Buying Bitcoins in China

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  • #33684
    Rick in ChinaRick in China
    Participant

    Hope it turns up in your favor Brendan, rough investment..not just for volatility issues but also exacerbated by the lack of stability in the exchanges I’m sure.

    You hit on the key point in your post, “any conceivable combination of (US) government agencies, banks, & you name it will throw everything imaginable at the market” << That’s exactly what’s happening, slowly since BitCoin still isn’t huge, but it has begun. Mt.Gox gave some nonsense reason about their massive transactions causing a slowdown so put a halt on USD withdrawal to improve systems, but that’s bullshit, here’s some real reasoning: http://www.wired.com/wiredenterprise/2013/06/mt-gox-stops/

    This also happened recently: http://arstechnica.com/tech-policy/2013/06/california-sends-a-cease-and-desist-order-to-the-bitcoin-foundation/

    Point here I guess is – Margus, how’s your $1000 by june prediction tasting right about now? 😀

    #33685
    BrendanBrendan
    Moderator

    Mt.Gox gave some nonsense reason…

    Who knows what the actual issue with Gox was, but I’m sure they were under pressure after Dwolla went down for them. What’s baffled me this week is how vacant they’ve been. MtGox is the market driver on price, and if you look at their website it looks like it’s maintained by a 15 year old, part time. No PR whatsoever, and an absolute absence of reassurance until making the July 3rd press release on reinstatement.

    I saw the cease and desist order. The foundation crafted an awesome response to that, though I only skimmed it as it was several pages long.

    I’ve just thrown in again at $67, and still the sells keep coming. I think I’ve been put on this earth to drive the price down each time I execute a buy.

    Lordy.

    #33688
    Rick in ChinaRick in China
    Participant

    “thrown in again at $67”

    Disposable income is perhaps worth the risk, if you’re lucky enough to catch the peaks and dips – but it’s the type of competition that may require significant attention 😀

    Whatever the response to the C&D, the point I was making isn’t about that C&D, but moreso the cracks in the dam starting to show..the more prolific Gox becomes the more of a target it becomes for big regulators, not just in the US, but internationally……..and cali state was just one of the early initiators in a likely flood of incoming stamp-it-outage.

    #33691
    BrendanBrendan
    Moderator

    the more prolific Gox becomes the more of a target it becomes for big regulators

    If I wasn’t invested I wouldn’t give a shit, but this is a real fear given their market share. An unbelievably Mickey Mouse outfit considering the $ volume business done on their exchange, though I’m starting to wonder if that’s not intentional. We keep seeing rebuttals to the idea of bitcoin as a giant ‘Ponzi scheme’, but it’s not hard to see why that term gets thrown out there so often. You have limited number of big players making yo-yo with the price, a difficulty rate making mockery of anyone mining on hardware costing less than several thousand dollars (never mind whether or not outstanding pre-orders get filled), and countless stories of scams, losses, theft, and general confusion as to how to 100% guarantee the security of an investment, be it in wallet (online/offline/paper), coin (minted), hard drive dongle, or whatever. I did find it amusing that ASICminer shares went to 5 BTC this week on the promise of big dividend, only to drop to 4 the very next day.

    Amwaycoin is out there in an alternate universe.

    #33693
    Rick in ChinaRick in China
    Participant

    Amwaycoin

    Lets make a proposal. I’m sure Amway Inc will be interested in a heartbeat. Would expect them to pay for the plan in brandless toilet paper and toothpaste, though.

    #33699
    BrendanBrendan
    Moderator

    Lets make a proposal.

    I’m down, so long as a Rep comes to my home and drops a dirty penny in a glass of cleaning solution…

    ‘Zingggg’!! Wait a minute… There’s always been Amway coins!!

    #33713
    Babyblue
    Participant

    The great thing about the Bitcoin community is that they are actively putting their heads together to find solutions to all the concerns surrounding this new currency. Exciting things are being thought up and created as we sit here reading this. Bitcoin is a fledgling idea, and certainly not a ponzi scheme in any shape or form. It is however a threat to the existing system so they find themselves under continual attack. If you want a ponzi scheme look no further then Ripple. The Bitcoin’s evil twin.

    #33731
    BrendanBrendan
    Moderator

    $1/2 million sell order keeping things steady at $80 on MtGox!

    #56872
    CharlieCharlie
    Keymaster

    Bumping this ancient thread for historical purposes. When this thread was created, a single bitcoin was around $35 USD and now it is just around $8,000 USD.

    At the end of 2017 we published a podcast on the subject of bitcoin, just before it became really difficult to get in China: Podcast #25: Moving Money Out of China & Bitcoin. What a wild ride it has been for bitcoin.

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