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Author Topic: Why you should be excited about china's new rising bitcoin interest  (Read 4580 times)
tunafish
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October 28, 2013, 08:38:46 PM
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The big talk as of late seems to be how the trade volume in yuan is surging past USD and all other currencies but I've seen some people leary of this for reasons I can't understand.
ANY nation with a bunch of people buying bitcoin is a generally good thing but I'd like to mention why the Chinese having access to bitcoin has alot of potential.
China has a famously high personal savings rate: http://english.people.com.cn/90778/8040481.html ---somebody can find a better source, i didn't feel like digging. But its no secret that the Chinese save at extremely high rates. But many don't see how this alone would be good for bitcoin/why they'd buy bitcoin. Consider the Chinese gov's monetary policy which is infamous for undervaluing it's currency: http://www.tradingeconomics.com/china/currency This means that all these chinese savers would be more likely to move that savings into something that would grow more.
Now of course this doesen't mean 1.3 billion people are going to start buying bitcoin, China's middle class is still woefully small compared to other nations. However those that do have net access and want to earn on their savings have to be drooling at bitcoin.
 

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ANiceJewishBoy
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October 29, 2013, 04:20:31 AM
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I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

My Negative Rating is For Bringing a Dead Thread Back to Life, Just BTW. Click The Link To See For Yourself.
https://bitcointalk.org/index.php?action=trust;u=155011
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October 29, 2013, 06:38:19 AM
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I've mentioned this before, but I'll do it again because I think it will be interesting.

Bitcoin is an open protocol and an open-source project.  It is defined by what software users decide to run.  Most mining hardware is linked strongly to China since that is the world's technology center for such things.  At the present trajectory (associated with government and regulatory harassment), it won't be long before most of the computers running Bitcoin in some fashion are also running in China, most users are located there, and probably most of the BTC will be controlled by people living there also.  What will be very interesting to note is whether there will be differences of opinion on how the protocol should evolve and whether the development will eventually fork over such differences should they crop up.

Again I'll mention that if the policy makers in China made the same sorts of calculations that I did, and noted the utility of a disruptive technology such as Bitcoin and how it could be leveraged against a more dominant world currency such as the USD in times of crisis, then they have vastly more pragmatism and vision than I gave them credit for and/or the evolution of the governance of the nation is proceeding faster than I imagined.


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October 29, 2013, 10:52:25 AM
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Yet another thread about the same topic about the Chinese into bitcoin...oh joy.   You could have added your findings to another thread rather than make a new one.

But yes that is interesting and China is the main reason to be bullish on the bitcoin price for the short-term. There are many reasons to be bullish long-term.
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October 29, 2013, 10:54:38 AM
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I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin...  Wink

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October 29, 2013, 01:53:03 PM
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I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin...  Wink

but its one of most difficult language in the world  Wink

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October 29, 2013, 02:21:23 PM
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This would be fun. They have the most spoken language in the world. And also they are the waking giant, so it would be great if they would jump in to slingshot bitcoin to progress. Smiley
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October 29, 2013, 02:28:24 PM
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ANiceJewishBoy
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October 29, 2013, 04:41:37 PM
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I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin...  Wink

Most of them read English or have a friend who can. Lol

My Negative Rating is For Bringing a Dead Thread Back to Life, Just BTW. Click The Link To See For Yourself.
https://bitcointalk.org/index.php?action=trust;u=155011
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October 29, 2013, 04:43:32 PM
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oh, i like that  Grin

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October 29, 2013, 05:53:31 PM
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However those that do have net access and want to earn on their savings have to be drooling at bitcoin.
 

this is off topic, but i should point out China has more internet users than anywhere in the world. that sentence made it sound like internet access is a rare thing in China.  It's not Smiley

I agree with you though, the more people getting into bitcoin the better

Hourly bitcoin faucet with a gambling twist !  http://freebitco.in/?r=106463
BTCisthefuture
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October 29, 2013, 05:58:42 PM
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I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin...  Wink

If the are on Facebook odds are they speak English.  It's the Chinese social media sites where a pretty high % wont speak English.

Hourly bitcoin faucet with a gambling twist !  http://freebitco.in/?r=106463
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October 29, 2013, 07:02:49 PM
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Brilliant Picture. Very nice find sir/madam.
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October 29, 2013, 08:06:24 PM
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Going back to the Baidu (or whatever the Chinese Google is called) I saw that as the most bullish news yet for BTC. People need to understand that when BTC is taken in by a large company like that, you can have reasonable certainty that the Government has a hand in it or at least gave the OK. And now there is the news of more BTC on CCTC regarding that Canadian ATM. The volume in China is now surpassing the US exchanges.

What happens when India Joins in? This is going to get bubbly and it might not really even be a bubble...

BTC = Black Swan.
BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
ANiceJewishBoy
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October 29, 2013, 08:19:27 PM
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Going back to the Baidu (or whatever the Chinese Google is called) I saw that as the most bullish news yet for BTC. People need to understand that when BTC is taken in by a large company like that, you can have reasonable certainty that the Government has a hand in it or at least gave the OK. And now there is the news of more BTC on CCTC regarding that Canadian ATM. The volume in China is now surpassing the US exchanges.

What happens when India Joins in? This is going to get bubbly and it might not really even be a bubble...

We need some India and China coins, like that one "Chinacoin". But that pay you to translate for people or something. 50% goes to mining, 50% goes to helping Bitcoiners in China communicate with Bitcoiners in the Western world. (not a pre-mine. Structured like Devcoin)

I think it would pick up faster than any other coin because:

1. It could be posted in both the China thread and the Alt-coin thread
2. It would probably end up being the main news pipeline between America and China about bitcoin and the changes in either country.

My Negative Rating is For Bringing a Dead Thread Back to Life, Just BTW. Click The Link To See For Yourself.
https://bitcointalk.org/index.php?action=trust;u=155011
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October 29, 2013, 08:45:56 PM
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Haha that's awesome. Would love to see signs like these in Europe

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tvbcof
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October 29, 2013, 10:27:11 PM
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FIFY(?)


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October 30, 2013, 02:51:04 PM
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wow this is great, seems like the Chinese see more potential in LTC and respect it more than the English speaking LTC troll/haters.
This picture is awesome BTC and LTC hand in hand, but i think it's photoshop anyone can confirm it's real?

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October 30, 2013, 03:08:42 PM
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Looks real to me.
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October 30, 2013, 04:31:51 PM
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Looks real to me.

LOL It's not.. and originally the picture only got the BTC sign, the litecoin symbol was only added after..

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