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Malin Keshar
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November 09, 2014, 02:28:54 AM |
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A year ago, we had the start of the China-driven bubble. China has exchange controls; it's hard to get money out of China.
For a few months, Bitcoins were a safe, easy, legal, online way for people in China to get money out of yuan and into dollars and euros.
Then the People's Bank of China cracked down on Bitcoins. The bubble popped. It took a while to run down, and now it's over.
How come some really big bitcoin farms are in China? How can the owners sell their bitcoins? They use their own local exchanges, I guess? Move money in and out China might be troublish |
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vm89
Newbie
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Activity: 56
Merit: 0
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November 09, 2014, 02:30:54 AM |
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So now, officially, no uber-bull can counterargument that even if price is higher than 1,3,6,8 months ago, overall BTC is doing great.
No, it's not doing great. It's actually doing very badly. Lots of people lost money with it and lots of bad publicity was cast over Bitcoin (deep web use, FBI's arrests, miner scandals).
PS> Don't sell because of bearish posts also. You will just push the price lower.
Great time to buy! People say it's because the miners in China trying to sell all their coins - despite they're making negative profit. |
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Wilhelm
Legendary
Offline
Activity: 1652
Merit: 1265
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November 09, 2014, 02:37:48 AM |
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So now, officially, no uber-bull can counterargument that even if price is higher than 1,3,6,8 months ago, overall BTC is doing great.
No, it's not doing great. It's actually doing very badly. Lots of people lost money with it and lots of bad publicity was cast over Bitcoin (deep web use, FBI's arrests, miner scandals).
PS> Don't sell because of bearish posts also. You will just push the price lower.
Great time to buy! People say it's because the miners in China trying to sell all their coins - despite they're making negative profit. LOL @ negative profit  |
Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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darkangel11
Legendary
Offline
Activity: 2352
Merit: 1345
Defend Bitcoin and its PoW: bitcoincleanup.com
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November 09, 2014, 03:50:54 AM |
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Not all want to buy Yuan. If I were a miner in China I'd move bitcoins to a foreign exchange and turn into USD or GBP or Euro.
Why? You're making the assumption that they're loaded with Yuan. I live in Canada, why would I want Euros? If I want to buy a sweet house on the lake a slick BMW to get there, I need CAD, not Euro. What's the benefit of being Chinese, in China, and having a bunch of USD when your local economy runs on the Yuan? If my government was trying to ban bitcoin and make moving money out of the country a problem, I'd look to switch to a diferent currency. A Chinese in China should be concerned with what the government is doing and that his wealth, dumped into Yuan, may be going into a black hole. Maybe I'm just paranoid  |
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Nagle
Legendary
Offline
Activity: 1204
Merit: 1000
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November 09, 2014, 05:24:47 AM |
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How come some really big bitcoin farms are in China? How can the owners sell their bitcoins? Because that's "manufacturing and exporting". That's a permitted way to get value out of China. It's not in yuan yet, so exchange controls don't apply. I suspect some of those Bitcoin mining farms are even getting industrial development loans. |
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mmortal03
Legendary
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Activity: 1762
Merit: 1010
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November 09, 2014, 07:28:58 AM |
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We're back above where we were 365 days ago, at least for a couple of days here. |
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BlindMayorBitcorn
Legendary
Offline
Activity: 1260
Merit: 1115
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November 09, 2014, 07:32:43 AM |
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We're back above where we were 365 days ago, at least for a couple of days here.  |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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xcapator
Sr. Member
Offline
Activity: 322
Merit: 252
Here I Am !!
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November 09, 2014, 07:58:26 AM |
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I just bought in again myself a few more coins. BTC seems to be recovering, just like it has the last two years in the fall.
People are investing again, and do remember that this is november, everyone knows what happened to BTC price last year, so price may increase any time
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ScreamnShout
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November 09, 2014, 08:27:15 AM |
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We're back above where we were 365 days ago, at least for a couple of days here. I really don't see any reason why bitcoin will start to skyrocket anytime soon like it did last November, so I think it would be more or less unlikely that we will stay above where we were a year ago for very long |
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