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General Chat Thread, Anyone got any bitcoins? in General; Originally Posted by Sdrawkcab A crash is inevitable since the chinese gov have banned the currency, and before the ban ...
  1. #61

    Theblacksheep's Avatar
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    Quote Originally Posted by Sdrawkcab View Post
    A crash is inevitable since the chinese gov have banned the currency, and before the ban the chinese exchange was trading in over 48% of the total trade volume worldwide.
    Incorrect - China have banned financial institutions from buying/selling/backing bitcoin as the Chinese government do not accept it as a currency.

    Individuals and companies can still buy/sell/use bitcoin in China.

  2. #62
    Sdrawkcab's Avatar
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    Quote Originally Posted by Theblacksheep View Post
    Incorrect - China have banned financial institutions from buying/selling/backing bitcoin as the Chinese government do not accept it as a currency.

    Individuals and companies can still buy/sell/use bitcoin in China.
    Ok sorry, I should have fully explained everything. I forgot about how pedantic everyone is on here.

    Functionally this is the exact same thing though. The main thing driving the adoptions of BTC in China was the fact that Baidu (chinese amazon) accepted them. After the ban they stopped taking them as payment which had a negative affect on the price, same as most other major chinese businesses.

    Why would anyone buy bitcoins when they can't spend them anywhere? Oh wait that's exactly what most idiots are doing.....

  3. #63


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    Quote Originally Posted by Sdrawkcab View Post
    Why would anyone buy bitcoins when they can't spend them anywhere? Oh wait that's exactly what most idiots are doing.....
    because right now, regardless of whether there will be a crash, people they are making quite a bit of money from them. My colleague paid one or two dollars back in December and sold for 83 when I posted this thread. I appreciate you don't like them but it isn't all bad for everyone.

  4. #64

    Theblacksheep's Avatar
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    Quote Originally Posted by Sdrawkcab View Post
    Ok sorry, I should have fully explained everything.
    Just getting statements accurate would be a start.

    Quote Originally Posted by Sdrawkcab View Post
    The main thing driving the adoptions of BTC in China was the fact that Baidu (chinese amazon) accepted them
    Bitcoin was massive in China before October and Baidu only started taking bitcoing in October, so it wasn't driving the adoptions, just riding on the crest of a wave, but yeah you dont like bitcoin.


    I mined at a massive loss in electrical costs and PC hardware for several months, what a waste eh? Turns out now its 700 profit.
    Last edited by Theblacksheep; 12th December 2013 at 01:19 PM.

  5. #65

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  6. #66

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  7. #67

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    Quote Originally Posted by Sdrawkcab View Post
    Ooh, where are you reading this? Or is this just something you've sort of worked out from looking over the market history?

    A crash is inevitable since the chinese gov have banned the currency, and before the ban the chinese exchange was trading in over 48% of the total trade volume worldwide.
    I am learning the trends etc from here - Mt.Gox BTC/USD Charts - BitcoinWisdom

    Also looking for news and market affecting issues here - Sharing of ideas, tips and strategies for increasing your Bitcoin trading profits

    China still controls the other exchanges, watch ChinaBTC for an idea what will follow from the rest of the world.

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    "Learning Trends" - sounds dangerously misinformed.

    Paul Lutus has an interesting article on Stocks and Stockbrokers which is worth a read. Basically, you can classify any short term commodity trading as gambling (and no one has (or can have) "expertiese" which will beat the market).

    If you are playing with tulips, don't play with more than your can afford to lose.

  9. #69
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    Quote Originally Posted by Sdrawkcab View Post
    Does he mine? Ask him what his overheads are.

    Saw this article today as well: Bitcoin Is Broken :: Hacking, Distributed

    I'm really not suprised there's a flaw like this in proof of concept software though.
    He doesn't mine himself, but there's a mutual friend who I think is doing..

    Edit: @Sdrawkcab - mutual friend is reckoning they make $120 / week mining litecoins .. dunno what the overheads on that are though ..
    Last edited by soveryapt; 12th December 2013 at 02:28 PM.

  10. #70

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    Quote Originally Posted by pcstru View Post
    "Learning Trends" - sounds dangerously misinformed.

    If you are playing with tulips, don't play with more than your can afford to lose.
    No, fully informed.

    And when I say learning the trends, I mean learning the basics and how people respond to circumstances. They have a language of their own, Bullish or Bearish, whales - selling on the way down, three peaks, inverse head and shoulders.

    Im dipping my toe in as they say

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  12. #72

    nephilim's Avatar
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    Sorry but I have to laugh at that. Apple users (or Sheeple) tend to be seriously naive. Waterproofed iPhones, sudo commands, phone factory restores, bricking phones, bricking iMacs etc. Think they'd learn, but clearly not.

  13. #73


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    Why do people ever believe these things? And there's always some reply that's obviously 4chan that's like "whoah, wtf"..

    People. Y u no learn.
    (Could also be shills for the lulz, I guess)

  14. #74

    localzuk's Avatar
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    You can't just say its Apple users though... As people have been tricked by 4chan into bricking their Xbox Ones too. The commonality is 4chan users.

  15. #75

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    Bulk of the users bricking xbox ones were kids, not saying all of them, but a bulk of them.

    Thing is, if you dont know what you are doing, why trust something if it isnt from source (ie xbox backwards compatibility not being on ms site).

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