The China Hype Fades Away

[BitPirate]

Do you guys know how Chinese fought for the gold price downturn? Especially many many grandpas and grandmas...

If we can teach them bitcoins are better than gold, then you will laugh to wake.

Good luck with teaching the grandpas and grandmas what Bitcoin is, helping them with the hassle of downloading a 10gb blockchain and persuading them to buy something that does not really exist. The Chinese people in the last generation are very conservative and undereducated, they still believe in the lies from the CCP and chairman Mao, do you really expect them to buy a Bitcoin? Yes, but only when the CCP or chairman Mao asks them.

First of all -- they do not need to download any blockchain.
Second of all -- trading in China is surprisingly easy, with numerous instantaneous fiat transfer methods that are better than wire transfer.
Thirdly -- these very same "uneducated grandmas and grandpas" right now spend their days in front of computer screens trading high-risk stocks. Seriously, a huge proportion of them are in on the trading game, purely for speculation -- far more than the west.
Finally -- they generally love a good gamble.

Don't get me wrong -- I don't think there is any effect on the price from China, I believe it is largely made up hyperbole.

But don't misrepresent China.

[ronaldlee0917]

it is still showing 20+k of search queries per day = 600k per month. A quick check on adwords told me that the GLOBAL MONTHLY search for the keyword "Bitcoin" is just above a million.

[lysr]

Do you guys know how Chinese fought for the gold price downturn? Especially many many grandpas and grandmas...

If we can teach them bitcoins are better than gold, then you will laugh to wake.

Good luck with teaching the grandpas and grandmas what Bitcoin is, helping them with the hassle of downloading a 10gb blockchain and persuading them to buy something that does not really exist. The Chinese people in the last generation are very conservative and undereducated, they still believe in the lies from the CCP and chairman Mao, do you really expect them to buy a Bitcoin? Yes, but only when the CCP or chairman Mao asks them.

First of all -- they do not need to download any blockchain.
Second of all -- trading in China is surprisingly easy, with numerous instantaneous fiat transfer methods that are better than wire transfer.
Thirdly -- these very same "uneducated grandmas and grandpas" right now spend their days in front of computer screens trading high-risk stocks. Seriously, a huge proportion of them are in on the trading game, purely for speculation -- far more than the west.
Finally -- they generally love a good gamble.

Don't get me wrong -- I don't think there is any effect on the price from China, I believe it is largely made up hyperbole.

But don't misrepresent China.

They need to if they use the official client.
Trading in China is as easy as their government banning bitcoin.
There are dividend payouts investing in stocks, stock market is not a zero-sum game, everyone could benefit. Bitcoin is a negative sum game(deducting the commission fee) which should be a lot more risky, it is basically a gamble as you mentioned.

Don't get me wrong -- I don't think there shouldn't be any effect on the price, people being stupid would buy the hype and push up the price

[randrace]

Because I hate to see the othe China Hype Threads getting all the love.