China : The next price bump

[Inedible]

I remember reading a post a while ago where someone said x-amount of monies were coming from x-countries.

Is it actually possible to work out/see this data or was this the product of my overly-active imagination?

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[ElectricMucus]

I remember reading a post a while ago where someone said x-amount of monies were coming from x-countries.

Is it actually possible to work out/see this data or was this the product of my overly-active imagination?

Would be really interesting to see that if you could remember. I haven't seen that.
In principle I can't think of a method of how to get significant enough data on that.

[matt608]

I agree it will take a little time for the Chinese who saw the program get their money into an exchange, so maybe by the end of the week that's coming up we'll see a big rise from it.

[gogxmagog]

I still think there'll be new money coming in. I just don't think it'll be huge. That's why I reckon $150 will be the ceiling on this one before a fall back down to $130 by middle/end of the month.

Why so much rage with everyone? Is everyone on hormones/steroids or something?

they learned their netiquette over at 4chan.

[jinni]

You are the one who posted the tunnel vision snapshot of recent downloads. I am sorry you bulls look so alike, so that was the response to someone else. Could have been you.


All in all this whole thing is ridiculous. The time when a single TV special causes people to freak out was when we were in the lower single digits.
Now that we have seen press coverage on an almost daily basis this is something of a minor curiosity. In fact that current prices are remotely sustainable pretty much requires a continuation. And if that stops, run...

It is huge, actually it is beyond huge...we're talking ginormous. This is not any single TV special, it is a half hour on China's state television channel. It is already and will continue to spark a frenzy of interest in China. But more importantly it is about the the Chinese government tacitly approving of Bitcoin. The Chinese government is immensely powerful, it means that if Western governments try to ban Bitcoin, it will still have a user base in China.

The Chinese love gambling and they love saving, and Bitcoin is great for both. Hence with government approval the stage is set for explosive growth. It is even possible that Bitcoin adoption in China might overshadow adoption in the US.

[noedaRDH]

You are the one who posted the tunnel vision snapshot of recent downloads. I am sorry you bulls look so alike, so that was the response to someone else. Could have been you.


All in all this whole thing is ridiculous. The time when a single TV special causes people to freak out was when we were in the lower single digits.
Now that we have seen press coverage on an almost daily basis this is something of a minor curiosity. In fact that current prices are remotely sustainable pretty much requires a continuation. And if that stops, run...

It is huge, actually it is beyond huge...we're talking ginormous. This is not any single TV special, it is a half hour on China's state television channel. It is already and will continue to spark a frenzy of interest in China. But more importantly it is about the the Chinese government tacitly approving of Bitcoin. The Chinese government is immensely powerful, it means that if Western governments try to ban Bitcoin, it will still have a user base in China.

The Chinese love gambling and they love saving, and Bitcoin is great for both. Hence with government approval the stage is set for explosive growth. It is even possible that Bitcoin adoption in China might overshadow adoption in the US.

I think people in China, and perhaps people in Asia, are more accepting of risks. They're also very tech savvy, and are ready to learn when something new and adventurous appear on the scene. That alone makes them very ripe for the adoption and innovation of matters in the Bitcoin. So I agree, given the often "it's a scam! It's not physical! I don't want to learn!'" type of attitude you'll find the States, it's only a matter of time before China's usage of BTC's outgrows America's.

[jinni]

You are the one who posted the tunnel vision snapshot of recent downloads. I am sorry you bulls look so alike, so that was the response to someone else. Could have been you.


All in all this whole thing is ridiculous. The time when a single TV special causes people to freak out was when we were in the lower single digits.
Now that we have seen press coverage on an almost daily basis this is something of a minor curiosity. In fact that current prices are remotely sustainable pretty much requires a continuation. And if that stops, run...

It is huge, actually it is beyond huge...we're talking ginormous. This is not any single TV special, it is a half hour on China's state television channel. It is already and will continue to spark a frenzy of interest in China. But more importantly it is about the the Chinese government tacitly approving of Bitcoin. The Chinese government is immensely powerful, it means that if Western governments try to ban Bitcoin, it will still have a user base in China.

The Chinese love gambling and they love saving, and Bitcoin is great for both. Hence with government approval the stage is set for explosive growth. It is even possible that Bitcoin adoption in China might overshadow adoption in the US.

I think people in China, and perhaps people in Asia, are more accepting of risks. They're also very tech savvy, and are ready to learn when something new and adventurous appear on the scene. That alone makes them very ripe for the adoption and innovation of matters in the Bitcoin. So I agree, given the often "it's a scam! It's not physical! I don't want to learn!'" type of attitude you'll find the States, it's only a matter of time before China's usage of BTC's outgrows America's.

Adding to that, there is the Asian financial crisis in the late 90s affecting mostly the ASEAN countries and then there is the fact that most Chinese alive today have seen a 25%+ inflation rate in the early 90s.

In general people in Asia are more aware of how insecure fiat really is

[Jobe7]

What is interesting to note is this;

http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-04-01+to+2013-04-04

Now, as others said, don't take sourceforge as gospel, its just something to get an idea, to 'feel the flow'.

