Capital controls in China. No effect on Bitcoin? - page 2.

tyz

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Quote from: Hirose UK on March 28, 2016, 07:20:20 PM

Quote from: tyz on January 29, 2016, 03:15:58 PM

Chinese government is considering to extend the capital controls in order to stop the outflows and take away the pressure on the Yuan currency. Obviously, there has been left capital of around 1 trillion dollars within last year. Why does it not produce an sustainable effect on Bitcoin price?
http://www.ft.com/cms/s/0/5213ea3e-c35d-11e5-b3b1-7b2481276e45.html

I'm wondering.
perhaps China's control does not affect the world so much, or it's still trying, in a process of changing the capital.
don't know exactly, just see in a next couple years.

Years? This will be rather a question of months. Bitcoin price keeps very stable over the last weeks. It could be an positive impact but much more less then I thought.

Hirose UK

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Quote from: tyz on January 29, 2016, 03:15:58 PM

Chinese government is considering to extend the capital controls in order to stop the outflows and take away the pressure on the Yuan currency. Obviously, there has been left capital of around 1 trillion dollars within last year. Why does it not produce an sustainable effect on Bitcoin price?
http://www.ft.com/cms/s/0/5213ea3e-c35d-11e5-b3b1-7b2481276e45.html

I'm wondering.
perhaps China's control does not affect the world so much, or it's still trying, in a process of changing the capital.
don't know exactly, just see in a next couple years.

Zeke2345

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China has actually been buying up property all around the world to protect its self from being overexposed to the Yuan. Think they are well aware of how things can go sideways on them one of these days. If it does,I expect other currencies to fall as well.

mrhelpful

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Quote from: BellaBitBit on March 24, 2016, 09:16:30 PM

China has been buying a lot of US property as a safety net against yuan for the last few years, maybe they are hodling the property?

The reason for china to do this is because they been owed for a long time lol.

They see other forms of collateral with aiding to the us deficit. Eventually wanting to replace the u.s dollar. There is a debate on this at zerohedge where they talk about wanting to become a global universal currency instead of the dollar.

http://www.zerohedge.com/news/2015-10-11/dollar-chinas-financial-war

tyz

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Unfortunately the site uses a paywall. Did not mean that 1 trillon $ left China through Bitcoin but 1 trillion left China in total and a part of it by using Bitcoin.

Quote from: Herbert2020 on March 25, 2016, 04:20:30 AM

Quote from: tyz on January 29, 2016, 03:15:58 PM

Chinese government is considering to extend the capital controls in order to stop the outflows and take away the pressure on the Yuan currency. Obviously, there has been left capital of around 1 trillion dollars within last year. Why does it not produce an sustainable effect on Bitcoin price?
http://www.ft.com/cms/s/0/5213ea3e-c35d-11e5-b3b1-7b2481276e45.html

because 1 trillion dollars (where did you get that number anyways i can read the article?) is not leaving the country through bitcoin and bitcoin mining. it is like comparing apples and oranges.

alyssa85

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Quote from: Kprawn on March 25, 2016, 04:43:26 AM

Quote from: tyz on March 24, 2016, 05:04:15 PM

Well, I did some research and came to point that it will only have a minimal impact of Bitcoin. When people try to get money out of the country by buying Bitcoin then they need to sell them some time later again. So, there is only a short increase of demand.

Quote from: 7788bitcoin on March 20, 2016, 12:34:53 PM

Many rich in China actually do business in USD and hold bank accounts overseas.

Bitcoin maybe just one of the many ways they transfer their wealth out of China.

I have to agree with you on this, but if this was true and $1 trillion USD did go through Bitcoin, we would have noticed this on the exchanges. I do not doubt that corrupt Chinese officials might have

used Bitcoin to attempt to hide their dark deals, but it was nowhere close to these numbers. A major capital flee will also be noticed immediately on the Chinese exchanges, and their government

would react accordingly, if that was true. Huh

Remember that a lot of miners are in China - I wouldn't be surprised if they are selling BTC directly to rich Chinese without going through an exchange (face to face transactions using cash). That way they can't be traced the way people who use exchanges are traced. Bitcoin has moved from about $200 last year to about $400 now. That's a big move in price!

Kprawn

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Quote from: tyz on March 24, 2016, 05:04:15 PM

Well, I did some research and came to point that it will only have a minimal impact of Bitcoin. When people try to get money out of the country by buying Bitcoin then they need to sell them some time later again. So, there is only a short increase of demand.

Quote from: 7788bitcoin on March 20, 2016, 12:34:53 PM

Many rich in China actually do business in USD and hold bank accounts overseas.

Bitcoin maybe just one of the many ways they transfer their wealth out of China.

I have to agree with you on this, but if this was true and $1 trillion USD did go through Bitcoin, we would have noticed this on the exchanges. I do not doubt that corrupt Chinese officials might have

used Bitcoin to attempt to hide their dark deals, but it was nowhere close to these numbers. A major capital flee will also be noticed immediately on the Chinese exchanges, and their government

would react accordingly, if that was true. Huh

Herbert2020

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Quote from: tyz on January 29, 2016, 03:15:58 PM

Chinese government is considering to extend the capital controls in order to stop the outflows and take away the pressure on the Yuan currency. Obviously, there has been left capital of around 1 trillion dollars within last year. Why does it not produce an sustainable effect on Bitcoin price?
http://www.ft.com/cms/s/0/5213ea3e-c35d-11e5-b3b1-7b2481276e45.html

because 1 trillion dollars (where did you get that number anyways i can read the article?) is not leaving the country through bitcoin and bitcoin mining. it is like comparing apples and oranges.

tyz

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Quote from: Pab on March 24, 2016, 09:40:16 PM

What are you talking about capital control is in Greece and USA
Chinise may open bank account in any place in the world
...

