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Why China is leading the global rise of Bitcoin

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Re: Why China is leading the global rise of Bitcoin

#6

Post by apalmer »

supergauntlet wrote: post #4
zhaodaxiong wrote: post #3

This is the exact reason that people should avoid bit coin... I am serious...

Why do you say that? I'm not saying that mining bitcoin is a good idea anymore (even with ASICS, really) but I'm curious as to your rationale?

His slant seems pretty obvious... Even if he ends up being wrong the logic is self evident. Communist China is a totalitarian state, Communist China crushed another virtual currency that caught on a couple years back, therefore if the raise from ~$100 a bitcoin to ~$600 is due to chinese involvement you probably should assume its gonna go back to ~$100 as soon as the communist government flexes its muscles.

Re: Why China is leading the global rise of Bitcoin

#7

Post by hayksaakian »

apalmer wrote: post #6
supergauntlet wrote: post #4

Earlier quoted context omitted.

Why do you say that? I'm not saying that mining bitcoin is a good idea anymore (even with ASICS, really) but I'm curious as to your rationale?

His slant seems pretty obvious... Even if he ends up being wrong the logic is self evident. Communist China is a totalitarian state, Communist China crushed another virtual currency that caught on a couple years back, therefore if the raise from ~$100 a bitcoin to ~$600 is due to chinese involvement you probably should assume its gonna go back to ~$100 as soon as the communist government flexes its muscles.

The real question is: can then even do anything about a decentralized currency?

Re: Why China is leading the global rise of Bitcoin

#8

Post by gmays »

If you look into China's real estate market they've invested billions to build cities...empty cities. They continue to build because citizens' investment options are limited, so real estate is one of the few "attractive" options. So they end up with ghost cities full of unoccupied office buildings, condos, malls, etc. Crazy, right?

And now they have bitcoin to put their money into. That's a large part of what's driving the boom. And you know what? It'll keep going. If they're willing to invest billions in ghost cities they're willing to drive bitcoin above $10,000.

I'm not bold enough to claim that bitcoin is a bad investment, but to me it seems closer to gambling than investment. As long as it's money you're not afraid to lose, go for it. But for me there are too many uncertainties and I'm not willing to invest the time. There are so many other opportunities.

Edit: Here's some info on the ghost cities http://www.forbes.com/sites/kenrapoza/2013/09/24/what-invest...

Re: Why China is leading the global rise of Bitcoin

#10

Post by jeremyrwelch »

apalmer wrote: post #6
supergauntlet wrote: post #4

Earlier quoted context omitted.

Why do you say that? I'm not saying that mining bitcoin is a good idea anymore (even with ASICS, really) but I'm curious as to your rationale?

His slant seems pretty obvious... Even if he ends up being wrong the logic is self evident. Communist China is a totalitarian state, Communist China crushed another virtual currency that caught on a couple years back, therefore if the raise from ~$100 a bitcoin to ~$600 is due to chinese involvement you probably should assume its gonna go back to ~$100 as soon as the communist government flexes its muscles.

Chinese state television is one of the promoters of Bitcoin. From May: "At the end of last week China Central Television, a state-run broadcaster, aired a documentary offering an overview of bitcoin and its potential benefits. Given the tight controls the Chinese government has over mainland media, this was not just tacit approval from the world’s second largest and centrally-run economy..."

from: http://thegenesisblock.com/bitcoin-the-newest-tool-in-chinas...

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