Do Hong Kong protesters use Btc for anything?

tsaroz

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Quote from: thirdprize on November 14, 2019, 11:25:17 AM

They seem quite a tech literate bunch, so I thought they might?

Everyone tech savvy people uses bitcoin and Hong Kong is a crypto friendly nation. So, they are much more familiar to crypto and their use.
But the situation of transferring money and goods in Hong Kong is not as bad as Mainland China. Mainland Chinese are using more bitcoin than Hong Kong people. And with the blockade, normal Hong Kong might need to use Bitcoin more than the protesters.

Reid

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What is with the sudden question?
Is it because China is against Bitcoin? They might use it as a rebellion to them?

It can happen but I dont think China will give a shi* about that.
If they are using it to fund their protest then it still won't matter.
China gets what they want by now. They cannot do anything about it anymore although they are self governing.
They are still a region of China and they must still obey.

nydiacaskey01

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It doesn't add up. Hong Kong protesters + Bitcoin. So what are they trying to accomplish by doing that? Its possible that as an individual, they are a keeper or a user of Bitcoin. The reason why they are protesting does not included Bitcoin. They are protesting about the Fugitive Offenders amendment bill by the Hong Kong government. However, if you are a fugitive, having Bitcoin around is good because you can go to places where Bitcoin is legal and accepted without worrying of running out of local fiat.

When I was in Hong Kong run out of cash (HKD) and I have to convert my BTC to our local currency (PhP) then deposit to my Debit card so I can withdraw and use in Hong Kong.

mk4

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Quote from: Pamadar on November 14, 2019, 11:49:05 PM

One way of showing your disappointment from the government is not to support their services. Bitcoin is a good tool serving as an alternative money if hongkong protestors will keep encouraging their people to use bitcoin the financial capabilities will be affected to the point that it might collapse if more people will be encouraged to change paces and start adopting bitcoin..

Surely bitcoin does make sense in times of economic uncertainty. But let's not forget that bitcoin is currently still very volatile in price and it should be really understandable that not everyone has the stomach to just brush off potential price drops. Heck, there's a bigger chance for BTC to drop in value than the HKD. This is one of the instances that the better stablecoins(definitely not USDT) can come into play temporarily, while bitcoin still doesn't have enough liquidity for it to be decently "stable" in price.

Pamadar

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Quote from: crwth on November 14, 2019, 11:34:22 PM

I saw a couple of images with the situation of Hong Kong with all the protests, and it had become worse IMO. I have been there around September, and there are some vandalized places there and quite dirty compared to before when there are no protests. I have seen in the Coinbase blog that Hong Kong has the most substantial volatility now this year, 2019. [1]. The LocalBitcoins there also surged in premium prices to have BTC be interchanged with HKD. They have been very active in preventing the use of any government-connected services, and that's only one part of their whole activity. Bitcoin has been beneficial to them IMO, and I hope they continue to use BTC, so there are more volume and activity with it.

One way of showing your disappointment from the government is not to support their services. Bitcoin is a good tool serving as an alternative money if hongkong protestors will keep encouraging their people to use bitcoin the financial capabilities will be affected to the point that it might collapse if more people will be encouraged to change paces and start adopting bitcoin..

joinfree

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Lol, why only sideline the protesters in Hong Kong? Anyway i guess there are no rules regarding to the ban of cryptocurrencies and even if they were i believe we would have seen all these projects that are based in there not thriving but i know most Hong Kong based projects that are doing an amazing job on the market.

