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Author Topic: So, nobody really gives a crap?  (Read 5474 times)
BTCalexxx2.0
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January 09, 2014, 04:07:50 PM
 #41

Do you have any proof for that? And why would the Chinese Government do that in the first place?
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BTCalexxx2.0
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January 09, 2014, 04:29:25 PM
 #42

LOOOOL. WTF?  I need to ask again. Does anyone have insights on BTCChina? The whole exchange has become a fucking joke. Seems like they are done already. Only keeping it "alive" with some fake trades obviously.

I bet a single big player could easily bring the BTCChina rate down to 0.
gentlemand
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January 09, 2014, 04:38:19 PM
 #43

There hasn't been a definitive answer so far, if that's even remotely possible, so the odds are there won't be one at all.

If it bothers you so then sell up and wait for the dust to settle. It might be a while yet.  

BTCalexxx2.0
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January 09, 2014, 04:44:19 PM
 #44

Well, it can't be long until it makes PUUUFFF - and all is gone...
gentlemand
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January 09, 2014, 04:57:57 PM
 #45

Gone in mainland China? It's quite possible, though exchanges might lumber on in a zombified form for a while unless they're properly put out of their misery. It's a part of the ongoing story on a march upwards, albeit a big and disruptive part at this particular moment as so many others have been.

The rest of the world's looking pretty rosy. Singapore, one of THE global finance hubs, has made sensible noises about taxation. Merchants are being added every day around the globe. Some ground breaking infrastructure is being developed by thousands of very bright minds as I type.

Decide what's best for you and run with it.


R2Pleasent
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January 09, 2014, 05:06:21 PM
 #46

Governments can threaten all they like and pass laws against Bitcoin but the fact is the only way they're going to kill Bitcoin is by killing off the internet as well and that would piss off too many people, that's why people don't care, plus the Chinese hysteria was pretty fake, you can still trade Bitcoins as individuals for paper money just not exchanges and financial companies.

It's the same thing where a fake post about the Thailand central bank panicked people who didn't know anything and it managed to scare people with big holdings in Bitcoin.

Firstly: never underestimate governments.  Bitcoin only works if fiat can roll in and out freely.  If there is potential to lose the money you put in or take out, expect people to run and not look back.  People buy Bitcoins to make money on those Bitcoins.  If the US government destroys exchanges and drives trading into the depths of the web, Bitcoin will only have use for illicit / gray market activity.  It may survive, but only as an extremely niche wealth transfer method.

I am not saying it will happen anytime soon, or at all really.  But don't be so obtuse.

Now, as for the China thing, you seem to be way out of the loop.  China volume dwarfs all other countries right now.  They are by far the primary players on the Bitcoin markets.  And to say they can trade with individuals, and not exchanges, is currently incorrect.  If this ends up being the case in the future, say goodbye to about 60% of total bitcoin trading volume.  

China banning exchanges is not "priced in".  Hell, the country announced the removal of Taobao BTCC vouchers two days ago, and the market dropped over 20%.  BTC China volumes aren't even 10% of Huobi.  So, if China decides to give the boot, it's a very big deal.


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January 09, 2014, 05:08:16 PM
 #47

+1 million.


superresistant
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January 09, 2014, 05:09:17 PM
 #48

Deposit weren't stopped on all Chinese exchanges contrary to what the news say.

You still can buy and sell BTC for Yuan in China, you still can afford things and services with BTC, it is legal, no problem. Only the bank transfers to exchange are stopped. You can use service like localbitcoin because fuck the exchanges, Bitcoin doesn't need them to exist.

In countries where transfer between bank and exchange are forbidden, Bitcoin value is 15 to 30 % higher (Brazil, Argentina,...).

Every time mainstream media talk about Bitcoin, it increase its adoption.

The reason why Bitcoin is still low is because most big holder are shorting BTC to get more but it doesn't matter, BTC will not stop increasing on the long term.


never underestimate governments.  

Never overestimate governments. Ultimately, the power is in the hands of people. No Empire/Kingdom/Government ever survived through time.
cr1776
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January 09, 2014, 07:30:47 PM
 #49

This seems to have been ignored in many places, but has some current info directly from them if anyone missed it:

https://vip.btcchina.com/page/notice20140108


LOOOOL. WTF?  I need to ask again. Does anyone have insights on BTCChina? The whole exchange has become a fucking joke. Seems like they are done already. Only keeping it "alive" with some fake trades obviously.

