Hong Kong Police Freeze $10M Fund for Protesters - Bitcoin Becomes Attractive

South Park

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Quote from: longyenthanh on December 31, 2019, 11:45:27 AM

Bitcoin is not solution of every problem. What makes bitcoin an alternative to bank accounts? You can hardly buy anything from it in real life and its price is changing every now and then. Nobody will move its funds from bank to bitcoin wallet as mean of storage, since that’s a big risk.
Let’s not burdens bitcoin by declaring it as solution of every problem.

Bitcoin is not the solution to every problem, that is true, but the characteristics of bitcoin make it a perfect solution for this problem, any movement if it wants to remain active needs money, and the protesters got some money but they made the mistake to keep that money in a bank account and now they have been locked out of funds that belongs to them for no other reason than their political dissension, if they had stored their funds in bitcoin then they will not have this problem.

altcointalk14

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What else is the solution in this case? I think only bitcoin can help the remaining protestors to secure their money. But the question is how will they convert fiat to crypto? In china crypto exchanges are banned and I think same policy will be applicable in Hong Kong also. So it will be difficult to move your fiat to crypto there.

msarro

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Hong Kong has a history of living under the leadership of UK and that’s why their youth think that protest will give them a solution of their choice but this is China now. I don’t think it’s a good idea to protest under the communist government of China. They have a history of human abuse for anyone who goes against them.

bitcoindusts

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Quote from: Vishnu.Reang on December 31, 2019, 10:28:59 PM

I don't know what Bitcoin is going to gain from all this. China is one of the most important markets for Bitcoin, and the number of users there is approx. 100 times higher than what we have in Hong Kong. I am not taking any sides here... the ongoing demonstrations and riots represent an issue for the Chinese government with the pro-democracy protesters on the other side. Bitcoiners should remain neutral.

What gain? Of course it is the people's sentiment. Once they hated the present bank system they will look for alternatives and Bitcoin is one of those. Having their own fund in their own wallet is always beautiful. Remember a long exploration always starts with first step and this one I think is another one step forward Bitcoin adoption.

joniboini

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Quote from: Vishnu.Reang on December 31, 2019, 10:28:59 PM

Bitcoiners should remain neutral.

What does neutral means? Ignoring the problem and continue living as it is?

Pretty sure somebody won't be able to do that. I think there is a thin line between supporting their protest and supporting their well-being. They should be able to eat and rest well imo. This is where 'donation' can come into play and if fiat can't do that, Bitcoin will be the alternative.

coin-investor

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Quote from: cheezcarls on December 19, 2019, 02:33:50 PM

The Hong Kong Police, working with China, has frozen a major fund that was intended for arrested and injured protestors. The case for financial freedom with Bitcoin has never been more clear.

Bitcoin’s popularity always seems to spike when people’s wallets are directly affected. Throughout 2019, we’ve seen multiple fears of bank runs and ATMs running out of cash during crises. In October, BeInCrypto reported that Chilean ATMs were reportedly locked during a state of emergency. That same month, Bitcoin trading volume ballooned as Hong Kong residents found themselves locked out of ATMs.

Source link here

Now that their funds were locked out, I think it's time for them to take Bitcoin seriously.

Storing them in banks is such a bad idea, especially if they are using it for protests. If they could have stored it in Bitcoin, the police and government cannot stop them as they do not own or control the blockchain technology.

Bitcoin took out the third party or intermediary in peer-to-peer transactions, and this is what Hongkong protesters should need if they want to keep their funds safe from being frozen.

This is Bitcoin's time now. We're not just focusing on the price itself, but how can it be used without the risk of having our funds frozen.

What is happening in Hongkong and especially with that scenario is a good example of government-run investment forcing its people to follow them in exchange of not touching their funds in the bank, because the government knows that if you touch their money it will have an impact on their lives, investors here will think of Cryptocurrency option now, and this is an example why people should not put all their wealth in banks.

Vishnu.Reang

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I don't know what Bitcoin is going to gain from all this. China is one of the most important markets for Bitcoin, and the number of users there is approx. 100 times higher than what we have in Hong Kong. I am not taking any sides here... the ongoing demonstrations and riots represent an issue for the Chinese government with the pro-democracy protesters on the other side. Bitcoiners should remain neutral.