I am talking about this http://www.bloomberg.com/news/videos/2016-03-01/china-to-impose-more-capital-controls-straszheim
Wink

Pab

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What are you talking about capital control is in Greece and USA
Chinise may open bank account in any place in the world
Thay can open Uphold account and exchange yuan to btc eth and many fiat money thay have his Uphold integrated with AliPay,Now Wirex is offering btc cards to chinise also .In USA you have FACTA nothing outside of USA is available for you.Drink big bottle of verycold water maybe it will help

BellaBitBit

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China has been buying a lot of US property as a safety net against yuan for the last few years, maybe they are hodling the property?

tyz

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Well, I did some research and came to the point that it will only have a minimal impact of Bitcoin. When people try to get money out of the country by buying Bitcoin then they need to sell them some time later again. So, there is only a short increase of demand.

Quote from: 7788bitcoin on March 20, 2016, 12:34:53 PM

Many rich in China actually do business in USD and hold bank accounts overseas.

Bitcoin maybe just one of the many ways they transfer their wealth out of China.

Zeke2345

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Its to easy for the rich Chinese to move money through lawyers,they need to move big sums and where can you meet safe to move millions of bitcoin without getting robbed or found out? Bitcoin is to small a player to make big moves like this when you factor in the eyes watching you. You would either leave a paper trail or you would need physical money to get the bitcoin. Both options are bad when you think the potential could be jail time.
The rich are also rich because they know how to manipulate the system and they see no need to change the business scheme to get into bitcoin.

shintosai

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I think there's some casino game in china who's already adopting btc, so even rich guy coming from china also use bitcoin, easiest way to send money w/out a trace, I just don't have any relative proof as of this moment but china also adopting bitcoin and they started to use it.

7788bitcoin

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Many rich in China actually do business in USD and hold bank accounts overseas.

Bitcoin maybe just one of the many ways they transfer their wealth out of China.

RealPhotoshoper

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Quote from: tyz on January 29, 2016, 03:15:58 PM

Chinese government is considering to extend the capital controls in order to stop the outflows and take away the pressure on the Yuan currency. Obviously, there has been left capital of around 1 trillion dollars within last year. Why does it not produce an sustainable effect on Bitcoin price?
http://www.ft.com/cms/s/0/5213ea3e-c35d-11e5-b3b1-7b2481276e45.html

people said that china give some effect to bitcoin price,but actually is not,they contribute to bitcoin price when so many people on china start adopt bitcoin and start to invest on it.

NUFCrichard

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To be honest, we don't need the rich guys to use bitcoin to move their money out of China, we need one or two!
The total value of Bitcoin might be too low for someone to really move wealth around, but if one Billioniare moved a few hundred million into bitcoin, the price would skyrocket.

That is a good thing for bitcoin, but maybe a bad thing for the investor. I personally wouldn't be too keen to buy into an Alt if I thought that I needed to pay say 20% higher than market rate, because my buy was too big for the market!

zodiac3011

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Quote from: Babayega31 on March 04, 2016, 01:20:45 AM

Quote from: zodiac3011 on March 03, 2016, 05:51:22 AM

Quote from: Zivdafast on March 03, 2016, 05:47:07 AM

The rich guys do not use bitcoin. Even if they transfer bitcoin to the West, it will be difficult for them to exchange into fiat.

why do you say so? and if you don't use bitcoin then how? Bitcoin is much faster kind of transaction than bank transfer. Exchanging into fiat is now kinda difficult only in USA I have to say

agree, but rich guy will trade btc to gold for long invest, maybe they only use bitcoin for fun, or for style?? or money laundry maybe the anonymousity bitcoin can avoid tax etc.. dll idk.. im just newbie

nah rich guy won't trade btc for gold at all they will buy gold with fiat for sure. whether bitcoin can avoid tax or not still can be a big problem while Swedish (I remember so) is the only one to remove tax for bitcoin

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It could also be that most of the money has already crossed the borders and that the panic that surrounded the previous event has subsided since. Another possibility is that they might have found another way to transfer the money without the government knowing and they do not need Bitcoin to do it. There are no sure way to really know what they are doing, but it's obvious that Bitcoin is not the primary panic button and
exit strategy to counter Capital controls. This is in a way good news for Bitcoin but bad for the price.

Babayega31

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Quote from: zodiac3011 on March 03, 2016, 05:51:22 AM

Quote from: Zivdafast on March 03, 2016, 05:47:07 AM

The rich guys do not use bitcoin. Even if they transfer bitcoin to the West, it will be difficult for them to exchange into fiat.

why do you say so? and if you don't use bitcoin then how? Bitcoin is much faster kind of transaction than bank transfer. Exchanging into fiat is now kinda difficult only in USA I have to say

agree, but rich guy will trade btc to gold for long invest, maybe they only use bitcoin for fun, or for style?? or money laundry maybe the anonymousity bitcoin can avoid tax etc.. dll idk.. im just newbie

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