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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”

#181

Post by aianus »

lifeisstillgood wrote: post #142
rblatz wrote: post #90

Earlier quoted context omitted.

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.

Does that work - I think the mining reward is 25 BTC, about 75,000 USD. So for 7.5million thats being the winning miner 100 times. I honestly don't know what setup it takes to be reasonably certain to be the winning miner these days - does anyone have stats on how many miners and how often one might be expected to "win"?

You can mine in a pool that distributes the pool's winnings proportionally to hashpower to its members. You don't need to actually mine any blocks on your own.

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

#182

Post by issaria »

brianwawok wrote: post #174
sitepodmatt wrote: post #165

Earlier quoted context omitted.

First off - no one has been dragged off, they are merely preventing the exchange operators (that are originally resident in China anyway) from leaving the country until they execute an orderly shutdown. i.e. No holidays for now, we don't want you doing a MarkK. Also, we are talking China here not NK, but don't let the facts get in the way of your point. Btw, you do have "temporary injunctions" in other parts of the w…

China sounds great, you should apply for citizenship?

Which is not so easy to get from what I heard of.

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

#183

Post by csomar »

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…

China breakdown on exchanges has begun before the ICO rage. Top exchanges did hold crpyto withdrawals for all their users for a long period of time (several months).

I think it is a little bit of 1. China understanding the risks posed by bitcoin capital flight and 2. bitcoin turning from a small community to $100bn+ market thing.

Needless to say this is about all crypto and not just bitcoin.

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

#184

Post by koolba »

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…

In your US example I don't think you have to report anything. Buying a house in Switzerland wouldn't require paying any US taxes. If anything, you'd have taxes on the original source of the money (if it's income) but that has nothing to do with the house purchase.

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

#185

Post by m777z »

ransom1538 wrote: post #176
acjohnson55 wrote: post #21

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.

I view it more like the war on drugs. Cracking down on cocaine at it's source basically just increases the value thus price. If the mining slows, it will just mean there is more money in mining.

But in the long run, this won't significantly affect the supply of bitcoin because the hash difficulty will just adjust, right? That's in contrast to cocaine, where the crackdown may very well lead to long-term supply shifts, causing the price to rise. But I guess maybe if a significant amount of coins get trapped in accounts held by Chinese citizens, it would make a difference.

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

#186

Post by WithHighProb »

brianwawok wrote: post #174
sitepodmatt wrote: post #165

Earlier quoted context omitted.

First off - no one has been dragged off, they are merely preventing the exchange operators (that are originally resident in China anyway) from leaving the country until they execute an orderly shutdown. i.e. No holidays for now, we don't want you doing a MarkK. Also, we are talking China here not NK, but don't let the facts get in the way of your point. Btw, you do have "temporary injunctions" in other parts of the w…

China sounds great, you should apply for citizenship?

It's almost impossible for foreigners

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

#187

Post by dx034 »

koolba wrote: post #184
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…

In your US example I don't think you have to report anything. Buying a house in Switzerland wouldn't require paying any US taxes. If anything, you'd have taxes on the original source of the money (if it's income) but that has nothing to do with the house purchase.

Not sure about the US but in many countries you'd still have to report it. For statistical reasons (so that economic indicators can be calculated properly) and to avoid money laundering or terrorism financing rules (the Swiss hotel could be owned by someone on a black list).

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

#188

Post by jameskegel »

puranjay wrote: post #132
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.

What's the going prize on 3L.com's right now? Say, a bad combination (Q, X, Y, V, etc.)? Last time I exited this market (2008), lowest tier 3L.coms were selling for $3k

I have a 4 letter domain that sounds like a common word. What should I sell for?

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

#190

Post by aianus »

mirimir wrote: post #98
tehwebguy wrote: post #66

Earlier quoted context omitted.

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?

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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