Had a day of layover in Shanghai enroute to US. Got a transit visa, and went in the city.

So just as I was in China, a Chinese government intervention has come in BitCoins market. Thats why the prices fell 20%.

So BitCoins is now running into organized government resistance. Again, this was a factor that I never anticipated. But still, it changes none of my optimism for BitCoins.

A key difference with respect to currency intervention vis a vis BitCoins by governments is they don't control the supply here. So to intervene in BitCoins market, they have to either buy lots of them, or short sell it by borrowing it in BitCoins derivatives markets like Bitfinex or Poloniex. In both cases, they have to cover their sell position. Which means they have to buy it sooner or later. And given that BitCoin has its own secular demand which is rising dramatically, any intervention is going to be defeated in not too much time.

And since I am building a position in BitCoins very very long term Warren Buffet style, I will use this as an opportunity to increase my BitCoins.

I thank the taxpayers of China for giving me a gift of lower BitCoins prices. That too on a day I am in China.

Xie Xie.