All posts made by pandalion98 in Bitcointalk.org's Wall Observer thread



1. Post 15191510 (copy this link) (by pandalion98) (scraped on 2020-04-04_Sat_14.52h):
Quote from: Paashaas on June 13, 2016, 02:36:09 PM
Bitcoin Soars Above $700 As Chinese Buying Shows No Signs Of Slowing  Shocked Shocked

http://www.zerohedge.com/news/2016-06-13/bitcoin-soars-above-700-chinese-buying-shows-no-signs-slowing
I still don't get why the Chinese are very involved. Can anyone explain like I'm five?


2. Post 15194025 (copy this link) (by pandalion98) (scraped on 2020-04-04_Sat_14.52h):
Quote from: MahaRamana on June 13, 2016, 02:46:59 PM
Quote from: pandalion98 on June 13, 2016, 02:42:20 PM
Quote from: Paashaas on June 13, 2016, 02:36:09 PM
Bitcoin Soars Above $700 As Chinese Buying Shows No Signs Of Slowing  Shocked Shocked

http://www.zerohedge.com/news/2016-06-13/bitcoin-soars-above-700-chinese-buying-shows-no-signs-slowing
I still don't get why the Chinese are very involved. Can anyone explain like I'm five?

1. Chinese people are very many. 1.3 billion people. It's like 4 USA.
2. The growth in China in the last 10 years created many rich people
3. China has very strict capital controls which means that people cannot easily convert their YUANs to other currencies or transfer their money in other countries
4. Chinese can transfer Yuans within China to buy Bitcoin with Chinese exchange.
5. Bitcoin is becoming a fashionable investment instrument in China
I like point 1, but the rest really cleared it up for me. Thanks for that