Post
Topic
Board Speculation
Re: false signal resulted rally in China, and it won't stop.
by
elux
on 21/10/2013, 13:04:18 UTC

If you search the topic in baidu of the last week's price rise, and you search in Chinese, most posts and reports ascribe it to the recent adoption of bitcoin payment method by a web service of Baidu (jiasule.baidu.com).

These reports suggests that the adoption by Baidu is a signal that the big vendors are accepting bitccoin - consider the close tie between baidu and central government, that the government may be interested too. It is like saying Microsoft or Facebook started to accept bitcoin. That tapped on the emotion and BTC rose.

I think the big vendors are no way closer to accepting bitcoin in the last week than any weeks before. It is indeed a small change, and signals nothing from big vendors nor the central government at all.



Reminds me of American media reporting on Chinese media reporting on The Onion (Satirical Newspaper) declaring Kim Jong Un the sexiest man in the world.

Or the "Bitcoin ATM Coming to Cyprus in Two Weeks ®™" story.

Something was clearly lost in translation, somewhere on the way from http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e to http://finance.yahoo.com/q?s=BIDU

Thanks for speaking up! Smiley