Do not expect value-based investors in China to hold a bottom

[MatTheCat]

You might be better received with a little more tact.

I like being disliked.

[1714101407]

1714101407

[1714101407]

1714101407

[dropt]

You might be better received with a little more tact.

I like being disliked.

You just go ahead and tell yourself whatever you need to to feel better.  Further, I'd offer a correction:  you're not disliked, you're not respected.

[koryu]

[zhangweiwu]

Hey, just wanted to say, thanks for your contributions to this forum, it is great having someone from China speak openly across the divide. I always read your posts very closely.

Thank you. I certainly feel encouraged, and thus made another more-in-detail post:
https://bitcointalk.org/index.php?topic=540358.new

For these bloody cheap coins nobody seems to care about the 'bloody' part and they only have 'cheap' in their eyes. But there is no better way to save Chinese players: if the USD trade doesn't buy from CNY sellers like crazy, it would be even worse off for CNY players. I know there is no way to prevent the majority selling off after a few days of doubt. Even worse, with the ban on depositing to exchanges, arbitrageurs will not be able to fill in, getting the coins off Chinese hands - this will cause a sharp price difference between USD and CNY, and the bloody coins will be lost even cheaper. So the best senario is for all the Chinese to sell off now instead of a few days later (since they willl do so anyway, now is better) and let arbitraguers ship the coins to USD buyers.

[zhangweiwu]

lol @ value investors. The Chinese are the biggest bag holders of bitcoin, once the fiat restriction is confirmed by the PBOC they will all panic sell.

Caixin says they inquired and PBOC stafff confirmed the news:
http://finance.caixin.com/2014-03-27/100657253.html

The panic sell is going to go on, I believe many still have doubt in their little mind. Whoever didn't panic sell is going to be big losers, because they eventually will (as said, few are value-based investors).

[pungopete468]

Every time your country panic sells, we buy.  Pretty soon, the majority of BTC will be back in U.S. hands.  And long term, the U.S. will have the predominate amount of bitcoin holders of any other country.

Indeed it is a buying opportunity. Unfortunately if all coins change hands, that justifies China government's fear of Bitcoin as a western ideology and thus is a road-block of the next 5 year's bitcoin development in the world - that is, if this government managed to exist for another 5 years.

If this does happen, the resulting redistribution of wealth should not be viewed as the justification for banning it. The west isn't forcing the Chinese people to sell at a loss. If your government prevents your society from advancing along with the rest of the world then you can't blame anything but your government when the rest of the world leaves you behind...

If China and the eastern nations were to ban gold and demand it be exported by a given date, the west would buy it up as quickly as possible. Would gold then be considered a product of western ideology just because the west now controls all of it? Obviously that won't happen but the parallels between Bitcoin and gold are numerous...

I hope the Chinese people can find a balance between loyalty and logic. Good luck, I think the global economy is going to code and China will be one of the first to notice.