[2014-05-04] FinanceAsia: China steps up bitcoin battle

bryant.coleman

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Quote from: fancyboy on May 05, 2014, 02:40:27 AM

Agree. And that's actually the reason why Chinese central bank shoud think about their policy as now it is only hurt Chinese trading companies and the reason of draining money abroad. So their policy only damage Chinese economics,IMO.

Seems like the Chinese economists are too much over-confident about their economic situation. Once they come back to their senses, it will be a bit late. Anyway... the Bitcoin community no longer bothers about China and their inflated economy.

notthematrix

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Quote from: fancyboy on May 05, 2014, 02:40:27 AM

Quote from: bryant.coleman on May 04, 2014, 09:25:23 AM

Quote from: samson on May 04, 2014, 08:16:11 AM

They will fail. Nothing will ever stop the Chinese people from speculating / gambling with their money.

That is 100% correct. If the Chinese are not able to buy and trade Bitcoins in China, then they are going to travel to Hong Kong and Macau to do the same. These stupid capital controls never work.

Agree. And that's actually the reason why Chinese central bank shoud think about their policy as now it is only hurt Chinese trading companies and the reason of draining money abroad. So their policy only damage Chinese economics,IMO.

The chineese only need to whisper about bitcoin , don't need to talk only need to do.
it will grow.

fancyboy

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Quote from: bryant.coleman on May 04, 2014, 09:25:23 AM

Quote from: samson on May 04, 2014, 08:16:11 AM

They will fail. Nothing will ever stop the Chinese people from speculating / gambling with their money.

That is 100% correct. If the Chinese are not able to buy and trade Bitcoins in China, then they are going to travel to Hong Kong and Macau to do the same. These stupid capital controls never work.

Agree. And that's actually the reason why Chinese central bank shoud think about their policy as now it is only hurt Chinese trading companies and the reason of draining money abroad. So their policy only damage Chinese economics,IMO.

BitOnyx

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Yuan never were strong currency. The level of how high it is dependent on government policies doesn't make sense for any one who would like to keep wealth in it.

Unlike bitcoin in USA, in China it might be great alternative for national currency. That's why they are afraid of it. They would lose power over monetary and partly fiscal policies.

bryant.coleman

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Quote from: nangetsu on May 04, 2014, 10:24:54 PM

using bitcoin money will flow out and thereby threaten the yuan

May be. But that said, there are still a lot of ways to smuggle money out of China, to off-shore destinations. And the Chinese dictatorship can't do anything about it. Grin

nangetsu

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using bitcoin money will flow out and thereby threaten the yuan

erono

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Benefits of using bitcoin literally translate to problems of the state. Chinas stance is not shocking.

Bit_Happy

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A Great Time to Start Something!

Quote from: cr1776 on May 04, 2014, 09:27:42 AM

Quote from: DubFX on May 04, 2014, 08:26:52 AM

I don't get it...why do they fight it?

Totalitarian regimes don't like anything that interferes with their control and power. From fascists, Stalinists, crony-capitalists, socialists, communists, chavesists, to outright unapologetic dictators anything they can't control is anethma to them. The nice thing is that when they oppose something it is a pretty good indicator that it is good for freedom and consequently for people.

Any place, like Argentina, Venezuela, China, Cuba, North Korea, with capital controls benefits from bitcoin and probably opposes it. Eventually, the US and EU may follow Cyprus with capital controls and crypto can help. Capital Controls may work short term, but eventually they fail.

:-)

Totalitarian regimes don't like anything that interferes with their control and power.
Neither does the so called "free countries"

Most of the Wealth is expected to remain with the elite.

Bitcoin faces many exciting battles in the days ahead.

LiteCoinGuy

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bitcoin is the honey badger - so everyone should know that you cant stop it. Grin

cr1776

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Quote from: DubFX on May 04, 2014, 08:26:52 AM

I don't get it...why do they fight it?

Totalitarian regimes don't like anything that interferes with their control and power. From fascists, Stalinists, crony-capitalists, socialists, communists, chavesists, to outright unapologetic dictators anything they can't control is anethma to them. The nice thing is that when they oppose something it is a pretty good indicator that it is good for freedom and consequently for people.

Any place, like Argentina, Venezuela, China, Cuba, North Korea, with capital controls benefits from bitcoin and probably opposes it. Eventually, the US and EU may follow Cyprus with capital controls and crypto can help. Capital Controls may work short term, but eventually they fail.

:-)

bryant.coleman

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Quote from: samson on May 04, 2014, 08:16:11 AM

They will fail. Nothing will ever stop the Chinese people from speculating / gambling with their money.

That is 100% correct. If the Chinese are not able to buy and trade Bitcoins in China, then they are going to travel to Hong Kong and Macau to do the same. These stupid capital controls never work.

FeedbackLoop

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Quote from: DubFX on May 04, 2014, 08:26:52 AM

I don't get it...why do they fight it?

Because Bitcoin is not compatible with capital controls and the power of creditist financial oligarchies.

DubFX

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I don't get it...why do they fight it?

samson

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They will fail. Nothing will ever stop the Chinese people from speculating / gambling with their money.

bryant.coleman

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http://www.financeasia.com/News/384381,china-steps-up-bitcoin-battle.aspx

Quote

Beijing is at war with bitcoin. The digital currency has become so popular with speculators that the Chinese government seems intent on stopping its rise.

Topic: [2014-05-04] FinanceAsia: China steps up bitcoin battle (Read 1025 times)