choo choo choooina

[accord01]

china needs to go...

[zoinky]

Choo choo all aboard the FUD train.

[notme]

it does no good to the government.

It helps the government with one problem... what to do with all those USD reserves that are being eased to infinity while bonds earn negative real (inflation adjusted) rates.

[BitcoinAshley]

Loyalists? WTF is this, some space fiction fantasy novel, with factions and squadrons and rebels and loyalists and empires? GTFO. I'm not really sure what you're saying but people who use terms like "bitcoin loyalists" as if these terms are self-evident, self-defining, and actually support their point - are usually full of shit. 

[BitPirate]

You can't seriously compare China's USD reserves with Bitcoin -- talk about different radars.

1. I think the China angle is a little overstated. China had a lot of (somewhat irrational) velocity coming out of the Silkroad closure, and that prevented a crash and led us into this parabolic rise. Since then they've been pointed to as a reason for the rise in the West. However, the total volume can be discarded as an unknown variable -- we need to know # of users and average volume per user.

A lot of the rise was driven by existing traders and 0% fees, helped in the last few days of the bubble by new incomers. Users increased healthily, but I didn't see much evidence of a "gold rush" all the way through. Actually, mainly since the most recent crash, attention has been huge, due to the media coverage. That said, market penetration in China is still very small -- it's a great opportunity.

2. There were 3 exchanges in China last bubble, and their volume was more reflective of real BTC mindshare at the time. Also bear in mind that a lot of westerners trade on the China exchanges. (You might also find those same people here posting about how Chinese are buying)

3. Tend to disagree. There was lots of press coverage. There is more now, but only in the last few days due to the US hearings, and the price rise. It's certainly not an order of magnitude larger.

Overall I am bullish long term, but we are massively overbought on some false assumptions (there is a China BTC gold rush; there isn't, yet).

[accord01]

Loyalists? WTF is this, some space fiction fantasy novel, with factions and squadrons and rebels and loyalists and empires? GTFO. I'm not really sure what you're saying but people who use terms like "bitcoin loyalists" as if these terms are self-evident, self-defining, and actually support their point - are usually full of shit.  

lol i was about to change the title, walked away from the computer came back and just pressed submit.  But all you people NEED to stop relying on China to make you that next $20k, as well as myself.

This current bubble is a lot different than the April bubble.  This bubble has an ex-factor in China, and because of this ex-factor, the current bitcoin market is very dangerous.

So how do the Chinese really feel about bitcoin?  The answer is they don't care about bitcoin; they want to get rich fast, or also known as Fa Chai.  

I laugh at the ultra bulls that expect China to carry them to another nice profit.  I am that ultra bull.  Frankly, China is freaked out from this recent crash.  It is the West that is bullish on the rebound because they think China will rebound.  So it is false pretense.

Recently rumors in the Chinese circles aren't helping confidence levels in China.  From China's Weibo techies and analysts, "[translated to English] investing in BTC is like walking on thin ice to cross the river to the gold rush.  At any moment, the market could crash and even worse, the government could outlaw BTC at will... [no congressional law needed].  The government has it's hands tied right now with lots of other issues, but it could certainly do without BTC, as it does no good to the government."  

[thezerg]

You have moved your bitcoin from the exchange into your own wallet I am sure.  So if the govt outlaws bitcoin, you surely deleted the wallet it like a good citizen.  Then after 6 months or 5 years you travel to HK or somewhere, anywhere.  And jackpot!!!  With this in mind, perhaps the fear of it being outlawed in the future would not have such a large effect.