51–60 of 270 posts
All comments so far have been pro-bitcoin... does nobody think this could actually be a sensible decision?
China's fast descent into totalitarianism is fascinating and scary. One can easily replace 'bitcoin executives' with 'foreign executives' or 'foreign assets' and see where this is going. I wonder if those companies that choose to outsource all the jobs in their country to China realized what they've done.
Has China ever not been a totalitarian state?
Earlier quoted context omitted.
Serious question: how are capital controls vs money laundering different from the perspective of the one with the money?
Depends if you obtained your funds legally or illegally? With former you are betting against Chinese economy with latter you are looking to leave less traces of activities that got you those funds.
What's interesting to me is that no amount of bad news appears to affect the price of BTC. I'm not a professional or amateur trader (I've got no position on BTC at all) but the price fluctuations really seem dominated by sentiment over any sort of fundamentals.
Trying to fit models to that picture (or the other way around) seems like trouble, but it stuck out as interesting.
So the PBOC is taking further steps to plug the leak. Not unexpected. China has exchange controls. Internal yuan cannot be easily converted to euros or dollars. There are limits on capital outflows. The controls are leaky; the classic leak is to send all your relatives to Hong Kong loaded up with the maximum allowed amount of yuan in cash. The current limit is about $50K/year/person. Small leaks are thus tolerated. B…
Bitcoin is irrelevant, compared to still-tolerated and massively-more voluminous alternatives, for capital controls. This is a red herring.
Bitcoin was fine until ICO promoters started pilfering from the masses. In any case, China is currently loosening its capital controls [1].
This isn’t a problem that can be constrained to China. China is just reacting first. The rebranding of this action away from fraud and towards capital controls is dishonest.
[1] http://www.reuters.com/article/us-china-economy-capital-cont...
Disclaimer: I am not a lawyer. This is not legal nor financial advice. Do not launder money.
What's interesting to me is that no amount of bad news appears to affect the price of BTC. I'm not a professional or amateur trader (I've got no position on BTC at all) but the price fluctuations really seem dominated by sentiment over any sort of fundamentals.
It's a 24/7 market; the price responds a lot faster than other markets. So looking at day-over-day price isn't a good gauge. Additionally, by the time a story is known at large, it's usually been known for a bit among those who follow Bitcoin, so you'll see it already priced in.
Weighted by volume or capital flow, most markets are 24/7.
Is it just me or has China been doing some crazy regulatory stuff recently. Idk if there's an overall mosaic I'm missing or if these are unrelated.
Earlier quoted context omitted.
Can you give any more details on "China's economy is crashing"? I must admit I haven't heard anything negative about their economy, thought it was on the up and up.
They have a lot of debt building up as well as a huge real estate bubble that makes SF look tame. However, it hasn't crashed yet.
So the PBOC is taking further steps to plug the leak. Not unexpected. China has exchange controls. Internal yuan cannot be easily converted to euros or dollars. There are limits on capital outflows. The controls are leaky; the classic leak is to send all your relatives to Hong Kong loaded up with the maximum allowed amount of yuan in cash. The current limit is about $50K/year/person. Small leaks are thus tolerated. B…
> China has exchange controls Bitcoin is irrelevant, compared to still-tolerated and massively-more voluminous alternatives, for capital controls. This is a red herring. Bitcoin was fine until ICO promoters started pilfering from the masses. In any case, China is currently loosening its capital controls [1]. This isn’t a problem that can be constrained to China. China is just reacting first. The rebranding of this ac…
Earlier quoted context omitted.
Yes there has recently been : - promise to block all VPN services from accessing blocked website - law to hold chat group owners responsible to what the members say (controverse political talk or gambling for example can lead to arrests) - most of casual barbecue that were held in the streets last summer have been forced to close this year in my area - tightening and more scrutinity on visa applications for foreigner…
Why would they ban blue cheese? Is drug use high among foreigners or is that just a harrassement control to keep them in mental check, so they fear the unpredictability of the government and the power they hold over individual fate?
Not only might that logic work in China too, but the culture is less tolerant of a food-stuff what is after all curdled milk with a fungal infection. (And we in the west get grossed out by chicken feet!).