The protesters on the other hand might be using bitcoin for their own purposes unknown to the world. They are fighting for a democratic change where people are free to go about their duties without the intervention and control from the government.

crwth

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I saw a couple of images with the situation of Hong Kong with all the protests, and it had become worse IMO. I have been there around September, and there are some vandalized places there and quite dirty compared to before when there are no protests. I have seen in the Coinbase blog that Hong Kong has the most substantial volatility now this year, 2019. [1]. The LocalBitcoins there also surged in premium prices to have BTC be interchanged with HKD. They have been very active in preventing the use of any government-connected services, and that's only one part of their whole activity. Bitcoin has been beneficial to them IMO, and I hope they continue to use BTC, so there are more volume and activity with it.

mk4

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Quote from: ice098 on November 14, 2019, 05:05:13 PM

I think they are choosing bitcoin over using fiat because it is more convinient to them , when they want to leave their country it is easy for them to access their accounts and also I have heard that banks are close now in hongkong , they would rather choose to spend bitcoin in purchasing goods because they cannot use fiat coming from banks.

I'm pretty sure they're still using their local fiat. Even if every single Hong Kong bank closed, they can still freely use their physical cash.

Even though chances are that the Hong Kong banks closed is mainly for security/safety reasons and to probably prevent bank runs, it's completely understandable why some stores suddenly accepted BTC. If I were in HK, I'd be scared that the HK Dollar might potentially crash sometime in the near future.

Wintersoldier

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Quote from: adzino on November 14, 2019, 06:28:06 PM

Like why? Why do you think bitcoin is going to help them? Yeah it might start helping them if the government starts confiscating their assets and money (which I doubt they will since it will spark more outcry) or freezing their funds. Bitcoin might become really useful for them during that situation. Otherwise I don't see any way bitcoin helping them in the protest or giving them any advantage.

authorities are also will not allow these protesters to have their alternative optiom whnever their fiats could be compromised or freezed. I am wondering at the same time afraid if Hongkong government will also ban the use of bitcoin in their vicinity for a while because of these protesters. Though my speculation is quite impossible to happen as bitcoin's decentralized characteristics is so effective that even Hongkong do their best to freeze bitcoin transactions, people can still find a way to transact using bitcoins

adzino

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Quote from: thirdprize on November 14, 2019, 11:25:17 AM

They seem quite a tech literate bunch, so I thought they might?

Like why? Why do you think bitcoin is going to help them? Yeah it might start helping them if the government starts confiscating their assets and money (which I doubt they will since it will spark more outcry) or freezing their funds. Bitcoin might become really useful for them during that situation. Otherwise I don't see any way bitcoin helping them in the protest or giving them any advantage.

ice098

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Quote from: hello_good_sir on November 14, 2019, 04:40:48 PM

From previous trips to Hong Kong, I remember them actually being pretty advanced when it came to cryptocurrencies and bitcoin adoption, when I went there to go shopping and blow some money, there was a mall where every 4th shop seemed to accept BTC, although I would never buy anything (since they priced BTC lower then it was and also there was an extra transaction fee you needed to pay), it was a fun experience.

I believe the HK press had an issue with Bitpay, but that's the last thing I remember happening to them.

I think they are choosing bitcoin over using fiat because it is more convinient to them , when they want to leave their country it is easy for them to access their accounts and also I have heard that banks are close now in hongkong , they would rather choose to spend bitcoin in purchasing goods because they cannot use fiat coming from banks.

hello_good_sir

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From previous trips to Hong Kong, I remember them actually being pretty advanced when it came to cryptocurrencies and bitcoin adoption, when I went there to go shopping and blow some money, there was a mall where every 4th shop seemed to accept BTC, although I would never buy anything (since they priced BTC lower then it was and also there was an extra transaction fee you needed to pay), it was a fun experience.

I believe the HK press had an issue with Bitpay, but that's the last thing I remember happening to them.

kryptqnick

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Quote from: mk4 on November 14, 2019, 12:39:26 PM

Honestly haven't seem news like Hong Kong-ers dumping their Hong Kong Dollars for bitcoin or something like that, and I don't see any "help HK protests by donating bitcoin" articles either. The help they're asking is mostly by signing petitions[1] and such.

With that said, I can see bitcoin being really helpful if certain Hong Kong citizens are wanting to leave the country. They can temporarily buy bitcoin, and convert it back to the local currency of the country they're moving to.

