Bitcoin Forum
January 27, 2022, 06:30:59 AM *
News: Vote on the 2021 community awards
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: New reason for bitcoin to skyrocket. Misunderstood chinese deposit ban.  (Read 1591 times)
myhoho
Legendary
*
Offline Offline

Activity: 1162
Merit: 1008



View Profile
December 18, 2013, 09:45:14 AM
 #1

China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash. The price fell and it's just ridiculous. I mean, if we suppose that people are smart enough to understand it but its never true... Lack of cash on chinese exchanges actually means that deposits are more valuable... They can sell deposited accounts from person to person. Thus, price should grow. They just need some time to understand that simple thing...

██████▄  ▄▄▄█████████▄▄▄         
██████████████████████████▄▄     
█████████████████████████████▄   
▄███████████████████████████████ 
▄▄███▄     ▄██████████  ████████▀▀▀██████████
▄██████   ████████████  ████████   ███████████
▄████████▀   █████████    ██    ████████▀▀▀███████
▀████▄  ▄   ████████████  ████████████   ███████
▀████▀     ▀██████████  █████████████████████
▀███████████████████████████████ 
█████████████████████████████▀   
██████████████████████████▀▀     
██████▀  ▀▀▀█████████▀▀▀         
ROCKET

▄▄    ▄▄





▄▄    ▄▄

ENTHRALLING GRAPHICS
● NEW TYPE OF GAMES
100% REFERRAL BONUS
((       ▄▄█████████▄▄
    ▄█████████████████▄
  ▄████████ ██ █████████▄
 ▄█████▀▀▀▀ ▀▀ ▀▀████████▄
▄███████▄   ▄▄▄▄  ▀███████▄
█████████   ████   ████████
█████████         ▀████▀▀██
█████████   ████    ███▄▄██
▀███████▀   ▀▀▀▀   ▄██▀  █▀
 ▀█████▄▄▄▄ ▄▄ ▄▄▄███▀  █▀
  ▀████████ ██ ████▀  ▄█▀
    ▀████████████▀ ▄▄█▀
       ▀▀█████████▀▀
       ▄▄█████████▄▄
    ▄█████████████████▄
  ▄█████████████████████▄
 ▄████▀███████▀   ▀▀▀▄███▄
▄████▌  ▀▀███▌       ▄████▄
█████▀               ██████
█████▄              ███▀▀██
██████▄            ████▄▄██
▀██████▄▄        ▄████▀  █▀
 ▀████▄       ▄██████▀  █▀
  ▀████████████████▀  ▄█▀
    ▀████████████▀ ▄▄█▀
       ▀▀█████████▀▀
       ▄▄█████████▄▄
    ▄█████████████████▄
  ▄██████████▀▀▀▀███████▄
 ▄█████████▀     ████████▄
▄██████████   ████████████▄
█████████        ██████████
█████████▄▄   ▄▄███████▀▀██
███████████   █████████▄▄██
▀██████████   ████████▀  █▀
 ▀█████████   ███████▀  █▀
  ▀████████▄▄▄█████▀  ▄█▀
    ▀████████████▀ ▄▄█▀
       ▀▀█████████▀▀
))
1643265059
Hero Member
*
Offline Offline

Posts: 1643265059

View Profile Personal Message (Offline)

Ignore
1643265059
Reply with quote  #2

1643265059
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1643265059
Hero Member
*
Offline Offline

Posts: 1643265059

View Profile Personal Message (Offline)

Ignore
1643265059
Reply with quote  #2

1643265059
Report to moderator
1643265059
Hero Member
*
Offline Offline

Posts: 1643265059

View Profile Personal Message (Offline)

Ignore
1643265059
Reply with quote  #2

1643265059
Report to moderator
exapted
Newbie
*
Offline Offline

Activity: 51
Merit: 0


View Profile
December 18, 2013, 10:08:24 AM
 #2

Actually this is different from the MtGox USD withdrawal problem. In this case, users can withdraw fiat but they can't deposit. So, fiat is becoming more scarce on the China Bitcoin exchanges, causing the value of RMB to rise wrt BTC. That means the exchange value of BTC is dropping in mainland China for good reason. If no one can deposit fiat into China Bitcoin exchanges for an extended period of time, people may withdraw their BTC and deposit it into other exchanges, potentially leading the exchange value of BTC to drop further if those same people exchange for fiat.
mateo
Member
**
Offline Offline

Activity: 87
Merit: 10



View Profile
December 18, 2013, 10:23:03 AM
 #3

China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash. The price fell and it's just ridiculous. I mean, if we suppose that people are smart enough to understand it but its never true... Lack of cash on chinese exchanges actually means that deposits are more valuable... They can sell deposited accounts from person to person. Thus, price should grow. They just need some time to understand that simple thing...

