China : The next price bump

[ElectricMucus]

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.

You guys are getting ahead of yourselves again.

Bitcoin isn't perceived as a threat by any goverment nor is it considered something worthwhile of attention. That is the reason it was on Chinese TV in the first place.
It may "change the world", not in the way your Libertarian romantics tell you but more subtle, "under the radar" - in your terms.

[simonk83]

Yes, but those sites need to buy Bitcoins,too.

As ElectricMucus said, they already have.

so everyone in China already knew about bitcoin before this CCTV event?    LOL.

Everyone that matters at this point.

Dude, I get that it's your thing on here to be a bear all the time, but that is utterly ridiculous.

[ElectricMucus]

Please stop nit-picking one point of an ongoing discussion.

[simonk83]

Please stop nit-picking one point of an ongoing discussion.

I just started reading the thread, and this is the daftest of the comments you'd posted so far (most of which were just slightly less daft).  I'll probably hit plenty more before I get to the end, but to be honest you never have anything of value to say, rather just relying on bear nonsense whenever anyone dares to post positive or bullish signs.   Now I see why your ignore button is so dark, and allow me to contribute to that.

Good riddance.

[ElectricMucus]

you are the third guy who picks this particular post out of context.

[hlynur]

quote mt.gox wall observer:

$117 with many big buys. its 10AM sunday in hong kong. are we sure this action is from the CCTV news piece?

News will backfire. Btcchina sucks, it's a small exchange for pocket change. Withdraw from there is limited to 10 BTC per day.

that's good to know. still tv report is a very bullish sign for development of bitcoin in china

[Faraday]

you are the third guy who picks this particular post out of context.

In what way was it out of context? Do you know what that means? He quoted the 3 posts before yours..

Why are you such a bear anyway, did you sell all your bitcoins?

[BitcoinAshley]

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.

I agree. After the level of media saturation we've seen, I certainly would not be grasping at one single media event as a game-changer.

However, let's not underestimate:
-The possibility that many Chinese may now decide to invest a little in bitcoin - and let's not pass it off by assuming that because a handful of wealthy Chinese elite and basement nerds already know about it, potentially thousands of middle-class folk who didn't already know about it couldn't affect the price at all.
-The fact that the Chinese middle class may be looking for a new investment - classically, they invest in real estate, but that's not looking like such a sweet deal anymore... mom and dad are discovering that the 18-24 generation doesn't want to buy at the top of a bubble and their retirement isn't as safe as they once thought. The slightly more radical among them may decide to throw one of their 12 ghost city condos into cryptocoins.
-Many Chinese people have directly experienced massive inflation
-The political implications. CCP doesn't take its state-run TV channel censorship lightly. Is this a jab at the Western PTB? Not as much as bobdude17 thinks, but let's not completely dismiss this possibility.
-Saying that governments/banks don't see bitcoin as a threat is pretty silly. Sure, they can pass it off for now since its market cap is 1% of some big company, but it's not hard to see that a P2P cryptocurrency that solves the double-spending problem has some pretty hard-hitting potential. Historically, truly revolutionary technology has always been suppressed in favor of pseudo-revolutionary technology that encourages exponentially rising consumption and therefore money-printing (Tesla?) 

I think we have some people overestimating the political implications and the potential adoption bump. On the other hand we have people underestimating the political implications and potential adoption bump. Nothing unusual here. Try to temper y'alls reaction yet don't dismiss obvious possibilities. This is an interesting world that we live in.

Hey, and stop picking on electricmucus, guys

[Beta-coiner1]

I don't know guys.The rally could be real,especially if you look at Google trends it seems to be indicating interest specifically for China has been increasing lately.

[hlynur]

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.

I agree. After the level of media saturation we've seen, I certainly would not be grasping at one single media event as a game-changer.

However, let's not underestimate:
-The possibility that many Chinese may now decide to invest a little in bitcoin - and let's not pass it off by assuming that because a handful of wealthy Chinese elite and basement nerds already know about it, potentially thousands of middle-class folk who didn't already know about it couldn't affect the price at all.
-The fact that the Chinese middle class may be looking for a new investment - classically, they invest in real estate, but that's not looking like such a sweet deal anymore... mom and dad are discovering that the 18-24 generation doesn't want to buy at the top of a bubble and their retirement isn't as safe as they once thought. The slightly more radical among them may decide to throw one of their 12 ghost city condos into cryptocoins.
-Many Chinese people have directly experienced massive inflation
-The political implications. CCP doesn't take its state-run TV channel censorship lightly. Is this a jab at the Western PTB? Not as much as bobdude17 thinks, but let's not completely dismiss this possibility.
-Saying that governments/banks don't see bitcoin as a threat is pretty silly. Sure, they can pass it off for now since its market cap is 1% of some big company, but it's not hard to see that a P2P cryptocurrency that solves the double-spending problem has some pretty hard-hitting potential. Historically, truly revolutionary technology has always been suppressed in favor of pseudo-revolutionary technology that encourages exponentially rising consumption and therefore money-printing (Tesla?) 

I think we have some people overestimating the political implications and the potential adoption bump. On the other hand we have people underestimating the political implications and potential adoption bump. Nothing unusual here. Try to temper y'alls reaction yet don't dismiss obvious possibilities. This is an interesting world that we live in.