[1] https://www.reddit.com/r/HongKong/comments/cv0ws4/how_can_you_help_hong_kong_protests_from_abroad/

Nevertheless, there've been various articles suggesting, at first mildly and later on strongly, that usage of BTC in Hong Kong exploded. For instance, here is an article about a department store and some other places in Hong Kong that started accepting BTC recently. While looking for those articles now, though, I noticed that the views have changed. Instead of articles about direct connections, it seems that the articles saying that it was a mistake seem more popular... So know I am honestly confused. It's clear that something happened in Hong Kong regarding Bitcoin. And some people connected it with protests, while others rejected the idea. It makes perfect sense to me why protesters would use Bitcoin, but it does not mean that they really do that.

drumamat

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Quote from: ?? on ??

No idea, but there aren't many news about Hong Kong protesters use or accept Bitcoin aside from organization such as HKFP.

Even if they do, i doubt they'll say it loudly since they don't want to attract unnecessary attention.

I thought the protests were over.As for the use of bitcoin, it does not really make sense.Other methods can be used to obtain funding.Although nothing can be ruled out.The world is changing and with it the way protests are conducted and financed.To be honest I would not want it to be true.

harizen

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Been to Hongkong last year for a vacation trip and I saw some bitcoin logo/stickers (on some establishments etc.) in a nearby place where we stayed for 3 days. It's on Mong Kok. Too busy to explore around the area so I'm not sure if there's a store accepting bitcoin as payment since we are following our itinerary and once we get back on our transient at night, completely tired so less time to take a quick stroll around the area.

And for that, I can assume that those HK people/protesters are using BTC, especially nowadays with their current status.

gentlemand

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Apart from all that press about the HK press being cut off from Bitpay I haven't seen much. And they have rather bigger fish to fry than money.

What they need is some sort of decentralised internet or communications system. I've seen vague mentions of something along those lines but I've no idea how it would work.

bittraffic

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Its not sure of they are the ones buying in localbitcoins. Probably not.

The Chinese buying BTC from Hongkong are the rich residents in Hongkong who are too afraid to seen by the mainland china's government because of the wealth they hide.
The protesters are there just to make sure the rally continues, they are becoming violent which is why people in Hongkong are alarmed if Chinese government are actually behind these protesters because that will give them more reasons to control the situation.

Kyraishi

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Yes OP, they definitely do, even if it's just for storage of value, people really understand what bitcoin does and a lot of them think it's a better investment then holding the HK dollar.

Quote from: mk4 on November 14, 2019, 12:39:26 PM

Honestly haven't seem news like Hong Kong-ers dumping their Hong Kong Dollars for bitcoin or something like that, and I don't see any "help HK protests by donating bitcoin" articles either. The help they're asking is mostly by signing petitions[1] and such.

With that said, I can see bitcoin being really helpful if certain Hong Kong citizens are wanting to leave the country. They can temporarily buy bitcoin, and convert it back to the local currency of the country they're moving to.

[1] https://www.reddit.com/r/HongKong/comments/cv0ws4/how_can_you_help_hong_kong_protests_from_abroad/

I think there has been a media outlet that has asked for donations via crypto-currencies, I can't remember exactly, but they definitely have worked with BTC previously.

It looks bright for bitcoin in HK, especially if this issue can be solved, they definitely have the people and technology to make something happen.

josephdd1

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Bitcoin is definitely one of the tool's used by those that are under the thumb of the government.

I think I saw a report that the number of Localbitcoin registrations from HK significantly increased during the protect, then it was later revealed that this was likely an error.

That being said, there isn't much need for it during protests, they tend to just start using anonymous communication apps more (like Signal).

BlacksmithCorporation

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I think they can use it to put pressure on the government. Hong Kong protesters have announced plans to withdraw their cash from the banking system to protest excessive interference from China. Bitcoin could play an important role in these protests in the near future.

Topic: Do Hong Kong protesters use Btc for anything? (Read 261 times)