Bitcoin Forum
December 16, 2017, 04:40:26 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Will China convert its USD holdings into Bitcoins?  (Read 2205 times)
smoothie
Legendary
*
Offline Offline

Activity: 2072


LEALANA Monero Physical Silver Coins


View Profile
July 30, 2012, 07:49:47 PM
 #1

That would be awesome!

 Cheesy

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
1513442426
Hero Member
*
Offline Offline

Posts: 1513442426

View Profile Personal Message (Offline)

Ignore
1513442426
Reply with quote  #2

1513442426
Report to moderator
1513442426
Hero Member
*
Offline Offline

Posts: 1513442426

View Profile Personal Message (Offline)

Ignore
1513442426
Reply with quote  #2

1513442426
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
July 30, 2012, 07:50:25 PM
 #2

Not yet.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
smoothie
Legendary
*
Offline Offline

Activity: 2072


LEALANA Monero Physical Silver Coins


View Profile
July 30, 2012, 07:51:15 PM
 #3

Slow conversion...

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
July 30, 2012, 07:52:02 PM
 #4

Not yet.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
BoardGameCoin
Sr. Member
****
Offline Offline

Activity: 283



View Profile
July 30, 2012, 07:56:18 PM
 #5

Threads like this are so funny... BTC will need to be trading at > $50,000 BTCUSD before this is even viable.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
smoothie
Legendary
*
Offline Offline

Activity: 2072


LEALANA Monero Physical Silver Coins


View Profile
July 30, 2012, 07:56:40 PM
 #6

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
jwzguy
Hero Member
*****
Offline Offline

Activity: 868



View Profile
July 30, 2012, 07:57:51 PM
 #7

Threads like this are so funny... BTC will need to be trading at > $50,000 BTCUSD before this is even viable.
Not really. It wouldn't happen in a single instant, and the price would rise according to demand until it was whatever it needed to be.
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
July 30, 2012, 07:58:36 PM
 #8

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.

Sure, it would be nice, but we're not there yet.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
smoothie
Legendary
*
Offline Offline

Activity: 2072


LEALANA Monero Physical Silver Coins


View Profile
July 30, 2012, 07:59:28 PM
 #9

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.

Sure, it would be nice, but we're not there yet.

Translation: "I'm thinking about selling my house and buying bitcoins and being homeless for the next year while i await becoming a billionaire"

 Cheesy

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
dree12
Legendary
*
Offline Offline

Activity: 1246



View Profile
July 30, 2012, 08:01:51 PM
 #10

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.

Sure, it would be nice, but we're not there yet.

Translation: "I'm thinking about selling my house and buying bitcoins and being homeless for the next year while i await becoming a billionaire"

 Cheesy
From homeless to billionaire: the magic of BTC!
BoardGameCoin
Sr. Member
****
Offline Offline

Activity: 283



View Profile
July 30, 2012, 08:03:37 PM
 #11

Threads like this are so funny... BTC will need to be trading at > $50,000 BTCUSD before this is even viable.
Not really. It wouldn't happen in a single instant, and the price would rise according to demand until it was whatever it needed to be.

China USD holdings: ~1.2 Trillion
Total possible BTC: 21 million

If china wanted to own the entire BTC market all on its own and have no-one to sell to, BTCUSD would have to be $57000, the number I quoted is by far a lower bound. Realistically there would need to be comparable liquidity to the USD market to support owning a large amount of it, so their portion would need to be comparatively small, maybe 1/15th of total BTC. For that, BTCUSD would have to be $850,000.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
molecular
Donator
Legendary
*
Offline Offline

Activity: 2436



View Profile
July 30, 2012, 08:05:02 PM
 #12

Threads like this are so funny... BTC will need to be trading at > $50,000 BTCUSD before this is even viable.

Exactly, at that price we'll all be laughing our asses off.

Did you think it was possible bitcoin could go to $30 back when a Pizza was BTC 10,000 or did you say it was funny?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
July 30, 2012, 08:06:13 PM
 #13

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.

Sure, it would be nice, but we're not there yet.

