We might break $1000 before the end of year because of the number 8

[Pangia]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Thanks.

EDIT:

Trying not to get this post moved to "Speculation" I found this old Wall Street Journal article online just now.

Chinese Investors Crunching Numbers Are Glad to See 8s
Linked to Good Luck, They Influence Stock Picking; A Real Buy at 8.08 Yuan

http://online.wsj.com/news/articles/SB117994449875112338

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[nobbynobbynoob]

Well, they have to break through the 4000s to get to the eights...

[FeedbackLoop]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Thanks.

Wouldn't 8888 be an auspicious place to buy rather than sell?

Edit: just noticed this is in "Bitcoin Discussion", should be in the speculation forum.

[MakeBelieve]

$1000? Just imagine how beautiful that would actually be....

[Pangia]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Thanks.

Wouldn't 8888 be an auspicious place to buy rather than sell?

That would be even "awesomer".

[jeppe]

This is an interesting theory, and if we continue with this speed that we have seen in the last couple of days this number is very realistic !!

[Baitty]

It's possible. It's a different theory also which I haven't heard of before.

[DAN444]

Important number indeed
The A380 designation was a break from previous Airbus families, which had progressed sequentially from A300 to A340. It was chosen because the number 8 resembles the double-deck cross section, and is a lucky number in some Asian countries where the aircraft was being marketed.
http://en.wikipedia.org/wiki/Airbus_A380

[FeedbackLoop]

Important number indeed
The A380 designation was a break from previous Airbus families, which had progressed sequentially from A300 to A340. It was chosen because the number 8 resembles the double-deck cross section, and is a lucky number in some Asian countries where the aircraft was being marketed.
http://en.wikipedia.org/wiki/Airbus_A380

This thread is now about anecdotes we have about the number 8 in Asia. I remember being in China and getting really confused when I got room 80X even though it was on the first floor and there was only that floor with some 40 rooms  

[Pangia]

CEO of BTCCHINA says that there aren’t many use cases for Bitcoin in China beyond investment and speculation. So with that said, the Chinese, according to CEO Lee, are speculating and numerology factors in well with that.

http://www.forbes.com/sites/kashmirhill/2013/11/08/from-walmart-to-bitcoin-the-ceo-behind-the-chinese-exchange-sending-bitcoin-to-new-highs/

TECH | 11/08/2013 @ 12:37PM |6,827 views
From Walmart To Bitcoin: The CEO Behind The Chinese Exchange Sending BTC To New Highs
Comment Now Follow Comments
 
Bobby Lee, CEO of BTC China

Bitcoin continues marching to new highs this month, despite the rather ominous news this week that one of the major wallet services, Inputs.io, was robbed of over 4,000 BTC, or one million worth of U.S. coin. ConvergEx Group market analyst Nick Colas says that one of the main reasons is the surge in interest in Bitcoin from China.

“The biggest Bitcoin exchange is now in China, displacing Japanese, American and European sources of demand,” wrote Colas in a note to clients published by Business Insider. “That enterprise is called BTC China, and its CEO Bobby Lee hails from Yahoo YHOO +3.08%! and Walmart China. Oh, and he graduated from Stanford with a degree in Computer Science. In short, an apparently pretty clever fellow.”

On Friday morning in Shanghai, a flattered Lee, 38, spoke to me by phone on his way into the office, with the sound of traffic noise sometimes drowning him out. Lee describes himself as a global citizen. Chinese-American, he was born in Africa; his entrepreneurial parents ran a flip-flop factory in the Ivory Coast. He went to New Jersey for boarding school, then Stanford for college. An engineer by training, he worked on social networking before it exploded (at Yahoo! Groups), then moved to China seven years ago to work on the cloud (at EMC EMC +0.34%) and then digital entertainment (at BesTV, a Chinese company) before being poached by Walmart China to be its VP of technology as it launched an e-commerce operation there. When Walmart decided instead to invest in an existing e-commerce site rather than building its own, Lee decided in September 2012 that he wanted to start his own business rather than work for another big company.

“I was introduced to Bitcoin two years ago by my brother, the founder of Litecoin (ed note: a competing cryptocurrency),” says Lee. “I started mining in 2011 and didn’t think too much about it. But when I thought about what I was excited enough about to start a business, it was Bitcoin.”

BTC China was China’s first Bitcoin exchange. It had been around since June 2011, but ” it was just two guys working part-time and a website,” says Lee. It was seeing trading of a few hundred bitcoins per day. Lee approached the creators at the beginning of this year about turning it into a company and making it bigger. He invested his own money, and brought in funders, and they established headquarters in Shanghai; six months later, they have 20 employees in engineering, product design and customer service. At first, it all seemed like a dream come true. In March, trading was a couple thousand BTC per day; in April, when the price surged to $260/USD, it was over 20,000 BTC per day. But then in the summer, it slowed down dramatically, to below 5,000 BTC traded per day.

