2013-11-15 CNS - Chinese 'damas' mad for bitcoin

[oakpacific]

I've noticed renewed interest among the chinese for the chinese wikipedia page on bitcoin:

http://stats.grok.se/zh/latest30/%E6%AF%94%E7%89%B9%E5%B8%81

last time it spiked at the end of October after their major TV channel showed a news piece on the canadian ATM, so yesterday there was another spike, maybe another mention on their TV, who knows.

Bitcoin-QT download statistics shows China at the top again http://sourceforge.net/projects/bitcoin/files/Bitcoin/stats/map .

It's a shame that Multibit can't publish any download statistics.

[NewLiberty]

the chinese see bitcoin as a more practical finite resource than gold and they are going mad for it, it's sad that they have more fore site than the rest of the planet

I don't even know if that is true, but why is it sad?

[NewLiberty]

Au contraire! If you store it in a bank vault, they already have the keys! If you hide it in your house, they can always rip your house apart trying to find it while you are away. (Or detained for one of infinite reasons)

... yes, and all computers, and backups are secure?

"Ring the bells that still can ring, Forget your perfect offering, there is a hole in everything, that's how the light gets in."

[BTCLuke]

... yes, and all computers, and backups are secure?

"Ring the bells that still can ring, Forget your perfect offering, there is a hole in everything, that's how the light gets in."

I was speaking about deniable systems, like a brainwallet.

[NewLiberty]

... yes, and all computers, and backups are secure?

"Ring the bells that still can ring, Forget your perfect offering, there is a hole in everything, that's how the light gets in."

I was speaking about deniable systems, like a brainwallet.

OK, then maybe he was speaking of his MATS vaulted bullion.
Or his buried treasure chest with a memorized or encoded map.  
We all love our bitcoin, but lets not overreach.  Its not perfect for everyone or all purposes, and may never be, that doesn't mean it is anything less than what it is, the best new money produced in ages.

[Zangelbert Bingledack]

Buried treasure has territorial issues, isn't transportable, and is otherwise extremely impractical for many eventualities.

Brainwallets do it all: deniability, instant access, not capital controllable, not stealable...

[jzcjca00]

You'll know it's arrived because Western Union will be placing little "going out of business" signs on all of their shops.  

Western Union is Borg.  They will assimilate Bitcoin.

[NewLiberty]

Buried treasure has territorial issues, isn't transportable, and is otherwise extremely impractical for many eventualities.

Brainwallets do it all: deniability, instant access, not capital controllable, not stealable...

Memory fails, people have strokes, requires technology, can't wear virtual on your finger as a symbol of the purity of your eternal love.
Don't get me wrong, I love bitcoin and have more of it now than gold, but nothing is perfect, don't oversell.  Brainwallets do not "do it all".

[neutrinox]

Memory fails

Affects also your gold (hidden gold stashes). If you can create a gold stash you can remember in your brain, you can create a bitcoin brain wallet that you can remember in your brain.

requires technology

True, but the needed technology is everywhere. It's like saying gold is bad because humans using it need air to breathe. Not a problem when you are surrounded by air.

can't wear virtual on your finger as a symbol of the purity of your eternal love.

Of course you can! Have some imagination!

[dudebit]

A diversified stash is best - because we just don't know what the future holds.
Gold, bitcoin, cash - there are scenarios where any one of these could be rendered useless
and possibly 2 of them. Very unlikely all 3 at the same time though.

[laowai80]

One of Chinese satellite TV channels released a 22-minute show on Bitcoin today:

http://v.ifeng.com/news/finance/201311/01f1f7a2-e0f8-464c-9f93-b360dbdfa2b1.shtml

problem is the video is going so slow, I still can't watch it, is it prime time there now and everyone watching at the moment or something.

[laowai80]

check it out, amazing, people flocking to wikipedia after the tv show!

http://stats.grok.se/zh/latest60/%E6%AF%94%E7%89%B9%E5%B8%81

[NewLiberty]

A diversified stash is best - because we just don't know what the future holds.
Gold, bitcoin, cash - there are scenarios where any one of these could be rendered useless
and possibly 2 of them. Very unlikely all 3 at the same time though.

Yes. 
Bits and Atoms. 
One is transcendent, ephemeral, virtual, the other tangible, solid, eternal.
To say one is better is like saying energy is better than matter.

Throw cash into the mix, only if you need legal tender, something folks are forced by law to accept.

[NewLiberty]

requires technology

True, but the needed technology is everywhere. It's like saying gold is bad because humans using it need air to breathe. Not a problem when you are surrounded by air.

Not yet, but someday.
When the technology is as common as clean air, there may be less clean air.

[TraderTimm]

Every old-timer goldbug always brings up the "what if the internet goes away" argument. Then they triumphantly crow that gold is used for thousands of years, blah blah blah blah.

Well, guess what, we had a "trial run" of that gold superiority in the Philippines after the typhoon. I didn't see any local businesses selling food for gold coins, or someone trading gold for a plane ticket out of there. There was no infrastructure remaining, no food, no water. About as "hell on earth" as you can get when prior to that you had all three.

That is the problem with that scenario. Food will rise in cost until it is worth more than gold or anything else. I have some bread, and I NEED it, so fuck you and your gold coins buddy - because I'll eat it and outlast you, then I'll take your shiny metal from your dead fingers.

As for the whole "internet down" scenario, I can only shake my head. That's the best you can do? The ENTIRE WORLD has to be fucked for Bitcoin to fail? Trying too hard, aren't you? It just boggles my mind.

Goddamn dinosaurs.