On 10/20/2015 09:48 PM, Juan wrote:
On Tue, 20 Oct 2015 19:32:46 -0600 Mirimir <mirimir@riseup.net> wrote:
On 10/20/2015 04:29 PM, Juan wrote:
On Tue, 20 Oct 2015 17:38:39 -0400 grarpamp <grarpamp@gmail.com> wrote:
On Wed, Oct 14, 2015 at 10:41 AM, Cari Machet <carimachet@gmail.com> wrote:
Presently the chinese see the futility of the system and are shifting i cant remember into what exactly
Bitcoin.
And your source is?
2015-10-20: https://www.bitcoincharts.com/charts/volumepie/
Thanks. I wasn't aware that ~70% of btc trades are denominated in chinese fiat. Assuming the data is correct (which seems to be debated)
De nada :) As I recall, it's also true for IPs, but I didn't find a source. One could sumif the blockchain data by IP, and then get country from MaxMind etc. There aren't too many Tor or VPN exits in China.
Anyway, the original discussion was about the US and chinese governments manipulating their own monopoly tickets.
Right. I was taking "the chinese" more as the Chinese people. Or whoever's buying Bitcoin, anyway. But regarding the thread overall, I do believe that the Chinese government is divesting US bonds. They don't want to fuck up the US economy by doing that quickly. But they also don't want their investments to be devalued as the US prints money, ever faster and faster.
The chinese government isn't moving away from fiat although there seems to be rumours of them linking the yuan to gold somehow.
Long term, as I understand it, they plan for yuan to replace dollar as global fiat. They do own lots of gold, but I don't recall anything about going gold standard. If you have cites, that would be cool.
As to common people in china, maybe they are buying more bitcoins (and gold?), but the amount of fiat that's been turned into btc isn't exactly big, I would guess. So, saying that the chinese are shifting into bitcoin seems overly optimistic.
It's my impression that Chinese people are generally very into saving. But judging by the stock craziness, they aren't very sane about what they invest in. Gold has always been popular. Bitcoins were a fad for a while, but that's cooled off since the Mt Gox bubble collapsed in early 2014. The current ~70% share maybe just reflects population.