251–260 of 270 posts
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Well, domestic capital leaving China is largely illegal. So circumventing laws through Bitcoin is arguably money laundering. And indeed, US laws against money laundering apply regardless of the source.
> Well, domestic capital leaving China is largely illegal Says whom? I imagine anyone who got rich legally in China would also try to get the capital out and diversify in more developed countries.
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You can buy bitcion offline. You meet in person with someone and hand them cash and they give you an address. wouldn't do it for huge sums because of the risk, but it is a common thing in the US at least.
Buying BTC using INR is as hard as buying USD using INR since you need to show the paper trail. You can however buy computers and power using INR quite easily. The government won't know what you are doing with your computers and power.
What do you mean? To whom are you showing a paper trail? Do you have to account for cash withdrawals from a bank?
Do you have to show a paper trail if you take out some money from the bank, and use it to buy a motorcycle, or twenty barrels of grain, or ten iPhones?
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Buying BTC using INR is as hard as buying USD using INR since you need to show the paper trail. You can however buy computers and power using INR quite easily. The government won't know what you are doing with your computers and power.
> Buying BTC using INR is as hard as buying USD using INR since you need to show the paper trail. What do you mean? To whom are you showing a paper trail? Do you have to account for cash withdrawals from a bank? Do you have to show a paper trail if you take out some money from the bank, and use it to buy a motorcycle, or twenty barrels of grain, or ten iPhones?
Earlier quoted context omitted.
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.
As the article mentions, miners have expenses to pay which are likely funded by bitcoin conversion to local currency, if they can't operate in China (especially favorable because of inexpensive power) the controlling nodes will be moving or shifting to other mining firms.
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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."
All comments so far have been pro-bitcoin... does nobody think this could actually be a sensible decision?
Why would it? The govt let's you go to casino, I should be allowed to do what I want with my money. Totalitarian and Aldo totalitarian govts are scared of bitcoin.
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It's more charitable than "OP made an unsupported assertion in order to win promotion of their viewpoint."
It's a lot less charitable than "OP was probably referring to the fact that video evidence shows tank guy being pulled away out of sight before the tanks continued past the point where he had been standing, rather than showing the tanks just rolling over him as that comment kind of implied". If you're going to be very careful to correct people who assert that the guy wasn't crushed, you need to jump on people who say…
We are talking about the people who were crushed by tanks in the square.
Really, most were shot, which is how I'd deal with a trouble maker being filmed like tank man.
But there is evidence of tanks crushing people as per my link, which is WHY tank man is famous (plus he was photographed, other people did do it too).
Are you doubting tanks rolled over and killed people?
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…
you can find friendly shop abroad willing to charge your card fake sale for commission and bank fees, until recently this was petty much unlimited by those 50K USD yearly limit per person, but I think they put there already some limit
there is also 100K RMB per bank card yearly withdrawal limit, so there is that
personally I just maxxed limits of my wife through years to get money outside China even without involving extended family, my own account in China stands on 130RMB now :))