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accord01 (OP)
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December 17, 2013, 11:07:56 PM |
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This last rally was an absolute joke. A lot of people say "haha, China is making us rich" No, that is not the case. It isn't "China" that bought bitcoins... it is a small percentage of crooked money in China that stirred this rally. The composition of Chinese bitcoin demographics: Honest money/middle class money: 10% traders: 10% Crooked money: the rest Chinese money is synonymous with crooked money. All it takes is one official/business man, to start this entire rally. Officers have been caught with over $300 million dollars of cash, all from ill gotten gains. The government is moving towards prohibiting/outlawing bitcoin because it is NEEDS to save face by stopping corruption. Corruption is so rampant in the Chinese business China suffers from widespread corruption. For 2013, China was ranked 78th out of 178 countries in Transparency International's Corruption Perceptions Index, on par with Serbia and Trinidad and Tobago, ranking less corrupted with tied countries Burkina Faso, El Salvador, Jamaica, Panama, and Peru, but more corrupted than Sri Lanka and most developed countries. Means of corruption include graft, bribery, embezzlement, backdoor deals, nepotism, patronage, and statistical falsification.[1] For a country of 15 billion people, this is paramount. The government has to somewhat put a lid on corruption and prohibiting bitcoin is a way of saving face; to show to the world, hey we're not going to allow more money laundering... we are trying to make our country better. Whoever thinks that China feels bitcoin is a threat to the yuan... needs to come back to earth. |
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Boxman90
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December 17, 2013, 11:32:09 PM |
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You lost me at "country of 15 billion people"
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LTC: LKKy4eDWyVtSrQAJy7Qmmz61RaFY91D9yC BTC: 18fzdnCkuUNthCD8hM36UBGopFa9ij78gG
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aminorex
Legendary
 Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
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December 18, 2013, 12:00:53 AM |
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You lost me at "country of 15 billion people"
You did not realize that all those "chinese people" are actually 10 tiny people wearing a "chinese person" suit? |
Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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CMMPro
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December 18, 2013, 12:06:06 AM |
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Welcome to my lengthy ignore list.
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accord01 (OP)
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December 18, 2013, 12:17:09 AM |
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You lost me at "country of 15 billion people"
China has about 2 billion people unaccounted for in their census. |
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MatTheCat
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December 18, 2013, 12:17:39 AM |
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Welcome to my lengthy ignore list.
He is already on my ignore list. But I would have thought the #1 actual use of Bitcoin, would have been for moving shady money around outwith the controlled and monitored monetary system. I mean to me, that is just fkn obvious. |
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accord01 (OP)
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December 18, 2013, 12:23:15 AM |
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Welcome to my lengthy ignore list.
I'm guessing you won't be reading this, but I have to ask, do you really think the reason bitcoin was/in the process of being prohibited in China because they feel it is a threat to the yuan or their economy? Lol. Btc is used for buying giftcards and pizzas and giving beggars tips. The yuan is used for EVERYTHING else. |
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nastybit
Newbie
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Activity: 42
Merit: 0
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December 18, 2013, 12:24:07 AM |
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demographic? are you serious? bitcoin is anonymous! ROFL  accord01, you forgot Btc is also used to buy drugs. |
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ksteve96
Full Member
Offline
Activity: 624
Merit: 125
alcedoplatform.com
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December 18, 2013, 12:35:22 AM |
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15 BILLION PEOPLE IN CHINA?!?!?!?
Holy shit, that means 2.1035 out of every 1 person in the world is Chinese!
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GeniuSxBoY
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December 18, 2013, 01:13:34 AM |
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You lost me at "country of 15 billion people"
Population: 1,349,585,838 (July 2013 est.) |
Be humble!
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eldentyrell
Donator
Legendary
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Activity: 980
Merit: 1004
felonious vagrancy, personified
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December 18, 2013, 05:08:46 AM |
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But I would have thought the #1 actual use of Bitcoin, would have been for moving shady money around outwith the controlled and monitored monetary system.
I mean to me, that is just fkn obvious.
You would have thunk it, but you'd be wrong. The banking relationships of the fiat<->BTC exchanges are monitored far more closely than the rest of the banking system. You lost me at "country of 15 billion people"
I think he dropped a decimal point. 1.5 billion would be pretty close. |
The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators. So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
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accord01 (OP)
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December 18, 2013, 05:32:15 AM |
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So crooked money lead this rally. There is a ton of crooked money in China. These individuals with the crooked money are going to stop using Bitcoin because the government says no.
I'm going to have to process this for a while...
They would/will have dump it at another exchange in the future anyway. So say BTCchina is business as usual like back in October... prices hit $5000 next year, whats going to happen is you're going to see the biggest massacre/bloodbath/bubble in history. 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend. |
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Cluster2k
Legendary
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Activity: 1692
Merit: 1018
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December 18, 2013, 05:47:29 AM |
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They would/will have dump it at another exchange in the future anyway. So say BTCchina is business as usual like back in October... prices hit $5000 next year, whats going to happen is you're going to see the biggest massacre/bloodbath/bubble in history.
But it will be fun to watch 47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend.
The beautiful thing about bitcoin is while the address identities are mostly anonymous, everyone can see if those bitcoins start to move. If they do I would expect bitcoin to return to somewhere in the $5 range, if not lower. The creators of bitcoin are filthy rich, problem is they can't cash in their chips. An odd sort of poker game. |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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December 18, 2013, 06:54:13 AM |
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47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend.
So are those 47 selling or buying right now? They can either sell or hold but not buy in any meaningful volume. |
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tubbyjr
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December 18, 2013, 08:39:42 AM |
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China has about 2 billion people unaccounted for in their census.
He's trolling. Somebody, please tell me, he's trolling! |
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accord01 (OP)
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December 18, 2013, 08:45:37 AM |
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China has about 2 billion people unaccounted for in their census.
He's trolling. Somebody, please tell me, he's trolling! lol sorry, I am 1 decimal behind... |
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nastybit
Newbie
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Activity: 42
Merit: 0
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December 18, 2013, 12:53:30 PM |
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47 users own 30% of all bitcoins, and 11000 users, own 75% of all bitcoins. That is a joke my friend.
So are those 47 selling or buying right now? They can either sell or hold but not buy in any meaningful volume. Can't they use localbitcoins or transfer the money abroad? If they want bitcoin I am sure they will find a way to buy It's not a material good that you have to actually move it, it's a bunch of bits |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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December 18, 2013, 04:41:05 PM |
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High prices because of lack of liquidity is never good. And it would be non-nonsensical to buy any more at a certain point. High value wallets are either: People who got in early enough... they simply can't afford to buy more. Or people who are already wealthy... they are already loaded so much that there isn't enough liquidity.
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SuperHakka
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December 18, 2013, 06:18:09 PM |
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btc price going up >>> Chinese money genius btc drop like stone >>> Chinese money crooked hypocritical much??  |
'First they ignore you. Then they laugh at you. Then they attack you. Then you win.' - Mohandas Gandhi
"Whenever I'm about to do something, I think, 'Would an idiot do this?' and if he would, I do not do that thing." - Dwight Schrute
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chufchuf
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December 18, 2013, 06:54:43 PM |
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What rubbish- if it's crooked money it's the government's fault because they're the ones that know the names of the people wiring to the exchanges, or using third party payment processors to do so. It's also the government's fault because they didn't require BTC China to collect ID until now, and it's also its fault if they were looking to pump the exchange rate only to crash it.
This is either BTC China stopping forever, or BTC China stopping because they have to start collecting IDs. But if it's the former, after the dust settles, all blame will be on the chinese government because it's so obvious.
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