You are thinking from an early adopter's or long time speculator's perspective, not from a Chinese "investor's", who just found about Bitcoin a few months ago, and thought he could make a lot of money in short-term. This kind of people tend to panic from the slightest disturbance.

BTC to the moon!
bitpop
Legendary
*
Offline Offline

Activity: 2716
Merit: 1058



View Profile WWW
December 18, 2013, 10:24:26 AM
 #4

I hope the smart ones hold

gnode
Sr. Member
****
Offline Offline

Activity: 492
Merit: 250


View Profile
December 18, 2013, 10:27:40 AM
 #5

Yes this is an interesting situation. It creates a liquidity constraint in one direction only. If you own a bitcoin you can always turn it into cash, but you can't take cash and buy a bitcoin. If I need a bitcoin for whatever reason I may pay a lot more under the table to acquire it (black market). So this action by the chinese government will just increase the back door methods of exchange.
milesy
Newbie
*
Offline Offline

Activity: 13
Merit: 0


View Profile
December 18, 2013, 10:48:45 AM
 #6

Even suppose that the govverment is not to ban the exchange websites, people still have reasonable incentives to dump btc and withdraw cash from it.

Even from your point of view, no inflow of RMB means the ratio of RMB/BTC is going low, at the assumption of no withdraw of BTC. Then the price will go down……that's the reason people dumping BTC to avoid  more loses.

Maybe they are wrong. but this logic is still a good explanation.
laihappy
Newbie
*
Offline Offline

Activity: 39
Merit: 0


View Profile
December 18, 2013, 10:57:28 AM
 #7

i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!

some days later only a little play bitcoin in china.

so chinese gov need fuck! fuck ! fuck! and fuck!
traderCJ
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


View Profile
December 18, 2013, 11:01:11 AM
 #8

i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!

some days later only a little play bitcoin in china.

so chinese gov need fuck! fuck ! fuck! and fuck!

Now that's adorable right there.
tdenisenko
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
December 18, 2013, 11:02:43 AM
 #9

i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!

some days later only a little play bitcoin in china.

so chinese gov need fuck! fuck ! fuck! and fuck!

I read that in Chinese accent
EvilPanda
Hero Member
*****
Offline Offline

Activity: 658
Merit: 500


Small Red and Bad


View Profile
December 18, 2013, 11:22:10 AM
 #10

i'm a chinese, china bank can't pay for bitcoin, so no more money come in, we all drop bitcoin! the bitcoin price is down! and the bitcoin pirce down faster and faster!

some days later only a little play bitcoin in china.

so chinese gov need fuck! fuck ! fuck! and fuck!

I read that in Chinese accent
This one? http://www.youtube.com/watch?v=w5e-1xYE62o
Every time someone mentions chinese accent this comes to my mind.  Grin

JCviggen
Hero Member
*****
Offline Offline

Activity: 1260
Merit: 505


Oikos.cash | Decentralized Finance on Tron


View Profile
December 18, 2013, 11:24:33 AM
 #11

I think one shouldn't underestimate the amount of BTC being bought in China for no other reason than to get money out of the country in a simple and secure fashion. Those people were never in it for the long run, BTC was a tool for them and when it no longer works then that's the end of that.


█▀█ █ █▄▀ █▀█ █▀ ░ █▀▀ ▄▀█ █▀ █░█
█▄█ █ █░█ █▄█ ▄█ ▄ █▄▄ █▀█ ▄█ █▀█



DeFi on Tron
and trustless token exchange
█████











█████

██████████████████████████████████████████████████████

JOIN OIKOS

██████████████████████████████████████████████████████

█████
    █
    █
    █
    █
    █
    █
    █
    █
    █
    █
    █
█████
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!