Previous virtual currecny in China was 13% of the Chinese cash economy?? WTF

[Pangia]

Wow!!! Many of you are already well aware of what I'm going to share, but because I'm a novice, I can't seem to wrap my head around this, so I'm sharing it in my attempt to get a better grasp of what I read. Despite it being factually, I'm still left with a sense of WTF amazement.

 So I'm reading this article about how China previously went bonkers for another virtual currency (QQ) a couple of years ago. And one of the interesting things I read is that "just a couple of years, QQ had grown to such an extent that some estimates put it at 13% of the Chinese cash economy"..

Unfortunately, QQ was controlled by one company and the Chinese gov't shut QQ down overnight.  No such action can be taken against our Bitcoin since it has no master.

So all I can say is holy fcuk Batman. I'm certain that there will be bumps in the road, but the future looks interesting to say the least.

http://money.cnn.com/2013/11/18/investing/bitcoin-china/

[Phinnaeus Gage]

Wow!!! Many of you are already well aware of what I'm going to share, but because I'm a novice, I can't seem to wrap my head around this, so I'm sharing it in my attempt to get a better grasp of what I read. Despite it being factually, I'm still left with a sense of WTF amazement.

 So I'm reading this article about how China previously went bonkers for another virtual currency (QQ) a couple of years ago. And one of the interesting things I read is that "just a couple of years, QQ had grown to such an extent that some estimates put it at 13% of the Chinese cash economy"..

Unfortunately, QQ was controlled by one company and the Chinese gov't shut QQ down overnight.  No such action can be taken against our Bitcoin since it has no master.

So all I can say is holy fcuk Batman. I'm certain that there will be bumps in the road, but the future looks interesting to say the least.

http://money.cnn.com/2013/11/18/investing/bitcoin-china/

I'm beginning to wonder if it's all based on hype:

The largest Bitcoin exchange in the world is located securely inside China, and one of the world's largest Internet companies, Baidu (BIDU), is integrating and using Bitcoin. It seems highly unlikely that Baidu would be able to integrate Bitcoin payments across its vast network of users without some sort of complicit nod from higher authorities.

Prepare to be shocked as to how many bitcoins Baidu has collected to date: https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

[Pangia]

1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg   has only received 1.37549469 BTC

Well if it's just hype, I'm riding this hype ship straight into the storm.  Most of us here didn't get into BTC at it's current price, so if there is a 1000 foot wave coming, there will be of cushion to bail in time to prevent any significant loses.  

[Arksun]

Unfortunately, QQ was controlled by one company and the Chinese gov't shut QQ down overnight.  No such action can be taken against our Bitcoin since it has no master.

I would not underestimate Chinas ability to filter internet traffic, thats the scary part. If Chinese authorities do turn against Bitcoin....

[mb300sd]

Unfortunately, QQ was controlled by one company and the Chinese gov't shut QQ down overnight.  No such action can be taken against our Bitcoin since it has no master.

I would not underestimate Chinas ability to filter internet traffic, thats the scary part. If Chinese authorities do turn against Bitcoin....

https://www.torproject.org/projects/obfsproxy.html.en

[mprep]

Unfortunately, QQ was controlled by one company and the Chinese gov't shut QQ down overnight.  No such action can be taken against our Bitcoin since it has no master.

I would not underestimate Chinas ability to filter internet traffic, thats the scary part. If Chinese authorities do turn against Bitcoin....

...the price will go back to $100. This current growth of value is probably due to the demand of Bitcoin in China. Besides that, they would only have to ban Bitcoin, and it would be game over for it in China, due to the massive enforcement of politically important laws.