Translation: "I'm thinking about selling my house and buying bitcoins and being homeless for the next year while i await becoming a billionaire"

 Cheesy

Ummm... no.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
BoardGameCoin
Sr. Member
****
Offline Offline

Activity: 283



View Profile
July 30, 2012, 08:08:05 PM
 #14

Just to be clear, I'm not saying this will never happen, I'm saying that its so far in the distant future as to be impossible to predict at the present time. I wouldn't be surprised if even now some governments are purchasing small amounts of BTC. But the market is several huge steps away from being able to support true currency-level exchange.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
molecular
Donator
Legendary
*
Offline Offline

Activity: 2436



View Profile
July 30, 2012, 08:14:19 PM
 #15

Just to be clear, I'm not saying this will never happen, I'm saying that its so far in the distant future as to be impossible to predict at the present time.

Oh yeah, that's probably true.

I wouldn't be surprised if even now some governments are purchasing small amounts of BTC.

I highly doubt it. A bureaucrat seldomly makes decisions, much less ones he could be held accountable for. Why would he decide this. Not even institutional investors invest in bitcoin, the market is still way too funny, worse than penny stock.

But the market is several huge steps away from being able to support true currency-level exchange.

What kind of steps are you talking about?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
BoardGameCoin
Sr. Member
****
Offline Offline

Activity: 283



View Profile
July 30, 2012, 08:23:01 PM
 #16

I highly doubt it. A bureaucrat seldomly makes decisions, much less ones he could be held accountable for. Why would he decide this. Not even institutional investors invest in bitcoin, the market is still way too funny, worse than penny stock.

Governments are not so backwards as you might think. I'd imagine that currently most government holdings are not related to central banks but are more related to intelligence and law enforcement activities.

But the market is several huge steps away from being able to support true currency-level exchange.

What kind of steps are you talking about?

Steps where the market is sufficiently liquid to accept different levels of short-term capital. I like to look at the +- 2% spread as a good measure of how liquid a market is. By that measure, bitcoin has roughly $5k-200k of liquidity. I'd imagine that we'll see large spikes as specific liquidity barriers are broken, the next being at $500k. I don't think central banks will truly enter until there's at least 1 billion in liquidity at an even tighter spread than 2%.


I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
Spekulatius
Legendary
*
Offline Offline

Activity: 1022



View Profile
July 30, 2012, 08:30:17 PM
 #17

Will China convert its USD holdings into Bitcoins?

I dont think China will, but maybe the North Koreans would (probably converting CNY to BTC instead of their KPW). Seriously, they are the kind of maniacs, that could pull such a stunt. And they dont have much to loose either, maybe give 'em a call?
Nonetheless I do think, that the market cap would have to rise higher then this (90 Million USD? Thats nothing even for NKoreans).
BoardGameCoin
Sr. Member
****
Offline Offline

Activity: 283



View Profile
July 30, 2012, 08:37:29 PM
 #18

The $50k and $850k figures are flawed, the value would rise as they bought in so it would be some kind of compound interest figure.

The 50k figure is not flawed as a lower bound, and in fact would never happen in real life. The $850k figure is also not flawed as a lower bound, but has my guesstimate about 1/15th of an economy as being the maximum risk that China would be willing to forego its dollars for. If we instead do a population based split, where China takes a 5th of the BTC because they are a 5th of the world population, then the lower bound would be closer to ~$300k per BTC.

I think what you're forgetting as that, regardless of what price they buy in at, if the price doesn't rise to a sufficient level, they'll still have $ left over. I'm looking at a baseline, not a realistic estimate. My estimate would come in above all the numbers I've quoted, probably something like $1.25M per BTC.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
Philj
Sr. Member
****
Offline Offline

Activity: 386



View Profile
July 30, 2012, 10:21:49 PM
 #19

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.

Sure, it would be nice, but we're not there yet.

Translation: "I'm thinking about selling my house and buying bitcoins and being homeless for the next year while i await becoming a billionaire"

 Cheesy

Sweet! I just got me a new retirement plan...
Rygon
Hero Member
*****
Offline Offline

Activity: 521


View Profile
July 31, 2012, 05:27:11 PM
 #20

Not yet.

Translation: "I want to buy bitcoins at < $10 for the next year"

Not really.  Not counting my house, most of my net worth is in BTC already.
Sure, it would be nice, but we're not there yet.

More power to you! I'm hoping for the best also, but my crystal ball isn't clear enough to justify more than 5% networth in BTC at this time. Anything past that and I wouldn't be sleeping well at night.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!