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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”

#121

Post by kobeya »

mirimir wrote: post #115
kobeya wrote: post #107

Earlier quoted context omitted.

This is incorrect. There was no period of Chinese democracy during that time.

1909 - Provincial Assembly elections 1912 - National Assembly elections

The first was a last ditch effort by the Qing dynasty to retain power with the election of powerless feel-good provincial assemblies. Even if they had real authority, which they did not, only half a percent of the populace had franchise. Not a democracy by any means.

The 1912 election was for the Nationalists upon overthrowing the imperial system. However China transitioned into a period of warlord rule immediately and the National Assembly never had any control over anything except in theory on paper until Taiwan transitioned to democracy in the 80’s and 90’s.

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

#122

Post by HlessClaudesman »

zeusk wrote: post #78
deepGem wrote: post #72

Earlier quoted context omitted.

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.

Solar power is really cheap though, I run a smallish scale operation near my hometown and solar is abundant with rare clouds and rain.

Hey bitcoin miner! Power is one cost but I've always wondered about other costs at scale like hardware and labor. Devices tend to wear out after a while, bitcion mining seems quite intensive, how does this kind of issue effect your buisness / profits?

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

#123

Post by mirimir »

rdlecler1 wrote: post #99
mirimir wrote: post #47

Earlier quoted context omitted.

Yes. I guesstimate that the China exchange and miner crackdown has been priced in for weeks, if not months.

It’s only priced in if everyone knows about it. In this case most of the volume was clearly not aware.

The evidence suggests that it was priced in. Just as the BCC/BCH business was priced in. Why do you say that it wasn't?

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

#124

Post by kobeya »

voidz wrote: post #110
kobeya wrote: post #102

Earlier quoted context omitted.

It crashed from $5k.

So, no crash to speak of at all. Crash is when it devalues to a lot less than what we're seeing now.

It went as low as $3.3k. That’s a bit lower than we’re at now.

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

#125

Post by jogjayr »

dannyw wrote: post #81
JumpCrisscross wrote: post #74

Earlier quoted context omitted.

> 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.

But someone with no connections would presumably not have that much capital to move either, right? They'd not move much volume even if they bypassed capital controls.

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

#126

Post by wingerlang »

joelrunyon wrote: post #97

Curious if this will have an impact on "liquid' domain names (3 letter .com domains). They spiked a few years back as a way to get money out of China, but slowed recently due to bitcoin being a better option. Would be interesting to see if that activity picks back up.

How does this work?

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

#127

Post by canoebuilder »

indubitable wrote: post #68
mincon4747 wrote: post #3

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.

I think people tend to gloss over the fact that China has a population of more than 1.4 billion people in a land area that's slightly smaller than the US, multiple territories in outright revolt, ongoing territorial conflict, some cities that are approaching inhospitability due to environmental damage, and our increasingly aggressive nation is something less than friendly with them. I think one thing causing the appa…

>had Hawaii declaring independence, and various states trying to separate either to go completely independent or join Mexico or Canada. And now of imagine that a coalition of China, Russia, Iran and other unfriendly nations were constantly posturing towards an invasion of Mexico

Can you map these metaphors to their counterparts in China?

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

#128

Post by maeln »

ShabbosGoy wrote: post #101
rblatz wrote: post #92

Earlier quoted context omitted.

Why would someone do that? Seems like a solution in search of a problem.

What do you think is easier to accomplish? A technical white paper that doesn't bs with buzzwords, or a business plan filled with marketing fluff? Think about it. You could spend hours working on a business plan that nobody will ever read. With the ICO route, you can reach an audience like never before.

> A technical white paper that doesn't bs with buzzwords, or a business plan filled with marketing fluff?

If you are serious about your endeavour, you should ideally do both.

If you proofed the technical side of your idea, it's good, but if you didn't try to see if their was a possibility to make it profitable, then you are not starting a business.

Who would invest in a business if the people responsible for it are not serious about it ?

> With the ICO route, you can reach an audience like never before.

An audience who can understand your whitepaper and what an ICO is is definitly not an audience "like never before".

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

#129

Post by pixie_ »

Twisell wrote: post #65
bdcravens wrote: post #43

Earlier quoted context omitted.

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.

Are you sure? Doesn't the need to mine block slow down transaction to a bare maximum per block? And if miners in china close operations won't time between block increase? Thus maybe BTC is actually responding slower than other market... what do you think? I'm by far not a keychain expert so I will gladly be corrected if I'm wrong.

The network self adjusts to generating a block every 10 minutes. This will have no effect on block generation rate.

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

#130

Post by tryingagainbro »

JumpCrisscross wrote: post #55
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…

> 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…

Bitcoin is irrelevant, compared to still-tolerated and massively-more voluminous alternatives, for capital controls. This is a red herring.

At one point all crypto had reached $160B in market cap. Not small at all and risked getting much larger.

Lesson #1: if China wants something done they will do it. No courts, no public discussion, nothing.

Don't be surprised if these execs end up in jail.

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