“ We eliminated trading fees in September,” says Lee. “It was a strategic move to increase trading in China and draw people to our site.”


That's $339 U.S. (Image via Zeroblock)

Those fees were less than 1% for the buyer and seller, but eliminating them either worked, or correlated with a sudden resurgence in Chinese interest in Bitcoin. Trading took off in October, building into a frenzy this November. This week, BTC China, which is only connected to the Chinese banking system — which means traders are likely only based in China — hit a record high with 60,000 bitcoin, or over $19 million USD, traded in a 24 hour-period. That’s about .5% of the total Bitcoin currently in circulation, and it made BTC China — briefly — the number one exchange in the world, ahead of Japan-based Mt. Gox and Europe-based Bitstamp. Why are people in China suddenly interested in Bitcoin?

“China has been known as a nation of savers, who are always saving for a rainy day,” says Lee.  ”Bitcoin is a digital asset, like real estate, gold, or stock. It is just one more option now. With Bitcoin hard-coded to be limited, it’s like a collectible.”

Lee says there aren’t many use cases for Bitcoin in China beyond investment and speculation. “China is lagging behind in terms of use cases for businesses, unlike the U.S. and the Western world,” says Lee. “We recognize that and it’s ok. When China’s ready, we’ll be there to serve that market.”

But he also says that Bitcoin businesses are not running into the same regulatory and banking problems businesses are in the U.S. He says Bitcoin is a “gray area” legally in China, but that the government and banks are less afraid of gray area businesses than those in the U.S. are.

“The law has not caught up with technology,” says Lee “I want China to reevaluate its laws so we can classify Bitcoin as something so government can regulate it.”

“We want to build a company that will last 100 years,” continues Lee. “When I went to Stanford I knew Internet was here to stay. And Bitcoin is same. The Internet was hard to use at first. Computers didn’t have browsers in the early 90s. You had to know FTP and Telnet. The AOLs, Googles and Yahoos made the Internet usable. We want to be that, to make Bitcoin more usable.”

[solex]

Well, they have to break through the 4000s to get to the eights...

Damn right. Has anything in China ever sold for as much as 4444 before???

[JessicaSe]

Do the chinese really cares about $8,888?, what about $888,888

[Pangia]

Do the chinese really cares about $8,888?, what about $888,888

From your text to Buddha's, Allah's, Jesus', etc. ears. May we go well above $888,888.

What I am referring to is the Chinese Yuan.  The first 8's straight across that we would approach will be 8888 Yuans, which is the approximate equivalent to $1,459 USD.  That might be the first stop if the hype continues. Let's hope it continues.

[qwerty555]

Do the chinese really cares about $8,888?, what about $888,888

Both super lucky for them.

8 sounds like the word for prosper/wealth.

http://www.onlinechineseastrology.com/content-detail.aspx?ID=108

http://en.wikipedia.org/wiki/Numbers_in_Chinese_culture#Eight

A lesser known one is the GHOST month

They are VERY superstitious.
 . NO new Business/investment  is EVER started in this period and this can be reflected in market dips. (July-September range depending on year)

http://ph.she.yahoo.com/what-is-chinese-ghost-month--044311295.html

http://my.72dragon.com/609/chinese-ghost-month-taboo/

[beetcoin]

i love how in economics, psychology plays such a huge role. i doubt it would be a huge thing though (maybe only a small crash), since people who are traders aren't THAT superstitious.

wasn't 2012 supposed to be the year of prosperity according to the chinese zodiac/horoscope?

[qwerty555]

i love how in economics, psychology plays such a huge role. i doubt it would be a huge thing though (maybe only a small crash), since people who are traders aren't THAT superstitious.

wasn't 2012 supposed to be the year of prosperity according to the chinese zodiac/horoscope?

Yes. Year of the Dragon..Hope and Prosperity. Gold coin issued ..gold purchases encouraged by State

Bought LOADS of GOLD since 2012 and continuing (going to gold standard for CNY?) Public queued up for Gold in 2013

https://www.google.com.ph/search?q=opening+business+in+ghost+month&ie=utf-8&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&gws_rd=cr&ei=pMp9Uo3xG4PulAWVt4HgBQ#q=how+much+gold+did+china+buy+in+2012&rls=org.mozilla:en-US%3Aofficial

http://samcheekong.blogspot.com/2013/06/unbelievable-long-queue-in-chinese-gold.html

[b!z]

Yeah I hope we will reach $1,000. I would be very happy if that were to happen.

