2013-05-09 Economic Observer Online (China) - Bitcoins Come to China

[kiko]

http://www.eeo.com.cn/ens/2013/0509/243777.shtml

Good editorial with a neutral tone out of china. More please.

Cheng Hua was one of the first Chinese to trade the currency. In China, Bitcoin lovers like him call themselves “BTCers.”

Li Xiaolai (李笑来), who claims to have the largest collection of Bitcoins in China, describes his obsession saying, “Bitcoin is the most stunning and most subversive social experiment in history.”

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[cypherdoc]

the most fascinating thing to me about this China craze is the gov't appears to be taking a hands off approach to this given companies like Avalon and AsicMiner.

[WiW]

the most fascinating thing to me about this China craze is the gov't appears to be taking a hands off approach to this given companies like Avalon and AsicMiner.

My impression is that it's more than a hands-off approach. If non-negative bitcoin programs are airing on the state-owned television network while considering the information and capital control the Chinese government is enforcing, I would say it's much more than a hands-off.

It sounds to me like top brass in china is giving bitcoin the OK. And in this case, you don't get the OK unless top brass is positive that they're not and will not be against it.

[marcus_of_augustus]

Satoshi Nakamoto was a PRC chinese agent hacker carrying out nefarious communist plot to undermine the FRN USD? ... sounds like we have a new SN conspiracy theory angle to run with (funny that they try to pin it on the japanese also)

[cypherdoc]

Satoshi Nakamoto was a PRC chinese agent hacker carrying out nefarious communist plot to undermine the FRN USD? ... sounds like we have a new SN conspiracy theory angle to run with (funny that they try to pin it on the japanese also)

well, we know for a fact that the Chinese have been very unhappy with the USD as the reserve currency.  they got pissed off a few years ago when they were rebuffed by the IMF about including the yuan in a basket of currencies (SDR's).

they've been actively encouraging their citizens to buy gold.  i actually think they want their ppl to retain purchasing power as they are fully aware that their peg to the USD, while good for their corporations, is destructive to their citizens.  what a novel idea, eh; care about your ppl?

[TraderTimm]

Personally I think China wants to use whatever it can to bring the USA down a notch, and Bitcoin is a convenient method to do so - among many others.

This may be the financial black swan that nobody in the current staid financial sphere will be expecting. I really believe that I'll live to see a sovereign state adopt bitcoin in some fashion. Doesn't have to be China - any country would suffice.

[marcus_of_augustus]

Personally I think China wants to use whatever it can to bring the USA down a notch, and Bitcoin is a convenient method to do so - among many others.

This may be the financial black swan that nobody in the current staid financial sphere will be expecting. I really believe that I'll live to see a sovereign state adopt bitcoin in some fashion. Doesn't have to be China - any country would suffice.

The only state mad enough to do it would be North Korea .... 

[oakpacific]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

[BitshireHashaway]

I agree. Not the best editorial that I've read about bitcoins, however it is definitely one of the better ones. I'll have to do more research in order to find out if there are more like this out there.

[cypherdoc]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

Just occurred to me.

Funded primarily by USD denominated Asicminer shares!

Perhaps we are witnessing an out to the usd recycling trade...

[oakpacific]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

Just occurred to me.

Funded primarily by USD denominated Asicminer shares!

Perhaps we are witnessing an out to the usd recycling trade...

It could also be that the share offering is just a cover-up created to appease the community, so that the government can run the mining operation under a public identity rather than as a "Mystery Miner" which may generate panic, with proper explanation for funding sources, while in fact the operation is at least partially funded by the government.

[solex]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

Just occurred to me.

Funded primarily by USD denominated Asicminer shares!

Perhaps we are witnessing an out to the usd recycling trade...

It could also be that the share offering is just a cover-up created to appease the community, so that the government can run the mining operation under a public identity rather than as a "Mystery Miner" which may generate panic, with proper explanation for funding sources, while in fact the operation is at least partially funded by the government.

You guys can't be right because JFK, Roswell and Bilderberg haven't been mentioned in this theory yet..

[oakpacific]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

Just occurred to me.

Funded primarily by USD denominated Asicminer shares!

Perhaps we are witnessing an out to the usd recycling trade...

It could also be that the share offering is just a cover-up created to appease the community, so that the government can run the mining operation under a public identity rather than as a "Mystery Miner" which may generate panic, with proper explanation for funding sources, while in fact the operation is at least partially funded by the government.

You guys can't be right because JFK, Roswell and Bilderberg haven't been mentioned in this theory yet..

I did not state it as a fact, right? And according to Ripple's "non-colluding" principle, if Chinese government and Bilderberg group both approves, then Bitcoin must be legit and the price will immediately reach $10000/BTC.

[cypherdoc]

I would not be surprised if CCP sends a few agents to make batch-orders of ASICs from the producers.

I have a new conspiracy theory: how many people have known friedcat personally？ It's basically one random guy showing up on the forum and suddenly he creates the world's biggest mining farm, hmmm....

Just occurred to me.

Funded primarily by USD denominated Asicminer shares!

Perhaps we are witnessing an out to the usd recycling trade...

It could also be that the share offering is just a cover-up created to appease the community US government[/size] , so that the government can run the mining operation under a public identity rather than as a "Mystery Miner" which may generate panic, with proper explanation for funding sources, while in fact the operation is at least partially funded by the government.