The People's Republic of China has successfully pumped and dumped Bitcoin

[Ronan-]

After being wary of all those new Altcoin pump and dump twitter accounts, no one was looking in the other direction.

Lets take a moment to remember what those in power do: use that power.
With a dumbed down populace due to the great Firewall, throw some pro Bitcoin messages on the media, and buy up. When we've double topped, dump, and start the flow of bad press.

A simple yet brilliant plan at the same time.

[1714680472]

1714680472

[1714680472]

1714680472

[1714680472]

1714680472

[Reece523]

I don't exactly think the Chinese government would need to do that in order to raise funds...

[Ronan-]

Why not? for its value per effort ratio, its very lucrative

And of course the Gov is made of people who like money

[grue]

provide evidence of government involvement or gtfo.

[Ronan-]

You think if I had evidence I'd be posting here?

Just postulating what I think per human nature is most likely

[Nolo]

You think if I had evidence I'd be posting here?

Just postulating what I think per human nature is most likely

I postulate that's stupid.

[Tirapon]

You think if I had evidence I'd be posting here?

Just postulating what I think per human nature is most likely

I postulate that's stupid.

Its not that stupid. Governments consist of people. People in power.

[Ronan-]

The Chinese gov is far more centralized than the U.S. - it wouldn't be too hard to have regulators wait to make a cool billion. Remember the currency QQ? and China's capital controls? They wouldn't like Bitcoin normally, but are ok with making money. Hence the strict regulations now.

Let me remind of the famous NY Times article: http://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html

"...politically connected people have profited from being at the intersection of government and business as state influence and private wealth converge in China’s fast-growing economy."

[PrintMule]

Why not? for its value per effort ratio, its very lucrative

And of course the Gov is made of people who like money

Gov is bathing in money, they for sure do not need to dabble in bitcoin, when they have proven methods of gain.

[superduh]

all the politicians that matter/have power re bitcoin in china have more power and money than bitcoin can provide them.

[Ronan-]

all the politicians that matter/have power re bitcoin in china have more power and money than bitcoin can provide them.

About 1-2 Billion could have been made, this is enough incentive. Remember those who have massive amounts of money have that much because 'a ton of money is enough' is not their mentality.

The point is it must have been relatively easy to accomplish this and per the value gained it must have been worth it.

[MatTheCat]

After being wary of all those new Altcoin pump and dump twitter accounts, no one was looking in the other direction.

Lets take a moment to remember what those in power do: use that power.
With a dumbed down populace due to the great Firewall, throw some pro Bitcoin messages on the media, and buy up. When we've double topped, dump, and start the flow of bad press.

A simple yet brilliant plan at the same time.

Good point!

China have went from tacitly promoting Bitcoin to totally fkn nailing it within the space of just a few weeks.

In centralised command and control nation such as China, something very fishy about the whole sudden U-Turn.

[Cluster2k]

China is trying to corner the bitcoin and litecoin markets by dumping the value and buying up cheap coins from panicking speculators.  We need to buy all the bitcoins and litecoins before they get them. 

[stromma44]

After being wary of all those new Altcoin pump and dump twitter accounts, no one was looking in the other direction.

Lets take a moment to remember what those in power do: use that power.
With a dumbed down populace due to the great Firewall, throw some pro Bitcoin messages on the media, and buy up. When we've double topped, dump, and start the flow of bad press.

A simple yet brilliant plan at the same time.

Seems like another conspiracy theory to me. A lot of the money would come from Chinese people, wouldnt it be easier to tax Chinese people more instead?

[Ronan-]

After being wary of all those new Altcoin pump and dump twitter accounts, no one was looking in the other direction.

Lets take a moment to remember what those in power do: use that power.
With a dumbed down populace due to the great Firewall, throw some pro Bitcoin messages on the media, and buy up. When we've double topped, dump, and start the flow of bad press.

A simple yet brilliant plan at the same time.

Seems like another conspiracy theory to me. A lot of the money would come from Chinese people, wouldnt it be easier to tax Chinese people more instead?

I don't shy away from conspiracy like theories since Snowden. Anyways, in a troubled country like China with many poor, kept ignorant, and bathed in pollution, a way to lift money without a connection to government may be desirable.

[MatTheCat]

I don't shy away from conspiracy like theories since Snowden. Anyways, in a troubled country like China with many poor, kept ignorant, and bathed in pollution, a way to lift money without a connection to government may be desirable.

The reality of the world is that it is a complex place, and things happen for complex reasons. Any attempt to put phenomena into a nutshell, be it an 'official version of events' or a 'conspiracy theory' is going to have shortfalls.

However, anyone with any kind of political noose can recognise that there are 'tendencies' in the world and often a simplified hypothesis can be useful in allowing the mind to get a handle on such a 'tendency'.

I found your opening post to offer a useful hypothesis.

If this was shady businessmen pumping and dumping a penny stock, the fraud squad would be on the case.

[Ronan-]

I don't shy away from conspiracy like theories since Snowden. Anyways, in a troubled country like China with many poor, kept ignorant, and bathed in pollution, a way to lift money without a connection to government may be desirable.

The reality of the world is that it is a complex place, and things happen for complex reasons. Any attempt to put phenomena into a nutshell, be it an 'official version of events' or a 'conspiracy theory' is going to have shortfalls.

However, anyone with any kind of political noose can recognise that there are 'tendencies' in the world and often a simplified hypothesis can be useful in allowing the mind to get a handle on such a 'tendency'.

I found your opening post to offer a useful hypothesis.

If this was shady businessmen pumping and dumping a penny stock, the fraud squad would be on the case.

You are definitely right. I'm being too aggressive, things are probably more complicated, and the Chinese gov is probably not exactly what I make it out to be. My main goal is to provoke thought

[Scooby903]

China is trying to corner the bitcoin and litecoin markets by dumping the value and buying up cheap coins from panicking speculators.  We need to buy all the bitcoins and litecoins before they get them. 

[Ronan-]

Funny how 4 months later pretty much everyone thinks China is doing some degree of manipulation

[Swordsoffreedom]

China well played making a pump and dump without even being aware of really doing it
Now that is why you are the masters XD