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

Post by dx034 » Wed, Sep 20, 2017, 1:23 PM UTC

jogjayr wrote: post #125

dannyw wrote: post #81

Earlier quoted context omitted.

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.

Post by jameskegel » Wed, Sep 20, 2017, 1:25 PM UTC

xaldir wrote: post #139

So... Are we going to see a surge of cheap second hand GPUs?

Post by dx034 » Wed, Sep 20, 2017, 1:27 PM UTC

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…

Post by Quarrelsome » Wed, Sep 20, 2017, 1:29 PM UTC

sitepodmatt wrote: post #165

Quarrelsome wrote: post #164

Earlier quoted context omitted.

> It's refreshing that a country can act this quickly I'll remind you of how refreshing it is when I drag your family off the gulag without warrant. Its not "refreshing", its scary.

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…

Post by koolba » Wed, Sep 20, 2017, 1:36 PM UTC

dx034 wrote: post #187

koolba wrote: post #184

Earlier quoted context omitted.

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).