Dear imz
I have no idea what gfc is , maybe a link would be nice , China for your info does not want out of yuan , it's the TOP 3% which want to hold other currencies because the yuan devalues too fast . And easier to spent other $$ when overseas , plus the crack down on graft , they just want to hide it , best choice they have now are coin made in China
Morning, m33!
'GFC' is 'Global Financial Crisis.' It's been raging on various levels since the stock market crash of 2008.
And China? I wrote, "
folks want 'out' of the Yuan." [my italics] So, we agree, 'the TOP 3%' indeed want out of the Yuan.
Mark
Main point is they want to hide the excess cash from graft
'However, discussion in the crypto-sphere has been heavily concentrated on the lesser influences on prices -- the proliferation of altcoins and technology, the outcome of The FINCEN Meeting -- rather than at the likely primary mid-term driver of prices:
the deterioration of the global economy.'
Well, umm . . . no, m33. The main point is that external economic events are now -- as I predicted here, two years ago:
https://www.reddit.com/r/CryptoMarkets/comments/242i41/crypto_prices_and_the_global_financial_crisis -- becoming the primary influences on crypto-currency prices.
I came to cryptos from a background in political theory and activism, and realised, when I was first told about Bitcoin, that ultimately exactly what would happen is what is happening now: as the GFC became a reality even to those without a general interest in politics and economics, people all over the world would flock
out of fiat currencies and
into 'post-governmental' currencies.
Exciting times!
