Bitcoin on Weibo

On my Weibo account, I discussed Bitcoin more than on this blog. If you don't read Chinese it isn't very useful, though some of the links go to English stories. I mainly posted Bitcoin on there because of the interest, Bitcoin is a hot topic in China and there's a more diverse group of people trading it than seems to be the case elsewhere. I mainly see it confined to the libertarian and tech communities in the West, whereas in China, it seems like BTC is like gold or stocks, something people from all walks of life are speculating in.

If you want to see Bitcoin posts on all of Weibo, follow this link: 比特币

The top post about Bitcoin right now is about a company called Geak果壳, which sells smart clothing and accessories (smart as in smartphone). They have just added Bitcoin payment. I'd never heard of this company, some background: Chinese startup launches wearable tech and also China’s coolest smartwatch struggles to sell, but plans global launch next year. Based on the latter, perhaps it is a marketing strategy. The post says (using google translate):
Why should open shell electronic payment functions bitcoins? My answer is that bitcoin as a truly free global currency, not only on behalf of the "geeks" spiritual, while overseas bitcoin payment market has been very mature, bitcoin payment for the purchase of products provides a more convenient Nutshell approach. Do you think what are the benefits paid bitcoin? Bitcoin payment you are willing to try

Another recent post is about how Bitcoin trading may be illegal in China. In Chinese law, if something isn't explicitly legal, it is illegal, though in fact many businesses operate in gray areas. It is an issue for Bitcoin—should China ever decide to crack down on trading sites, it could kill trading volumes at least temporarily, putting a chill on the price. China's government isn't as open as the West, so there's often no warning before it issues a major regulation that impacts business. All of a sudden they may one day decide that's it for Bitcoin and shutdown trading sites. China certainly isn't interested in criminals using Bitcoin to skirt the law, but in Bitcoin's favor, China continues to dominate trading. As new Bitcoin-based companies arise, they may see it as part of the "de-Americanized" global financial order and leave it alone.

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