For those who still doubt China is a hype

[Its About Sharing]

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?

China is not such a big deal. Let me check...

Uh oh, It's like a BTC Red Dawn!    (Unless you are holding)

That is really interesting, big WOW.

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[wobber]

My concern is that once a massive buying sets in, price is going exponential and exponential is nothing but bad.

We need ~30 mil USD to go to 4 digits. Or less if panic buy really sets in.

[Its About Sharing]

My concern is that once a massive buying sets in, price is going exponential and exponential is nothing but bad.

We need ~30 mil USD to go to 4 digits. Or less if panic buy really sets in.

That is a good point. But what you are probably going to see is volatility on a scale that the stock market has never seen.
Instead of thinking of currency movements (e.g. - a $30 move on a $100 BTC) - imagine that as a % occurring at $1000... and so on (add mirrors for effect. ehehe)
We need a better exchange system, wallets, etc. before that happens. But so much is happening now, I bet we get there in time, barring extreme situations we can't fathom.

Many will cash out a portion of their holdings and roll it into regular currencies - that will be bought by others.
Over time the price will stabilize but that will happen as the market understands what this is. We really don't know what it is. Think about it...
A decentralized currency not under the control of governments co-existing with other currencies.

Add to that, the blockchain and it's many uses. The one that gets me is decentralized DNS. Oh boy.

This Black Swan is here and now we are going to see it's anti fragile nature next...

[bobdude17]

My concern is that once a massive buying sets in, price is going exponential and exponential is nothing but bad.

We need ~30 mil USD to go to 4 digits. Or less if panic buy really sets in.

That is a good point. But what you are probably going to see is volatility on a scale that the stock market has never seen.
Instead of thinking of currency movements (e.g. - a $30 move on a $100 BTC) - imagine that as a % occurring at $1000... and so on (add mirrors for effect. ehehe)
We need a better exchange system, wallets, etc. before that happens. But so much is happening now, I bet we get there in time, barring extreme situations we can't fathom.

Many will cash out a portion of their holdings and roll it into regular currencies - that will be bought by others.
Over time the price will stabilize but that will happen as the market understands what this is. We really don't know what it is. Think about it...
A decentralized currency not under the control of governments co-existing with other currencies.

Add to that, the blockchain and it's many uses. The one that gets me is decentralized DNS. Oh boy.

This Black Swan is here and now we are going to see it's anti fragile nature next...

+1

[Come-from-Beyond]

Is Bitcoin able to handle all these transactions of Chinese users? I'm affraid in a week we'll get 50 Gb of the blockchain size. [/half-serious]

[Its About Sharing]

Keep an eye on BTCChina - http://bitcoincharts.com/markets/

They are moving up the chart and with the population that country has coupled with the recent exposure... uh oh...

Nice article -  http://www.thegenesisblock.com/bitcoin-the-newest-tool-in-chinas-currency-war-chest/

[uMMcQxCWELNzkt]

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

I am not going to translate the whole passage to you all because it is rather long and my English is not good enough to do so.
I only translate the sub-headings for you guys, you can clearly see that the whole article is positive towards Bitcoin.

瘋狂的比特幣：支付就像發微博未來能買房
Bitcoin fever : Making payment is as easy as blogging(Weibo), the possibility to buy houses in the future

支付比特幣就像發微博
Paying with Bitcoins is as easy as blogging(Weibo)

比特幣沒有第三方監管
There is no 3rd-party controlling Bitcoin

獨特邏輯杜絕偽造貨幣和重復支付
Unique algorithm prevents counterfeiting and duplicate payments

用于捐款能夠公開透明
All donations made in Bitcoins are public and transparent

今後4年每10分鐘產生25個比特幣
In the next 4 years, 25 bitcoins are mined every 10 minutes

錢包地址分公鑰和私鑰
Public key and private key in your wallet

交易與“挖礦”全天候進行
Trading and mining Bitcoin non-stopped

總量只有2100萬枚
limited availability of 21 million Bitcoins

24小時都有交易行情
Can trade bitcoins 24 hours a day

一夜能漲幾百
Gain a few hundreds overnight

6000元的顯卡一口氣買了13張
bought 13 display cards each of worth 6000RMB

GPU顯卡是基本配置
gpu display card is the most basic requirement

希望用比特幣購買房子
Hope to buy houses with Bitcoins

籌建比特幣購物網站
Online shopping websites with Bitcoins in the making

通貨緊縮以及傳銷騙局之憂
The worries of deflation and Ponzi scheme

Out of the 10+ paragraphs, only the last one is talking bad about Bitcoin. I can boldly conclude that there should be little to no disapproval of Bitcoin from the party. So, prepare for the stream of hungry Chinese buyers

Do you really even know what your talking about? I mean, how long have you been investing? Let's be realistic here, how the hell is Bitcoin going to be anything other than a speculative mess right now? 100-160 in a day?

