Quote from: Azeh on December 21, 2013, 01:00:28 PM

Quote from: samsam on December 21, 2013, 12:47:37 PM

Hello. Nice to hear from someone in China.

My guess is there are going to be several people in your position that will be buying bitcoins on the cheap and then dumping them on the non-Chinese exchanges and cashing out into a non-Chinese bank account. It is a license to print money that is too good to pass up. Remember, it only takes a few rich Chinese people to buy tons of BTC on BTC China at fire sale prices and then turn around and dump them for profit on the non-Chinese exchanges. The reality has to hit most of the traders in China eventually that they will be stuck with BTC that can't be cashed out if they wait too long to sell.

That is why I think the market still has a ways to go before it bottoms out.

My thoughts exactly.

Of course a very small percentage of Chinese will be able to take advantage of the fallout. Even if a a few of them are large players, however I think they will still represent a small percentage compared to BTC China at its peak.

Thus much lower prices on BTC China in the future relative to other exchanges, and lower prices on other exchanges until those with this opportunity have cashed out.

I think this process is happening now, but won't start ramping up until the PBOC gives some official statement, which I expect soon.

Very interesting. Thanks for the update.