[maaku]

8 sounds very much like "money" in chinese.

going to gold standard for CNY?

Hah, right.

[deisik]

8 laid down means infinity, so you may well guess the right price for BTC (and the chinese knew this from the onset, lol)...

[adicted]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Thanks.

EDIT:

Trying not to get this post moved to "Speculation" I found this old Wall Street Journal article online just now.

Chinese Investors Crunching Numbers Are Glad to See 8s
Linked to Good Luck, They Influence Stock Picking; A Real Buy at 8.08 Yuan

http://online.wsj.com/news/articles/SB117994449875112338

Are you chinese ? over 1k is too much

[deisik]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Also, there're 8 immortals in Chinese mythology who give life, fight evil and are believed to know the secrets of nature. They represent male, female, the old, the young, the rich, the noble, the poor, and the humble people

[Shallow]

I thought 4 was the bad one cause it means death.

[Perseus353]

8 isn't always good.

Nick Leeson, the rogue trader who destroyed Baring's bank -- also relied on the number 8.

The account number that he used was "88888".

[deisik]

8 isn't always good.

Nick Leeson, the rogue trader who destroyed Baring's bank -- also relied on the number 8.

The account number that he used was "88888".

You should be an authentic Chinese to get luck with 8's...

[Perseus353]

8 isn't always good.

Nick Leeson, the rogue trader who destroyed Baring's bank -- also relied on the number 8.

The account number that he used was "88888".

You should be an authentic Chinese to get luck with 8's...

Hehehe 

[balanghai]

$1000 isn't to much because in some chinese culture, "gambling" is included on the 10% budget of their income. So one can expect 10% average increase monthly from china for those speculators, and even more on the heavy investors. Now is the best time to mine!

[ajax3592]

Long live the chinese superstitions 

Bitcoin is soon going to turn out to be a revolution

[deisik]

Long live the chinese superstitions 

Bitcoin is soon going to turn out to be a revolution

Not anytime soon (if ever at all). Currently, Bitcoin is nothing more than an eye-catcher, ill-suited for any real purpose

[bitcoin carpenter]

Long live the chinese superstitions 

Bitcoin is soon going to turn out to be a revolution

Not anytime soon (if ever at all). Currently, Bitcoin is nothing more than an eye-catcher, ill-suited for any real purpose

..... dumb ass

[MaxBTC1]

Interesting theory I like it.

But why before the end of the year?

[deisik]

..... dumb ass

That's all you're able to say, dude? 

[viboracecata]

why only 8, in Chinese, 6 and 9 are also for luck and fortune

[deisik]

why only 8, in Chinese, 6 and 9 are also for luck and fortune

I remeber striking a deal with somebody in China...
There were exactly 8 clauses in the contract. Then we removed one, they agreed and divided another in two

[porcupine87]

Why not 888CNY?

[philip2000uk]

$1000? Just imagine how beautiful that would actually be....

You mean $200,000 right 

[DAN444]

Wealthy bridegroom sent abundant betrothal gifts to the bride’s family, including 8888,888 in cash, weighing 102 kilos on November 12 in east China’s Zhejiang province.
http://english.sina.com/china/2013/1112/645688.html

[ninjatflex]

I seriously doubt we'll break $1,000 by the end of the year. Perhaps by the end of 2014. Either way i'm holding long-term so as long as we get there (and I do think we'll get there) I'm happy.

I'd like to see a crash first though. Then I can buy in a bit harder and walk around with more than 1BTC in my pocket.

[Feneusens]

Why not $888, since chinese people like USD too right?

[lindatess]

Lee says there aren’t many use cases for Bitcoin in China beyond investment and speculation. “China is lagging behind in terms of use cases for businesses, unlike the U.S. and the Western world,” says Lee. “We recognize that and it’s ok. When China’s ready, we’ll be there to serve that market.”

*Bows down to Bobby Lee*

China is about keeping things cheap.

I mean no one likes to get a yuan that is all dirty, but they have bank cards for this. Furthermore, you won't be able to use bitcoins at the smaller places where you are likely to get a dirty yuan note. Those smaller shops won't be able to afford bitcoin terminals or to run a computer 24/7 without the risk of someone running off with their laptop. Theft is common...

I've been to China, and those dirty notes, well you don't know where they have been. My western tour group made fun of the fact that it may have been used as toilet paper as it is a luxury in China's public toilets. So my opinion is that the uptake in China will be severely limited even without government intervention. If the government intervenes, we can only guess what disaster awaits.

Either way, I trust Bobby Lee's judgment.

[deisik]

My western tour group made fun of the fact that it may have been used as toilet paper as it is a luxury in China's public toilets

Laughing my ass off!