Yaunfitda

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Quote from: crwth on December 31, 2019, 01:23:24 PM

The link on your first post OP leads to a different link. I think this is the correct link.

https://beincrypto.com/hong-kong-police-freeze-10m-fund-for-protesters-bitcoin-becomes-a-more-attractive-option/

I didn't know that there are still protesting happening in Hong Kong and reading this news makes it sad that the government/police are in control of the funds and they are cutting it off so that the people would have no choice but to stop their protesting because of the lack of funds. I think Bitcoin would be a great choice, but I'm just curious about how they are going to cash it out because of there still businesses that doesn't accept cryptocurrencies in general.

As far as I know the protest is still on-going and that's why Hong Kong authorities are really that desperate to stop it even going further to freezes $10M funds. Yes, bitcoin could be the only options for the protesters but they should be very careful on how to cash it out.

Quote from: crwth on December 31, 2019, 01:23:24 PM

The other countries are watching, and I hope they learn something in this event that could happen if something like this ever to occur in their lands.

Pretty sure almost all countries are watching as to what is going to happen in Hong Kong. It is one of the worlds tourist destination and it's hurting their tourism and the country itself. And I think it will continue in 2020 and turning out to be a battle of attrition.

Aikidoka

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Quote from: kotik085 on December 26, 2019, 11:15:02 AM

In China, Hong Kong has sulfur in criminal cases, especially in money laundering. Thus, there is control by the authorities in order to prevent cryptocurrency and blockchain. It is negative and just the same, it makes a fuss about bitcoin to be recognized.

Money laundering and people who use bitcoin in some illegal activies are kinda huge in the whole world because bitcoin isn't trackable though and it allows them to be hidden from police.

crwth

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The link on your first post OP leads to a different link. I think this is the correct link.

https://beincrypto.com/hong-kong-police-freeze-10m-fund-for-protesters-bitcoin-becomes-a-more-attractive-option/

I didn't know that there are still protesting happening in Hong Kong and reading this news makes it sad that the government/police are in control of the funds and they are cutting it off so that the people would have no choice but to stop their protesting because of the lack of funds. I think Bitcoin would be a great choice, but I'm just curious about how they are going to cash it out because of there still businesses that doesn't accept cryptocurrencies in general.

The other countries are watching, and I hope they learn something in this event that could happen if something like this ever to occur in their lands.

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Quote from: cheezcarls on December 19, 2019, 02:33:50 PM

Storing them in banks is such a bad idea, especially if they are using it for protests. If they could have stored it in Bitcoin, the police and government cannot stop them as they do not own or control the blockchain technology.

The problem with digital banking is that the government will always control and have the power to freeze your account whenever they want without any warning and that can extend to other scenarios too, so the idea of digitization should be protested by any means as the purpose of digital transaction is to have complete control over their citizens.
But how BTCitcoin can help in these scenarios depends upon how a government is open to the new technology and if they think they are bypassing their control through BTCitcoin then they will impose a ban for that too but they cannot freeze their account and that is an advantage but it will be difficult for them to access the funds easily with restrictions.

Chrystora123

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Quote from: cheezcarls on December 19, 2019, 02:33:50 PM

Now that their funds were locked out, I think it's time for them to take Bitcoin seriously.

Storing them in banks is such a bad idea, especially if they are using it for protests. If they could have stored it in Bitcoin, the police and government cannot stop them as they do not own or control the blockchain technology.

Bitcoin took out the third party or intermediary in peer-to-peer transactions, and this is what Hongkong protesters should need if they want to keep their funds safe from being frozen.

This is Bitcoin's time now. We're not just focusing on the price itself, but how can it be used without the risk of having our funds frozen.

my question is.. are they there already imposing Bitcoin as a means of payment, if not, it will be very difficult for them to get funding, because their local exchange will certainly work with local banks and it will be very difficult for them to withdraw the funds they have collected (if in the form of Bitcoin).

deviated from the discussion a bit.. I personally support their struggle, what they want is a country that is free and without intervention from other countries, whereas to this day, China still rules over Hong Kong (although not bluntly)

kro55

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I am sure if we are thinking like that then authorities in Hong Kong must also be aware of this move. Keeping bitcoin from an investment perspective is fine but keeping all your money in bitcoin is not a wise decision. You may get profit in the long run but your investment may be struck for an indefinite period of time.

longyenthanh

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Bitcoin is not solution of every problem. What makes bitcoin an alternative to bank accounts? You can hardly buy anything from it in real life and its price is changing every now and then. Nobody will move its funds from bank to bitcoin wallet as mean of storage, since that’s a big risk.
Let’s not burdens bitcoin by declaring it as solution of every problem.

