China again——it was on TV this time

[qikaifu]

http://v.youku.com/v_show/id_XMzA3ODE2ODY0.html

it introduced bitcoin first, then warned a lot about the investment risk and legal risk.

[1714999093]

1714999093

[finway]

good.

[Bigpiggy01]

This is not necessarily good news  

Often stuff like this precedes active government action to curtail said activities

It does however mean that "the word is out".

And peeps here do love anything that allows them to bypass restrictions

[dancupid]

This is not necessarily good news  

Often stuff like this precedes active government action to curtail said activities

It does however mean that "the word is out".

And peeps here do love anything that allows them to bypass restrictions

I doubt the Chinese government will crack down on bitcoin for a while - if anything they will look for an economic advantage.
It depends on how Chinese people use it. If they start using it to move money out of China into alternative, anonymous safe havens, there may be a problem. But it's still much too small to worry the Chinese Government.
The Chinese people, on the other hand, will definitely use it once they see it's potential - if only to diversify their savings outside of the Chinese governments control.
(I live in Shanghai)

[ElectricMucus]

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

[Elwar]

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

The spike in trading tends to lag at least a week behind big news as people figure out how to change their money into Bitcoins.

[dancupid]

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

The spike in trading tends to lag at least a week behind big news as people figure out how to change their money into Bitcoins.

Also the number of people in China in an economic position to use bitcoin is equivalent to the population of a typical European country.

[ElectricMucus]

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

The spike in trading tends to lag at least a week behind big news as people figure out how to change their money into Bitcoins.

Also the number of people in China in an economic position to use bitcoin is equivalent to the population of a typical European country.

What's the big deal then? If people still can't even afford gpus/buy some it makes sense the impact is rather small.

Well there is always Japan & South Korea...

[dancupid]

Can somebody please translate what is being said besides where they play the bitcoin commercial?

I wouldn't count on a big popularity swing yet, if we would have seen a more significant spike on the network, hell it didn't even surpass germany.

The spike in trading tends to lag at least a week behind big news as people figure out how to change their money into Bitcoins.

Also the number of people in China in an economic position to use bitcoin is equivalent to the population of a typical European country.

What's the big deal then? If people still can't even afford gpus/buy some it makes sense the impact is rather small.

Well there is always Japan & South Korea...

GPUs are quite cheap in China - and you can easily find someone who will modify your electricity meter.

[cbeast]

They have cheap Android tablets with wifi. You don't need to hash to use bitcoin.

[Bigpiggy01]

I'm a hashaholic

[dancupid]

I'm a hashaholic

I tend just to drink when I trade in bitcoin - hence I bought at $14

[finway]

The only advantages of chinese people is they have nothing to invest.
Bitcoin must be a good choice.

[Bigpiggy01]

The only advantages of chinese people is they have nothing to invest.
Bitcoin must be a good choice.

Dude you obviously dunno jack. China has more USD millionaires than the US does. Most families in the major cities here have net-worths in that range as well

[evoorhees]

What's the best exchange for someone in China to purchase BTC?

[Bigpiggy01]

https://btcchina.com/ Is probably the simplest to use as they accept alipay.

Apart from that Ruxum has a good setup for China with low withdrawal fees for anyone with a Hong Kong account (I dunno if Gox can match this) and decent prices for "international wires".

But I'd say that most "money" peeps would be headed for Mt Gox as it's the largest market to play around in.

What China really needs atm is a decent pool hosted in Hong Kong, Maccau or Japan/Korea.

[dancupid]

https://btcchina.com/ Is probably the simplest to use as they accept alipay.

Apart from that Ruxum has a good setup for China with low withdrawal fees for anyone with a Hong Kong account (I dunno if Gox can match this) and decent prices for "international wires".

But I'd say that most "money" peeps would be headed for Mt Gox as it's the largest market to play around in.

What China really needs atm is a decent pool hosted in Hong Kong, Maccau or Japan/Korea.

mt.gox has a hong kong bank account, so it should be feeless for transfers to mainland China. The amount of trades in RMB on mt.gox is still too small though. But you can transfer any currency to a Chinese bank account (though there is a $50k limit per year on withdrawals if you are a private citizen)

[cryptoxchange]

What's the best exchange for someone in China to purchase BTC?

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[FlipPro]

The meek shall inherit the Earth my friends. I am just so excited that we are getting TONS of free publicity, and that our message is spreading to every part of the planet.

[evoorhees]

The meek shall inherit the Earth my friends. I am just so excited that we are getting TONS of free publicity, and that our message is spreading to every part of the planet.

It is not because Bitcoin is meek that it will inherit the Earth, but because it is strong.