CEO of BTC China speaking to CNBC

[bitpop]

He just got rich

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[FandangledGizmo]

'No, don't panic Mr. Lee. You can still drink as much water as you want. All we are simply doing is tying your hands behind your back and sowing your mouth shut. '

[jerem2398]

You better thank him. If they do not stop the panic then BTC will reach 200 USD per bitcoin. Which makes it look bad for those who bought in at $1,200 a few weeks back. Why would a person wanna ever get involved in bitcoin again when they have an experience that bad. They won't.

[moni3z]

His exchange can still trade in USD or EUR just not Yuan/RMB. So he opens Unionbank USD account and trading resumes

[tclo]

His exchange can still trade in USD or EUR just not Yuan/RMB. So he opens Unionbank USD account and trading resumes

Somehow I doubt the Chinese gov't would go for that.

[LiteCoinGuy]

It really annoys me when people start all their sentences with "So...". In English you BARELY EVER start a sentence with "So..." and it's even rarer to use it to answer a direct question. I mean WTF? I thought this was a quick fad but it's been going on long enough and we have to put a stop to it. I'm starting a committee or something. It drives me fucking nuts. Learn to English.

I wonder if you know how to speak chinese LOL . world are changing accept it !

as a native english speaker its very dumb so say that. can you speak any other language than yours?  

so, thats not the topic for such a discussion 

[thatbluedude]

anybody got an alternative link?

thanks

[Peter Lambert]

It really annoys me when people start all their sentences with "So...". In English you BARELY EVER start a sentence with "So..." and it's even rarer to use it to answer a direct question. I mean WTF? I thought this was a quick fad but it's been going on long enough and we have to put a stop to it. I'm starting a committee or something. It drives me fucking nuts. Learn to English.

So, I start sentences with 'so' all the time. So what?

[LiteCoinGuy]

anybody got an alternative link?

thanks

so, that would be nice. 

[R2Pleasent]

Bobby Lee is the least trustworthy person in the Bitcoin world right now.  Just 2 days ago, BTC China released a statement saying they were re-implementing 0.3% fees "to prevent market manipulation".  You really believe this was not in response to private talks with government officials?  They knew the rug was being pulled out from under them.

http://www.cryptocoinsnews.com/2013/12/16/breaking-news-btc-china-trading-fees/

Bobby Lee is also saying he's never heard of anyone using BTC in China to get money out of the country.  What a lying sack of shit.  Bitcoin's Chinese value was derived almost exclusively from the ability to circumvent currency controls.  This guy has been in the e-commerce game for over 15 years, he graduated from Stanford.  He's playing everybody for a fool.

Now he's telling everybody not to panic.  Uh, hello dude?, your company was the BIGGEST BTC exchange in the world.  In the past week the perceived message from the PBOC has gone from:

- Bitcoin trading is allowed, banks just can't manipulate the prices
- Bitcoin trading is allowed, third party processors are now banned
- Bitcoin trading is allowed, but no banks / third party processors can do business with anything bitcoin-related

It's bad, Bobby.  Don't lie to us.  You'll keep working on trying to figure out a compromise with the PBOC, but the odds are slim.  Bitcoin stands for everything China is against.  If the ability to search for information on Google is perceived as being a threat to the system, where does that put Bitcoin?  The ability to instantly transfer wealth, anonymously, to people around the world.

[Jcw188]

Yes, I think he is a LITTLE biased in his view of what's going on.  That said, did he stop the crash from happening by saying not to panic?

[btbrae]

Me too, every morning driving to work, every person being interviewed on the radio starts with "SO", AAARRRGGH, this is not the way to start a sentence, where did this come from, its nearly as annoying as the upward inflection which makes every statement sound like a question!

 

My post was largely misunderstood but glad to see at least one person knows what I was getting at. I'm not picking on Bobby Lee in particular a lot of native English speakers have been infected with the "So..." virus too, I notice it a lot on the US business channels.

Now he's telling everybody not to panic.

This is an interesting thought. What would you have somebody who is watching a crowd of people panicking say, in order to try to stop them panicking?  

[coins101]

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

[R2Pleasent]

Now he's telling everybody not to panic.

This is an interesting thought. What would you have somebody who is watching a crowd of people panicking say, in order to try to stop them panicking? 

I expect him to put his money where his mouth is.  It's clear he was panicking himself.  He added fees to BTC China less than 48h before deposits were disabled.

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

Right, the #1 market for Bitcoin, the market which fueled the entire rise up in the first place, is insignificant.  Tell me, what is significant?  If Bitcoin added 47% market share in one day, would you say that is significant?  Wouldn't you expect your coins to skyrocket?  But when it's the opposite, it's simply a "blip in the road". 

[Anatol Kir]

I think I've seen this before.

http://cdn.memegenerator.net/images/300x/163347.jpg

[e4xit]

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

nice chart, glad I saw this!

[R2Pleasent]

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

nice chart, glad I saw this!

The numbers are extremely deceiving.  The primary catalyst in the April crash was the fact that everyone used the same exchange, MT Gox, and the system crashed during the sell-off.  People could not put in orders.  If they did put in orders, the lag was literally up to an hour.

[Piper67]

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

nice chart, glad I saw this!

The numbers are extremely deceiving.  The primary catalyst in the April crash was the fact that everyone used the same exchange, MT Gox, and the system crashed during the sell-off.  People could not put in orders.  If they did put in orders, the lag was literally up to an hour.

Which, if anything, would support the view that this crash isn't as volume intensive.

[Notanon]

These charts show that the selling is no where near as high as the crash back in April.

http://coinregulations.com/ban-on-btc-china-taking-cash-payments-causes-bump-in-the-road/

Also, the ratio of sellers to buyers is more balanced. This talks to the increased popularity of bitcoin around the world, which is good news. Having one or two countries dominating the landscape is bad news as it causes negative spikes like we are seeing when regulators throw their toys out of the pram.

The more people around the world that use it, the greater the price stability, and it almost goes without saying that there will be greater demand keeping prices rising due to scarcity of supply.

Bitcoin just went on sale for a few weeks, thats all.

nice chart, glad I saw this!

The numbers are extremely deceiving.  The primary catalyst in the April crash was the fact that everyone used the same exchange, MT Gox, and the system crashed during the sell-off.  People could not put in orders.  If they did put in orders, the lag was literally up to an hour.

Exactly, and I plan to buy through other exchanges like Coinjar and BTCMarket to avoid Mt.Gox like the plague.

[igorr]

Don't panic BECAUSE, you lose only 70% capital,