Shifting the Focus Away from China

[freebird]

Hello all,

I think it may be healthy for bitcoin to be less dependent on the Chinese market. China has an authoritarian government, and has banned a virtual currency in the past (QQ Coin). It figured that eventually they would crack down on bitcoin to some degree, even if they haven't outright banned it. In the same way that it was unhealthy when Mt. Gox had most of the exchange volume, it's unhealthy that BTCChina does now. Bitcoin needs to grow beyond dependency on any one particular country or institution.

Perhaps India will be the next major country to get interested in bitcoin. They have a democratic government and more freedom than China. There's some exciting things starting to happen there for bitcoin.

I also think the Middle East could be a significant new market for bitcoin, because of all the wealthy people in Arab countries looking for good places to invest. I own a small investment company and recently met with a Middle Eastern investor who encouraged me to set up a hedge fund. This person has millions of dollars being managed by a Forex trader, and was very interested in the potential of bitcoin.

So, let's not worry too much about this China thing. If the Chinese government doesn't like bitcoin, oh well, too bad for them. Bitcoin will go on and do just fine in the long term, even if Chinese involvement declines.

[adamstgBit]

china is give mixed signals  first they broadcast a 1 hour documentary on bitcoin ( as if the government didnt OK that ....) and now they want to limit its usefullness to make sure the CYN isn't effect to much by bitcoin in the near future.

I would advise poeple to ignore the news and watch the market.

[the_sunship]

There's about 1-2 billion people in the world with smart phones and no bank accounts looking for ways to be able to pay for things easily and quickly with little or no fees.

Bitcoin will do just fine.

[scarsbergholden]

Hello all,
So, let's not worry too much about this China thing. If the Chinese government doesn't like bitcoin, oh well, too bad for them. Bitcoin will go on and do just fine in the long term, even if Chinese involvement declines.

okie dokie. but if chinese gov cracks down on btc in any way, focus will not be shifted. derp

[Siegfried]

china is give mixed signals  first they broadcast a 1 hour documentary on bitcoin ( as if the government didnt OK that ....) and now they want to limit its usefullness to make sure the CYN isn't effect to much by bitcoin in the near future.

I would advise poeple to ignore the news and watch the market.

I am not sure that anything in the official statement was intended to or will have the effect of limiting its usefulness.

[Ibian]

I don't think they could ban it if they wanted. It would lend it legitimacy, might even seem desperate. This way they can just shrug it off and hope it goes away, while still being ready to handle any new developments.

[dominicwin]

Personally I think we need the chinese people's interest in Bitcoin, but Chinese regulation on money hasn't stopped the people from hoarding cash and getting it out of China. It's pretty much the goal of a Chinese person who comes to wealth. As long as that keeps up, It'll only help.

We don't really need their Communist country's government's approval.

[GriTBitS]

So last night while I was listening to "think and grow rich" trying to fall asleep. An idea came to mind. The US Gov like the Petro dollar because it creates a demand for the dollar. Countries need it to buy oil so that the Fed can just keep printing. They hate when money comes back to the US because it creates inflation because there is nothing to suck up the money supply except the stock market and more bonds. Guess what's why they made that agreement with china so they can invest their trade dollar back in the stock market since they're not using it to buy bonds or oil because they're trading with Russia for oil. So since almost all the central banks are at war to debase their currency. They need something that will suck up the money after they print it and spend it. Well Bitcoin is the answer!!!! So you would think everyone would be promoting the shit out of it. Its like a super vacum!

[Ibian]

They can't print it so want nothing to do with it. Government is all about control.