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The Chinese Are In Love With Bitcoin ...... [Copy link] 中文

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The Chinese Are In Love With Bitcoin And It's Driving The Digital Currency's Prices Into The Stratosphere                       ROB WILE OCT. 29, 2013, 2:46 PM


Remember when Bitcoin prices crashed after the government shut down illicit online emporium Silk Road?

That now seems like a distant memory.

Since reaching a low of $109 on the Mt. Gox exchange the day of Silk Road incident Oct. 2, prices have climbed nearly $100, reaching as much as $233. Prices haven't fallen below $200 since Sunday.

The reason is simple: China.

Even before the Silk Road crackdown, Chinese had been nudging the market up.

In September, in a story headlined "Bitcoin Mania Grips China," BloombergBusinesseweek's Lulu Yilun Chen reported on the surging investment in Chinese-based Bitcoin exchanges and "miners," or firms that set up computers with the processing power to unlock new packets of currency.

“In China, the stock market, property, and bond market are all not so good, so people get really excited when they hear of a new investment that generates high returns,” Peter Pak, head of trading at BOCI Securities in Hong Kong, told Chen.

Then in mid-October, Baidu, China's version of Google, announced it would start accepting the digital currency for some of its services.

In an email, Zach Harvey, founder of Bitcoin ATM developer Lamassu, says the move gave the digital currency a "huge boost," both in terms of legitimacy and in value — since confirmation of the announcement began filtering out around Oct. 16, prices have climbed $40.

China now ranks second behind the U.S. for number of Bitcoins created weekly.

In her story, Chen reported that, relatively speaking, the number of Chinese Bitcoin users has been too small to draw the attention of the Party to the currency.

But Harvey noted that "small" in China could mean big for the rest of the world:

"[Given] the sheer size of the Chinese population...a small percentage could get excited about Bitcoin, and the could really drive up the general popularity of Bitcoin."

On Oct. 20, Bitcoin Magazine's Vitalik Buterin wrote that, with some caveats, "the Bitcoin markets are dominated by the Chinese."

"Although it might be hard to believe, the Chinese Bitcoin exchanges are in fact responsible for much more trade volume than those in Europe and the United States.

"BTCChina, the most prominent Chinese Bitcoin exchange, currently shows roughly the same volume as MtGox and BitStamp, and there are plenty of other exchanges that have not received as much public attention outside of China, but whose volumes add up to even more than BTCChina altogether.

Buterin noted that there are signs some of that volume revolves around speculation.

Even so, Chen reported Chinese regulators have so far ignored the Bitcoin market.

But even if they were to take notice, Harvey argued they may let it continue largely unfettered.

"It seems the Chinese government actually likes the idea that the US federal government seems to be concerned about Bitcoin, so they're not being as harsh regarding regulatory requirements."

Prices reached highs of $213 on Mt. Gox Tuesday.



SEE ALSO:  This Guy Just Remembered He Bought A Bunch Of Bitcoin That's Now Worth Hundreds Of Thousands













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Post time 2013-10-31 14:00:02 |Display all floors
Can you please post in a legible, easy-to-read font and size?
My friend the Black Swan

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Post time 2013-10-31 14:23:08 |Display all floors
KIyer Post time: 2013-10-31 13:00
Can you please post in a legible, easy-to-read font and size?

My apology. I can't understand why it turns out to be such. Anyway, here is the link.....


The Chinese Are In Love With Bitcoin And It's Driving The Digital Currency's Prices Into The Stratosphere


ROB WILE OCT. 29, 2013, 2:46 PM
FIRST NATIONS ( LAKOTA PEOPLE ) Heartbreaking - (Google Search for video) "to stay true to who you are. Never allow anyone make you different or think different about what it is you are created to be ...

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Post time 2013-11-1 08:14:32 |Display all floors
I should have bought some when they were cheap...... now it's too late....
The world needs more idiots like me, all the others think they are clever.

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Post time 2013-11-1 12:11:57 |Display all floors
sansukong Post time: 2013-10-31 14:23
My apology. I can't understand why it turns out to be such. Anyway, here is the link.....

Police in Malaysia are still looking for the rats that run the Genneva gold scam.......................


I should report to them that one bitcoin  rat is spotted in China Daily forum.




I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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