[Martijnvdc]

8-8-88
...
Half life 3 confirmed

[Corenin]

Chinese love 4 more then 8.... so its $4444 CNY...

[MarketTime]

Chinese love 4 more then 8.... so its $4444 CNY...

4 is die in chinese, so DIE DIE DIE DIE....

[pabloangello]

When I read about wine investing i found information that in china give someone a bottle of Lafite '08 is very decorous. And the key reason is the 8 symbol:
http://www.decanter.com/news/wine-news/504530/lafite-08-bottles-to-feature-chinese-symbol

[Ali_G]

If there was any credibility to this then we should be able to find evidence in Chinese stock prices when they approach 8's and 4's.

I doubt it matters enough to leave any noticeable sign 

[MarketTime]

What is this about? some lucky number or something?

[Pente]

Starting to think you might be right...but for the wrong reason.

[Sythyn]

Thats a lame reason to hit $1,000. I will give you a better reason.......

[Undefeatable]

Lee says there aren’t many use cases for Bitcoin in China beyond investment and speculation. “China is lagging behind in terms of use cases for businesses, unlike the U.S. and the Western world,” says Lee. “We recognize that and it’s ok. When China’s ready, we’ll be there to serve that market.”

*Bows down to Bobby Lee*

China is about keeping things cheap.

I mean no one likes to get a yuan that is all dirty, but they have bank cards for this. Furthermore, you won't be able to use bitcoins at the smaller places where you are likely to get a dirty yuan note. Those smaller shops won't be able to afford bitcoin terminals or to run a computer 24/7 without the risk of someone running off with their laptop. Theft is common...

I've been to China, and those dirty notes, well you don't know where they have been. My western tour group made fun of the fact that it may have been used as toilet paper as it is a luxury in China's public toilets. So my opinion is that the uptake in China will be severely limited even without government intervention. If the government intervenes, we can only guess what disaster awaits.

Either way, I trust Bobby Lee's judgment.

Zimbabwe used their currency as toilet paper, I heard rumours that the currency is cheaper then the toilet paper

[KonstantinosM]

If there was any credibility to this then we should be able to find evidence in Chinese stock prices when they approach 8's and 4's.

I doubt it matters enough to leave any noticeable sign 

Do it.

It is doubtful that the BTC price will be driven only by such a small factor. Supply and demand are far more important. The bitcoin price going up continuously means that there are many people wanting to use Bitcoin as a store of value, that can only mean that if supply keeps as it is, the price will explode upwards. If the Chinese buy as a store of value, the value will only go up. It is funny that using bitcoin as a store of value makes it a better one.

[deisik]

Zimbabwe used their currency as toilet paper, I heard rumours that the currency is cheaper then the toilet paper

In Germany after WWI ovens were fueled with actual banknotes because firewood of the same weight cost more...


 

[SuperHakka]

So here's my silly theory. The Chinese are really into numerology, with 8 being a very lucky number. As I'm writing this, BTC is 2454 CNY (on BTC CHINA) or $402USD.

I'm thinking that we're going to go to 8888 CNY or $1459USD before we see fireworks.

Can anyone with knowledge of Chinese culture share their insight on the 8's?

Thanks.

EDIT:

Trying not to get this post moved to "Speculation" I found this old Wall Street Journal article online just now.

Chinese Investors Crunching Numbers Are Glad to See 8s
Linked to Good Luck, They Influence Stock Picking; A Real Buy at 8.08 Yuan

http://online.wsj.com/news/articles/SB117994449875112338

Yeah I give u insight. 8 really only for house number, telephone number, floor number, ie something really personal yeah. also, other numbers luck too u know like 9 for instance. I don;t buy the 8888 theory. anyway, i bet 99.9837% know anything about bitcoin other than the price they bought it at. it is bubble ok, ratiionalis all  you want.

edits I mean 99.9827% of all chinese investors

[Omikifuse]

Zimbabwe used their currency as toilet paper, I heard rumours that the currency is cheaper then the toilet paper

In Germany after WWI ovens were fueled with actual banknotes because firewood of the same weight cost more...


 

I wonder if this would happen to USD, you know the debts is uncontrollable..

[deisik]

I wonder if this would happen to USD, you know the debts is uncontrollable..

US dollars will go directly to their e-Heaven (or e-Hell, who knows)...
So, unlike Weimar marks (or Zimbabwean dollars for that matter ), they will be pretty useless for anything!

[Marcopolo123]

yes the number 8 is a lucky number 

http://www.youtube.com/watch?v=Trn5syv4xDo

[rampalija]

i hope that BTC will hit

[TookDk]

It just did...

[dsafcfxg]

TO THE MOON