China ban = more coins stored on pc, rather than dumped at exchange

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Bitcoin Forum > Economy > Economics > Speculation > China ban = more coins stored on pc, rather than dumped at exchange

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Topic: China ban = more coins stored on pc, rather than dumped at exchange (Read 695 times)

zzojar (OP)

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China ban = more coins stored on pc, rather than dumped at exchange

April 02, 2014, 04:22:53 PM

I was thinking about this recently. Just because China bans the exchange of bitcoin with yuan, doesn't mean that all the Chinese are going to sell and get out of the market. It could mean the opposite. It could mean that the Chinese might see this as their last chance to BUY bitcoin, and so they might want to stock up and then store their coins on their computer.

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.

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dyland

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Re: China ban = more coins stored on pc, rather than dumped at exchange

April 02, 2014, 04:33:39 PM

hmmm didn't think of this, but it doesn't seem to be happening ATM

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Re: China ban = more coins stored on pc, rather than dumped at exchange

April 02, 2014, 04:37:02 PM

Read zhangweiwu's threads on the mentality of most Chinese bitcoin holders. According to him most of them are get-rich quick types who barely understand bitcoin and don't have the HODL mentality.

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durrrr

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Re: China ban = more coins stored on pc, rather than dumped at exchange

April 02, 2014, 08:09:58 PM

i think taht this would be a good assumption to mkae but i think most chinese at this point must be selling out and leaving the market. we could see 200$ again very soon i believe

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galbros

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Re: China ban = more coins stored on pc, rather than dumped at exchange

April 02, 2014, 09:27:53 PM

I appreciate your effort to spin this, but there is no way this is a good thing for bitcoin. Maybe not horrible but clearly bad.

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