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

Post by rblatz » Wed, Sep 20, 2017, 5:55 AM UTC

ShabbosGoy wrote: post #80

JumpCrisscross wrote: post #55

Earlier quoted context omitted.

> 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…

ICOs are a perfectly valid way to raise money. In fact, as long as you don't raise more than the cap specified by Reg CF ($1,070,000), it's no different than crowdfunding. I predict that future startups will probably have a small ICO that is covered under Reg CF, and then a bigger token sale under Reg A.

Post by goialoq » Wed, Sep 20, 2017, 5:59 AM UTC

bjshepard wrote: post #35

strathmeyer wrote: post #29

Earlier quoted context omitted.

For a totalitarian country, yes.

In almost any category conceivable (police presence on the streets, incarceration weights, bureaucratic oversight), the PRC is significantly more libertarian than the US. It is true that the CIA has invested a tremendous amount of energy and money into political issues designed to delegitimize the CCP -- Tibet, Falun Gong, and Taiwan. Liberalizing speech around these topics would likely be more efficient counterstrat…

Post by Flammy » Wed, Sep 20, 2017, 6:02 AM UTC

deepGem wrote: post #72

Animats wrote: post #27

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…

The situation is very similar in India. You can't just convert INR to USD freely. There's a limit of $250,000 per person per year. I don't know if anyone mines bitcoins in India (because of horrendously expensive power), but if they did, they'll be subject to similar scrutiny.

Post by mirimir » Wed, Sep 20, 2017, 6:02 AM UTC

tehwebguy wrote: post #66

mirimir wrote: post #53

Earlier quoted context omitted.

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.

Yeah but that's what laundering is. Making money that would be designated dirty by the state look clean. This is more of just hiding it outright, I think?

Post by nayuki » Wed, Sep 20, 2017, 6:04 AM UTC

mosi88 wrote: post #79

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…

This a meaningless list of random things. Come to India and I can give you a list 10 times this size which will change every 10 days.