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China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

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Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#81

Post by dannyw »

JumpCrisscross wrote: post #74
Pyxl101 wrote: post #59

Earlier quoted context omitted.

How is it irrelevant? You can buy Bitcoin with yuan, transfer the bitcoin to a foreign exchange, and then buy another currency like the US dollar with the bitcoin, thereby circumventing capital controls.

> thereby circumventing capital controls You can also invoice hundreds of millions in fake orders. This is how the bulk of exfiltration occurs. Addressing the rounding error before the bulk means other concerns are at work. I am ignoring, in this argument, that recent policy—preceding these orders—calls for more capital export, to keep down the yuan.

The difference I think is that bitcoin allows someone with no connections to bypass capital controls. I'm not saying bitcoin isn't a rounding error, I'm sure other priorities (like ICO scams) are at work, but that might be another point.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#82

Post by gscott »

Cookingboy wrote: post #42
siculars wrote: post #40

First they ignore you, then they laugh at you, then they fight you, then you win. -Mahatma Gandhi

Except in China it goes like this: First they ignore you, then they laugh at you, then they fight you, then you are never heard from again.

and your family goes missing too.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#83

Post by pertymcpert »

adrianratnapala wrote: post #60
samstave wrote: post #41

Earlier quoted context omitted.

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?

My guess is food safety. Not quite real food safety, but also not made up. Some European cheeses are not available in here Australia because of regulations about how dairy products have to be processed (Pasteurisation I guess). 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 chi…

Wait til you hear how bread is made!

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#84

Post by warcher »

adrianratnapala wrote: post #60
samstave wrote: post #41

Earlier quoted context omitted.

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?

My guess is food safety. Not quite real food safety, but also not made up. Some European cheeses are not available in here Australia because of regulations about how dairy products have to be processed (Pasteurisation I guess). 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 chi…

Food safety is a great way to backdoor agricultural import restrictions. Europe has been doing it for decades on GMO's.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#85

Post by pertymcpert »

dogruck wrote: post #64
adamnemecek wrote: post #2

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.

Why is it "crazy"? They are a sovereign nation.

So any action by a sovereign nation can always be described as "sane" or "reasonable"?

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#86

Post by linkregister »

lazyasciiart wrote: post #73
aaron695 wrote: post #44

Earlier quoted context omitted.

No one knows what happened to tank man. More troubling is you don't seem to know what happened in Tiananmen square, are you in China? https://www.theguardian.com/world/1999/jun/02/china.johngitt...

That assumption doesn't seem to be very well supported by the comment you are responding to - what makes you think they don't know what happened in Tiananmen?

It's more charitable than "OP made an unsupported assertion in order to win promotion of their viewpoint."

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#87

Post by pertymcpert »

mirimir wrote: post #53
mkwldbttr wrote: post #26

Earlier quoted context omitted.

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.

That's not such a strong distinction, I think. I mean, "legally" and "illegally" are defined by the State. And there's plenty opportunity for selective/surprise enforcement.

What? They're completely different things.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#88

Post by yorwba »

kilroy123 wrote: post #63
EZ-E wrote: post #37

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…

You mean to tell me, if I go visit China they may _force_ me to do a drug test?

More likely, they will politely request that you comply and tell you to leave the country if you refuse.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#89

Post by schoen »

endgame wrote: post #45
siculars wrote: post #40

First they ignore you, then they laugh at you, then they fight you, then you win. -Mahatma Gandhi

People always quote this for all sorts of causes, but the fact that you're at one stage doesn't mean you're going to move to the next: - First they ignore you. Nobody ever notices you. - First they ignore you, then they laugh at you. Nobody takes you seriously. - First they ignore you, then they laugh at you, then they fight you. You lose. - First they ignore you, then they laugh at you, then they fight you, then you…

Also Gandhi apparently didn't say this in exactly this form:

https://en.wikiquote.org/wiki/Mahatma_Gandhi#Misattributed

https://quoteinvestigator.com/2017/08/13/stages/#more-16632

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#90

Post by rblatz »

WhoIsSatoshi wrote: post #70
Pyxl101 wrote: post #59

Earlier quoted context omitted.

How is it irrelevant? You can buy Bitcoin with yuan, transfer the bitcoin to a foreign exchange, and then buy another currency like the US dollar with the bitcoin, thereby circumventing capital controls.

How do you buy the bitcoins without the state tracking you? FYI the US is doing that also, you cannot buy on coinbase without providing ID... they want to be able to track big buyers.

You could mine, even if it was unprofitable. Spending 10 million in mining costs to produce $5million in bitcoin is still a win for a lot of people trying to move money out of China.
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