South Park

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Quote from: fullhdpixel on December 27, 2019, 12:04:27 PM

That’s why Bitcoin is a really good option, assuming that they saved all that money Bitcoin they wouldn’t have been facing this kind of problem. The government usually tries to oppress the citizens because they have access to everything, and due to the power they have, they will use it to be doing things that will stress out their citizens which is very bad. But with Bitcoin, we have complete control and freedom over our money and the government won’t be able to do anything or even have access to it.

Recently when an England bank refused to return a big money to an African dictator, we had similar discussion but not seeming those big people are learning any lesson out of this forum. I believe there must be some high profile people here who are having conduct with such political and business people to guide them for finance especially bitcoin related. If that not happening so far, I guess in near future we can see people are switching over to bitcoin after seeing our discussions Grin

.

What I do not get is why they were not prepared for this since this is one of the first things governments do to try to silence their opponents, they always go after the money and if they can cut you from your funds then you have no way to do anything, this also explains why governments are trying to limit how you can use your cash since it gives you similar freedoms despite the fact that cash is created by the government, I just hope that if more money is raised they now use bitcoin so this does not happen again.

Wind_FURY

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Quote from: Getmon on December 27, 2019, 04:00:46 AM

Quote from: Wind_FURY on December 27, 2019, 03:48:00 AM

Quote from: makishart on December 19, 2019, 05:36:40 PM

I wonder how people could face the internet shutdown if they really want to use bitcoin for temporary safehaven because the government will surely taking an action to prevent such thing from happening and to note that the exchanges there might be controlled by the government so the hongkong citizens will be having a hard time cashing out once they need the money except selling it overseas.

They shut the internet down, they shut the whole country down. That should give the protestors more confidence that their movement is working.

They shut the internet down, they shut the economy, communication, business and government operations, public transportation, and pretty much everything there is in Hong Kong down. That is committing suicide. And since Hong Kong is a financial state, an internet shut down will effectively converting it to an impoverished hermit state. An internet shut down is no option in an advanced world like ours.

Then use Bitcoin as a stateless, censorship-resistant store of value, and force the state's hand. Either decision, internet shut down or none, would be a victory for the movement.

fullhdpixel

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That’s why Bitcoin is a really good option, assuming that they saved all that money Bitcoin they wouldn’t have been facing this kind of problem. The government usually tries to oppress the citizens because they have access to everything, and due to the power they have, they will use it to be doing things that will stress out their citizens which is very bad. But with Bitcoin, we have complete control and freedom over our money and the government won’t be able to do anything or even have access to it.

Recently when an England bank refused to return a big money to an African dictator, we had similar discussion but not seeming those big people are learning any lesson out of this forum. I believe there must be some high profile people here who are having conduct with such political and business people to guide them for finance especially bitcoin related. If that not happening so far, I guess in near future we can see people are switching over to bitcoin after seeing our discussions Grin

.

ganjamemon

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The protestors need to use global exchange wallet. This can be a great rid for other protests area. They can safe their fund from locking. Obviously all of them needs to use global exchange for exchanging Crypto and BTC.

Getmon

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Quote from: Wind_FURY on December 27, 2019, 03:48:00 AM

Quote from: makishart on December 19, 2019, 05:36:40 PM

I wonder how people could face the internet shutdown if they really want to use bitcoin for temporary safehaven because the government will surely taking an action to prevent such thing from happening and to note that the exchanges there might be controlled by the government so the hongkong citizens will be having a hard time cashing out once they need the money except selling it overseas.

They shut the internet down, they shut the whole country down. That should give the protestors more confidence that their movement is working.

They shut the internet down, they shut the economy, communication, business and government operations, public transportation, and pretty much everything there is in Hong Kong down. That is committing suicide. And since Hong Kong is a financial state, an internet shut down will effectively converting it to an impoverished hermit state. An internet shut down is no option in an advanced world like ours.

Wind_FURY

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Quote from: makishart on December 19, 2019, 05:36:40 PM

I wonder how people could face the internet shutdown if they really want to use bitcoin for temporary safehaven because the government will surely taking an action to prevent such thing from happening and to note that the exchanges there might be controlled by the government so the hongkong citizens will be having a hard time cashing out once they need the money except selling it overseas.

They shut the internet down, they shut the whole country down. That should give the protestors more confidence that their movement is working.

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