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Author Topic: View Bitcoin from my Chinese Eyes  (Read 1341 times)

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Offline David LiuTopic starter

View Bitcoin from my Chinese Eyes
« on: November 15, 2013, 04:09:06 PM »
I bought 10 bitcoins about a year ago, when I thought it would worth something someday, far from now...  Until recently, I got news from CCTV, which is the leading TV channel in China who says bitcoin is hot.  I was shocked when I checked its price online. I believe I knew what happened after some googling and thinking, and I would like to share with you.


Given the current status on commercial adoption, Bitcoin is just overrated, both on concept and value.  Maybe it is the breaking tech which has a bright future, but not at a $400+ price today. I havn't seen any store in China who will accept it. The Baidu business only receive several coins after its big announcement. Buying house in Shanghai is by the same nature, no house sold with Bitcoin payment. All news on China's market adoption I know are simply PR activities, except that my friends are starting to buy Bitcoins at all cost.  Why? The house price is getting its top, the stock market has no attraction, and actual CPI is high...some people need a channel to invest, and a few need to transfer money out with Bitcoin being the media for better opportunities.  Chinese are very talented about buying in good stuff.  Now, Bitcoin becomes the new Gold.  That is why.


Having said that, I really worry that Bitcoin will get a big bubble as soon than anybody can imagine.  I am hoping its price can keep a steady growth as its adoption speed, so people can exchange and spend it without pressure.  Some of my friends are planning a business accepting Bitcoin pay, but my other friends said they would rather keep any of their coins for now in a discussion.  This is too bad.  And it seems there is no way to control it.  Maybe someone sees my post will join the race too.  It is not my intention.  Anyway, people will find out without I say it.  I wonder if there is a smart guy who can come up with an idea to stop this trend, and that may save a lot people from a big bubble-burst.
  • bitcoin:18fYgqo4NhE3i68scHcvxYSucTZSMcxPnY
goodxp

Offline aussie_striker

Re: View Bitcoin from my Chinese Eyes
« Reply #1 on: November 16, 2013, 04:04:04 AM »
There was already a price crash this yeaar after it hit a peak around $250 and dropped back to $80. That said the basic principle is supply and demand. People are seeing it more as an investment than a currency right now and demand exceds supply. That drives the price up. Because bitcoin is always going to have a limited supply the price should continue to rise. As with anything though there will be peaks and troughs. This is natural but overall the trend should be upward. The more bitcoin is accepted in normal channels for buying goods and services, the more it will be used as an alternative to other currencies. This is necessary for its growth.
  • bitcoin:1Nm4pVgQccZCUAzEWWy8wE2dSQgsgNdgR7
Bitbillions http://bit.ly/YnRviF
For Bitcoin Software Development http://www.gbbg-ware.com/

Offline David LiuTopic starter

Re: View Bitcoin from my Chinese Eyes
« Reply #2 on: November 16, 2013, 05:10:16 AM »
There was already a price crash this yeaar after it hit a peak around $250 and dropped back to $80. That said the basic principle is supply and demand. People are seeing it more as an investment than a currency right now and demand exceds supply. That drives the price up. Because bitcoin is always going to have a limited supply the price should continue to rise. As with anything though there will be peaks and troughs. This is natural but overall the trend should be upward. The more bitcoin is accepted in normal channels for buying goods and services, the more it will be used as an alternative to other currencies. This is necessary for its growth.


I understand your point and I agree.  However, I am just not comfortable to stay cool to see people who get a big lost when a big price drop happens.  People like you may not suffer, but people here with me, throwing their every cent, plus all that from 10+ credit cards may not see light again.  Should the conclusion be: "We can't help with those crazy guys. It always happens. "?
« Last Edit: November 16, 2013, 05:15:41 AM by David Liu »
  • bitcoin:18fYgqo4NhE3i68scHcvxYSucTZSMcxPnY
goodxp

Offline Digz9

Re: View Bitcoin from my Chinese Eyes
« Reply #3 on: November 17, 2013, 02:38:02 AM »
Actually, China is helping the cause. Your country is doing exactly what it should to keep the ball rolling. America will try to regulate it (and already is), but it's impossible. I think China will want to drop the US Dollar as the global currency and adopt btc as the new currency for import/export purposes. Be patient. This is a revolutionary movement. It takes time, but these are the phases we have to go through in order for something monumental to happen. China is doing everything right. We are depending on your country to keep this going. You'll see --

Offline aussie_striker

Re: View Bitcoin from my Chinese Eyes
« Reply #4 on: November 17, 2013, 09:25:16 AM »
There was already a price crash this yeaar after it hit a peak around $250 and dropped back to $80. That said the basic principle is supply and demand. People are seeing it more as an investment than a currency right now and demand exceds supply. That drives the price up. Because bitcoin is always going to have a limited supply the price should continue to rise. As with anything though there will be peaks and troughs. This is natural but overall the trend should be upward. The more bitcoin is accepted in normal channels for buying goods and services, the more it will be used as an alternative to other currencies. This is necessary for its growth.


I understand your point and I agree.  However, I am just not comfortable to stay cool to see people who get a big lost when a big price drop happens.  People like you may not suffer, but people here with me, throwing their every cent, plus all that from 10+ credit cards may not see light again.  Should the conclusion be: "We can't help with those crazy guys. It always happens. "?

Yes I agree that people should not do that. They have to be careful as they are putting their money at high risk. Unfortunately people do that. It is all good and well if they win but bad if they lose.
  • bitcoin:1Nm4pVgQccZCUAzEWWy8wE2dSQgsgNdgR7
Bitbillions http://bit.ly/YnRviF
For Bitcoin Software Development http://www.gbbg-ware.com/

Offline Rez

Re: View Bitcoin from my Chinese Eyes
« Reply #5 on: November 17, 2013, 02:23:16 PM »
I understand your point and I agree.  However, I am just not comfortable to stay cool to see people who get a big lost when a big price drop happens.  People like you may not suffer, but people here with me, throwing their every cent, plus all that from 10+ credit cards may not see light again.  Should the conclusion be: "We can't help with those crazy guys. It always happens."?

Apart from reminding them of the common sense of "Don't risk anything you can't afford to lose?" Unfortunately not.
  • bitcoin:1PhHWTfmT3LTvtTqpwDJySS1xKRcLeqZoP

Offline David LiuTopic starter

Re: View Bitcoin from my Chinese Eyes
« Reply #6 on: November 18, 2013, 03:01:38 AM »
I got news saying that there are 2 new companies are establishing digging facilities in Shanghai and Tianjin respectively, planning to produce 10-20% of total production share. Another one is going to a west countryside town to setup solar grid for free power. That is why I did another investment yesterday.  It seems it is safe to do now, and I reminded my friends not to invest over 1/3 of their cash, and be careful that the China government is still assessing the case, since BTC China's exchange amount is bigger than MtGox + BitStamp + BTC-E today.  It is all what I can do.


Thank you, everyone replied to my post.  Wish you all benefit from bitcoin.
  • bitcoin:18fYgqo4NhE3i68scHcvxYSucTZSMcxPnY
goodxp

 

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