Hey, and stop picking on electricmucus, guys

good arguments, only difference i see here is that you're talking about media saturation in western civilsation.
I think chinese media coverage is just beginning to catch up and market there has huge potential for cryptocurrency with all the exports, cheap energy and mining hardware directly from the source producers.
The sheer amount of population in china freaks me out if a hype is starting there.
It's remarkable that china hasn't anounced their own cryptocurrency yet and instead bitcoin gets the possibility to develop without restrictions by the government in the early stages.
Last point is perhaps the most important sign of this report on state-controlled tv.

[xorglub]

I don't know guys.The rally could be real,especially if you look at Google trends it seems to be indicating interest specifically for China has been increasing lately.

Good observation. The worldwide one has been steadily increasing for 4 days too !

[arepo]

point to good news in a bull market --> "THIS is why the price is going up!"

point to bad news in a bear market --> "THIS is why the price is going down!"

you guys are delusional.

[Beta-coiner1]

point to good news in a bull market --> "THIS is why the price is going up!"

point to bad news in a bear market --> "THIS is why the price is going down!"

you guys are delusional.

Tell that to the current rally when the largest exchange is currently being sued for breach of contract,lol.Many here believed the last rally was due to the speculation that many within Cyprus would move to Bitcoin......now we have the second largest economy in the world having an interest over the last few days.

[arepo]

point to good news in a bull market --> "THIS is why the price is going up!"

point to bad news in a bear market --> "THIS is why the price is going down!"

you guys are delusional.

Tell that to the current rally when the largest exchange is currently being sued for breach of contract,lol.Many here believed the last rally was due to the speculation that many within Cyprus would move to Bitcoin......now we have the second largest economy in the world having an interest over the last few days.

let me give you a hint. that had nothing to do with the rally today, except for the people who bought because they thought others would buy on said news. do you really think Cypriots were behind the bubble? or people buying on the Cyprus news, because we were already in an uptrend?

[BitPirate]

^ In this case, I couldn't agree with you more, arepo....

Good news will come that will affect the price positively, but this seems a little like clutching at straws.

[tantk]

At the end of cctv documentary, they mention ONLY IF bitcoin has no other practical usage then it will be as worthless as the tulip.
Whether bitcoin is a Ponzi or not, it depends on the motive for people buying bitcoin, Ponzi: speculators who just want quick profit from bitcoin.
Bitcoin also lack the backing of a strong financial institution to let it go more mainstream.

In short,for price to grow with less bubble, we need to have more merchants to start accepting bitcoin to increase its practical usage.

[hlynur]

At the end of cctv documentary, they mention ONLY IF bitcoin has no other practical usage then it will be as worthless as the tulip.
Whether bitcoin is a Ponzi or not, it depends on the motive for people buying bitcoin, Ponzi: speculators who just want quick profit from bitcoin.
Bitcoin also lack the backing of a strong financial institution to let it go more mainstream.

In short,for price to grow with less bubble, we need to have more merchants to start accepting bitcoin to increase its practical usage.

do you speak mandarin or where did you get translation from that report?
Is it mentioned in the report that is has practical usage already? Is the whole feeling of report more positive like mentioned on reddit?
sure bitcoin market is too speculative right now but the more money floods in merchants want to absorb value it and will catch up.
The advantages of usage of bitcoin will overcome the money investment option over time.

[ronaldlee0917]

At the end of cctv documentary, they mention ONLY IF bitcoin has no other practical usage then it will be as worthless as the tulip.
Whether bitcoin is a Ponzi or not, it depends on the motive for people buying bitcoin, Ponzi: speculators who just want quick profit from bitcoin.
Bitcoin also lack the backing of a strong financial institution to let it go more mainstream.

In short,for price to grow with less bubble, we need to have more merchants to start accepting bitcoin to increase its practical usage.

do you speak mandarin or where did you get translation from that report?
Is it mentioned in the report that is has practical usage already? Is the whole feeling of report more positive like mentioned on reddit?
sure bitcoin market is too speculative right now but the more money floods in merchants want to absorb value it and will catch up.
The advantages of usage of bitcoin will overcome the money investment option over time.

I speak mandarin and I am from China.
They mention both the goods and bads, it is a rather objective and informative show, surprisingly from the heavily-censored CCTV.
It mentioned the 6000% growth since Bitcoin launched, how people earn money by mining and without work, the risk of Bitcoin as a speculative, the merchants accepting Bitcoins, the potential of Bitcoin etc, and at the last, warning investors they got to analyse the risk since Bitcoin is still young and in the experimental stage afterall.

[lebing]

I for one welcome our new overlords

[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.

You guys are getting ahead of yourselves again.

Hardly. The American hegemony has been crumbling for years. People have talked about the collapse of the dollar for a long time. The US invasion of Iraq suspiciously coincides with Saddam Hussein's plans to trade oil in EUR. Are you telling me that the American government aren't seriously worried about the USD losing its status as world reserve currency?
 

Bitcoin isn't perceived as a threat by any goverment nor is it considered something worthwhile of attention.

What is your reasoning behind this? If Paypal publicly announces that Bitcoin is on their radar, why wouldn't it be on the radar of governments?