You can see from the states that the recent bubble doesn't seem to have any correlation with interest from China. This sudden spike is.. new/different.

Question is - will these 'spikes' continue? Will we see a sudden surge in Chinese bitcoin businesses? (tech savvy, and trust me, there's plenty of people over there who would be very happy to setup new businesses).

I don't think its going to be another 'bubble spike', because of how April doesn't correlate. But, it could turn into one IF there's nowhere for the newly interested people to spend their bitcoins. Yet mentality is very different from western style indoctrination, in that they're taught to save, westerners are taught to spend.

Maybe CCTV will do a 2nd bitcoin documentary, or blogs and other tv channels in China will follow .. or maybe they won't? Is media Bitcoin bashing over? (it seems to be mostly from the western sphere, sliding into a slight (very slight in some cases) media/journalistic understanding).

One thing I can say for sure is that it will certainly be interesting to watch.

[bobdude17]

I don't think you all understand the gravity of what China just did.

As in - officials in Washington DC are having frantic closed door meetings right now.

[bobdude17]

Satoshi made Bitcoin  >  The miners made it a community  >  The spectators made it a market  >  The media made it a bubble  >  The venture capitalists made it an industry  >  China has just made it a threat.














(in the eyes of the US government)

[internationalaw]

Sources for so-called "close door" meetings right now? or is that just your opinion?

[bobdude17]

The US and China have been in a military, economical, idealogical, and technological Cold War for a while now. They watch each other's every move, and every action has meaning. I don't have inside information but I know the level of detail the government pays attention to and reacts to. Trust me, there are meetings happening right now.

[jinni]

As in - officials in Washington DC are having frantic closed door meetings right now.

Indeed this is very likely. I can't say I'm shedding any tears for the crumbling of the American hegemony though. The only thing is that it's not like Washington can do anything about it, except start another war...and that worries me.

[jinni]

Sources for so-called "close door" meetings right now? or is that just your opinion?

There will be no sources for closed door meetings. But you can infer that they are happening from the geopolitical magnitude of China's move.

It is another attack at USD world reserve status from China after they started buying oil denominated in other currencies than USD from Iran.

[bobdude17]

Indeed this is very likely. I can't say I'm shedding any tears for the crumbling of the American hegemony though.

I agree. I love my country, but my country and my country's military industrial complex empire are two different things.

It is another attack at USD world reserve status from China after they started buying oil denominated in other currencies than USD from Iran.

Exactly. But I think this is far bigger than even the Iranian oil action.

[Malawi]

I don't think you all understand the gravity of what China just did.

As in - officials in Washington DC are having frantic closed door meetings right now.

I imagine Obama is rallying all his ministers right now, waking them up if necessary and having a long meeting where he demands answers!

His first will be something like "Forget North Korea and that shit, I hear Bitcoin have been at Chinese TV - WTF WTF WTF???"
"How can we deal with the imminent crisis connected to a virtual currency that has a value compared to 1% of Siemens annual revenue?"
"Is Siemens behind this?"
"I WANT ANSWERS..... NOW!"

Followed by more WTF and distressed mumbling.

[hlynur]

Perhaps I'm wrong and just a bit too excited about this CCNTV documentary.
But I can't get the numbers out of my brain:

China means rougly 200 to 350 millions (didn't find exact numbers on the net)  of people representing the educated social class (potential buyers would come from this part of society in first place).
Surely other countries were in bitcoin from the beginning and China just got the first big wakeup call concerning media.
E.g. i live in germany and i just stumbled upon some tv reports not longer than 15 min. (widely positive comments as i can think of)

Now if you imagine a state-controlled tv station watched by a wide audience bringing a 30min report showing it in a positive way,
that is a f**ing huge media push.

i don't know if my evaluation is wrong but I just think of bitcoin beginning to spread in a class of chinese society that represents nearly the whole population of USA.
It makes sense in a kind of way for a country being the biggest exporter of goods in the world looking out for new possiblities of financial transactions.

Are there some people from china or with any chinese relation on the forum who can give some feedback and thoughts about this?

[xorglub]

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

[jinni]

Indeed this is very likely. I can't say I'm shedding any tears for the crumbling of the American hegemony though.

I agree. I love my country, but my country and my country's military industrial complex empire are two different things.

Spot on. Even though the US is a democracy I wouldn't dream of blaming the American people for being duped into war-mongering. That is simply a result of mass-manipulation by an increasingly small elite. Someone once said that if every American had actually personally known an Iranian then there would be no enmity towards Iran, and I think this is true because as far as I understand the people of both countries have a culture of being extremely friendly and curious about foreigners. It simply is too bad people are so easily scared into submission.

I think this is far bigger than even the Iranian oil action.

I agree in the sense that it is a long-term fundamental shift, but in terms of actual dollars right now the oil thing is much bigger, and will be for quite some time.

[Stunna]

Another 1.3 + Billion potential users is definitely something for all bitcoin owners to be happy about!