For those who still doubt China is a hype

[DavidBAL]

btcchina is about to pass bitstamp for second largest exchange by volume.. over the month they were 4% of btc sales, over the week they were 5%, over the last 3 days they were 6%, over the last 24 hours they were 7%... So they're going to be 10% by dinner tomorrow?

[1714993614]

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[MonadTran]

Obviously some people from the party bought bitcoins and are now pumping it.

Quite possible.
I am actually thinking, even US government might start pushing Bitcoin adoption, at some point. It is certainly not the best thing to do for their survival as a collective entity, but it might be in the best interest of individual people constituting the government.

[ManBearPig]

Thanks, much appreciated. I was thinking that being ignorant of press coverage of Bitcoin in the World's Biggest Economy Elect (TM) was stupid, which I'm now addressing.

[Xer0]

any notable Hashrate increase yet?

[Jobe7]

Interesting.

[elux]

Forget the Chinese news, Bitcoin on btcchina.com is already cheaper than on mtgox again.

Yeah. "Nothing to see here people, move along..."

Here is yet another news article on Bitcoin, today from xinhuanet - a news media in China directly controlled by the party.
There are clearly pushing Bitcoin to the public

http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/info/2013-05/06/c_132361304.htm

There's no way the Chinese populace would be interested in a disinflationary virtual currency, right! Right?  

Hint hint: http://brontecapital.blogspot.co.uk/2012/06/macroeconomics-of-chinese-kleptocracy.html

Especially not when the friggin state news agency goes and instructs them to pay attention.

But... Whyyy? It makes absolutely no sense, right! Or does it?


Could mass adoption of disinflationary money-supply digital currency be the (missing) key to continued depreciation of the yuan?

--> [Read. This. Now.]

In general:

• Could a government ensure sustained competitiveness of industry and exports by embracing mass adoption of cryptocurrency?
• Could a government promote cryptocurrency as a giant, real-life Gold Sink?


Per Wikipedia, The Chinese government banned using virtual currency to buy real-world items in 2009 but, crucially, not the reverse.

Currency War.

[Come-from-Beyond]

China can easily push it to 10,000 in a few months.. Good news

déjà vu

Should we be ready for 120 -> 260 -> 50 again?

[seldon]

China can easily push it to 10,000 in a few months.. Good news

déjà vu

Should we be ready for 120 -> 260 -> 50 again?

Well, that was fun, wasn't it? Could also be 120 -> 1xxx -> 500...

[dexX7]

http://www.google.com/trends/explore?hl=en#q=bitcoin&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=bitcoin&geo=CN&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=%22%E6%AF%94%E7%89%B9%E5%B8%81%22&geo=CN&date=today%201-m&cmpt=q

[MartinReynolds]

Still won't believe this is a good coin till it has been 6 months.

[ronaldlee0917]

http://www.google.com/trends/explore?hl=en#q=bitcoin&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=bitcoin&geo=CN&date=today%201-m&cmpt=q
http://www.google.com/trends/explore?hl=en#q=%22%E6%AF%94%E7%89%B9%E5%B8%81%22&geo=CN&date=today%201-m&cmpt=q

Thanks for the charts, most people in China don't use Google though, their preferred search engine is Baidu.

[elux]

For those who still doubt China is a hype, compare:

1: http://blockchain.info/nodes-globe?series=48hrs
2: http://blockchain.info/nodes-globe?series=mostStable
3: http://blockchain.info/nodes-globe?series=topBlockRelay

What do you see? What does this tell you?

[XXthetimeisnowXX]

^ Where did you get 100-160 in a day from?

For sake of example.

we get to pull shit out of our ass now for sake of example. hate bit coin leave bit coin

this dude us now on ignore

[Le Happy Merchant]

What do you see? What does this tell you?

Assuming I know how to read this 'chart' (for lack of a better word) this is a shocking and immediate development that I would have expected to take a few weeks.

[w1R903]

Obviously some people from the party bought bitcoins and are now pumping it.

Or it could be that they realize what an excellent tool Bitcoin could be for moving their bribes out of the country, particularly if the exchanges have a lot of liquidity.   A lot easier to move around than mooncake vouchers, right?

[Come-from-Beyond]

For those who still doubt China is a hype, compare:

1: http://blockchain.info/nodes-globe?series=48hrs
2: http://blockchain.info/nodes-globe?series=mostStable
3: http://blockchain.info/nodes-globe?series=topBlockRelay

What do you see? What does this tell you?

Maybe it tells that every 5th person lives in China?

[Le Happy Merchant]

For those who still doubt China is a hype, compare:

1: http://blockchain.info/nodes-globe?series=48hrs
2: http://blockchain.info/nodes-globe?series=mostStable
3: http://blockchain.info/nodes-globe?series=topBlockRelay

What do you see? What does this tell you?

Maybe it tells that every 5th person lives in China?

...and that within the last few days they decided to become nodes. Just because they have a lot of people doesn't mean that they will automatically have a proportionate number of miners and nodes. Just look at India for proof.

[Come-from-Beyond]

...and that within the last few days they decided to become nodes. Just because they have a lot of people doesn't mean that they will automatically have a proportionate number of miners and nodes. Just look at India for proof.

Most of bitcoiners use light-weight clients. I suspect that average Indian can't afford to pay annual income for Internet traffic just to download 7 GB of blockchain data. I still doubt China will increase Bitcoin userbase a lot. The Chinese always go their own way, 5000 years of the history prove that.

[Its About Sharing]

https://bitcointalk.org/index.php?topic=195763.0

Does anyone still think that those meetings in Washington aren't happening now?

It would be plain ignorant to think that this is not being spoken about at a higher level in Washington. (No offense to the ignorant  )
By higher levels I don't mean our representatives in Congress, at least very few of them. I'm talking global movers.

BTC (and cryptocurrencies) must be a very very sensitive topic for obvious reasons. I'm not one to think it threatens banks as many think. In some ways it does, but we will still need loans for homes, cars, etc. (at least for a few more years depending on what happens to the banking system, to be honest.) In other words I don't see traditional forms of loans and credit applying to BTC. Any ideas there?

Great article by the way.

IAS

[BTC Books]

http://sourceforge.net/projects/bitcoin/files/stats/timeline

A graph sometimes is worth more than a thousand words, better still with some numbers.

If you've followed this statistic, you're aware that any information having  to do with today is worthless until well into tomorrow - or even the day after.  The stats for 05/06 mean nothing right now.

That said, the stats for 05/05 and earlier fit with either the TV show airing in China, or some bright lad with a download bot trying to drive up the price so he can sell.