I bet a single big player could easily bring the BTCChina rate down to 0.
BTCalexxx2.0
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January 09, 2014, 08:18:40 PM
 #50

This seems to have been ignored in many places, but has some current info directly from them if anyone missed it:

https://vip.btcchina.com/page/notice20140108


Reads like the last words from a death row inmate...
quone17
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January 09, 2014, 08:52:35 PM
 #51

I guess people who were going to sell based on the CHina news have already sold.  Sure more CHinese will sell but other countries are there to scoop it up.  China is only 1 country, although maybe they caused the rise in price, it doesn't mean if they leave the price has to drop.  They got people used to the higher prices now maybe.

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bassclef
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January 09, 2014, 08:55:16 PM
 #52

China news has already been priced in. If enough people are expecting a drop on the 31st, it won't actually happen.
bitbrasil
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January 09, 2014, 09:04:13 PM
 #53

In countries where transfer between bank and exchange are forbidden, Bitcoin value is 15 to 30 % higher (Brazil, Argentina,...).

It's not forbidden in Brazil, I don't think in Argentina it is too.
empoweoqwj
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January 10, 2014, 02:27:37 AM
 #54

One perhaps slightly sensational idea might be that the Chinese government are themselves investing in bitcoin and levering their position to manipulate the value for gains. If you were an entity with the ability to knock 50% off the value of a commodity, then on a whim double the value back up again (ie, you're the Chinese government with the world watching you to decide on speculations), this is what you'd do.


I also think that this is pretty absurd.

Besides, is BTCChina already dead? I never have seen such ridiculously low orders.

Absurd...really? China is buying all btc...

BTCChina is #1

Really? Don't see the price going up much Wink
pjviitas
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January 10, 2014, 03:13:18 AM
 #55

One perhaps slightly sensational idea might be that the Chinese government are themselves investing in bitcoin and levering their position to manipulate the value for gains. If you were an entity with the ability to knock 50% off the value of a commodity, then on a whim double the value back up again (ie, you're the Chinese government with the world watching you to decide on speculations), this is what you'd do.

This is why when some above have said "the government aren't that stupid, these remaining exchanges have their days numbered", maybe they have allowed them to continue trading because they don't want to destroy bitcoin, rather play with its price for gains/further understanding of the market and the demographics of its users.

+1

Like I have said time and time again on these forums...where does everyone think the people in need of better money laundering services show up for work every day?

In banking sectors and government buildings around the world that's where...Bitcoin is the best thing that's happened to these guys.

Why would they want to get rid of it?
Kungfucheez
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January 10, 2014, 05:19:05 AM
Last edit: January 10, 2014, 04:01:41 PM by Kungfucheez
 #56

Why would China have any effect on btc price anyways? The market cap for btc as is right now is only around $10billion USD, that's pretty damn small if we are considering parties from all over the world.

People around the world probably spend 100x that everyday just buying toilet paper
cthulu1
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January 10, 2014, 05:20:38 AM
 #57

OP claims to be bigshot in the crypto scene.
creates account yesterday
follows by saying bitcoin will die in 2014 based on......?
 Roll Eyes
empoweoqwj
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January 10, 2014, 08:09:11 AM
 #58

Why would China have any effect on btc price anyways? The market cap for btc as is right now is only around $10billion USD, that's pretty damn small if we are considering parties from all over the world.

People around the world probably spend 100x that everyday just buying toilet paper lol

That's because you have some perspective on this. Lots of bitcoin investors can't see beyond their own fear and greed unfortunately.

Bitcoin doesn't need China. It will flourish plenty well without it. Just look at overstock.com launch today. They are taking huge numbers of bitcoins. Once that news spreads, other big players will join the party.
asdf
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January 10, 2014, 01:53:05 PM
 #59

Wages may go down, but purchasing power increase. Business profits may be reduced in nominal terms, but actually be growing.
BTCalexxx2.0
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January 10, 2014, 05:59:57 PM
 #60

OP claims to be bigshot in the crypto scene.
creates account yesterday
follows by saying bitcoin will die in 2014 based on......?
 Roll Eyes


Say whooot? Cheesy

I didn't claim shit. Especially not to be some bigshot in whatever scene. Nor did I say that Bitcoin will die in 2014.  

Grin  Funny though. Made my day...

By the way, BTCChina is dead, isn't it? It just disappeared from bitcoinwisdom. PUUUFFFF... And it was gone. LOL

Cheers
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