Topic: Did China just legalize Bitcoin, clarify regulation, for its free market use? (Read 11159 times)

Why is China ground zero for mining when the ROI is not greater than holding BTC itself?

Because it is the way to get BTC without giving your identity and to side-step capital controls. You can sell these coins privately at a premium to those who need to circumvent capital controls. An underground economy develops. Yet who has access to those with ASICs farms which suck immense electricity? The elite! So they get to skirt the new law while the masses get sucked into AML and KYC.

Now imagine a CPU-only altcoin comes along with very strong anonymity. Checkmate to China's elite. Very good for China's masses.

It is coming soon.

Hey "No" voters, China still hasn't made it illegal to trade Bitcoin as a commodity. They haven't ruled that exchanges can't have bank accounts and thus users can still continue to send RMB in and out of exchanges.

Third party payment providers are not banks and they are not allowed to interact with exchanges, because the Central Bank can't track identities as efficiently through them as they can through the state-owned banks.

So how can you vote "No" given to "Did China just legalize Bitcoin, clarify regulation, for its free market use?" when I made it clear that "for its free market use" should be taken to mean as commodity and not as a legal tender.

Also I have documented that everything that is not legal tender is never currency in any country on earth, because capital gains and/or VAT taxes are due on changes in the value of non-legal tender when using them as a medium-of-exchange.

So what is in your tiny brains "No" voters? Are you just too lazy or stoopid or lacking the ability to do logic?

P.S. I suspect the "No"  vote is composed of those who don't like what I have to say in other threads. Because I point out how stupid they are. This is an emotional vote, and they are entirely ignoring the logic of the question. These people deserve to perish.

  I voted no because the wording says both legalize bitcoin and clarify regulation. To legalize in extreme would be complete deregulation of all parties right to engage in business with bitcoin, just like legalizing cannabis for medical purposes means legalizing it, but also reaffirming that it is illegal for non-medical users. So since the question is so general, no is really the safer answer, although with a little more specificity yes is.

    Just saying, while insulting all of the no voters may make you feel good, it is probably unnecessary and unhelpful. However, thankfully this thread does contain some useful information if you can overlook the ridiculous ego battles.

P.S. I suspect the "No"  vote is composed of those who don't like what I have to say in other threads. Because I point out how stupid they are. This is an emotional vote, and they are entirely ignoring the logic of the question. These people deserve to perish.

     The real question now is why this move is in China's best interest.

There is a very remote, alternative wildcard possibility. That a completely anonymous form of currency similar to but significantly improved from Bitcoin runs roughshod over China's capital controls and deposes the existing political system into chaos.

If these words end up prophetic it won't be coincidence but rather from sitting in the driver's seat and changing the world from thy keyboard.

When are you all going to get a fscking clue!

The powers-that-be in all countries are pulling us towards a Technocracy where they will tax and track everything.

The lack of assured anonymity in current crypto-currencies is how they are able to accomplish this 666 tracking result.

Bitcoin is part of the plan to bring us to this tracking result. It is not our savior rather it was planted to suck us in.

It is up to us if we want to grab the moment, and make an anonymous crypto-currency that will defeat the global plan.

Bingo!

Good to see you all are starting to understand finally.


Yes and they will collect capital gains and/or VAT taxes on Bitcoin appreciation as an investment even if you are trying to use it as a currency (medium-of-exchange), thus it can not be a currency.

But developers of altcoins will rise to the opportunity and create truly anonymous coins. Anoncoin isn't it. Bitcoin isn't it. I will soon publish a whitepaper to explain why.

In short, you need to understand that Chaum mix-nets (e.g. Tor) are vulnerable to timing attacks, and even honeypotting given only 3 hops. They NSA and spy agencies in each country are likely still able to track your identity much of the time. And VPNs are likely all controlled/backdoored/hacked/rooted by the NSA. And exchanging through mixers and altcoins does not obscure your IP address no matter how many times you do it. Also even across these proxies, your identity is tracked in other ways such as browser plugins trojans, cookies, patterns of internet uses such as favored search terms, facbook et al tracking the way you type, etc..

Even if you are one of the lucky few who manages to keep your anonymity assured by careful mix of the above methods, the point is the majority will not. And thus it is very simple for the government to make your anonymous coins practically unspendable and useless. The government simply sends a tax bill and put criminal liability for all activity on a coin since mining until present, until those non-anonymous coins holders (or former holders) can provide the identity of whom they bought from and sold to.

Thus all users will become afraid and only accept coins and sell coins from those who provide their complete identity. Thus only a coin with widespread assured anonymity would be able to become a currency and remain immune to government control.

So clearly you can see that you never will have anonymity with Bitcoin nor any current altcoins. Thus Bitcoin and the current altcoins can never be currencies (unless the governments take them over somehow and make them legal tender), and the government will essentially control them.

Note one means anonymity I proposed thus far are a new way to do physical crypto-coins.

Indeed, the notice has not prevented companies like yesbtc, founded by an ex-VP from Tencent ($111bn market cap), from operating a platform that allows users to post merchandise for sale to denominate and guarantee those transactions.

After the release of the notice, yesbtc’s CEO Xin Tang was quoted saying that all bartering services are legal. In addition, numerous independent merchants are adding or or continuing to accept bitcoin as a form of payment.

At the time of writing, there are 320 products listed on Taobao (China’s largest e-commerce platform with transaction volume exceeding $140bn USD annually) that can be purchased with bitcoin.

Typing in ‘bitcoin payment’ will trigger common search terms as suggested by the Taobao search engine of ‘bitcoin payment sale’, ‘supports bitcoin payment’ or ‘Can [use] bitcoin to pay’. A search for ‘goods’ yields results ranging from wine to cell phone accessories, cosmetics, luxury bags and sex toys:

This article says Bitcoin can be used by businesses  

http://www.nationmultimedia.com/opinion/Bitcoin-in-China-30222160.html

Well, if that's all true then I don't understand what everyone is worried about.

Correct. But they have also ruled that Chinese can sell BTC for RMB. And RMB can be used to pay as a currency.
 

Where? BTC can be spent by Chinese internationally without needing to be there. See my prior post immediately before yours.

Inside China, Chinese can sell BTC for RMB and hand over the RMB. I postulate this can even be done in real-time with the click of a button.


Incorrect. The exchanges can have bank accounts, the banks just can't directly deal in BTC.

The banks never see any BTC, they only see RMB. The exchanges see RMB and BTC.


Not even remotely close to that conclusion. Entirely opposite. Bitcoin is blasting off in China.

Help me understand this China situation.

The Chinese government ruled that Bitcoin can not act as a currency?

Bitcoin cannot be used to purchase goods and services?

The exchanges can still operate but they cannot exchange for fiat because that is now illegal?

Haven't they just turned Bitcoin into Yu-Gi-Oh trading cards?