Topic: F*ck China! :-) (curren situation...? (Read 3913 times)

As protest on April 14th the day before china is supposed to ban crypto I'm airdropping a new crypto called mandarincoin to the citizens of china.

Official Thread: https://bitcointalk.org/index.php?topic=552501.300

Yup, on it's way up now, grab a seat while you still can.

China is turning into a win/win:

Either the story fades away as it's power to move the market ends, or...
Things improve in China and prices rise quickly.

Respectfully, I don't think you understand what happened to Iceland's banking system.   The crisis, which came to a head in 2008, happened because of deregulation of the banking system, and the people in charge of that system began buying toxic garbage bonds that were rated as AAA and created by the USA financial system.  They also got caught up in some currency trading problems with Europe during the global financial crisis (rather than investing in their own citizens).   The end result is that Iceland's banks almost collapsed, since the "collateral" no longer existed.   Citizens of Iceland were given a democratic choice, to either accept a Cyprus-style haircut, which would result in much of the money held in bank accounts to simply evaporate, or to nationalize the banks and institute capital controls to keep their currency from collapsing.

Capital controls are enforced by limiting the amount of money a citizen from Iceland can send overseas, such as transferring funds to a bitcoin exchange.  They really don't care about the bitcoins you possess.

I'm not sure what alternative to fiat you propose that they should have used, bitcoin wasn't released then, and even so, bitcoin's current market cap is less than $6 billion, less than 50% of Iceland's current GDP of $13.5 billion.

Yieehah! So will there be a difference between domestic and foreign bitcoins? ohno! A firewall on the Bitcoin ports? Search travelers brain for brainwallets to prevent bitcoins from entering the country? Auroracoins can be traded outside of Iceland, too, that is the problem.

What a joke, they have already lost, it is like the war on drugs but 1000 times harder because there is no physical items that can be seized.  

THEY BETTER UNDERSTAND THEY WOULD NOT BE IN THIS FUCKED UP SITUATION WITHOUT FIAT IN THE FIRST PLACE!!!

u wont win with market rules
market is chaos theory, people behaviour can't be predicted

just wait for price to go up, thats it

By the same token,  is it also not very hard to buy USD?

What about FOREX?  Is the average Chinese citizen allowed to trade in FOREX?

Happy Friday night to the "F*ck China!" thread.
// Checking to make sure it is Friday night, the days fly by too fast.

You can ban it but it is impossible to enforce the ban. If you are a Russian and you got bitcoins, you still can spend it, transfer them, or do whatever you want. You just can't exchange at your local bank.
And if you are afraid that the government is tracking you down, use a vpn and do not use any service that requires you to enter your real information (use fake info) unless you really trust that the service will never leak out your info when a NSA-equivalent requests it.

Can't argue with that.
Trolls just appear out of nowhere.... 

thats just sad... whoops russia banned bitcoin, whoops its really easy... The one thing that IS really disgusting in bitcoin universe is its dull community :-(.

This is basically the situation in China. They have "Banned" bitcoin because it is inconsistent with their capital control regime. However most banking in China is shadow banking and if you are connected you can do whatever you want regardless of the law. Bitcoins gonna flow.

yes

China has strict export / import capital controls on any and all currency instruments interfacing with the yaun.  

On top of that, you can only export so much fiat in or out, regardless of the type.

You basically have to now figure out an extremely creative way (i.e. become a criminal) to either buy bitcoin with mainland yaun, or sell out into mainland yaun. 

That being said, there is so much corruption at the higher levels of "government" in China that it is likely they may still have a smallish, but visible, impact on the price of a bitcoin.

Not China. The Chinese didn't did anything. It was the work of some short-sellers.

But wouldn't you be able to get around that by simply going Yuan -> dollars (or any currency) -> Bitcoin? I don't get it.

so China helps you to buy BTC at low values

China has not banned Bitcoin.  They have not banned a single exchange.

They simply decoupled their fiat market from the virtual currency market.

Well, You must clean your mouth!

I'm sure that China do not ban Bitcoin.

you lost bitcoins just because you are not believe Bitcoin deeply.