Let's be consistent. Did we start off talking about the middle class and have now switched it to the upper class?
In bitcoin terms, does it really matter? But I meant upper middle class, with disposable income. -------------------------------------------------- Anyway, today we got pretty close to taking out the $266 all time high, so far it has been $258.8 at Mt.Gox. Otherwise known as doubletop. Also interesting: "Someone just bought 3692 coins at 254.5231 on Gox."" Actually, I did predict this:
It matters a great deal. The upper classes have access to any currency they choose to be in as well as tangible assets that are outside of China. They may choose to be in coins but not for a lack of alternatives.
indeed, the elite rich Chinese don't need bitcoin to "hedge" against their local exposure into RMB, they already have accounts and investment overseas. not buying that bitcoin thing, seems like a poor man solution to "hide" cash won illegally
Again, who talked about them? And we are talking about masses, and there are plenty of well to do Chinese middle class (upper middle class if you wish) people driving the price of bitcoin up. You guys don't have to believe me, just see what the trading volume is on the different exchanges....
I doubt the upper middle class with enough money would bother with the bitcoin thing when they are more interested in their social status with the next BMW and all the gold they can buy. Having lived in the region for more than a decade, I speak from experience. Chinese upper middle class is more interested in cars, condo and Gold for investment purposes. Period. What you are seeing is more likely small greedy Chinese day traders trying to play the system on Bitcoin. For Chinese Middle class, buying physical Gold is their best hedge, not some "American" website selling virtual coins.
In defense of the argument that it is the Chinese driving up the price it need only be "a few" in Chinese terms to be a boatload in anyone elses terms.
For fuck's sake seriously, does it really matter what class it is? The bottomline is, that there is a new kid on the bitcoin block and it ain't US. Now why is this important? Because if/when the US government finally outlaws bitcoin, (maybe including the EU too) there might be enough people outside of the US who can still drive its acceptance and usage. And I don't see the Chinese outlawing it anytime soon, actually, they kind of have quasi legalized it recently... http://www.businessinsider.com/nick-colas-on-bitcoins-second-surge-2013-11 "Colas offers a few points on Bitcoin's second wind: The biggest Bitcoin exchange is now in China, displacing Japanese, American and European sources of demand. That enterprise is called BTC China, and its CEO Bobby Lee hails from Yahoo! and Walmart China."
So I talked to a guy willing to sell me $ 5k worth that wanted a 5% premium over mtgox price for his "commission". So I say, ok I'll buy 25 bitcoins when price hits $190. He says. "You don't set the price , The market does." I say "well how am I suppose to know how much cash to bring if we don't pre detmerine the price . Do you take limit orders? It could be up or down 50 bucks by the time we meet? The next day price hit 190 and I tried contacting him. He never replied back obviously not in too much of a hury to sell. So never got them. He was the only size seller in my area and he's sketchy so here I sit with no bitcoins after saying I would buy them at $50 a few months ago and now $200... lmao .They are hard to get for the common dumby like me... I wanted 25 Tulips . Now I'll just watch the damn thing again