Tag Archives: China

Joe Weisenthal: I’m Changing My Mind About Bitcoin

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“It’s hard not to look at that and conclude that obviously Bitcoin is a bubble that will go to zero. But there is at least the possibility that what we’re seeing is network effects pricing themselves in real time, and acting like any other Internet protocol (or company) whose value grows like crazy the more people who are using it. If you were able to put a ‘value’ on Napsterin its early days as more and more people put their files on it, the chart might have looked similar. Does that mean Napster was a speculative bubble? No (although eventually it crashed for other reasons).”

http://www.businessinsider.com/im-changing-my-mind-about-bitcoin-2013-12

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Over half of China’s new bitcoin traders are women

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“The number of bitcoin traders in China increased dramatically in November as the virtual currency’s value rose to US$1,100. More than half of the new traders are women, according to Chinese bitcoin trading platform Huobi and the Beijing Morning Post.  Huobi CEO Li Lin said the makeup of Chinese bitcoin traders changed a great deal in November. In the past most were people working at the IT or financial sectors, while newcomers over the past month have been from every walk of life and over half of them female.  The trading website’s customer service has expanded from three receptionists to ten but still struggled to cope with the number of newcomers.”

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131130000055&cid=1102

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China’s rich fleeing the country—with their fortunes

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“It’s one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations.  According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. And it’s not just the money that’s exiting the country. The wealthy are increasingly following their money overseas.  Wealthy Chinese buyers purchased more than $8 billion worth of residential real estate in the U.S. in the 12 months ended in March, according to the National Association of Realtors.  China’s wealthy also are pouring money into collectibles and art.  It’s also going to wine and diamonds.”

http://www.cnbc.com/id/101225781

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Millions of Chinese Smartphone Users Can’t Be Wrong

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“The key to making money in the financial markets with Sigma is to find sectors and companies that are just beginning to experience rapid growth. Many investors have been playing the Chinese mobile-phone industry for a while now, but largely through well-known names like China Mobile Ltd. (NYSE: CHL), the world’s largest mobile-phone company and China’s leading provider.  Yet there are smaller companies tied to this mobile trend that will see their shares grow at a much quicker pace.  The emerging consumer class outside the West is a trend that promises to last for decades. Focus on the companies that are perfectly positioned to capitalize on all of that rampant growth.”

http://thesovereigninvestor.com/2013/11/22/millions-chinese-smartphone-users-cant-wrong/

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Interview with Bobby Lee, CEO, BTC China

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“China has been a big question mark for a while, so I’ve been traveling through China, speaking on Bitcoin and Coinpunk, hearing how people in China are using Bitcoin, and filming for a short documentary on Bitcoin in China. The Bobby Lee interview was part of that filming process, but due to the recent interest in his work at BTC China, I’ve decided to release the raw footage to this before the documentary comes out.”

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An upcoming short documentary on the rise of Bitcoin in China

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“As part of my work on Coinpunk, I was invited to speak on Coinpunk and Bitcoin in China. This was a rare opportunity to get a glimpse into what was going on with Bitcoin in China, right at the time when they are driving a lot of the demand in the cyberpunk cryptocurrency. There is a lot of confusion as to what’s happening in China. So we grabbed a decent camera, flew to China, and started filming. The result will be a new short documentary on Bitcoin in China, coming out very soon. Interest in Bitcoin within China is growing at an incredible speed. The following picture is from a Bitcoin meetup in Beijing. The organizer thought a dozen people would show up. Over 300 did.”

http://kyledrake.net/bitcoinchina.html

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Bitcoin Gets a Cautious Nod From China’s Central Bank

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“Speaking at an economic forum on Wednesday, Yi Gang, the deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said that it would be impossible for China’s central bank to recognize the Bitcoin as a legitimate financial instrument in the near future. But, Mr. Yi added, people are free to participate in the Bitcoin market and he would personally adopt a long-term perspective on the currency.  The statement comes during a week of remarkable turbulence on China’s numerous Bitcoin exchanges.”

http://sinosphere.blogs.nytimes.com/2013/11/22/bitcoin-gets-a-cautious-nod-from-chinas-central-bank/?_r=1&

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China Central Bank: No Longer in China’s Interest to Increase Reserves

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“The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation. ‘It’s no longer in China’s favor to accumulate foreign-exchange reserves,’ Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will ‘basically’ end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting.”

http://www.bloomberg.com/news/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves.html

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Bitcoin Rollercoaster Hits China, Challenging Supervision

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“Bitcoin, a form of digital e-money stored in a virtual wallet, bypasses banks, allows users to remain anonymous and came to the Chinese public eye in April this year, when movie star Jet Li’s One Foundation received a donation of several hundred Bitcoin to help quake-stricken Sichuan.  The ‘currency’ has been heating up ever since, especially when China Central Television reported on the evening news of October 28 that Canada has set up the first Bitcoin ATM machine. Investors went even crazier when the country’s largest Bitcoin trading platform, BTC China, received an investment of 5 million U.S. dollars on Monday.”

http://english.cri.cn/6826/2013/11/22/2361s799877.htm

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Google’s Schmidt Sees Encryption Killing Censorship

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“Protecting Internet traffic with hard-to-crack code may prevent governments from censoring their populations’ communications within a decade, Google Inc. (GOOG) Chairman Eric Schmidt said.  Schmidt described the coming of a ‘network age’ in which Internet users communicate and organize socially through private channels shielded by encryption, which scrambles data with a mathematical formula that can be decoded only with a special digital key.  ‘We can end government censorship in a decade,’ Schmidt said during a speech in Washington. ‘The solution to government surveillance is to encrypt everything.'”

http://www.bloomberg.com/news/2013-11-21/google-s-schmidt-sees-encryption-killing-censorship.html

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