can't access youtube, twitter, facebook, and even googledocs from China. Even tor and often ssh tunneling are disabled. The government is unlikely to tolerate crypto-coin to thrive in China. Operating under the radar is the best way to deal with authority. In the TV prog no one was willing to disclose his profit but speculated wildly on other players' profit. That surely will attract authority's attention.

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May 05, 2013, 08:14:07 AM
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Exciting stuff.


China has a tight grip on internet. You can't access youtube, twitter, facebook, and even googledocs from China. Even tor and often ssh tunneling are disabled. The government is unlikely to tolerate crypto-coin to thrive in China. Operating under the radar is the best way to deal with authority. In the TV prog no one was willing to disclose his profit but speculated wildly on other players' profit. That surely will attract authority's attention.

I doubt the Chinese government will have any hard enforcement on Bitcoins. They will publicly have a soft discontentment against Bitcoins but it won't result in anything substantial, especially if cryptocurrency can upset Western powers.

And I disagree about restricted access. It is still not too difficult for many people I've spoken to to gain access outside of China's great firewall.

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Ask not what Bitcoin can do for you - ask what you can do for Bitcoin.
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