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China bans new Bitcoin deposits

ft.com

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Re: China bans new Bitcoin deposits

#101

Post by Jtsummers »

hackerboos wrote: post #64
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Forgive me but why would you save money in a mutual fund and not pay off a car loan. Surely the interest on the loan is much higher than the interest you were getting from the fund. Prior to buying the coins that is.

Can't speak to GP, but my car loan interest rate is below the annual return on my mutual funds for the past several years. Depending on the deal you can get on your interest rates it can make sense (1.49% APR, after the 3 years I'll have paid less than 1 extra car payment as interest, or 1/36th the value of the loan as interest; any fund that rode out this recent stock market increase well will easily beat that).

Re: China bans new Bitcoin deposits

#102

Post by haakon »

gabemart wrote: post #91
retube wrote: post #79

Earlier quoted context omitted.

Yeah I don't know how they get away with breaking Google's sacrosanct rule of not sticking content behind a paywall that they make visible to Google.

Anyone visiting from Google sees the full article with no paywall. You can test this yourself: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...

I wouldn't even dream of doing this myself, but my friend is using the RefControl Firefox extension which lets you set a Referer header per domain name, and he has set ft.com to send http://plus.google.com as referer. This simply disables the paywall. He says that it works on many other sites as well.

Re: China bans new Bitcoin deposits

#103

Post by option_greek »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

The main problem with Bitcoin is the lack of hedging opportunities. Without real derivatives (priced in dollars), it is difficult to protect one self from loss in the event of adverse movement in price. This is also the difference between a established currency and an amateur one.

Re: China bans new Bitcoin deposits

#104

Post by walshemj »

SwellJoe wrote: post #43
JumpCrisscross wrote: post #39

Earlier quoted context omitted.

> I put everything I had available into BTC Please don't do this. No matter how confident you are in your investment thesis it doesn't ever justify 100% allocation into a single asset - that implies infinite confidence.

Sorry to mislead with that statement. I meant, "Cash on hand." I still hold GOOG and TSLA, as well as physical assets, and 48.5% stake in a business with significant value. I am only investing money I can afford to lose. I don't want to lose it, but I won't starve if I do.

Aside from your business your only securities are two individual shares - thats a bit risky in its self id maybe think about some IT's or ETF's before speculating in bitcoin

Re: China bans new Bitcoin deposits

#105

Post by dgregd »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Newton's niece Catherine Conduitt reported that he "lost twenty thousand pounds. Of this, however, he never much liked to hear…" This was a fortune at the time (equivalent to about £2.4 million in present day terms

So you're in good company.

http://en.wikipedia.org/wiki/South_Sea_Company#Quotations_pr...

Re: China bans new Bitcoin deposits

#106

Post by mdemare »

ra wrote: post #98
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Stop watching the price, make sure your private key is backed up somewhere safe, and forget about BTC for a few months / years. The worst thing you can do is sell now. BTC is extremely volatile, it might go down to $100, but one day it'll be $1,000 again.

You don't know that.

Re: China bans new Bitcoin deposits

#107

Post by peteretep »

gabemart wrote: post #91
retube wrote: post #79

Earlier quoted context omitted.

Yeah I don't know how they get away with breaking Google's sacrosanct rule of not sticking content behind a paywall that they make visible to Google.

Anyone visiting from Google sees the full article with no paywall. You can test this yourself: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...

Actually, I had to answer a question in order to see it, having Googled the article. Weird question too, about what kind of accomodation I'd use if I was on holiday in Tanzania!

Re: China bans new Bitcoin deposits

#108

Post by seanmcdirmid »

rahimnathwani wrote: post #95
seanmcdirmid wrote: post #72

Earlier quoted context omitted.

Huh? Plenty of people are trying to buy RMB (so called "hot money") to take positions in the Chinese economy and perhaps to speculate on currency a bit. When I came to China 6 years, the exchange rate with about 7.5 RMB to 1 USD, now its like 6 RMB to 1 USD. Plenty of people think that the RMB has a lot of room to appreciate, especially if the Chinese gov. gets tired of buying treasuries.

Clearly my sample size is too small! Any insight into how foreigners take positions in the Chinese economy with RMB they obtained through USD->Bitcoin->RMB transactions? - Currency: easy, as you just need a passport to open a bank account - Starting a company: harder, as I thought that opening a WFOE required the capital to be injected in a specific way at a specific step in the process - High interest deposits: thes…

You are limited in how much RMB you can buy just as you are in selling. You are right that most RMB investments suck, beyond opening a massage parlor or dealing drugs in the tun or something. Real estate is the worst investment right now, hukou not withstanding. You can buy A shares now as long as you have RMB, but the stock exchange is insider trader driven.

Honestly, I don't know what the reason for incoming hot flows are, just that they have been a problem in the past. There are obviously good investments to be had here if you are well connected.

Re: China bans new Bitcoin deposits

#109

Post by tokenadult »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

The market rose from $500 to $540, so that means I've earned back $474! And since my last edit was an hour ago, that must mean I'm earning $474/hr writing HN comments in my pajamas!

Your sense of humor is worth its weight in gold. I've just bookmarked your comment as a reminder of "survivorship bias," how people can look back at any arbitrarily chosen period of their lives as evidence of their successful reasoning and planning.

Yeah, being a bit older than most participants here and remembering earlier gold booms and busts, and earlier technology stock booms and busts, and so on, means that I'm a bit less excited at each new Best New Hack Ever™ that comes along. Hot-blooded younger people will continue to ignore me, but that too has happened often enough in the past that I don't let it get to me. Good luck in building your product. I'll be glad to buy new products built by young people as they gain wisdom.

To all our friends here: "Markets can remain irrational a lot longer than you and I can remain solvent"[1] is still good investment advice.

[1] https://en.wikiquote.org/wiki/John_Maynard_Keynes#Attributed

Re: China bans new Bitcoin deposits

#110

Post by JumpCrisscross »

tokenadult wrote: post #109
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

The market rose from $500 to $540, so that means I've earned back $474! And since my last edit was an hour ago, that must mean I'm earning $474/hr writing HN comments in my pajamas! Your sense of humor is worth its weight in gold. I've just bookmarked your comment as a reminder of "survivorship bias," how people can look back at any arbitrarily chosen period of their lives as evidence of their successful reasoning an…

>remembering earlier gold booms and busts, and earlier technology stock booms and busts

A favourite pass-time of mine is reading old business and financial newspapers. I remember vividly the bubbling joy and aching pain I felt as the EU and European Monetary Union came together, as in the shining future The Economist saw for the citizens of 1920.

That juxtaposition of exuberant optimism and the knowledge of cold reality has been a good template for walking through possible outcomes as if they are known eventualities. The process tends to leave one considerably soberer than at the start.

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