Imagine you are going out to buy a hotdog. You have the 5 bucks you need but just as you are about to pay its now 7 bucks. Really? The reverse is also true.

I'm all for this wealth building and hoody-ha but at the very least I think this china thing is being over hyped.

Also the biggest thing here:

SINCE WHEN WERE PREDICTIONS ABOUT WHAT THE FUTURE WAS GOING TO BE LIKE EVER CORRECT!?

Frankly I don't know whats going to happen, this BTC stuff gets deeper everyday and will likely change in ways no one expects.

Like for example what would happen, and just use your imagination if Gox went down or got seriously DDoS'd or hacked tomorrow?

Shit happens. And this is BTC we're talking about.

As more users adopt Bitcoin should become a lot more stable, that is what makes this news great! Most probably read this and think great, my BTC might go up in value and I can sell and make loads of profit. I think great because now I can sell/buy products knowing that a large amount of fellow Bitcoiners can buffer some of the volatility when the idiots do start saber rattling. Plus a growing market is also going to encourage competition, if MT Gox keeps failing that is great for Bitcoin because eventually(hopefully) people will stop using the service and switch to a better service, even if that means creating a better service from scratch.

I like how you post implies that without Mt Gox Bitcoin would self implode in a ball of flames, great imagination lol.

[Come-from-Beyond]

As more users adopt Bitcoin should become a lot more stable, that is what makes this news great!

In the world of cryptocoins the only stable price is ZERO.

[Brushan]

The price will stabilize when people don't have thousands of BTC to play around with on MtGox. As long as people have those numbers of BTCs to play around with, nothing will stabilize. The price will just go up radically because of people fighting for the crumbs while the whales can affect the price just as easy as they have been doing 'til now.

[Zaih]

ALL IN!

[Come-from-Beyond]

Bump for the hype.

[Ivanhoe]

Any Chinese people on this board? And what do you think of this?

[elux]

Another bump from Chinese state media today: (Xinhua News Agency)

http://www.reddit.com/r/Bitcoin/comments/1dv4mb/the_xinhua_news_agency_official_press_agency_of/

Via Google Translate:

Bitcoin has quietly into China. In the the Bitcoin Chinese network, you can look like a convert to real-time view Bitcoin national currencies exchange market on a daily basis, including the renminbi.

In addition to the Bitcoin Chinese net "of these individuals to create bitcoins website, Taobao shop is also convertible main venues.
Taobao enter keyword "Bitcoin can search nearly 240 shops do Bitcoin exchange business, but also a small amount of shops accept Bitcoin payment.

Some of these shops are located in Beijing, Shanghai and other cities, some in Tai'an, Shandong, Guangxi Yulin, Huaian, second and third tier cities.
Reporter noted that a Taobao selling antique jewelry, 5R - antique shops to accept Bitcoin payment, the owner said he was optimistic about the Bitcoin, I believe there will be more people use Bitcoin.

[ronaldlee0917]

Another bump from Chinese state media today: (Xinhua News Agency)

http://www.reddit.com/r/Bitcoin/comments/1dv4mb/the_xinhua_news_agency_official_press_agency_of/

Via Google Translate:

Bitcoin has quietly into China. In the the Bitcoin Chinese network, you can look like a convert to real-time view Bitcoin national currencies exchange market on a daily basis, including the renminbi.

In addition to the Bitcoin Chinese net "of these individuals to create bitcoins website, Taobao shop is also convertible main venues.
Taobao enter keyword "Bitcoin can search nearly 240 shops do Bitcoin exchange business, but also a small amount of shops accept Bitcoin payment.

Some of these shops are located in Beijing, Shanghai and other cities, some in Tai'an, Shandong, Guangxi Yulin, Huaian, second and third tier cities.
Reporter noted that a Taobao selling antique jewelry, 5R - antique shops to accept Bitcoin payment, the owner said he was optimistic about the Bitcoin, I believe there will be more people use Bitcoin.

You may read my translation here, I think mine is a little better than Google's version.
https://bitcointalk.org/index.php?topic=197753.0

[Come-from-Beyond]

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

[noedaRDH]

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

BTC's are a global currency, it is as much "yours" as air molecules.

[michaelGedi]

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

well shyeet, you better cash out now and go buy some chinacoin then

[Come-from-Beyond]

Hell, I'm waiting for $1000 BTC to be able to cash out my last coins! R u sure the Chinese interested in our Bitcoin? What if they just launch their own one? I've seen ChinaCoin somewhere in Altcoins section...

well shyeet, you better cash out now and go buy some chinacoin then

Can't. There is a min threshold for withdrawal of dollars.

[elux]

You may read my translation here, I think mine is a little better than Google's version.
https://bitcointalk.org/index.php?topic=197753.0

Thanks!

[Malawi]

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

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

Yes, but dont mind looking for it in that tread where it will be censored away.